Comments for Wyn Solutions

Comment on QuickBooks 2012 New Features (Pro & Premier 2012 and Enterprise v12.0) by survival gear

survival gear — Sun, 23 Oct 2011 03:10:17 +0000

Great one, solid info! Cheers.

Comment on QuickBooks 2012 New Features (Pro & Premier 2012 and Enterprise v12.0) by Anonymous

Anonymous — Fri, 21 Oct 2011 06:39:54 +0000

Thanks alot! This is what i was looking for

Comment on QuickBooks for Mac 2012 New Features by Anonymous

Anonymous — Sat, 15 Oct 2011 02:15:07 +0000

Ihanks for the info

Comment on QuickBooks POS Tip: Recording Prepayments for Inventory Purchases by Selwyn van Rooyen

Selwyn van Rooyen — Tue, 11 Oct 2011 20:04:03 +0000

Thanks for your additional thoughts Bert. I’ve updated the post to clarify too. Glad this helped.

Comment on QuickBooks POS Tip: Recording Prepayments for Inventory Purchases by Bert

Bert — Tue, 11 Oct 2011 19:46:50 +0000

Hi Selwyn,

Great post and big help. I never thought of using the prepaid account as a bank account. Brilliant!

I actually tried it today and it is as you said. The confusion, until I saw it on the screen, was that thePrepaid Account is used on the expense line and not to write the check. For anyone else who may have been confused the transaction is as follows:

1) Go to Write Cheque (Check- US English) and use the bank account that you paid the supplier from.
2) In the expense Line Item select the Prepaid ‘Inventory Accounts’ that was created

Once the goods and bill arrive, is entered in POS, and updated in QB Financial.

3) Go to Pay Bills in QBF and select the bill that was created in QB POS
4) Pay that bill from the ‘Prepaid Inventory’ Account…not your regular checking account.

Comment on QuickBooks POS Tip: Recording Prepayments for Inventory Purchases by Selwyn van Rooyen

Selwyn van Rooyen — Tue, 11 Oct 2011 14:43:44 +0000

Hi Bert. Thanks for the question. Sometimes it is easier to follow the transactions in terms of debits and credits… The initial check written will actually credit cash and debit Prepaid Inventory. Creating the bill from the receiving voucher in POS will credit Accounts Payable and debit Inventory. Then, using the Pay Bills screen in the next step will debit Accounts Payable and credit Prepaid Inventory, clearing the balances in these accounts. Hope that helps to explain the flow of transactions.

Comment on QuickBooks POS Tip: Recording Prepayments for Inventory Purchases by Bert

Bert — Tue, 11 Oct 2011 12:31:51 +0000

This does no sound right. I haven’t tried it but….If I write a cheque qould that not credit the prepayment asset account? And then if later I pay a bill from that account would that not credit the account again, making it twice as large?

Comment on QuickBooks Point of Sale v10 (2011) Release 2 – 11 Updates by Sandy Aucott

Sandy Aucott — Tue, 04 Oct 2011 22:00:17 +0000

Excellent post. Some good points you discuss.

Comment on QuickBooks POS 10.0 New Features (and Loss of Features) by george rosenblatt

george rosenblatt — Sat, 10 Sep 2011 05:43:36 +0000

This is no upgrade from v6.0. Just the fact you can’t even see what the retail price is while in the receiving voucher or are now unable to add or delete columns makes this version stink.

Comment on QuickBooks POS Tip: Recording Prepayments for Inventory Purchases by sajeel

sajeel — Mon, 23 May 2011 08:55:47 +0000

a very informational write up…