Tips for better use of lists, templates, and integrated modules from your Certified QuickBooks Pro Advisors
1. Sense-check your QuickBooks reporting set up
If the data presented in your QuickBooks reporting doesn’t make sense or is erroneous, seek our professional help in fine-tuning and correcting it.
2. Properly understand the features and flow of transactions
When you use QuickBooks’ templates and forms, the software posts debits and credits in the transaction log. For example, if you use “Enter Bills,” the information is posted to your A/P report and your expense account. Then you must use the “Pay Bills” feature properly to remove the bill from your A/P report. If, instead, you directly write a check from QuickBooks’ checking module, you fail to remove the A/P from the report, and consequently double your expenses.
3. Using pre-set templates ensures correct transactions
The features in each QuickBooks module are integrated to affect the other modules. Because of this, it’s important to use them correctly and enter transactions into your A/R, A/P, Payroll and Sales Tax modules. Note: if you make journal entries to ‘clean’ your company financial statements, you have not cleared the root of the issue, which will leave the managerial reports messy, and they won’t reconcile with the financial statements.
4. Review your chart of accounts and lists regularly
Your customers should be listed as customers, not vendors or others. Liabilities should be liabilities, not assets. And expenses should be expenses, not assets or liabilities. When new accounts and items are set up, your team may not always understand the accounting process enough to map the data out accurately, while will lead to errors in your QuickBooks financial reporting.
5. Your QuickBooks paper trail should reflect real life
If you are moving money across multiple business accounts or personal accounts (which we advise against), make sure your transactions and reports reflect the movement accurately and fully.
With our help, you can be sure your books are organized and accurate so year-end tax return preparation goes quickly and smoothly. Using QuickBooks properly with its fully integrated modules will make your life easier, provide you with reports for decision-making and compliance quickly and accurately and, in turn, help you run your business profitably.
Call our Flower Mound office today to find out how we can help you streamline your use of QuickBooks at 972-446-1040.
Need more QuickBooks help? Read more at Williams & Kunkel, CPAs, LLP New Business Advisor Services
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