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QuickBooks Tips Blog

Using Equity Accounts In QuickBooks

Posted by Joe Mazur on Jan 20, 2014 6:14:00 AM

It is extremely important for business owners and shareholders to properly track the money they may contribute to the business or draw from the business. QuickBooks makes tracking these transactions easy once the equity accounts are properly set up within the Chart of Accounts.  Whether someone is contributing money for a stake in the company or an owner is drawing funds out in lieu of payroll, equity transactions are important come tax time and for monitoring startup costs.

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Topics: Efficiently Using QuickBooks, Do It Yourself Bookkeeping, Starting A Business, Small Business Owner

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, Business Bookkeeping, Bookkeeping Tips

Utilizing QuickBooks For Efficient Bookkeeping

Posted by Joe Mazur on Dec 31, 2012 7:31:00 AM

Think you are fast at navigating around QuickBooks?  Want to get faster?  These are 2 questions I often ask myself when doing repetitive work.  Usually the answer is in use of the keyboard and not the mouse.  Not only is this true in QuickBooks, but any other computer program I use such as Microsoft Excel or various POS Software.   Whether it's Personal Bookkeeping or Small Business Bookkeeping, the need to be efficient in QuickBooks is an understatement.  If you find yourself doing repetitive tasks within QuickBooks, then it's time to start using Memorized Transactions.  Once you have your Memorized Transactions dialed out, it's time to focus on keyboard shortcuts.  When working with other bookkeepers, there are times I feel as if I am the fastest typist alive, and then again there are times I feel as if I don't know how to type at all.  Being realistic, I'm not that fast when it comes to typing, but I can make people think otherwise because I utilize keyboard shortcuts, thus improving my QuickBooks efficiency.

 

Print The Guide

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Topics: Efficient Bookkeeping, Do It Yourself Bookkeeping, Small Business Bookkeeper, Learning QuickBooks, QuickBooks Tips

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

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Topics: QuickBooks Tips, QuickBooks consulting, memorizing QuickBooks transactions, Efficiently Using QuickBooks, chart of accounts, learn QuickBooks, Do It Yourself Bookkeeping, bookkeeping challenges, Business Efficiency, Small Business Accounting

QuickBooks Tip: Properly Recording Outsourced Payroll in QuickBooks

Posted by Matt Roberge on Sep 13, 2011 9:22:00 AM

I have had a lot of inquiries lately about how to properly record payroll in QuickBooks when using an outsourced payroll company.  As we have stated before we highly recommend outsourcing your payroll to a trusted payroll company.  Many bookkeepers that don't know better record any payroll transactions that hit the bank account as a payroll expense and move on.  Unfortunately this is incorrect and causes inaccurate financial statements.  I will breakdown all the various transactions that typically occur with outsourced payroll and tell you how to properly account for them. 

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Topics: QuickBooks Tips, QuickBooks advice, QuickBooks, Efficient Bookkeeping, Outsourced Payroll, Do It Yourself Bookkeeping

QuickBooks Tip: Understanding how to Handle Payments in QuickBooks

Posted by Matt Roberge on Sep 7, 2011 12:15:00 PM

I wanted to explain the proper way to receive payments and record them in the bank account in QuickBooks since many users seem to struggle with this process.  I have come up with a simple way to explain this process to our clients so that they understand it.  I will break the process down into the three icons that QuickBooks uses: Invoicing, Receive Payments and Record Deposits.

Invoicing and Statement Charges

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Topics: QuickBooks Tips, QuickBooks advice, QuickBooks, learn QuickBooks, Do It Yourself Bookkeeping

QuickBooks Tip: Effectively Using the Vendor Center

Posted by Matt Roberge on Jun 23, 2011 11:28:00 AM

The vendor center in QuickBooks is where you create a database of people that you pay money to.  The vendor center is fairly straightforward to navigate and use for even the beginning QuickBooks user.  I wanted to offer some advice on using the vendor center effectively and efficiently.

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Topics: QuickBooks Tips, QuickBooks advice, QuickBooks, Do It Yourself Bookkeeping

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. 

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Topics: QuickBooks advice, memorizing QuickBooks transactions, Efficiently Using QuickBooks, Efficient Bookkeeping, Business Efficiency, learn QuickBooks, Do It Yourself Bookkeeping, do it yourself

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