Starting a small business can be an exciting experience, but if you aren’t familiar with QuickBooks or have a strong finance background, it can be frustrating.
Here are a few finance tips to help you become acclimated with QuickBooks.
Banking
Print Bank Checks Through QuickBooks
Instead of ordering checks, you can print them through QuickBooks to help with monthly reconciliations.
To do this: Select the Bank Tab and then select Write Checks. Print what you need and there are no bank fees.
Record Every Deposit
Tip: When you start using QuickBooks, it can be hard to keep track of payments, loans, and sales revenue. Log deposits in right away or weekly.
Use the QuickBooks Online Banking Feature
QuickBooks can integrate with your bank to manage transactions.
To do this: Use the Online Banking tab, or go to Home, then Bank Accounts, and Add an Account.
Pay Your Bills with QuickBooks
QuickBooks can help you keep track of bills you need to pay.
To do this: Select the Online Bill Payment tab. With regular reconciliations, you won’t fall behind with Accounts Payable.
Company
Use the Correct Company Information
Ensure your Tax ID# and other company details are correct for reporting forms.
To do this: Use the Company tab. Add your information and save it.
Customers
Online Payments
You can accept payments from customers using QuickBooks.
To do this: Select Your Company, then Chart of Accounts, and Add Banking Information.
Add Accurate Customer Information
Ensure your customer information is correct.
To do this: Select the Customers tab to add your customer details.
Combine Similar Accounts
Duplicate accounts happen when employees misspell customer names, can’t find them and add a new customer name.
To fix this: Select the name you’re deleting, select Edit, and then change any misspellings to match the correct name. Next, select Save and click Yes to merge accounts.
Customizations
Customize Your Layout
Recent QuickBooks versions allow for easy customizations. Use this tip for older versions.
To do this: Select the Edit tab, Preferences, and then Desktop View.
Customize the Icon Bar
You can customize your icon bar.
To do this: Select the View tab, and then Customize the Icon Bar.
Let QuickBooks Memorize Transactions
It’s a fast way to keep your QuickBooks optimized.
To do this: Select Lists, then Memorized Transaction List, then Memorized Transaction, and New Group. You can then decide what should be memorized to help with bill payments and invoices.
Turn On/Off Spell Check
You can turn spell check on/off.
To do this: Select Edit, then Preferences, and Speller. Then select or deselect Always Check Spelling.
Find the History of a Transaction
Can’t find your invoices?
To find your history: Select Reports, and then Transaction History.
Linking QuickBooks with Email
You can link QuickBooks with email for online transactions.
To do this: For desktops, select Edit, then Preferences, then Send Forms, and Add Email. For the app, select the (+), then find the invoice and select Add New, and select the email option.
View Transaction Journal for Double Entries
You can view double entries on your transactions.
To do this: Select Reports and then Transaction Journal. This helps to ensure double entries are reported correctly.
Employees
Adding Employee Data
You can add and edit employee data.
To do this: Select the Employees Tab which opens the Employees Center. You can add new employees and change data.
Restrict Access
You can restrict access for employees.
To do this: Select Company, then Set up Users and Passwords, then Set Up User, then User List, and Edit User. You can select no access, full access, or selective access.
Send Chats to Employees
QuickBooks has a helpful staff chat feature.
To use this: Select Company and then Chat with a Coworker.
Expenses
Managing Your Expenses
Tip: When you start QuickBooks, separate your business and personal expenses. This can save time during tax season.
Track Expenses
Tip: Label and categorize receipts and expenses to save time during tax season. Use a dedicated business card for all transactions to reduce paper receipts.
Log Big Expenses
Tip: When using QuickBooks, log large expenses (like computer equipment) as you make purchases so you don’t forget at tax time.
Inventory
Keep Track of Inventory
Tip: Inventory thefts plague businesses. To avoid this, count inventory regularly. Note purchase dates, prices, date sold, and stock numbers.
Invoices
Print Invoices
You can print invoices in batches.
To do this: Create invoices and then select the Print tab and Print Batch.
Email Invoices
You can email invoices to customers by using e-invoicing.
To do this: Use the Gear tab, then Company Settings, and Sales. In Online Delivery select the Pencil tab, then Online Invoice, then Save, and Done.
Passwords
Set Your Password
QuickBooks includes your banking data. To protect your account, choose high-security passwords and change them regularly.
To change your password: Select Account and then Change Password.
Record Keeping / Reconciling
Reconciling Your Books
Tip: Block out time every week to add receipts and payments. Make it a routine to get a full picture of your sales.
Vendors
Set Up 1099-Vendors
If you hire contractors or freelancers, you need to send them a 1099.
To do this: Select Expenses, then Vendors, and Prepare 1099s.
Conclusion
QuickBooks is a financial management tool that can help manage your business. For more assistance with your QuickBooks app or the desktop version, use the Help tab in your QuickBooks dashboard or refer to QuickBooks SupportOpens a new window for further assistance.