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QuickBooks Tips Blog

10 Simple QuickBooks Tips To Dial In Your Bookkeeping

Posted by Matt Roberge on Jun 19, 2012 7:36:00 AM

Are you using QuickBooks as effectively as possible?  Are you getting the most out of QuickBooks?  Follow these 10 simple QuickBooks tips to put your business bookkeeping back on track.

Reconcile, Reconcile and Reconcile

This is first on our list for a reason.  If you just reconcile your accounts you are going to save yourself some massive headaches down the road.  You will also be producing much more accurate financial reports.  Reconcile all of your accounts including: bank accounts, credit cards, lines of credit and loans.  

Use Memorized Reports and Transactions

If you have a series of reports that you need to analyze on a regular basis memorize them to make them easy to find and run.  Once you have the report the way you want it hit Ctrl+M or click Edit/Memorize Report.  You can also save this under a customized report group such as "Adam's Managerial Reports".  Memorizing recurring monthly transactions like utility bills or mortgages can also be a huge time saver.

Import Transactions When Possible

Many transactions can be imported into QuickBooks including banking and credit card transactions.  By importing transactions directly from your financial institutions you will ensure you are accounting for everything.  Other information such as sales reports and payroll transactions can be imported through some programming customization.

Use the Ask My Accountant Account

Just because you don't know how to code a particular transaction doesn't mean you should not account for it.  Any questionable transactions should be coded to an other expense account called 'Ask My Accountant'.  This will do several things for important things for you.  First, you will be able to reconcile every account (remember I said #1 on this list was the most important).  Secondly, all of your questionable transactions will all be organized in one spot making them incredibly easy to review with your accountant to get them coded appropriately.  

Edit Preferences

One thing too many QuickBooks users don't utilize enough is customizing the QuickBooks preferences to tailor them to the specific business.  The options are to numerous too detail out here but you can read this blog article for more information.  

Customize To Your Business

Customize QuickBooks to your business to boost efficiency.  Customize reports, customize the icon bar, customize your preferences, and customize your memorized transactions.  The more you customize QuickBooks to your business the smoother your bookkeeping system will become.  

Constantly Review AR and AP

All too often we see overstated income and expenses because accounts receivable and accounts payable are all out of whack.  If you review your AR and AP aging often not only will you keep more accurate books but you will boost cash flow and keep your vendors happy.

Print Checks Don't Handwrite

Do you have any idea how easy it is to print a check from QuickBooks?  Simple!  If you handwrite a check you are going to have to enter it into QuickBooks eventually anyway in order to reconcile (there is that #1 tip again).   

Set Up and Track All Accounts

This is a simple step.  You need to set up ALL accounts in QuickBooks that relate to your business.  That not only includes all bank accounts and credit cards, but loans and lines of credit as well.

Use QuickBooks as a Tool for Your Business

QuickBooks is a tool that can be used to help you run your business and make faster and smarter business decisions.  It can help you identify a financial issue before it gets out of control.  Analyze your QuickBooks reports often and increase your profits.  

Any other crucial QuickBooks functions you use to maintain a dialed bookkeeping system?

Topics: QuickBooks, QuickBooks Tips, QuickBooks Blog, QuickBooks advice, Efficiently Using QuickBooks, QuickBooks Reconciliation, memorizing QuickBooks transactions, QuickBooks Bank Reconciliation