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QuickBooks Tips Blog

How to Solve Issues with Online Banking

Posted by Austin Walker on Aug 2, 2016 8:30:00 AM

 

One of the most commonly used features of QuickBooks is their online banking. It not only allows for easier and more accurate input of data into the system, but it can also make the reconciliation process quick and easy, provided that there are no duplicate or missing transactions. Online banking allows you to connect credit card and bank accounts to QuickBooks. This way, you don’t need to manually enter transactions, just download or import, then match, and add to your register.

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Topics: QuickBooks Tips, online banking, credit card processing

Why is a Balance Sheet in Cash/Accrual Basis Out of Balance?

Posted by Austin Walker on Jun 23, 2016 8:30:00 AM

Your balance sheet not only plays an important role in attracting investors but also allows you to see what your company is worth is at the moment. The balance sheet reveals the financial position of the company at any particular point in time. It reports how much assets, liabilities, and equity the company has at a given time. It can easily show how much the company owns and owes.

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Topics: QuickBooks, QuickBooks Tips, Balance Sheet

Complete Guide to Managing Bills in QuickBooks Online

Posted by Austin Walker on Jun 22, 2016 8:30:00 AM

The knowledge of how to manage bills is completely essential to running a successful small business. This simplified guide will show you how to:

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Topics: paying bills, QuickBooks Online, Expense Management

The Biggest Advantages of Bill.com, and How They Help You

Posted by Austin Walker on Jun 7, 2016 8:30:00 AM

There are a handful of solutions when choosing a cloud provider. Not all of
them plug so well into QuickBooks or QBO, and SLC Bookkeeping has been helping our own customers set up their accounts with this cloud-based system. For the information of the readers out there, we have provided a review of the software, giving advantages and disadvantages of it.

Paying bills and receiving payments faster are the primary functions of Bill.com. Invoices and bills can be instantly accessed online, making the process of managing your cash flow more manageable.

You will be notified for tasks and can perform jobs in no time, for example, approving a bill and paying it electronically. Thus, it can be a great addition to your paperless system. It connects businesses, accountants, and banks. And it targets both small and medium-sized businesses, with the goal of not leaving any business behind.

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Topics: QuickBooks, Accounts Payable, Accounts Receivable, billing

Hubdoc: Advantages vs. Disadvantages of This SaaS

Posted by Austin Walker on May 24, 2016 8:30:00 AM

One of the cloud solutions we use for ourselves and recommend to our clients is Hubdoc. It's a secure way to digitalize your documents and be able to upload them into different softwares, including QuickBooks. This review outlines the advantages vs. the disadvantages of Hubdoc to its competitors.

When it comes to a system for managing our documents, ideally, it should be secure and organized. We should be able to look for a document when needed, easily find the one we want, and not spend so much time organizing our papers. 

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Topics: Bookkeeping, QuickBooks Online, Hubdoc, Cloud Storage

Getting Rid of Receipts Forever

Posted by Austin Walker on May 11, 2016 8:30:00 AM

Our everyday finances are made up of receipts. We dine out, we withdraw and deposit money, we buy small and large items, or we simply send or receive money for something else.

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Topics: Digital Bookkeeping, Small Business, Business Systems

QuickBooks Tip: Cleaning up Customer Balances

Posted by Austin Walker on May 5, 2016 8:30:00 AM

Customers are the lifeblood of every business. Making sure that the Customer Center in QuickBooks appears as it should is essential in managing a business. A regular run through of yourCustomer list will make it easier to identify things that need to be corrected and it will definitely help you avoid confusion in the future.

By opening the list of Customers, one can easily identify a customer with a zero balance, an unpaid invoice, or an available credit. It is the best starting point to validate whether customer balances are correct. Some other accounts receivable reports can also be helpful.Depending on the amount, if it is a collectible or an amount to be refunded, below are some tips to make sure that zero customer balances will appear as zero.

Credits and Refunds

There are instances when customers return items that are either paid or unpaid, or sometimes, as a result of unforeseen events such as failure to deliver the merchandise or that the product is not what the customer expected. This is when you need to decide if a Credit Memo or a Refund will be used. A Credit Memo can be used to offset an outstanding balance. It is most applicable if a customer returns or cancels an item even before paying for it, or for when they don’t want to get their money back now but want use it as a payment for future purchases.

On the other hand, the Refund option can be used to reimburse customersfor overpayment or other paid services or items. In this regard, if there is an available credit or a negative amount showing in the Open Balance column for a customer, it can be dealt with by processing a refund.

First thing to bear in mind is that in QuickBooks Online, a refund can either affect the accounts receivable or just the bank balance. Second, there are two ways of processing a refund according to purpose: to offset an available credit or just to reimburse the customer for returned products. The Refund Receiptcan be used without affecting the customer’s balance (that is, when it is already zero).To do this:

  1. Open the Refund Receipt screen (Plus sign → Refund Receipt).
  2. Fill out necessary fields and save the transaction.

However, when accounts receivable is affected, as is the case with an overpayment; an advance payment with no invoice or sales receipt; or simply just to offset an available credit, a Check or an Expensemust be created.

  1. Open the Check screen.
  2. Fill out the fields, make sure to select Accounts Receivable for the Account.
  3. Save the transaction.
  4. Link the check to the open credit or unapplied payment.
  5. Open the Receive Payment screen
  6. Fill out the Customer and Date fields or the Memo field if necessary, but leave the other fields (Amount, Payment Method, and Reference Number) blank, including the Deposit too.
  7. Put a check mark on both the Check and the Unapplied Payment.
  8. Save the transaction.

Entering a Credit Memo affects the customer’s balance, but it still needs to be applied manually against an invoice. Once you have created a Credit Memo, link it to the invoice by recording a payment as above.

Fixing Incorrectly Applied Payments

Mistakes can happen! The more open invoices there are, the bigger the chance of applying a payment to the wrong invoice either for the same customer or to a different one. In some instances, the payment amount was accidentally modified, whichcan cause a discrepancy on the open balance. Other times, a payment is not linked to any invoice. To correct these, either edit or delete and re-create the transaction.

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Topics: QuickBooks, Customer Billing, Invoice

Is QuickBooks for Mac Right for Me?

Posted by Austin Walker on Apr 7, 2016 8:30:00 AM

So you have an Apple computer, you are running a business, and you are interested in getting Intuit’s QuickBooks for Mac. System-wise, you have the right computer, but is the product good enough for your business needs?
QuickBooks for Mac, also referred to as Quickbooks Pro for Mac, is the desktop version for Apple's Mac operating system. Unlike the three versions its QuickBooks Desktop for Windows (QBDT) counterpart has—Pro, Premier, and Enterprise Solutions—and the three subscription types for QuickBooks Online (QBO)—Simple Start, Essential, and Plus—QB for Mac is a simple one-version software. So, if you decide to go with QB for Mac, you don’t have to choose.

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Topics: QuickBooks, QuickBooks Online

Outsourced Bookkeeping Services: How To Pass Off A Client

Posted by Matt Roberge on Apr 5, 2016 8:30:00 AM

We have been running an outsourced bookkeeping services firm for almost a decade now, so we have some experience with clients entering and exiting our operations. And in dealing with the transition of clients into our system from other service providers, we have had some really awful experiences. 

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Topics: Small Business Bookkeeping, Service Based Business, Outsourced Bookkeeping, Customer Relationship Management

QuickBooks Data Damage: How Bad is Your File?

Posted by Austin Walker on Mar 24, 2016 8:30:00 AM

It's the busy season. Maybe you have deadlines with the IRS or maybe you are simply catching up on your bookkeeping. Then, all of a sudden, there is this incorrect transaction in your accounting software that cannot be edited or deleted. Or your reports are out of order. Are getting error messages while working on your file. Or even worse, your company file won't open at all. This can be a major disaster. But what is going on? 

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Topics: QuickBooks, QuickBooks Online, data damage, data recovery