Quickbooks Journey

[Dave A]

SMTP authentication I am referring to is e.g. how in outlook you have a toggle for my server requires authentication... Not sure if putting in your email account user name and password is considered as authentication or you have to activate it specifically in the software sending emails (QBs) like how you would toggle it on in outlook... If it makes sense...

Quickbooks will use your default email client (such as Outlook) to send emails (check your sent items folder). If Quickbooks is sending email via Outlook and your Outlook settings are correct, you're good to go on your client side.

The real issue is with your email service provider. In shared hosting, some of the critical elements are set by your hosting service provider - such as requiring authentication to access the SMTP service. This shouldn't be a setting you can get to in shared hosting cPanel.

What you can do to improve email deliverability on shared hosting with cPanel is under Email Authentication, make sure DKIM and SPF are enabled, and your SPF record is set correctly (I think cPanel pretty much takes care of the details automatically nowadays).

3. Advised to unblack list IP from Spamhaus PBL. Any experience on this?

Removing a blacklisting for an IP address can only be done by the host of the IP address. On shared hosting, if you receive a report that the sending IP has been blacklisted, you'll have to pass this on to your hosting service provider to resolve.

[AmithS]

Hi Dave, my emails are sent directly from Quickbooks, its not integrated with Outlook. So basically all the smtp info you would input into Outlook is input directly into Quickbooks bar the toggle to activate smtp authentication required like in outlook. (not sure if it can be done or is necessary as its not a feature in Qbs)

I didn't think about the DKIM & SPF - The records were actually not set correctly/invalid. They setup and valid now. Will try sending some emails through QBs again in the week and see how it goes.

[AmithS]

If im not mistaken, before all you had to do was add an entry to allow another server to send emails on your behalf.

Now I see you need to add the key to the remote server... to allow sending...

[AmithS]

Hi Guys,

When I setup my QBs company file. I had to put in the opening balances of my bank accounts so everything balances and could be reconciled. i.e. I did not use QBs from day one in my business...

So I see this opening balances appear as Share Capital on my balance sheet in QBs.

Is this correct?
What does the Share Capital mean in accounting terms for my business and myself?

[AmithS]

Hi Guys,

When I setup my QBs company file. I had to put in the opening balances of my bank accounts so everything balances and could be reconciled. i.e. I did not use QBs from day one in my business...

So I see this opening balances appear as Share Capital on my balance sheet in QBs.

Is this correct?
What does the Share Capital mean in accounting terms for my business and myself?

Any thoughts? I am using the QBs standard balance sheet report...

[Andromeda]

No it is totally incorrect. The different balance sheets merely give different sub-totals and the order is changed.

I would need to see a trial balance before the take on date and know what share capital your company has issued, to properly advise you.

Normally you should use two journal entries to take on balances into Quickbooks:
1. The first is all of the debit balances, excluding Accounts Receivable, and the balancing credit should go to a Suspense account you created as an Equity account.
2. The second is all of the credit balances, excluding the Accounts Payable, and the balancing debit should go to a Suspense account you created as an Equity account.
3. The next step is to create a take-on item in the Items List. Use a Service Type and tick the box "This service item ... blah blah.. ". In the Sales as well as the Purchases / Expenses slot point it to the suspense account.
4. Now use an Invoice to enter all of the amounts owed by customers at take on date.
5. Use a Bill to enter all of the amounts owed to suppliers at take on date.

If you have done the job correctly, the balance of the suspense account should be nil.

If you struggle, PM me.

[AmithS]

Thanks Andromeda, will have a look in more detail and advise.

[AmithS]

Another Q, what is the preferable method to use cash or accrual basis? and is this only applicable to the reports in QBs?

[AmithS]

Regarding assets, if you purchase an asset, e.g. a ladder that you don't intend on depreciating due to the small value say R700.
Do you place it in an Fixed Asset chart of accounts account or an Expense account...

[AmithS]

Hello,

What is the correct way to enter a donation into QuickBooks.
I basically donated stock we normally sell to customers at zero/free to a charity...

Thanks.