You bought Quickbooks for your business. You started the program and are starting to realize that you don’t really understand how the program works and how it’s supposed to help you be productive. This is a common complaint and with a little knows how you’ll come to appreciate its benefits like millions of other business owners. Here are a few tips to help you get started with QuickBooks:
Do not pretend that you can figure out QuickBooks all on your own. Please keep in mind that it’s an accounting program and, although it is user-friendly it doesn’t mean you can just start using it without some training. If you are going to use this program to help run your company, please ensure that it’s setup properly from the start. You don’t want to be approaching the tax season only to realize your accountant is going to have a hard time making sense of your bookkeeping because you used QuickBooks incorrectly. Problems like that can be very costly. Do not reconcile your bank account through the register instead of the “Bank Reconciliation Function”. Part of learning to operate QuickBooks is learning how to reconcile your bank and credit card accounts.
Most self thought QuickBooks users, reconcile their accounts through a short cut. Unfortunately this is also where I catch many mistakes. I recommend using the Reconciliation function within the program so you can be sure that your numbers tie in with the bank. Do not record sales through the Deposit window if you are looking to run detail sales analysis reports. If you want to pull Sales by Customer or Sales by Item reports, please use the Sales Receipt or Invoice. QuickBooks will use information from these sales forms to generate great reports that you can use for managerial and trend analysis purposes.
Do not use journal entries to record or pay sales tax because it will not be reflected in Gross Sales and Non Taxable Sales when viewing your Sales Tax Liability Report. This can cause errors when filing and paying your state sales taxes. To handle the sales tax properly, use the “Pay Sales Tax” function within QuickBooks. This will ensure that the payment recorded will be reflected in the proper sales tax liability account. Do not make adjustments to inventory unless you understand the impact it will have on your financial statements. Business owners will often try to adjust inventory quantity to match inventory on hand after a physical count. What they don’t realize is that the additions or deductions of inventory will often result in additions or deductions of a financial value to the “Inventory Asset Account” as well as the income account called “Cost of Goods Sold”. Sometimes the change in value is so erroneous it creates major misstatements of income and balance sheet numbers. Do not fail to update Quickbooks. These updates are important to keep your software operating optimally.
My name is Ava Isla and I am a bookkeeper and a QuickBooks expert at Find Accountants LTD. Our staff and I can help you set up a proper bookkeeping system, teach you what receipts and information you need to keep, and help you get ready with taxes. We are here to offer you support, help you save time, and ensure your records are up to date. Ultimately, we can help you save money. Contact us by phone at 01217949203 or email for more information on how we can help you and your small business succeed.