When you make an advanced payment to an employee or contractor for your organization, you need to record the transaction in your books. These transactions are called cash advance. There is a complete process for handling cash advance in QuickBooks. With a cash account, this task can be accomplished with sheer ease.
Recording Cash Advance in QuickBooks
To handle cash advance in QuickBooks, follow the steps provided below:
- Log into QuickBooks.
- Click on Lists.
- Select Chart of Accounts.
- On the bottom left corner click on Account.
- Select New from the options provided.
- Select Other Current Assets.
- Click on Save.
- Go to Chart of Accounts.
- Click on New.
- Click on Other Current Asset.
- Enter Employee Name and click on Save.
You have now created a new account for keeping track of cash advance payments to employees. Once the account has been created, you can use it to manage all such expenses. Make sure to add the transaction once the account is successfully created.
The transaction will be saved as a bill instead of an invoice. It will appear in the credit section. To enter the bill, simply click on Vendors and select Enter Bills.
QuickBooks Accounting Software
There are many different versions of QuickBooks accounting software that help users in managing cash, creating reports and staying on top of finances. Here are some of the most famous versions of this accounting software:
QuickBooks Pro/ Premier/ Enterprise
These are the desktop version of this accounting software. Once installed on the desktop or cloud server, this software provides ample accounting power for the largest of enterprises.
Multi-user mode helps with collaboration among different departments of an organization. The enterprise edition comes packed with advanced reporting features for better data analysis.
QuickBooks online is a web-based application that can be accessed via any modern browser. Hence it provides better accessibility than its desktop counterpart.
The online version similarly provides access to many accounting features. The various plans available for the online version will fit every budget. The online version, along with accessibility offers better security. There is no risk of cyber-attacks.
The payroll version of the software is available as:
- A separate desktop software
- As a service
The service can be used along with both the online and desktop version. Once the payroll service is activated, many features and tools related to the task are installed on the user’s system. Users can access these new tools through the same accounting software. Apart from managing employees, this service enables you to take care of taxes.
RepairContact QuickBooks Tech Support Team
RepairContact provides assistance for all the versions of QuickBooks. We have a dedicated QuickBooks help team for all of these different versions. Our experts are familiar with all the tools and can walk you through any functionality. QuickBooks technical assistance is available round the clock
To know more, feel free to contact QuickBooks helpdesk at ✆+1-855-548-3395(Toll Free)