QuickBooks 2012 For Dummies by Stephen L. Nelson

Author:Stephen L. Nelson
Language: eng
Format: epub
Publisher: Wiley
Published: 2012-01-10T00:00:00+00:00

Chapter 8

Working with Your Banking Register

In This Chapter

Some special circumstances for writing cheques

Recording deposits and transfers

Voiding and deleting transactions

Handling bounced cheques

Searching for transactions

The finances and cash flows of a business revolve around the bank account. Which means this chapter is mighty important. Here, you’re going to see how to do a number of everyday tasks that affect your bank account: writing certain types of cheque, making deposits, and handling bank transfers. Along the way, you also find out about some neat tools that QuickBooks provides for making these tasks easier, faster, and more precise.

When Only a Cheque Will Do

This chapter is all about transactions that affect your bank account, and the one thing that you do most often that affects your bank account is to write a cheque. In Chapter 6 we discuss, blow by blow, how to use the Write Cheques method to enter and pay your bills in one fell swoop, so we won’t repeat it here. But even if you typically use the accounts payable method (also described in Chapter 6) to handle supplier bills and payments, there are times when only the Write Cheques window will do. It may be because you don’t have a bill from a supplier or it’s not the kind of transaction where a bill makes sense.

You find the Write Cheques window in QuickBooks by clicking Banking⇒Write Cheques.

Here are some examples of instances where only the Write Cheques window will do:

You walk into a shop and see an item you must have (er, for the business, of course). You pay with your debit card and walk out happily with your new purchase (and a receipt). You enter this into QuickBooks in the Write Cheques window, exactly as described in Chapter 6, but instead of a cheque number you enter something such as DebitCard.

You use cold hard cash to pay for an expense out of the petty cash tin (see the sidebar later in this chapter on “Paying for items with cash”).

You pay your business insurance premium by direct debit every year and you don’t get a bill, just a reminder that it’s due. In the Write Cheques window, you use an expense account such as Insurance and the “E” VAT Code (see Figure 8-1) – this is one of the few instances where you get to use the Exempt VAT Code. Enter something such as DD or DirectDebit for the cheque number.

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