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QuickBooks Tips Blog

QuickBooks Tip: Dealing with your Accounts Receivable

Posted by Joe Mazur on Jul 27, 2011 7:36:00 AM

When reviewing financials with clients, they sometimes look at their Profit & Loss and almost immediately ask "Well, if I made $40,000 this year, where is it?"  Business owners usually assume that if they made money it should be in their bank account.  If it's not in the bank account, it can be because of a few different reasons.   If they are paying off loans, a line of credit, a large credit card balance from a prior time period, or some other liability the money generated from the profit is usually allocated to these Balance Sheet items.  If the business does not have any liabilities, it could be due to Equity Draws by the owners.  Well if it's not Equity Draws or paying down liabilities, then where is it?  It is most likely tied to your Accounts Receivable balance.  This is the balance that customers owe the business for the purchase of their product or service.

Accounts Receivable Reporting

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Topics: QuickBooks, Efficient Bookkeeping, Cash Flow Management, cash flow forecasting, revenue streams, Year End Accounting, Year End Bookkeeping

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.

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

Using Classes in QuickBooks

Posted by Matt Roberge on Jul 30, 2010 7:38:00 AM

The class feature in QuickBooks can be a valuable and useful tool if used properly.  I feel that class tracking is one of the most under utilized tools in QuickBooks.  I think that the reason this feature is not used more often is because the general QuickBooks user does not understand what the class tracking feature is or what it can do for their business. 

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Topics: QuickBooks Tips, revenue streams, class tracking