QuickBooks/ Bookkeeping Tip of the Week

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Tip of the Week

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Get the Tips and Tricks that every Bookkeeper should have in their bag, courtesy of our Accounting Services staff.

11/18/2022

Candy’s Tip

Closing A/P in QuickBooks Online Version

If you use the Accounts Payable function in QuickBooks, it’s important to make sure the bills are marked paid in the system.  There are several reasons you may have open but paid bills.  You may have cut a manual check, paid with cash or ACH, or used a credit or debit card to pay the bill. If you are not cutting the check against the bill, the bill will need to be paid manually, to close out the open A/P. This will be important for monthly reconciliations.

If you use bank feeds, this will need to be completed before you approve your transactions.  This will allow QuickBooks to match the transactions and avoid duplication.

  1. In the bill window, select “mark as paid” button in the upper right-hand corner.
  2. In the drop-down window of “Bank/Credit Account”, choose the account that was used to pay the bill.
  3. Hit the save and close button and this bill will be removed from your A/P.

10/28/2022

Candy’s Tip

Closing A/P in QuickBooks Desktop Version

If you use the Accounts Payable function in QuickBooks, it is important to make sure the bills are marked paid in the system.  There are several reasons you may have open but paid bills.  You may have cut a manual check, paid with cash or ACH or used a credit or debit card to pay the bill. If you are not cutting the check against the bill, the bill will need to be paid manually, to close out the open A/P. This will be important for monthly reconciliations.

If you use bank feeds, this will need to be completed before you approve your transactions.  This will allow QuickBooks to match the transactions and avoid duplication.

Go to Vendor > Pay Bills

For the manual check, cash, ACH or Debit Card transactions, in the pay bills window, select the bill to be paid as you would to print the check, enter the day it was paid, choose the Method- Check then choose Assign check number, and then in the Account dropdown window choose the appropriate account. Then hit the Pay Selected Bills button.

In the pop-up window choose Let me assign check numbers below, enter the manual check number and in the case of Cash, Debit or ACH payment you can leave it blank or type ACH or Debit.

For credit card payment enter the date it was paid, choose the Method- Credit Card then choose the appropriate credit card in the Account dropdown window. Then hit the Pay Selected Bills button and these bills will be removed from your A/P.

9/30/2022

Angela’s Tip

Avoid Deleting Entries in Your Accounting Software

Entries and/or transactions can be corrected with a Reversing Entry or Adjusting Journal Entry. In the case of an incorrect or uncleared old check, your software should have the option to “void” that transaction within your books.

Your books are like a map, deleting entries and transactions removes pieces of the “road” that you and your tax preparer may need to cross in order to figure out the who, what, when, where and why of your company’s finances.

9/16/2022

Charlene’s Tip

Team up with your Accountant

Did you know you can give your accountant access to your QuickBooks Online company file? This will allow them to review your books and help you with any tricky or confusing transactions, as well as make tax filing time much easier.

Interested? We can help walk you through the process of adding one of our accountants to your QuickBooks Online.

9/2/2022

Charlene’s Tip

Deliver 1099s Online

QuickBooks Online offers you the ability to prepare and e-file 1099s with the Intuit 1099 E-File Service.QuickBooks will also mail a printed copy to your contractors at no additional cost, or you can invite your contractors to sign into a secure online portal to access their 1099s rather than having to wait for their printed copies in the mail.Ask your accountant how to prepare your 1099s through QuickBooks!

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