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QuickBooks Tips Blog

3 Cash Flow Nightmares In QuickBooks

Posted by Joe Mazur on May 28, 2014 6:45:00 AM

Any small business owner knows the pains that come from having little to no money in the bank.  Cash flow issues can cripple a small business overnight and ultimately shut the doors if not monitored properly.  We have encountered many cash flow nightmares over the years and hopefully these 3 pointers can help other small businesses avoid some of the disasters we have worked through recently.

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Topics: Learning QuickBooks, Accounting Reconciliation, Bookkeeping Procedures, Bookkeeping Errors, Law Firm Bookkeeping

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

QuickBooks Tip: How to Enter a Credit Card

Posted by Alex Viau on Mar 18, 2013 7:30:00 AM

Credit Cards in QuickBooks is a commonly misused function. I see many different ways a credit card is recorded. Some take the total amount due and
divvy out the expenses when they write a check to pay down the card. Other's enter a bill to the credit card company and break down the expenses via the bill. Now, the above aren't 'wrong' per-se but they certainly aren't 100% correct nor are they the most practical. We'll break down all the aspects from entering the account into your Chart of Accounts, recording charges made, the subsequent payment on these charges, and recording any other miscellaneous transactions such as rewards dollars, interest, and bank fees.

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Topics: QuickBooks Tips, Learning QuickBooks, QuickBooks efficiency, Using QuickBooks effectively, credit card quickbooks, importing qbo

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: QuickBooks Advisor, Learning QuickBooks, Using QuickBooks effectively, Bookkeeping Tips

How to Record a Settlement of Debt in QuickBooks

Posted by Alex Viau on Jan 11, 2013 6:02:00 AM

We all fall behind on our bills at one point or another in our lives but others may go a little further then that just like Han Solo. Forgoing payment to a particular vendor for an extended period of time may turn into  insurmountable debt. The debt may now become a loan, which will require you to record a settlement of debt in QuickBooks to help keep your books balanced. I hope for your sake though it never gets as bad as Han Solo.

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Topics: QuickBooks Tips, QuickBooks Tips Blog, Learning QuickBooks, learn QuickBooks, Personal Bookkeeping, Settlement of Debt, Debt Relief

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

Video QuickBooks Tip: Learning QuickBooks Basics

Posted by Matt Roberge on Sep 26, 2012 7:19:00 AM

In this QuickBooks video tutorial I will cover the basics of QuickBooks.  This is a very short video to give you a brief overview of what I consider the core basic bookkeeping functions of QuickBooks.  I will touch on the chart of accounts, how to enter an invoice, how to enter a bill, how to pay a bill, how to make a journal entry and how to reconcile an account.   

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Topics: QuickBooks, QuickBooks Tips, QuickBooks Tips Blog, QuickBooks Video Tips, Learning QuickBooks, QuickBooks Basics, learn QuickBooks, Salt Lake City Bookkeeping

Favorite Courses of Action When Learning QuickBooks

Posted by Matt Roberge on Jul 3, 2012 9:19:00 AM

If you are currently leaning towards learning QuickBooks in order to keep your accounting more organized and accurate, there are certainly a number of options and convenient ways in which to do so. Whether you require the precision of this professional computer program for business reasons, personal purposes, or both, simply deciding to learn is definitely a step in the right direction.

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Topics: Learning QuickBooks, Bookkeeping Salt Lake City, Bookkeeping Services, learn QuickBooks, Bookkeeping mistakes, Outsourced Accounting, Outsourced Bookkeeping