6 Enticing Ways To Improve Your Top 25 Best-in Golden Rules Of Quickbooks & Bookkeeping Skills

In case you are new to QuickBooks or bookkeeping in general, there are specific procedures you are expected to know how to perform. These 25 golden tips for QuickBooks and bookkeeping will lay down the fundamental foundation for a very effective bookkeeping system.

1. Reconcile QuickBooks Accounts : This is primary and the most important task. Reconciling your accounts is the only medium to know that all of your transactions are recorded. Ensure to reconcile all existing accounts, not just bank accounts.  Any account which you receive a statement for that has a beginning and ending balance can be reconciled.  This consists of bank accounts, credit cards, loans, and lines of credit.  

2. Back Up QuickBooks: Though this is simple however many users do not back up QuickBooks. A routine backup can save lots of stress and headaches down the road. You must also follow automatic backups of your QuickBooks file. In case you use QuickBooks Hosting solution, your data is always safe, secure and backed up as it is a cloud-based program. 

3. Print Checks From QuickBooks: Printing checks from QuickBooks maximizes efficiency by reducing unnecessary data entry. It smoothens your monthly reconciliations.  

4.Enter and Pay Bills In QuickBooks: Entering bills and paying bills directly via QuickBooks will help you manage your accounts payable. When you pay bills, you must either print your checks or use online bill payment linked to QuickBooks.   

5. Customize Your QuickBooks Icon Bar: Customizing the QuickBooks icon bar elevates efficiency by keeping your most commonly used functions easily accessible.  

6. Set up 1099 Vendors : It is imperative to understand how to set up 1099 independent contractors in QuickBooks. Performing 1099 vendors set up accurately in QuickBooks from the beginning saves a lot of time at year-end.  

7.Use Ask My Accountant In QuickBooks: The QuickBooks Ask My Accountant feature is an appropriate place to ask questions as well as transactions which user wish to research. Ensure to review and properly code all transactions in context to the respective account prior to filing taxes.  

8.Understand QuickBooks' Undeposited Funds: The QuickBooks undeposited funds account might be trouble generator for the users. Consider undeposited funds account as those customer payments that are recorded in your QuickBooks file, however are not yet deposited in the bank.   

9. Use QuickBooks Memorized Transactions : QuickBooks memorized transactions are another vital tool. The memorized transactions tools can be used to automatically enter any bill, invoice, check payment, or journal entry which consistently reoccurs. Via using memorized transactions will help you handle on cash flow by posting future transactions before they happen.

10. Record A Journal Entry In QuickBooks: You may like to know how to record a journal entry in QuickBooks as the need will get generated at some point.  

11.Learn QuickBooks Online Banking: QuickBooks online banking permits you to simply download transactions from your financial institutions into QuickBooks.  

12. Set Up Different QuickBooks Users : You may like to set up different QuickBooks users in case you have multiple users to whom you require to give varying levels of access rights. This is a secure way to control which users have access authentication to certain areas of QuickBooks.

13.Familiarize Yourself With The Chart Of Accounts: Learning the QuickBooks chart of accounts is very essential. Understanding how to add and organize new accounts in QuickBooks is imperative. You must know the differences between the account types and how to select the correct category.  

14.Set Up Invoices For Online Payment: You can set up the option to permit your customers to pay QuickBooks invoices online via ACH bank transfer.  A small fee per transaction makes it affordable.  

15. Link email to QuickBooks : Link Outlook to QuickBooks, that makes emailing invoices and reports both simple and efficient. You are allowed to link Gmail to QuickBooks, as well as Yahoo and certain other email programs.   

16. Merge Accounts In QuickBooks : You are allowed to merge accounts in QuickBooks which are redundant or unnecessary. You may also merge vendors, employees, items, and customers.  

17. Edit QuickBooks Preferences: Altering the QuickBooks preferences can ensure things get more efficient. Altering your preferences permits you to customize QuickBooks more toward your needs.

18. Properly Record Outsourced Payroll: It is imperative to properly record your outsourced payroll in QuickBooks. In case you don't handle your payroll transactions accurately, you are allowed to over-state or under-state your expenses and net income.  

19. Use The QuickBooks Find Feature: The QuickBooks search feature is among the most commonly used functions. It is a good way to quickly find transactions which you know only a little bit of information about.  

20. Understand QuickBooks Class Tracking: QuickBooks class tracking is a feature that many people don't use as they don't understand what classes are. QuickBooks classes permit you to organize your data into different segments which are meaningful to you and your business. For instance, classes are location, department, and source of income.    

21. QuickBooks Job Costing : QuickBooks job costing is significant for contractors or anyone else who requires tracking income and expenses related to a specific job.

22. Keep A Clean Accounts Receivable: Learn how to manage and control your QuickBooks accounts receivable. Keeping a clean AR will provide business a healthy cash flow position.  

23. Inventory Tracking In QuickBooks: Monitoring and tracking inventory in QuickBooks can be difficult. Ensure you understand how to track inventory or look into a distinguished inventory tracking system.

24. Customizing QuickBooks Reports: You must learn how to customize QuickBooks reports to make them more result oriented. After having equipped with the customized report, have QuickBooks memorize it, and then save it on a list of memorized reports for yourself such that you can use it regularly.   

25. Learn The Basics Of QuickBooks : Essentially learn the fundamentals of QuickBooks.  

These exist basic QuickBooks and bookkeeping procedures that must be known. To know more on our products services and business solutions, please feel free to reach out at our website: http://www.techarex.net/