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Steps for Uploading Bank Transactions in Quickbooks

1. Download the Bank Statements using Online Banking Website in PDF format.
2. Convert the Bank Statements from PDF to excel/ csv format using any software like Adobe
Acrobat XI.
3. Delete those transactions which are already appearing in Quickbooks and identify transactions
which are yet to be uploaded.
4. For those transactions which are yet to be uploaded, prepare a csv file containing the following
3 columns:
1) Date in format MM/DD/YY
2) Description
3) Amount: All debit amounts should be negative and all credit amounts should be
positive.
5. Go to website: qbo.intuit.com
6. Enter User ID and Password to Sign In.

bank1

 

7. Following screen will display:

bank2Select the Company on which you are working.

 

8. On the right hand side of the screen, Bank Accounts will be displayed:

bank3Select the appropriate Bank Account.

 

9. On the right hand side, select Update  File Upload:

bank4

 

 

10. Browse to select the csv file which was earlier created. Click Next:

bank5

 

 

11. Select the Account wherein tansaction needs to be uploaded. Click Next:

bank6

 

12. Following screen will be displayed. Check the selections as per your csv file. Then Click Next.

bank7

 

 

13. Select the transactions to import. Click Next.

bank8bank9

 

 

14. Following dialogue box appears. Click Yes.

bank10

 

 

15. Click Finish

bank11

 

 

 

Steps Need To Follow For Processing Closing Reports In Quickbooks

1) Open Closing reports in PDF.
2) Go to website: qbo.intuit.com
3) Enter User ID and Password to Sign In.

quick1

 

4) Following screen will display :-

quick2Select the Company on which you are working.

 

5) Before getting started with the processing of closing reports, you have to setup the Customer
and Vendor list. For that go to the customer list on the panel given on the left side of the
screen:-

quick3

 

 

 

6) Then Click on New Customer :-

quick4

 

 

7) Fill the following mandate fields and Click Save button.

quick5

 

 

8) For creating vendor Go to the Vendor list on the panel given on the left side of the screen :-quick6

 

 

9) Then Go to the New Vendor :-

quick7

 

 

10) Fill the mandate fields then click Save Button.

quick8

 

 

11) Now Click on the Check label given in the Vendor column.

quick9

 

 

 

12) Fill the required fields and then click on the Save and Close Button.

quick10

 

How change in Service Tax rate should be tackled

As per the new notification dated May 19, 2015 vide D.O.F. no. 334/5/2015-TRU from service tax department, new service tax rate @14% is to be charged from the clients.

For this purpose, there are three following aspects to consider:

1.      Date of receipt of amount against the services provided or to be provided.

2.      Date of provision of services.

3.      Date of Invoice.

For any invoice to be raised or amount received after June 01, 2015, please note that if any two of the above three fall before May 31st 2015, then service tax rate will be @12.36% else it MUST be charged @14%.

 For Example:

(1). Service Provision is complete till 31.05.2015 and Invoice raised till 31.05.2015 but Payment received on or after 01.06.2015- 12.36% 

(2). Service complete till 31.05.2015, Invoice raised on or after 01.06.2015 but Payment is received till 31.05.2015 - 12.36% 

(3). Service Provision complete till 31.05.2015 and Invoice raised on or after 01.06.2015 and Payment also received after 01.06.2015- 14%

(4). Invoice raised till 31.05.2015 in advance and some part of total consideration has been paid till 31.05.2015 but Service Provision is being done on or after 01.06.2015 -12.36% for such part payment, 14% for balance to be recorded.

(5). Entire consideration received till 31.05.2015 but no invoice raised till 31.05.2015 and no service provided -14%

(6). Even if entire service has been provided on or after 01.06.2015 but both payment as well as invoicing has been done till 31.05.2015 then -12.36%

Incentivizing States Under GST Regime

As tax rates during Goods and Services Tax (GST) regime will be closely aligned to the Revenue Neutral Rates (RNR) of the Centre and the States, the revenues of the Central and State Governments will not be impacted in the long run. To help States in the transition phase, the Constitution (122nd  Amendment) Bill, 2014, which was introduced in the Lok Sabha on 19.12.2014 for amending the Constitution to facilitate introduction of GST in the country provides for;

  • Levy of an additional tax of goods, not exceeding one per cent in the course of inter-state trade or commerce to be collected by the Government of India for a period of two years, and assigned to the States from where the supply originates;

  • Compensation to the States for loss of revenue arising on account of implementation of the Goods and Services Tax for a period which may extend to five years;

  • In the case of petroleum and petroleum products, it has been provided that these goods shall not be subject to the levy of Goods and Services Tax till a date notified on the recommendation of the Goods and Service Tax Council.

This was stated by Shri Arun Jaitley, Union Finance Minister in written reply to a question in the Rajya Sabha on 5th may2015