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QuickBooks Tips Blog

Help! What are Undeposited Funds In QuickBooks?

Posted by Richard Haralson on Jun 18, 2014 7:15:00 AM

'What are undeposited funds?' is a very common question for users of QuickBooks.  The short answer is, undeposited funds are funds that have been recieved by the company from the customer and not yet been deposited into your bank. To further clarify, QuickBooks follows a set of accounting activities called a flow.  The following examples will better illustrate. 

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Topics: Using QuickBooks effectively, QuickBooks Undeposited Funds, Service Based Business, Simple Bookkeeping

Top 10 QuickBooks Best Practices

Posted by Alex Viau on Apr 23, 2013 9:32:00 PM

When I'm working with our clients every month there are certain concepts that ring true with each business I deal with. Whether it's a yoga studio, restaurant, manufacturer, or a service based business they can all apply these core values to their bookkeeping environment in QuickBooks. By using these best practices I help myself stay organized, keep efficient, and provide accurate reports in a timely manner. Best of all, at year end, I've set myself up for success by following these QuickBooks best practices I created for myself. They should be straightforward so here it goes, my top ten best practices for QuickBooks:

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Topics: QuickBooks efficiency, QuickBooks Tips, QuickBooks Basics, Using QuickBooks effectively, QuickBooks Best Practices

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.

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Topics: QuickBooks Tips, Using QuickBooks effectively, Efficiently Using QuickBooks, QuickBooks efficiency, Business Efficiency, QuickBooks Tips

QuickBooks Tip: How To Enter Bills (1 of 2)

Posted by Alex Viau on Mar 22, 2013 9:49:00 AM

A function in QuickBooks I often see overlooked or completely misused is the Enter Bills and the subsequent Pay Bills function in QuickBooks. Both are great functions that give an
overview of what the company's total liabilities are to vendors, when they're due, and the ability to print or even pay them online through QuickBooks. In this two part post we'll discuss the process of entering bills and then we'll dicuss how to properly pay the bill via the Pay Bills window.

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Topics: QuickBooks Tips, Business Bookkeeping, Using QuickBooks effectively, Accounts Payable, paying bills, entering bills

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

QuickBooks Tip: Chart Of Accounts Overview

Posted by Alex Viau on Mar 15, 2013 7:30:00 AM

In QuickBooks, the Chart of Accounts is the skeleton to any company file. A well-managed Chart of Accounts provides meaningful reports and year end financial data to provide to your CPA for tax purposes. Understanding how each account works and when to use it helps keep your
company file organized and maintains integrity of your financial data. The concepts may seem simple but it's surprising how many folks blindly swing in the dark by putting assets into liabilities, expenses as income, and vice versa. I'm going to just brake each one down and give real world examples on each. You can look further into the true definition (and I highly recommend you do) of each by heading over to Wikipedia.

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Topics: Using QuickBooks effectively, chart of accounts, QuickBooks Tips, Accounts Receivable, Accounts Payable, cleaning chart of accounts

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

QuickBooks Tip: How To Backup QuickBooks

Posted by Alex Viau on Feb 4, 2013 7:00:00 AM

It always blows me away the amount of times I show up to an office and they simply are not backing up QuickBooks. Some QuickBooks users aren't even aware this an option while others just don't understand why they should or how they can even backup their QuickBooks file. Personally, backing up a company's financial information is at the top of my QuickBooks best practices.

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Topics: Using QuickBooks effectively, QuickBooks Tips, QuickBooks Basics, quickbooks backup, backup quickbooks, company file corrupted

Differences Between Name Types In QuickBooks

Posted by Alex Viau on Jan 25, 2013 7:18:00 AM

Name types are a QuickBooks function that I use every time I'm in a company file. Differentiating between name types in QuickBooks is something then that I consider a foundation for good bookkeeping. Just like the Simpson's, all
of the names and understanding their roles can get confusing when looking at them as a whole for the first time. But, we're going to break each of them down and show you how to access these name type lists, what situations to use them for, how to change them and even when to simply forgo using them completely.

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Topics: Salt Lake City Bookkeeping, QuickBooks Tips, Using QuickBooks effectively, Bookkeeping Tips, Name Types, Using Name Types

Working With A QuickBooks Consultant

Posted by Joe Mazur on Apr 3, 2012 9:12:00 AM

Ever wonder if you are getting the most out of your current bookkeeping system?  It might be
worth your while to bring in a QuickBooks consultant.  If you are a small business owner, you may feel it isn't necessary to outsource your bookkeeping yet, and that's totally understandable.  It makes sense that you want to keep your costs down and utilize your time as efficiently as possible.  You would be surprised how much time you can free up if your books are running as smooth as possible.  How would you know you aren't wasting time on your books unless you brought in an expert?

It may not be you, the business owner, that needs a QuickBooks consultant; it could be your administrative assistant or office manager.  If you have a full time employee that handles your books because they have free time, then you may want to make sure they are doing the best possible job.  Do they have a degree in accounting, finance, or general business?  If you
answered no to these, then you may want to give a QuickBooks consultant some serious thought.  I'm willing to bet that they pieced together a bookkeeping system or they are going with the 'this is the way it was setup' mantra.

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Topics: Using QuickBooks effectively, QuickBooks consulting, QuickBooks efficiency, bookkeeping challenges, Small Business Accounting, Consulting