#Contra returns controller how to#
#Contra returns controller free#

Since I want to record third-party vendors services provided to me that are a part of the direct cost of providing the service I sell to my customers, I am going to create a Product / Service that I buy (not sell) and map it to the COG Account I just created. Now comes the tricky part (at least for me in this particular case). In fact, QBO has a distinct Account Type named COG that will be used. However, since I want to have a subtotal on the P&L of Sales Income that represents Gross Sales - Refunds - Commissions/Referrals, I will not make the COG a subcategory of the Sales Income COA. Setting up a Cost of Services (COG) account that will decrease Gross Sales and result in lower Net Revenue / Net Sales on the P&L is similarly to how the photos above depict the steps. This designation assigns it to Sales Income. The key here (i.e., the trick) is that the box explaining that this product is sold has been chosen. Yes it does make a difference on how you go about setting up the Contra Account depending on whether you want to affect the Income or Expense section of the P&L.įirst, I will show you two Contra Accounts that have already been created and in use that affect Gross Sales. Setting up Contra Accounts is fairly easy although it does take a bit of preplanning. I'm right here together with the Community people to assist you.

If you have more something to ask about accounts in the online product, please let us know by posting a new one below. Understanding the chart of accounts in QuickBooks.

Managing default and special accounts in your chart of accounts.

The details that we will be getting in there are all for Chart of Accounts (COA) in QBO: You may consider checking these articles. This is to ensure that everything is accurate, and the reporting of your book is moving well. We still have to manually set up and track on how much we depreciate a fixed asset into this account.įor more details about this one, I would recommend consulting your accountant and getting further assistance from them. In regards to your concern, the Accumulated Depreciation will not automatically set as a contra account in QBO. The information provided by my colleague above is to set up an account within QuickBooks Online (QBO). I'm glad to have you in this thread, nicolakennedybss.

#Contra returns controller free#

Please feel free to reply if you need further assistance. If you wanted to create a customized display of a report that you want to memorize, here's your reference: Memorize reports in QuickBooks Online. Just in case you wanted to run a report from your accounts, you can click the drop-down ▼ button on the Action column and then select Run report.

#Contra returns controller how to#

I'll add this article as your reference on how to add accounts to keep track of your transactions: Add an account to your chart of accounts in QuickBooks Online. I also recommend consulting your accountant if you need an accounting advice.

Select the Account Type, Detail Type, and Name of the account.

Is Accumulated Depreciation automatically registered on QBO as a contra account for responding on this thread, me give you the detailed steps on how to set up a contra account for accumulated depreciation. That's just advice as to how to set up a normal account.