The QBO Accounting module includes the ability to track receipts and expenditures associated with, well, anything.
Ledgers that may include line-item detail, including child ledgers
Templates that pre-define the allowed line-item detail
Matrix-based cost calculations, to ensure line-item detail amounts are within expected parameters
You can create a simple invoice, and add items to it on an ad-hoc basis.
Sample accounting invoice control.
The screen shot above demonstrates:
Typical columns displayed
Calculation of a total and adjusted balance, based on items being approved or rejected
Tracking of payment (check reconciliation)
Optional use of enumerated Type and Status fields
Tracking Total Debt
A common Accounting use case is tracking the total debt owed in a mortgage. The initial total debt line items may be read directly from a servicing system (or otherwise imported), and then adjustments can be made (or locked down) in QBO.
Sample Total Debt edit page.In
In the screen shot above, the user has entered an ‘edit’ mode, and has permissions to edit each of the line items as if they were maintaining a spreadsheet. Note that three line items are hyper-linked; they provide drill-down access to “child ledgers” which include separate line item details.