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QuickBooks Tips Blog

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

Best Practices From A QuickBooks Blog Guru

Posted by Matt Roberge on May 10, 2012 8:00:00 AM

As technology evolves and changes, some software and computer programs have gone the way of the dodo. In other words, it takes a lot to stick it out on the front lines – especially when almost every top rated program is eventually overshadowed by an open source program that offers a similar product for free. If you’re like most financially responsible individuals, though, you know that sometimes “free” isn’t the best option. That’s why QuickBooks still remains the front runner in bookkeeping and accounting software. People who know money know that this program is worth every dime.    

The reason for the long-lasting popularity of QuickBooks is largely due to the fact that it sets itself apart from many other accounting software programs – which you can tell by glancing through any industry QuickBooks Tips blog. Several of the common “best practices” apply only to this particular program. Here are a few:

1. You cannot skip steps – If you go to Enter Bills and enter a bill, you must go to Pay Bills before going to Make Deposits or Write Checks. Everything in QuickBooks has a flow that must be followed. This eliminates stress for those of us who like to skip ahead and forget to fill in the blanks later.

2. Check for unapplied credits at least a few times per year. Failing to do so could mean that your cash based financials are incorrect. Simply go to Reports, then Customers and Receivables, click on Open Invoices and Reports, then choose Vendors and Payables and finally Unpaid Bills. If you see any negative amounts, this might mean that you failed to enter a corresponding bill or invoice for a payment.

3. Remember that the beauty of QuickBooks is that it is a transaction-based program. To get the most from this software, you should enter transactions appropriately – not directly to a register.

If you’re looking to become a QuickBooks guru, be sure to use it often and familiarize yourself with the interface. Additionally, there are plenty of QuickBooks blogs for additional help and reference. Of course, if you’d prefer you can always leave your bookkeeping and accounting duties to the professionals at Salt Lake City Bookkeeping.

What are some of the best practices you’ve discovered with QuickBooks?  

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Topics: QuickBooks, QuickBooks Blog, QuickBooks consulting, QuickBooks efficiency, Bookkeeping Services in Utah, Business Efficiency, Business Bookkeeping, Bookkeeping Salt Lake City Service

Learning QuickBooks The Easy Way

Posted by Matt Roberge on Apr 21, 2012 8:05:00 AM

It's hardly a secret that we're big fans of QuickBooks here at Salt Lake City Bookkeeping. For most small and medium sized businesses, it's a great all-in-one package for taking care of your basic bookkeeping needs without getting bogged down in complex formulas and ledger entries. However, like all professional-grade software, learning QuickBooks can seem daunting.

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Topics: QuickBooks consulting, QuickBooks advice, QuickBooks efficiency, Consulting, Bookkeeping Salt Lake City Service, Salt Lake City Bookkeeping

Handling Job Costing In QuickBooks

Posted by Joe Mazur on Mar 20, 2012 8:15:00 AM

Bookkeeping is one of those essential but tiresome duties of running a business. Bad bookkeeping can result in bad business, including loss of profit, inefficient use of time, and
general disorganization—not to mention the troubles you’ll have when tax time comes! Computers and software such as Quickbooks has made bookkeeping easier, but it can still be time consuming and confusing. You may be unsure of how to utilize the software to the best advantage, and at the end of the day you’re busy with so many things that it’s hard to take time to enter numbers and analyze graphs. This is where Salt Lake City Bookkeeping can come in handy.

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Topics: QuickBooks consulting, QuickBooks advice, QuickBooks efficiency, Bookkeeping Salt Lake City, bookkeeping products, Job Costing In QuickBooks, Bookkeeping Salt Lake City Service