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QuickBooks Tips Blog

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, Bookkeeping Processes, bank reconciliation, bookkeeping needs, bookkeeping challenges, Bookkeeping mistakes, Bookkeeping Business

QuickBooks Class Tracking Revealed

Posted by Matt Roberge on May 5, 2012 8:23:00 AM

Many small businesses have chosen to use QuickBooks as their bookkeeping solution because of its ease of use, comprehensive application, and user friendly management tools. QuickBooks class tracking is one of the tools that small businesses find most beneficial to their financial success. Utilizing classes is also an excellent method for grouping transactions together by a defined, shared relationship. 
QuickBooks class tracking can be established to track:

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Topics: QuickBooks, QuickBooks advice, Bookkeeping Salt Lake City, bookkeeping products, bookkeeping needs, Certified QuickBooks ProAdvisor, QuickBooks Class Tracking

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