QuickBooks: Tips and Tricks
Follow these seven steps to record funds transfers between bank accounts using the Transfer Funds Between Accounts window in QuickBooks.
To get started using QuickBooks, you must first create a company file. Setting up your company file correctly is crucial to the overall efficiency of the QuickBooks software. Before you begin, you may want to verify your setup information with your CPA or with a QuickBooks Pro Advisor. There are three ways to create a new company file using QuickBooks. We recommended that you use the Express Start wizard to guide you step-by-step through the setup process.
The QuickBooks Profit and Loss Report shows your income, expenses, and net profit or loss over a specific period of time. To create a Profit and Loss Report from the Report Center, follow these four steps.
If you need to track inventory for your business, you can also use the item list to add inventory items. However, before you can add inventory items, you must first activate the QuickBooks inventory feature. When you activate the feature, QuickBooks adds the accounts needed for inventory to your chart of accounts. The following explains how to activate the inventory feature and add inventory items.
QuickBooks offers two ways to manage your bills and bill payments: Write Checks and Enter Bills. Write Checks is the quickest way to record payments. It should be used when no bill is received or to pay bills as soon as you receive them. Enter Bills is the recommended way to enter bills in QuickBooks. It should be used for purchases that you receive and pay at a later time. You should never use Write Checks to pay a bill that was entered using Enter Bills. Any bills recorded using Enter Bills must be paid using Pay Bills.
To cancel a check and reverse the amount that was deducted from your bank account, you can use the QuickBooks Void Check or Delete Check function. Voiding a check produces the most complete record and is recommended for most check reversal transactions. Deleting a transaction indicates the transaction never occurred and should only be used for simple errors detected prior to printing a check.
You can export a QuickBooks report to Microsoft Excel in just a few easy steps.
When you collect sales tax from your customers you will eventually have to remit tax payments to the sales tax agencies you collect for. The frequency of your payments depends on the requirements and laws of your local agencies. To review sales tax liabilities for a range of dates, you can generate the Sales Revenue Summary report or the Sales Tax Liability report. You can run the sales tax reports in a few easy steps.
Customers occasionally will purchase items or services they need to return. If a customer returns items or if an error was made when billing a client, you can issue a credit memo to adjust the customer's open balance. To enter a credit memo for a customer in QuickBooks, follow these seven steps.
QuickZoom is a feature that is available on accrual basis reports. QuickZoom lets you click any item in a QuickBooks report to see more detail or to zoom to the report's transaction detail. To QuickZoom on a report item in QuickBooks, follow these three simple steps.
You may need to track time for an activity for a customer or job that is unrelated to employee time. You can track time using the Time/Enter Single Activity window to input total hours or periodic events that are either billable or non-billable. You can record time by entering the time or by using the timer. To track time for a single activity in QuickBooks, follow these nine steps.
The icon bar is the area immediately below the menus. It offers quick navigation and access to the most commonly used features in QuickBooks. Start any task by clicking an icon on the icon bar. You can also add or remove icons to customize which icons display on the icon bar.
If you collect sales taxes from customers for multiple agencies (e.g., city and county), it may be useful to combine sales tax items into groups. By grouping, invoices and sales receipts will list only one total tax amount instead of listing each tax amount separately. To add a sales tax group in QuickBooks, follow these eight steps.
QuickBooks includes report filters that let you set custom criteria for the transactions you want to include in a report. For example, you may want to include only certain accounts in your profit and loss report in order to analyze a specific type of income and expense. This can be accomplished using filters. To add a filter to a QuickBooks report, follow these six steps.
After you've entered transactions such as checks, invoices, or bills, you may find you need to edit a transaction at a later date. If you need to locate and find a transaction in QuickBooks, use the Find feature. The Find feature lets you search for specific transaction numbers, dates, or items. It can be used to perform custom searches of almost every transaction field used in the various QuickBooks forms.
An item is anything that you purchase from your vendors or sell to your customers. Examples of items include products, services, late fees, and shipping charges. Before you record any sales or purchase transactions, you should plan and create the items for your item list. To add new items to the item list, follow these eight steps.
Many QuickBooks report settings can be modified directly in the report window after you run the report. To modify a report's header and footer, follow these four simple steps.
Credit cards can be used to purchase supplies and inventory or to make bill payments. If a credit card has been set up in your chart of accounts, transactions can be entered to record charges to the credit card account. To record charges to a credit card in QuickBooks, follow these five steps.
When you use either of the time tracking methods in QuickBooks, you can generate reports based on timed activities. These reports are useful for confirming that all billable jobs have been invoiced to customers, for confirming the hours recorded, and for seeing the total hours spent for each customer. The following explains how to run a time tracking report.
Once you finish your initial company setup with Express Start, you can add new vendors over time. Vendor information can be added through the Vendor Center, by importing from Microsoft Outlook or other programs, or by using the Quick Add feature as you record transactions. To add a vendor through the Vendor Center, follow these seven steps.
QuickBooks keeps track of money received as you enter sales receipts and receive payments. This money is tracked in a temporary account called Undeposited Funds. Each customer payment and sales receipt is placed there until a deposit is created from the transactions. To select the payments to include in a deposit, follow these five steps.
When you record a sales transaction in QuickBooks, you can accept the default tax or choose a different tax item if needed. QuickBooks calculates the sales tax amount for the sales transaction. To apply tax to an invoice, follow these 11 steps.
Once you have set up timesheets in QuickBooks, you can use the Quick Add feature to add a name on the fly while you are doing data entry. To Quick Add a name in a timesheet, follow these four steps.
After you invoice a client and record the transaction in QuickBooks, it remains an unpaid invoice, or open invoice, until the customer remits payment. To record and receive a customer's payment in QuickBooks, follow these nine steps.
An important part of keeping accurate, up-to-date financial records is ensuring that the transactions you record in QuickBooks match the records of your financial institution. Instead of manually "balancing your checkbook" you can use the Reconcile feature of QuickBooks to quickly reconcile your bank, credit card, or loan account. The following steps show how to perform an account reconciliation.
You can remove a memorized transaction in QuickBooks by deleting it from the Memorized Transaction List.
You can record any billable or non-billable mileage for your business's vehicles with the mileage tracking feature in QuickBooks. By recording your business trips and mileage, you can input, view, and print vehicle lists and the details of miles driven for business activities. You can then use QuickBooks reports to view or print mileage records for reviewing customer invoice amounts and for tax documentation. To set up vehicles in QuickBooks, follow these five steps.