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QuickBooks Tips Blog

How Do You Use QuickBooks?

Posted by Joe Mazur on Mar 19, 2014 6:50:00 AM

QuickBooks has so many great features but some small business owners may only buy this software for one or two main objectives.  For us, as outsourced bookkeepers, we always push our clients to use QuickBooks to its fullest capabilities.  Depending on how QuickBooks is used, we can sometimes gauge the level of bookkeeping sophistication your company may have. Either way, we excel at helping a small businesses harness all relevant features of QuickBooks so that goals are not only met, they are exceeded.  Here are a few examples of varying ways we have seen QuickBooks over the years. 

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Topics: QuickBooks efficiency, bookkeeping challenges, Certified QuickBooks ProAdvisor, Missing QuickBooks Features

Handling Trade Accounts In QuickBooks

Posted by Joe Mazur on Apr 8, 2013 7:00:00 AM

It's not uncommon for a small business to trade goods or services in lieu of cash.  From what I've seen, it usually happens in the early stage of a business since cash flow is tight.  As the business grows and evolves the business owner may shy away from this practice since it can royally mess up the books if it's not properly recorded in QuickBooks.  Sloppy books could lead to an IRS audit, and not properly recording trades can lead to this.  Depending on the frequency of trades, there are a few different ways to record this.  The cleanest way is to set up a Pass Through Account on your Chart of Accounts, and this method will provide the most detail in QuickBooks so it will always be easy to reference the transaction.  There are a few other ways to handle trades, but you will lose some of the details and tracking them down may be a little bit harder as time goes by.  But it may not make sense to set up an elaborate system if a trade only happens once in a blue moon.

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Topics: bookkeeping challenges, Bookkeeping Salt Lake City Service, Learning QuickBooks, QuickBooks Tips Blog, Bookkeeping Help

QuickBooks Reconciliation: Are You Utilizing It Properly?

Posted by Matt Roberge on Oct 8, 2012 7:54:00 AM

One of the most powerful and important features in QuickBooks is its ability to reconcile your
balances. This means, in short, ensuring that all your transactions add up to what you think they do, and confirming that the amount you believe you have matches what is actually in your account. QuickBooks reconciliation is vital to properly keeping your books, and keeping your accountant happy.

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Topics: QuickBooks Reconciliation, bank reconciliation, bookkeeping challenges, bookkeeping needs, Bookkeeping mistakes, Bookkeeping Processes, Bookkeeping Business

Working With A QuickBooks Consultant

Posted by Joe Mazur on Apr 3, 2012 9:12:00 AM

Ever wonder if you are getting the most out of your current bookkeeping system?  It might be
worth your while to bring in a QuickBooks consultant.  If you are a small business owner, you may feel it isn't necessary to outsource your bookkeeping yet, and that's totally understandable.  It makes sense that you want to keep your costs down and utilize your time as efficiently as possible.  You would be surprised how much time you can free up if your books are running as smooth as possible.  How would you know you aren't wasting time on your books unless you brought in an expert?

It may not be you, the business owner, that needs a QuickBooks consultant; it could be your administrative assistant or office manager.  If you have a full time employee that handles your books because they have free time, then you may want to make sure they are doing the best possible job.  Do they have a degree in accounting, finance, or general business?  If you
answered no to these, then you may want to give a QuickBooks consultant some serious thought.  I'm willing to bet that they pieced together a bookkeeping system or they are going with the 'this is the way it was setup' mantra.

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Topics: Using QuickBooks effectively, QuickBooks consulting, QuickBooks efficiency, bookkeeping challenges, Small Business Accounting, Consulting

Daily Deals: Handling Deferred Revenue and Expenses in Quickbooks

Posted by Joe Mazur on Mar 1, 2012 7:43:00 PM

You don't have to look too far to find a discounted coupon online these days.  It may be been around for a while, but it really exploded with Groupon.  Other companies such as livingsocial.com, plumdistrict.com, ksldeals.com, etc. have followed suit and jumped into the daily deal game.  You don't have to look too far to find a daily deal or some sort of coupon or voucher online. From a business's stand point; they can be hard to handle accounting wise. 
Small businesses use these discounted coupons to catapult themselves to a much larger customer base.  There are a handful of ways to track the sales and redemptions of these coupons.  Here are a few key points with handling these daily deals or coupons in Quickbooks.

 

Have a Great Contact

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Topics: QuickBooks Tips, QuickBooks consulting, memorizing QuickBooks transactions, Efficiently Using QuickBooks, chart of accounts, learn QuickBooks, Do It Yourself Bookkeeping, bookkeeping challenges, Business Efficiency, Small Business Accounting

Errors With Importing Data in Quickbooks

Posted by Joe Mazur on Apr 28, 2011 2:29:00 PM

Lets be honest, it is very easy to import data into QuickBooks.  Its so easy that you can click a few buttons and be done with it.  Once you are done with the import, you can move on to your next task and have piece of mind that your books are dialed and the financials are wrapped up, right?  Hopefully you are laughing because this couldn't be further from the truth.

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Topics: Business Efficiency, Do It Yourself Bookkeeping, bookkeeping challenges, Bookkeeping Errors, quickbooks 2008, chart of accounts