Quickbooks Tips

---

Many people have questions regarding Quick Books and how to best utilize all that it has to offer you and your finances. We have compiled a list of the most frequently asked questions or problems that occur with our clients that are using Quick Books. We have a variety of tips, some help you as the end-user, and some make your use of Quick Books more efficient so that we can process your financial information more accurately. Check back regularly for more helpful tips!

1. Don’t “go back in time” to change transactions for previous months before discussing with this with your accountant – especially after you’ve already submitted this information to him or her. **This creates a “ripple effect” – it affects many aspects of your accounting work and forces it to be re-done; thus creating more expense for the business owner.
2. Use the “memorized transaction” function in Quick Books for transactions that you use regularly, such as monthly car payments, building rent payments, installment loan payments, etc. This allows you to create the fixed dollar amount entry and payee so that you don’t need to enter it every time!
3. If you use estimates in your business, don’t create an invoice in Quick Books until the job is secured and “in process” (or done). Quick Books has a “create estimate” function that allows you to easily create an estimate for a potential client without recording it as an invoice. Creating an invoice falsely adds to your sales figures, possibly making you have to pay more tax. **The “create estimate” function in Quick Books can easily be converted to an invoice after you secure that potential client.
4. Be sure to record all banking transactions – both in your check register AND in Quick Books – thus making reconciling your bank statement a breeze! **Don’t forget those debit card transactions!
5. If you use the “ask my accountant” function in Quick Books when recording a transaction, be sure to use the “memo” in that entry to clarify – to whom it was written, dollar amount, and what was purchased. **This avoids additional research needed to find out more information, thus reducing your costs.