USA Making Adjusting Entries in Quickbooks A/P & A/R

[Strutte2]

We use Quickbooks Online at my company to manage our G&A expenses. Our A/R and A/P is tracked with the software we use to manage our services. Since we have hundreds of transactions a day, I would prefer to just make general entries for A/R and A/P in Quickbooks. However, Quickbooks hates this and tries to make you enter the Customer or Vendor information for each General Journal entry.

We utilize hundreds of vendors for our Cost of Service and I'd prefer not to manage that in Quickbooks since the batch processing is not as effective. Does anyone have any suggestions as far as a workaround?

Thanks,

Strutte2

 

[Bad Medicine]

We use Quickbooks Online at my company to manage our G&A expenses. Our A/R and A/P is tracked with the software we use to manage our services. Since we have hundreds of transactions a day, I would prefer to just make general entries for A/R and A/P in Quickbooks. However, Quickbooks hates this and tries to make you enter the Customer or Vendor information for each General Journal entry.

We utilize hundreds of vendors for our Cost of Service and I'd prefer not to manage that in Quickbooks since the batch processing is not as effective. Does anyone have any suggestions as far as a workaround?

Thanks,

Strutte2

I don't use Quickbooks, but this is probably solved by choosing some different kind of account type. From what I understand you're essentially trying to set up a control account for your subsidiary journal (in accounting terms) and Quickbooks is trying to force you to do a bunch of crap ... but if you were to just have a control account in Quickbooks it probably wouldn't force all of that. For example, in the software I use there is an "accounts receivable" account type, but if I use that then it wants information similar to what you're talking about, it wants to force me to do all of that ... but if, instead, I simply created an account that was of type "asset" instead of "accounts receivable" (which is also an "asset" but of a special type), then all of that goes away .. now all it cares about is simple transactions, it doesn't care anymore who the vendor was, etc, and it still shows up as an asset on the balance sheet just like accounts receivable would.

 

[Strutte2]

I don't use Quickbooks, but this is probably solved by choosing some different kind of account type. From what I understand you're essentially trying to set up a control account for your subsidiary journal (in accounting terms) and Quickbooks is trying to force you to do a bunch of crap ... but if you were to just have a control account in Quickbooks it probably wouldn't force all of that. For example, in the software I use there is an "accounts receivable" account type, but if I use that then it wants information similar to what you're talking about, it wants to force me to do all of that ... but if, instead, I simply created an account that was of type "asset" instead of "accounts receivable" (which is also an "asset" but of a special type), then all of that goes away .. now all it cares about is simple transactions, it doesn't care anymore who the vendor was, etc, and it still shows up as an asset on the balance sheet just like accounts receivable would.

This is precisely what I eventually did, though it took me awhile to come to this conclusion. I set up two "other" current asset/liability accounts and just make daily/monthly adjusting entries.

 

[Bad Medicine]

This is precisely what I eventually did, though it took me awhile to come to this conclusion. I set up two "other" current asset/liability accounts and just make daily/monthly adjusting entries.

I'm not an accountant, I literally learned accounting in the last month from books like "Accounting for dummies", so take this with a grain of salt. In accrual, the way I understand this is often done is by having one asset account for accounts receivable, and then marry it to a contra account for expected losses, then use some kind of formula or past payment experience or something to make adjusting entries at the end of your accounting period to make the financials realistic by adjusting the contra account to show something about accounts that you estimate won't be collectible. Then if you really do have a loss, that loss gets booked to a third expense account. This has the advantage of having real accounts receivable, real losses, and a contra account that you can piddle around with the make the financials look realistic.