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QuickBooks Tips Blog

Downloading Transactions In QuickBooks Is Not Reconciling!

Posted by Joe Mazur on Oct 31, 2014 7:00:00 AM

Believe it or not, computers can make mistakes sometimes.  We live in an age where data entry for bookkeeping is getting faster and faster via downloading or importing transactions.  When the financial institutions communicate with QuickBooks a lot of information is exchanged and errors do occur.  This is why the reconciliation step is so important.  Every so often we will review a set of books and the credit card accounts are not reconciled.  'Why would they be off, I downloaded all the transactions' is the response we get when we point out the credit card balance is completely wrong.  This is when we always have to tell the client that downloading is not reconciling.  In addition to reconciling each time you download data you should look over renaming rules too.  

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Topics: QuickBooks Tips, Accounting Reconciliation

3 Cash Flow Nightmares In QuickBooks

Posted by Joe Mazur on May 28, 2014 6:45:00 AM

Any small business owner knows the pains that come from having little to no money in the bank.  Cash flow issues can cripple a small business overnight and ultimately shut the doors if not monitored properly.  We have encountered many cash flow nightmares over the years and hopefully these 3 pointers can help other small businesses avoid some of the disasters we have worked through recently.

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Topics: Learning QuickBooks, Accounting Reconciliation, Bookkeeping Errors

QuickBooks Clearing Account for Customers and Vendors

Posted by Alex Viau on Nov 1, 2013 6:00:00 AM

I will adamantly tell most QuickBooks professionals and home users that they should keep away from General Journal Entries (GJE's) when possible. However, sometimes it's required
to make multiple GJE's to get balances in QuickBooks to agree and apply correctly. The most common instance I use GJE's to clear out accounts is when I need to apply credits to vendors and customers.

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Topics: Accounting Reconciliation

6 Ways To Improve Your QuickBooks Bookkeeping System Right Now

Posted by Matt Roberge on Apr 10, 2013 7:00:00 AM

Many small businesses use QuickBooks as their bookkeeping software.  However, many "do it yourself" bookkeepers don't know QuickBooks as well as they should.  Typically when we take on a new client the person responsible for the bookkeeping system is either the owner or another internal person.  Sometimes these people have an understanding of accounting and GAAP but don't know how to properly set up and use QuickBooks.  I wanted to give you six easy tips to improve your QuickBooks bookkeeping system.  

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Topics: QuickBooks, QuickBooks Tips, Accounting Reconciliation, Accounts Receivable

Chart Of Accounts Reconciliations In QuickBooks

Posted by Joe Mazur on Jan 30, 2013 7:00:00 AM

Although I'm not a big fan of over used business clichés, I tend to use some from time to time.  I sometimes laugh when I hear 'low hanging fruit' or 'think outside the box' or even the hall of famer 'shift the paradigm.'  The cliché I use when talking about accounts reconciliations in QuickBooks is 'keep all your ducks in a row.'  I first heard the term 10+ years ago from one of my all time favorite Front Desk Managers, Kristen Collins.  She managed a front desk crew that needed to count cash and reconcile guest accounts multiple times a day.  She knew that if it didn't happen consistently, then it would snowball out of control and possible revenue could be lost forever.  Even she would laugh when she used the term because she knew it was cheesy, but she was right.  Not putting a system in place to regularly reconcile your accounts can lead to a loss in revenue and a drop in profits and inaccurate financial reporting.   

There are the obvious accounts to reconcile in QuickBooks, but what about the not so obvious accounts? There are many account types that can be reconciled beyond the obvious bank accounts.  These account types are; credit cards, other current assets, fixed assets, other current liability, long term liability, and equity.  Let's look beyond the checking and savings account and talk about credit cards, payroll liabilities, loans, lines of credits, commission accounts, and even 401k withholding accounts.

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Topics: QuickBooks, Accounting Reconciliation