If you are new to QuickBooks or bookkeeping in general, there are certain procedures you are going to want to know how to perform. These 10 tips for QuickBooks and bookkeeping will lay down the foundation for a very tight bookkeeping system.
1. Reconcile QuickBooks Accounts - This is number one on the list for a reason: it is the most important task. Reconciling your accounts is the only way to know that all of your transactions are recorded. Make sure to reconcile all of your accounts, not just bank accounts. Any account that you receive a statement for that has a beginning and ending balance can be reconciled. This includes bank accounts, credit cards, loans, and lines of credit.
2. Back Up QuickBooks - It seems simple but many users do not back up QuickBooks. A simple backup can save lots of stress and headaches down the road. You should also look into automatic backups of your QuickBooks file. If you use QuickBooks online, your data is always secure and backed up since it is a cloud-based program.
3. Print Checks From QuickBooks - Printing checks from QuickBooks increases efficiency by reducing unnecessary data entry. It will also make your monthly reconciliations go much smoother.
4. Enter and Pay Bills In QuickBooks - Entering bills and paying bills directly through QuickBooks will help you manage your accounts payable. When you pay bills, you should either print your checks or use online bill payment linked to QuickBooks.
5. Customize Your QuickBooks Icon Bar - Customizing the QuickBooks icon bar boosts efficiency by keeping your favorite and most commonly used functions easily accessible.
6. Set up 1099 Vendors - It is important to understand how to set up 1099 independent contractors in QuickBooks. Having 1099 vendors set up correctly in QuickBooks from the beginning will save you a lot of time come year-end.
7. Use Ask My Accountant In QuickBooks - The QuickBooks Ask My Accountant feature is a great place to put questions as well as transactions that you want to research. You want to make sure to review and properly code all transactions in this account before filing your taxes.
8. Understand QuickBooks' Undeposited Funds - The QuickBooks undeposited funds account gives many users trouble. You need to think of the undeposited funds account as those customer payments that are recorded in your QuickBooks file, but are not yet deposited in the bank.
9. Use QuickBooks Memorized Transactions - QuickBooks memorized transactions are another great tool. You can use memorized transactions to automatically enter any bill, check payment, invoice, or journal entry that regularly reoccurs. Using memorized transactions can really help you to get a handle on cash flow by posting future transactions before they occur.
10. Record A Journal Entry In QuickBooks - You'll want to know how to record a journal entry in QuickBooks as the need will arise at some point.
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