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QuickBooks Tips Blog

25 QuickBooks & Bookkeeping Procedures You Need To Learn

Posted by Matt Roberge on Jul 29, 2013 7:30:00 AM

If you are new to QuickBooks or bookkeeping in general, there are certain procedures you are going to want to know how to perform. These 25 tips for QuickBooks and bookkeeping will lay down the foundation for a very tight bookkeeping system.

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Topics: QuickBooks, QuickBooks Tips, Bookkeeping Tips, QuickBooks Consultant

How to Handle and Enter Payroll in QuickBooks

Posted by Alex Viau on May 10, 2013 7:00:00 AM

Look at the skeleton of the QuickBooks program and it's made of 5 basic functions. All of
 them are on the home screen that split off into an abundance of specialized categories. It consists of Vendors, Customers, Company, Banking and lastly Employees. The Employee section of QuickBooks is predominately utilized when the payroll function has been activated which I will adamantly advise against. Some functions of the payroll section are available however even if you do not activate it, namely the employee names list. Before we begin talking about how to enter payroll let us briefly discuss the difference between bringing payroll in house (utilizing the QuickBooks payroll function) and using an outsourced vendor such as ADP or Infnisource.

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Topics: QuickBooks Tips, Bookkeeping Tips, Outsourced Payroll

Centralizing Point Of Sale Programs In QuickBooks

Posted by Joe Mazur on Mar 13, 2013 7:00:00 AM

As a small business grows, it is not uncommon to jump around between different software programs until the correct fit is found.  Financial software such as QuickBooks may not provide the accurate service your business may need to properly track hotel reservations, efficiently produce reports that show owner disbursements for a condominium community, track daily sales from a restaurant, and the list goes on and on.  No matter what combination of software your business uses, it makes sense to centralize point of sale programs in QuickBooks.

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Topics: Bookkeeping Tips

Reconciling Liabilities In QuickBooks

Posted by Joe Mazur on Mar 4, 2013 7:30:00 AM

Often, to the small business owner, the word reconciling is associated with just the checking and savings bank accounts.  There is much more that needs to be reconciled in order to be certain your financials are accurate.  Reconciling liabilities in QuickBooks sounds a lot more intimidating than it really is.  What good is reviewing financial reports if you can't prove they are 100% accurate?  Depending on how your business's bookkeeping system was set up, walking through the reconciliation process for banks accounts, payroll liabilities, loans, lines of credits, garnishments, and other withholdings can be easy or a major pain in the butt.  Previous posts have discussed account reconciliations in a more general sense, so let's dive into Liabilities for now.

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Topics: Efficient Bookkeeping, Do It Yourself Bookkeeping, Bookkeeping Tips

Reviewing Your Small Business's Balance Sheet

Posted by Joe Mazur on Feb 25, 2013 7:30:00 AM

The Balance Sheet might not get the attention it needs, in fact some small business owners may never even look at it since it doesn't show their 'bottom line.'   When reviewing financials with an owner or manager, the attention seems to float towards Profit and Loss.  Within QuickBooks, a few clicks of the mouse can show profit margins, month to month trends, YTD comparisons, etc.  But utilizing the Balance Sheet can save that same owner or manager some stress down the road.  Do assets outweigh the liabilities?  Are the assets being depreciated properly?  Does the book balance of the loans tie to the actual statement balance?  Depending on the frequency of checking this report, you may be caught off guard by the balances.  Financial Goals vary from owner to owner; maybe it's having the books be investor ready, or possibly seeing how scalable your business could be, or maybe its knowing the amount of cash you would walk away with if you liquidated everything and moved on to the next part of your life.  In order to answer some of these questions, you need to understand the 3 components of the Balance Sheet; Assets, Liabilities, and Equity.


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Topics: Bookkeeping Tips, Financial Forecasting

QuickBooks Renaming Rules For Downloaded Transactions

Posted by Joe Mazur on Feb 13, 2013 7:30:00 AM

Even though importing transactions is getting easier and easier, it could be worth your while to spend a few minutes here and there cleaning up your QuickBooks Renaming Rules For Downloaded Transactions.  Ever scroll through you vendor list and realize you have 13 different Exxon vendors that each have their own store code associated with them?  Depending on how these vendor names were set up, simply merging the vendors via a vendor edit won't stop this from happening again and again.  After merging the vendor names, you will want to make sure changed to your renaming rules next time you are going through your import process.

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Topics: Learning QuickBooks, Bookkeeping Tips

Video QuickBooks Tip: How To Track Sources Of Income In QuickBooks

Posted by Matt Roberge on Feb 6, 2013 6:55:00 AM

Tracking sources of income in QuickBooks is useful and important to any small business.  Tracking your income sources will reveal a lot about your customers and your business.  Having hard data on your income sources can help you to identify trends, which should influence your marketing plan and efforts.  Additionally the information that your income source data reveals can be extremely helpful to a sales coach.  If you are unhappy with your sales levels it could be that you are not spending enough time trying to grow one particular sales channel.  The bottom line is that tracking your income sources in QuickBooks will prove useful to you as a small business owner in several ways.  

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Topics: QuickBooks Video Tips, Bookkeeping Tips, Small Business Growth

Differences Between Name Types In QuickBooks

Posted by Alex Viau on Jan 25, 2013 7:18:00 AM

Name types are a QuickBooks function that I use every time I'm in a company file. Differentiating between name types in QuickBooks is something then that I consider a foundation for good bookkeeping. Just like the Simpson's, all
of the names and understanding their roles can get confusing when looking at them as a whole for the first time. But, we're going to break each of them down and show you how to access these name type lists, what situations to use them for, how to change them and even when to simply forgo using them completely.

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Topics: QuickBooks Tips, Bookkeeping Tips

How To Make The Most Of QuickBooks Online Banking

Posted by Alex Viau on Jan 21, 2013 6:00:00 AM

Online banking is the bread and butter to my efficiency in QuickBooks. I'm always asking myself how I can make the most of the online banking feature in QuickBooks with every client I help take care of. What really blows me away though is the amount of people that aren't even aware of this feature! You can download data for your credit cards and bank accounts in a matter of minutes. So let's get started with the 101 and work our way to the advance features rather quick...

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Topics: Efficient Bookkeeping, QuickBooks advice, Bookkeeping Tips

Video QuickBooks Tip: Setting Up 1099 Contractors In QuickBooks

Posted by Matt Roberge on Aug 29, 2012 8:16:00 AM

In this QuickBooks video blog we will go over how to properly set up and track 1099 contractors in QuickBooks.  Issuing 1099's is a pretty simple task but your QuickBooks company file must be set up properly for everything to work flawlessly.  The last thing you want to do is issue incorrect information to the IRS.

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Topics: QuickBooks, QuickBooks Tips, QuickBooks Video Tips, QuickBooks advice, Bookkeeping Tips, Bookkeeping Processes, Independent Contractors