<img src="//analytics.iamfirebrand.com/matomo.php?idsite=9&amp;rec=1" style="border:0;" alt="">

QuickBooks Tips Blog

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.

Read More

Topics: Bookkeeping Errors, Business Efficiency

How to Stay Efficient in QuickBooks

Posted by Alex Viau on Apr 5, 2013 7:00:00 AM

There's something that Warren Buffet and I have in common... we each have a limited resource called time. Buffet and I have 24hours in a day and there's nothing that neither of us can do about it to buy us an extra minute to our day. For this reason you should always be looking at ways to manage your time more effectively, which is why I'm always seeking new ways to improve my efficiency in QuickBooks.

Read More

Topics: QuickBooks Tips, QuickBooks efficiency, Business Efficiency

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?  

Read More

Topics: QuickBooks, QuickBooks consulting, QuickBooks efficiency, Business Efficiency

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

Read More

Topics: QuickBooks Tips, Do It Yourself Bookkeeping, QuickBooks consulting, Business Efficiency, Small Business Accounting

QuickBooks Tip: Tracking Non-Billable Time

Posted by Matt Roberge on Jun 29, 2011 12:04:00 PM

Many businesses fail to track non-billable time only focusing on time they are actually billing clients for.  As an employee you probably don't care about non-billable time and you may not even have any.  As a business owner I would be shocked if you did not have non-billable time.  I would be even more shocked if you did not see the importance of tracking it.

Read More

Topics: QuickBooks, QuickBooks Tips, QuickBooks consulting, QuickBooks advice, Business Efficiency, Business Ideas

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.

Read More

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

QuickBooks Tip: Setting Up Your Customer List Effectively

Posted by Matt Roberge on Jun 2, 2011 11:15:00 AM

Hopefully customers are lining up for your product or service, but now you need to figure out a way to manage them effectively.  The QuickBooks customer list may not seem like a big deal, but if set up improperly you may regret it later.  Entering a new customer into QuickBooks is a simple step that almost any new QuickBooks user can easily figure out.  However, by thinking about your customer list a little bit before entering them into QuickBooks you can save yourself a lot of time down the road.  You can access your customer list by clicking on the Customer Center button on the main QuickBooks icon bar.  Here is my advice on effectively setting up the customer database:

Read More

Topics: QuickBooks, QuickBooks Tips, QuickBooks advice, QuickBooks efficiency, Business Efficiency

Using Quickbooks Memorized Transactions List

Posted by Joe Mazur on May 10, 2011 9:15:00 AM

When working on your books, you want to work both efficiently and quickly.  Data entry is one of the items that tends to stand in the way of this.  If you ever find yourself entering the same thing daily, monthly, or even quartely then you might was to start using the Memorized Transactions List.  There are people that have plenty of time to waste during their 8 hour day and struggle to keep busy.  But there are people out there that need to work quickly and efficiently.  If you are a business owner, office manager, a hard worker, or a person that values and utilizies their time, then this is for you. 

Read More

Topics: Efficient Bookkeeping, Do It Yourself Bookkeeping, QuickBooks advice, Business Efficiency

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.

Read More

Topics: Bookkeeping Errors, Do It Yourself Bookkeeping, Business Efficiency

Using QuickBooks to Track Your Sources of Income

Posted by Matt Roberge on Apr 7, 2011 1:24:00 PM

I think that using QuickBooks to track the sources of income for a business is a feature that many users overlook.  The feature is not very apparent and takes a little forward thinking to realize how to set it up.  I will talk about the why and then the how of tracking income sources in QuickBooks.

Read More

Topics: QuickBooks, QuickBooks Tips, QuickBooks advice, QuickBooks efficiency, Business Efficiency