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QuickBooks Procedures You Need To Learn

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To efficiently handle your small business accounting, use QuickBooks Online. Here are detailed directions for using QuickBooks Online. You’ve chosen to use QuickBooks Online software after reading various evaluations of accounting software. Then you made a wise decision, without a doubt.

But now, you might be experiencing a little bit of overwhelm as a new user. Despite the ease of use of QuickBooks Online, it may be beneficial to familiarize yourself with some of its bookkeeping capabilities, such as double-entry accounting.

The business works with information on customers, orders, staff, marketing expenses, and advertising charges every day. Accounting for all this data is essential for managing your cash flow and guaranteeing your company’s prosperity, whether you run a small business or a significant enterprise. Additionally, all this information must be compiled into reports to have a deeper comprehension of the business’ finances and make strategic choices.

You may use QuickBooks (QB) to automate the above procedures and save the day! You may access your accounts at any time, from any location, with this all-in-one program that is a safe Cloud-based solution. 

You may manage overall financial chores, such as payroll and taxes, and track invoices and payments while on the go. Additionally, you can keep track of all of your money in one place, get a cash flow prediction, and assess the profitability and timeliness of projects.

You’ll want to be familiar with some processes if you’re new to bookkeeping or QuickBooks in general. These several bookkeeping and QuickBooks recommendations can help you build an exact system.

1. Reconcile QuickBooks Accounts:

This task is at the top of the list since it is the most crucial one. The only method to confirm that your transactions have been recorded is to reconcile your accounts.

Reconcile all your accounts, not just the ones related to the banks. You can reconcile any account for which you receive a statement with a beginning and ending balance. This category falls under bank accounts, credit cards, loans, and credit lines.

2. Backup QuickBooks:

Even though it sounds easy to accomplish, many users fail to do so. A quick backup can prevent a lot of stress and hassle in the future. Additionally, you ought to investigate automatic backups of your QuickBooks file. Since QuickBooks Online is a cloud-based tool, your data is always safe and backed up if you utilize it.

3. QuickBooks Checks to Print:

By eliminating needless data entry, QuickBooks check printing improves productivity. Additionally, it will significantly simplify your monthly reconciliations.

4. Using QuickBooks, enter and pay bills:

Using QuickBooks to enter and pay bills can help you keep track of your accounts payable. You should print your checks or use online bill payment integrated with QuickBooks when paying invoices.

5. Personalized QuickBooks Icon Bar:

Efficiency is increased by personalizing the QuickBooks icon bar to keep your favorite and most used features close to hand.

6. Create 1099 Vendors:

Understanding how to set up 1099 independent contractors in QuickBooks is crucial. You’ll save a tonne of time at year’s end if your 1099 vendors are correctly configured in QuickBooks from the start.

7. Use QuickBooks’ Ask My Accountant feature:

Questions and transactions you want to explore can be entered in the QuickBooks Ask My Accountant tool. Before paying your taxes, you should double-check and accurately code each transaction in this account.

8. Understanding Undeposited Funds in QuickBooks:

Many users of QuickBooks experience issues with the undeposited fund’s account. The client payments recorded in your QuickBooks file but have not yet been deposited in the bank should be considered undeposited monies.

9. Use the QuickBooks Memorized Transactions feature:

Use the QuickBooks Memorized Transactions feature

Another helpful feature is the transactions that QuickBooks has memorized. Any bill, check payment, invoice, or journal entry that recurs frequently can be entered automatically using memorized transactions.

By publishing future transactions in advance of happening, memorized transactions can genuinely help you get a handle on cash flow.

10. In QuickBooks, enter a journal entry:

You’ll need to record a journal entry in QuickBooks at some point, so you should learn how to do it.

11. Find out about QuickBooks Online Banking:

You may quickly download transactions from your financial institutions into QuickBooks using QuickBooks online banking.

12. Create several QuickBooks users:

If you have many users to whom you must grant various access levels, you should set up separate QuickBooks users. This is a valuable method of managing who has access to what parts of QuickBooks.

13. Become familiar with the chart of accounts:

You ought to become familiar with using the QuickBooks chart of accounts. Understanding how to add and arrange new invoices in QuickBooks is crucial. You should know the variations among account kinds and how to select the best one.

14. Configure Bills for Online Payment:

You can set up an ACH bank transfer option so clients can pay your QuickBooks bills online. It is pretty affordable with just a $0.50 transaction cost.

15. Email and QuickBooks integration:

Because Outlook and QuickBooks may be connected, sending bills and reports via email is quick and easy. You may also connect Gmail and QuickBooks with Yahoo and a few other email clients.

16. QuickBooks Merge Accounts:

Accounts in QuickBooks that are redundant or superfluous might be merged. Additionally, you can combine consumers, staff, items, and vendors.

17. Change QuickBooks Preferences:

Making changes to QuickBooks’ preferences can significantly improve productivity. You can adjust your choices to make QuickBooks more suited to your requirements.

18. Record Outsourced Payroll Correctly:

It’s critical to enter your outsourced payroll information into QuickBooks accurately. You could overstate your expenses and net profits if you don’t properly manage your payroll activities.

19. Utilize the Find Function in QuickBooks:

One of the features of QuickBooks I use the most is the find feature. It is an excellent approach to finding transactions that you only have limited knowledge of.

20. Acquaint yourself with QuickBooks Class Tracking:

Many people don’t use QuickBooks’ class tracking because they don’t know what classes are. You can segment your data using QuickBooks classes in ways that are useful to you and your company. Department, place, and income source are a few examples of classes.

21. Job Costing in QuickBooks:

QuickBooks job costing is essential for contractors or anyone who wants to track income and expenses as they pertain to a specific work.

22. Maintain Clear Receivables:

You must gain knowledge about controlling your QuickBooks accounts receivable. Maintaining a clear AR stance will help your company’s cash flow.

23. QuickBooks Inventory Tracking:

It can be challenging to track inventories with QuickBooks. Make sure you are familiar with inventory tracking or consider using a different system.

24. Creating Custom QuickBooks Reports:

To make QuickBooks reports more helpful, you need to understand how to personalize them. Once you’ve created a piece of useful customized information, have QuickBooks memorize it so you can use it frequently. Then, save the report to a list of your own memorized words.

25. Master The Foundations Of QuickBooks:

Learn the fundamentals of QuickBooks at the very least. A fantastic place to start is the video on the provided link.

The cited article is a fantastic tool for learning chores fast if you utilize QuickBooks online.


QuickBooks and bookkeeping techniques

We believe that you should be familiar with the following fundamental QuickBooks and bookkeeping techniques. Please contact Profit Jets if you have any particular queries about anything that is either featured here or not! We would be happy to respond to your inquiries and help you with the best accounting and bookkeeping services.