Every once in a while you may have to write off bad debt in QuickBooks. Bad debit is essentially money from customers that you are not able to collect. You can continue to chase customers that haven't paid or try using a collection agency. However, sometimes it is easier and more efficient to fire bad customers and move on. Here is a short video on how to write off bad debt in QuickBooks.
Entering a budget in QuickBooks is an incredibly important bookkeeping step that many small businesses skip. Most small business owners analyze the QuickBooks profit and loss but tend to ignore their budget and forecast. I would find it difficult to run a business without a budget and forecast because I would have no measure of how the business is performing. Without creating a budget and doing some comparisons with your actual financial statements you have no idea of how your business is performing financially. Watch this QuickBooks video tip on how to enter a budget in QuickBooks and use it to manage your business.
We wanted to provide you with some great tips on QuickBooks efficiency that you might not already know about. We sometimes forget that we know QuickBooks pretty well. When we get in front of a new client and start whipping around the program they often exclaim "How did you do that?" Without realizing it we solved an issue that had perplexed them for weeks just by us going through the motions of QuickBooks. Watch this short three minute video which gives you some quick pointers on staying efficient in QuickBooks.
You can link QuickBooks to your Gmail account. Connecting QuickBooks and Gmail makes emailing QuickBooks invoices from Gmail possible. Watch this demonstration to learn how to easily connect Gmail to QuickBooks.
Let's talk about the fun stuff; bringing money into your business. In order to bring in money you need to be able to create an invoice in QuickBooks to submit to your customers. While creating invoices in QuickBooks may seem easy and straightforward you need to make sure you are handling things correctly. Setting up invoices correctly from the beginning will ensure that all of your accounting is being done correctly behind the scenes. Here is a short video on how to create invoices in QuickBooks.
If you are using MINDBODY Online as software to run your business you need to understand how to properly record your sales information in QuickBooks. Much like any point of sales system you need to find a sales report in a format that works for your business and record a daily sales journal entry in QuickBooks. You also need to look at the flow of money into your bank account to understand how to set up your journal entry. I will walk you through the process of how to run your MINDBODY sales report, set up your QuickBooks sales journal entry and properly record your daily sales in QuickBooks. This short video below demonstrates the entire process for you.
In accrual accounting you may find it necessary to record certain transactions as prepaid expenses. You will then need to follow certain steps to properly record the prepaid expense in QuickBooks. A prepaid expense is a purchase you make for goods or services you will receive in the future or over a specified period of time. A good example of this would be insurance. Most insurance agencies require that you pay your premium in annual or semi-annual payments. In order to show more accurate financials that are not skewed by a large expense in one month it is necessary to use a prepaid expense. This will properly spread the expense over the entire coverage period that you are paying for. Another example of an expense you might want to consider prepaid expenses for is a quarterly utility bill. Watch this video which demonstrates how to properly handle recording prepaid expense in QuickBooks.
In QuickBooks you can set up different users for your file. Creating different users is advantageous for many reasons. You can put restrictions on user access as well as keep the full access admin privileges confidential. Watch this QuickBooks video tip on how to set up different users in QuickBooks.
Many businesses may find it necessary to create a daily sales journal entry in order to properly account for their sales. Businesses that use some sort of cash register system will often have to record sales through a daily sales summary. Common situations that may require recording daily sales are bookkeeping for restaurants and retail shops. Watch this QuickBooks video demonstration on how to develop and record a daily sales journal entry.
If you are new to QuickBooks or bookkeeping you may want to consider finding a professional consultant to help you with QuickBooks training and support. Salt Lake City Bookkeeping offers remote QuickBooks training and support.
Businessmen by trade, adventurers at heart; we understand the difficulties of running a small business and balancing a fulfilling life outside of work. We want to make the same thing easy for you. We offer day-to-day financial planning, personalized mentoring, and consulting services that will help you better understand the financial needs for your business and plan to meet your long-term goals.