QuickBooks/ Bookkeeping Tip of the Week


Tip of the Week

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


Tisha’s Tip

Search for Transactions in QuickBooks - Desktop & Online

Desktop Tip: Quick and easy way to search for transactions.

Click ‘Edit’ tab at the top Left and click ‘Find’. You can see the filter gives you a bunch of categories to choose from. Most commonly used is the ‘Amount’ that is illustrated below.

QBO Tip: Advanced Search Option to find transactions.

You click on the magnifying glass than click on the ‘Advanced Search’. Your options are endless – the first filter you can select ‘All Transactions’, ‘Check’, ‘Invoice’, ‘Deposit’, ‘Payment’, etc. The second filter can be ‘Amount’, ‘Invoice’, ‘Memo Description’, etc.

What you’ll get:


Candy’s Tip

Keep Your Chart of Accounts Simple

Most accounting software will give you a suggested chart of accounts based on your industry. This is a great place to start. Sometimes the expense accounts can get overwhelmed with too many details.

A rule of thumb to keep the chart of accounts from expanding is to determine how much will be spent in that category. You generally want to use a descriptive account to track larger amounts. If it is as small amount, but you still want to track it separately, create a sub account under the main expense account.

For example, you may want to keep track of different types of Professional Fees. Use Professional Fees as your main account and then create subaccounts like Legal, Consulting, and Accounting.

QuickBooks Tip: If you create sub accounts, you can hide those accounts when you use the collapse feature in reporting.


Candy’s Tip

Automate/Memorize Transactions in QuickBooks

If you have reoccurring items, use the memorize transactions function in QuickBooks for quick entry. It is easy to set up and is fully customizable. This function is great for reoccurring bills and invoices.

You can have it set to remind you to enter the bill or invoice. If the amount is the same each period, then set the “Automate Transaction Entry” feature and it will enter it automatically into your books.

You can memorize checks, deposits, invoices and even journal entries. This feature is available in QuickBooks Desktop and QuickBooks Online.


Candy’s Tip

Well Defined Bookkeeping Procedures:

Having clearly defined procedures and workflow for the accounting team is vital for keeping the books current and accurate. It is important to have to do lists and bookkeeping procedures. The more organized the bookkeeping processes the better the workflow.

Create a notebook or even better a digital file that lists the step by step instructions and/or to do lists for daily, weekly, monthly, quarterly, and yearly tasks. Use your accounting software to automate some of these tasks and set up reminders.

Pro Tip: Use your digital calendar to set reminders of important due dates and reoccurring tasks.

QB Tip: Use the Reminders and To Dos feature in QuickBooks and customize your tasks. Use the home page visual template as a basis for creating procedures for workflows.


Kennellie’s Tip

Separating Business and Personal Expenses:

Co-mingling expenses might not seem like a bad idea, wrong! This can quickly cause huge headaches for your company. Having a dedicated business bank account for checking and savings saves you time when it is time to sum up deductible expenses.

You should get in habit of using different bank accounts for business and personal purchases. If your contributing capital to your business out of your personal assets, make sure you clearly document the contribution.

In general, you cannot deduct personal expenses as a business expense. If you use property both for business and personal use such as car or home office, then the portion of time you use the property for business if deductible. Otherwise, deducting personal expenses on a business is not allowed.

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