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.


Candy’s Tip

Reconcile Your Accounts Monthly:

Review incoming banking and credit card transactions daily or weekly depending on number of transactions. This gives you an opportunity to review bank and credit card transactions for accuracy and catch fraudulent charges in real time or missed deposits due to bank error. If your books match your bank, you can monitor your cash balance and avoid costly bank charges due to bounced checks.

After you have reconciled all the transactions to your monthly statement, it is important to print the reconcile report and review the uncleared transactions. Clean up any old transactions.

Checks that are lost should be cleared out and reissued if necessary. The only items that should be in the uncleared section will be current transactions

QB tip: Use bank feeds and clear transactions for quick reconciles at month end.


Candy’s Tip

Use the memo section to take notes for your bookkeeper or accounting professional:

For example, you purchased some desks and you are not sure if it is an expense or asset. No worries. Classify it as “unallocated expense” and write in the memo section “purchased two desks for $200.00 each for the back office”. You got a new loan and the account has not been set up in QuickBooks, but you want to enter it into the books. Put the deposit in “unallocated income” and write “new loan from USABank please set up new account.”

This will save time, and the transactions you are not sure about are all in one place and your bookkeeper won’t have to ask you later about the transaction.

Quick tip:

Not sure how to classify a purchase or deposit “unallocated expenses” or “unallocated income”. let your bookkeeper or accounting professional categorize them correctly.

QB tip:

Attach the receipt or document to the transaction in QuickBooks.


Candy’s Tip

Document tracking for 1099 Vendors:

It seems like it is always a mad dash to collect W-9 in January of the filing year. A tip to avoid the stress is to collect the document in real time.

Quick Tip:

Before you cut that check to a service vendor or outside service provider, request a W-9 right away from the vendor. Even if you are not sure, it is always a good practice to request one anyway. And if turns out you do not need a to file 1099 for them it’s good to have that W-9 as a record of not qualifying for filing. You can download a PDF here: https://www.irs.gov/pub/irs-pdf/fw9.pdf and email it to the vendor

QuickBooks Tip: You can attach and store that W-9 digital document in the vendor information in QuickBooks. No separate file system needed!

QuickBooks online Tip: QBO has a feature you can invite contractors to fill out their W-9 and sign them electronically, securely inside their intuit account


Candy’s Tip

Use your phone as a document tracker:

It is important to keep track of all receipts. It is amazing in our high-tech digital world there is still paper documents. We need to have those documents available especially for large purchases. Getting all receipts digitize can save a lot of time.

Our smart phone has changed our lives. Use that pocket computer to your advantage.

Quick Tip:

Use your phone to take pictures of receipts and checks and any document you think you or your accountant might need as backup and email them to yourself or your bookkeeper.

QuickBooks Online Tip:

Use the QuickBooks mobile app and it automatically uploads the data from your receipt and stores your receipt

Pro Tip: use a mobile app for receipt tracking that automatically https://www.receipt-bank.com/us/


Candy’s Tip

Using QuickBooks to store your documents:

If you are digitizing those receipts and other source documents, another place to file them is right in QuickBooks. Whether you are entering or downloading your bank and credit card transactions or creating an invoice each transaction window has an attachment icon button.

Quick Tip:

Keep all receipts and documents in digital format. Request documents to be email for a quick digital copy. Otherwise scan or take a picture as soon as possible. Attach the receipt to a bill, invoice, or check as back up for the purchases.

QuickBooks Tip:

Click on the attachment paper clip icon or drag and drop the receipt or document.

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