10 Bookkeeping & Quickbooks Tips

Using a program like Quickbooks for data entry and bookkeeping purposes is the easiest and most efficient way to track your business’s finances. It’s a great tool for compiling financial information into one place, and it’s easy to use.

If you are new to Quickbooks, or bookkeeping in general, you may be looking for some help on how to do it. If you want to use these programs to their full potential, take a look at these tips and tricks to help you master bookkeeping.

1 – Always Remember to BackUp Quickbooks

Like with phones and laptops, having a backup in place can save your data in a crisis. Backing up Quickbooks is an easy task, and can be done from within the program itself in a short time. You can also set up Quickbooks to do automatic back ups whenever you add new information.

If you use Quickbooks online, then there’s no need to stress! Your information is automatically backed up to the cloud when you use it.

2 – Use the Online Payment Function

The bookkeeping program has a setting that allows you to set up automatic online payments for bills. This is especially important for anyone using Quickbooks for business purposes. It can be used for personal bills and accounts, but it’s set up lends itself to business. You can set it up to pay your bills when they’re due.

3 – Set Up Invoices

You can also set up the software to generate and send out invoices to customers on a timed basis. Use these functions to your advantage! In addition to backing up the program, remember to print out checks and receipts for any invoices or payments.

4 – Understand Inventory Tracking

Inventory tracking is a part of Quickbooks that a lot of businesses do not use because they don’t know it exists. Those that do may not fully understand how it works. It isn’t the easiest part to use, but when mastered, it makes life a lot easier. Take some time to study the inventory tracking. It works wonders.

5 – Customize Your Toolbar

In Quickbooks, you have the option to customize and arrange your toolbar. Once you have an understanding of the features you use the most, curate your toolbar to your needs. It can make the process that much faster if you have everything you need laid out already.

6 – Use Memorized Transactions

This goes hand in hand with the payment function, but this allows you to program recurring transactions into Quickbooks. This can be a massive help when trying to create or understand your budget. Using this setting allows you to “program” in expected payments, so you can see how much profit you are making even before the payment has actually posted.

7 – The Chart of Accounts

Using this program for business means you’ll likely have to add in multiple accounts for your customers. Understanding the Quickbooks chart of accounts can help make navigating through even easier. Knowing the different account types and how to add and organize them is especially important. Take time to learn the chart.

8 – Set Up Multiple Users

Like you’ll have multiple customers, you may have multiple users who can access the accounts. When you add new users, such as an accountant, you can also change the levels of access they are granted. If you have multiple employees using the program, it might be important to restrict editing access to certain accounts.

9 – Learn About Class Tracking

Class tracking is another under-used part of Quickbooks. Class tracking allows you to sort accounts based on “classes”, which you set up. With inventory tracking, it may take some time to learn. Examples of classes include:

• Department
• Location
• Source of income

10 – Use Online Banking

Quickbooks has an online banking component. When set up correctly, it automatically adds any banking (withdrawals and deposits) to your account within the program. It can be used with almost any financial institution, and makes your bookkeeping that much easier.

Conclusion

Quickbooks makes bookkeeping a breeze. Whether you use it for business or personal reasons, it can be an incredible tool to use. These tips are not an exhaustive guide to the program, or to bookkeeping as a whole. There’s a lot more to be learned, and you’ll need some experience before you feel confident in your Quickbooks skill level.

We understand that not everybody wants to learn how to use Quickbooks’s software alone. If you are looking for help, reach out to us today to find out more about keeping up with finances and taxes!