Handling Special Transactions in QuickBooks Online

So far, we have covered the most common transactions for which small businesses use QuickBooks. However, there are a few more topics that we would like to share with you. First, we will discuss how to properly set up a business loan or line of credit. If you have a business loan or line of credit, you need to keep track of payments and overall outstanding balances in QuickBooks. Then we will cover bad debt. While you always hope it doesn’t happen to you, there may come a time when you are unable to collect payment from a customer. If this happens, you will need to record a bad debt, so I will show you how to properly record bad debt expenses. Let’s say you provided a service to a customer but they were not completely satisfied with your work or you did not deliver a project by the agreed-upon due date; you can issue a credit memo that you can apply to a future invoice. This type of gesture can go a long way to ensure...