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QuickBooks Tips Blog

3 QuickBooks Reports That Might Surprise You

Posted by Joe Mazur on Sep 8, 2014 6:59:00 AM

Ever work so hard that you don't want to slow down to learn something new?  I hear this all the time "I'll look into that this evening or over the weekend."  That is usually the response when I ask a small business owner if they have explored all the reporting features in QuickBooks.  The response is a total blow off.  I get it, can't teach an old dog new tricks, right?  Hopefully pointing out a few reports that get overlooked can change that mantra.

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Topics: QuickBooks Consultant, Bookkeeping Errors, Financial Reporting

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 Procedures, Bookkeeping Errors, Law Firm Bookkeeping

Customize Your Small Business's Chart Of Accounts

Posted by Joe Mazur on Aug 5, 2013 7:00:00 AM

Nothing is worse than hearing a small business owner say their books were set up by a relative many years ago and no one has changed the bookkeeping system since.  Almost all small businesses need to take the initial step to set up their Chart of Accounts in QuickBooks for helping track their money, profits, expenses, and a number of other things.  Although it needs to be done, this doesn't always mean the chart of accounts was set up correctly.
Having the books set up the right way from the get go can save a lot of hassles down the road, and save some cash too.  Although QuickBooks has different industry choices, the customization doesn't go far enough.  This is where an experienced bookkeeper can come in really handy and set the Chart of Accounts up to fully fit your business.  This QuickBooks basic topic has been written about before, but this time let's look at it from a different angle; Owner Equity and the impact on tracking startup costs as well as Cost Of Goods Sold and break even analysis.

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Topics: Business Efficiency, QuickBooks Mistakes, Outsource Bookkeeping, Bookkeeping Errors, Financial Reports

Understanding The QuickBooks Reconciliation Functions

Posted by Matt Roberge on Apr 17, 2012 7:56:00 AM

Remember the days of balancing your checkbook or credit card with nothing more than a sharp pencil and a
basic calculator? Crunching the numbers of your business expenditures each month could take hours and had to be checked and double checked numerous times to avoid expensive errors. Many of us put off balancing our credit cards and checkbooks until the last possible moment – if only to retain some small amount of sanity. It's things like this that really make you appreciate new developments in bookkeeping technology – such as the QuickBooks reconciliation feature.

Instead of tapping away at your calculator for hours on end, this simple feature allows you to balance your accounts in minutes so there’s no excuse for waiting. It saves you precious time, and it can also save you a great deal of money.

Essentially, this feature allows you to double check your deposits and credits against your bank or credit card statement. Simply open “Banking” from the startup screen, then click on “Reconcile” and enter in the statement date and end balance. Use the statement to check off each item in the “checks and payments” column. When complete, the amount in the right bottom corner should say “0.” If not, there is an error in the records or in the statement.


What many business owners fail to realize is that banks and credit card companies can make errors too. Often these errors go unnoticed and can add up to a rather large amount of lost money. Generally you only have about 30 to 60 days to contact credit card companies and banks to ask that the errors be reversed, so it is important to catch them early. By using the QuickBooks reconciliation feature to balance your accounts in a timely manner, you are much more likely to catch errors in enough time to have them changed.

All in all, this handy aspect of the QuickBooks program can be a real lifesaver. However, in order to save even more time, you may want to hire a Salt Lake City Bookkeeping professional. Our educated and thorough experts can save you more time and money than even the best program available.

What benefits have you found from the automation of bookkeeping?  

 

 

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Topics: QuickBooks Tips, bank reconciliation, QuickBooks Bank Reconciliation, bookkeeping products, Bookkeeping Salt Lake City, QuickBooks Reconciliation, credit card companies, Bookkeeping Errors, bookkeeping needs, Business Bookkeeping

QuickBooks Tip: Keeping Track of Inventory

Posted by Joe Mazur on Jun 9, 2011 9:44:00 AM

Sometimes keeping track of inventory can be a pain the butt.  A few initial steps can save a major headache down the road.  Come tax time, accountants will look at the Balance Sheet and use the inventory asset value to calculate your tax returns and having an incorrect inventory can throw off the entire return.   A physical count at year end is always the safest way to go, but why not keep track of it along the way?  Answers usually fall along the lines of 'It's too involving and confusing,' 'I don't have resources necessary,' or even 'I just don't care enough.'  Hopefully with these few easy steps I can help you change your mind.

When purchasing items that will act as inventory, you want to make sure you enter the bill correctly in QuickBooks.  There are 2 tabs within the 'enter bill' screen, one tab is labeled 'expenses' and the other 'items.'  You want to use 'items' to record inventory coming into your business.  Enter the name of the item and QuickBooks will either populate the 'memo' box with the item details or it will ask you to create this item.  When creating the item, make sure to put the proper information in such as; cost, sale price, income category, etc.  Double check to make sure the bill is properly entered and click 'save & close.'  This step will put the items into inventory and all of the details that go along with it.  Once this step is perfected, it all starts to fall into place.

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Topics: Product Information, QuickBooks Tips, Year End Accounting, Year End Bookkeeping, Business Efficiency, Bookkeeping Errors

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