25 QuickBooks & Bookkeeping Procedures You Need To Learn

| 4 min read

25 QuickBooks & Bookkeeping Procedures You Need To Learn

If you are new to QuickBooks or bookkeeping in general, there are certain procedures you are going to want to know how to perform. These 25 tips for QuickBooks and bookkeeping will lay down the foundation for a very tight bookkeeping system.

1. Reconcile QuickBooks Accounts -

Gotta get this QuickBooks thing figured out

This is number one on the list for a reason: it is the most important task. Reconciling your accounts is the only way to know that all of your transactions are recorded.

Make sure to reconcile all of your accounts, not just bank accounts.  Any account that you receive a statement for that has a beginning and ending balance can be reconciled.  

This includes bank accounts, credit cards, loans, and lines of credit.  

2. Back Up QuickBooks -

It seems simple but many users do not back up QuickBooks. A simple backup can save lots of stress and headaches down the road.

You should also look into automatic backups of your QuickBooks file. If you use QuickBooks online, your data is always secure and backed up since it is a cloud-based program. 

3. Print Checks From QuickBooks -

Printing checks from QuickBooks increases efficiency by reducing unnecessary data entry. It will also make your monthly reconciliations go much smoother.  

4. Enter and Pay Bills In QuickBooks -

Entering bills and paying bills directly through QuickBooks will help you manage your accounts payable. When you pay bills, you should either print your checks or use online bill payment linked to QuickBooks.   

5. Customize Your QuickBooks Icon Bar -

Customizing the QuickBooks icon bar boosts efficiency by keeping your favorite and most commonly used functions easily accessible.  

6. Set up 1099 Vendors -

It is important to understand how to set up 1099 independent contractors in QuickBooks. Having 1099 vendors set up correctly in QuickBooks from the beginning will save you a lot of time come year-end.  

7. Use Ask My Accountant In QuickBooks - 

The QuickBooks Ask My Accountant feature is a great place to put questions as well as transactions that you want to research. You want to make sure to review and properly code all transactions in this account before filing your taxes.  

8. Understand QuickBooks' Undeposited Funds -

The QuickBooks undeposited funds account gives many users trouble. You need to think of the undeposited funds account as those customer payments that are recorded in your QuickBooks file, but are not yet deposited in the bank.  


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9. Use QuickBooks Memorized Transactions -

QuickBooks memorized transactions are another great tool. You can use memorized transactions to automatically enter any bill, check payment, invoice, or journal entry that regularly reoccurs.

Using memorized transactions can really help you to get a handle on cash flow by posting future transactions before they occur.

10. Record A Journal Entry In QuickBooks -

You'll want to know how to record a journal entry in QuickBooks as the need will arise at some point.  

11. Learn QuickBooks Online Banking -

QuickBooks online banking allows you to easily download transactions from your financial institutions into QuickBooks.  

12. Set Up Different QuickBooks Users -

You want to set up different QuickBooks users if you have multiple users to whom you need to give varying levels of access. This is a good way to control which users have access to certain areas of QuickBooks.

13. Familiarize Yourself With The Chart Of Accounts -

You should learn how to use the QuickBooks chart of accounts. Knowing how to add and organize new accounts in QuickBooks is important. You should know the differences between the account types and how to choose the correct type.  

14. Set Up Invoices For Online Payment -

You can set up the option to allow your customers to pay QuickBooks invoices online via ACH bank transfer.  A small fee of $0.50 per transaction makes it very affordable.  

15. Link email to QuickBooks -

You can link Outlook to QuickBooks, which makes emailing invoices and reports both simple and efficient. You can also link Gmail to QuickBooks, as well as Yahoo and certain other email programs.   

16. Merge Accounts In QuickBooks -

You can merge accounts in QuickBooks that are redundant or unnecessary. You can also merge vendors, items, employees, and customers.  

17. Edit QuickBooks Preferences -

Editing the QuickBooks preferences can make things much more efficient. Changing your preferences allows you to tailor QuickBooks more toward your needs.

18. Properly Record Outsourced Payroll -

It is important to properly record your outsourced payroll in QuickBooks. If you don't handle your payroll transactions correctly, you could over-state or under-state your expenses and net income.  

19. Use The QuickBooks Find Feature -

The QuickBooks find feature is one of my most used functions. It is a great way to quickly find transactions that you know only a little bit of information about.  

20. Understand QuickBooks Class Tracking -

QuickBooks class tracking is something many people don't use because they don't understand what classes are. QuickBooks classes allow you to organize your data into different segments that are meaningful to you and your business. Examples of classes are department, location, and source of income.    

21. QuickBooks Job Costing -

QuickBooks job costing is important for contractors or anyone else who needs to track income and expenses as they relate to a particular job.

22. Keep A Clean Accounts Receivable -

You need to learn how to manage your QuickBooks accounts receivable. Keeping a clean AR will give your business a healthy cash flow position.  

23. Inventory Tracking In QuickBooks -

Tracking inventory in QuickBooks can be difficult. Make sure you understand how to track inventory or look into a different inventory tracking system.


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24. Customizing QuickBooks Reports -

You should learn how to customize QuickBooks reports to make them more meaningful to you. After you have a good customized report, have QuickBooks memorize it, and then save it on a list of memorized reports for yourself so you can use it regularly.   

25. Learn The Basics Of QuickBooks -

If nothing else, at least learn the basics of QuickBooks. The video in the link provided is a great place to start.

If you decide to use QuickBooks online, the referenced article is a great resource for learning tasks quickly.

These are just some basic QuickBooks and bookkeeping procedures that I feel you should know. For specific questions on anything listed or not listed here, please feel free to reach out! We would love to answer your questions.

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