A Quick Guide to QuickBooks
A Quick Guide to QuickBooks : More than 4.5 million companies utilize QuickBooks, making it by far the most extensively used accounting system in the world. However, many CPAs generally overlook or underutilize the product’s strongest features. Are you utilizing QuickBooks accurately and getting the most you can out of the product?
Following is a list of QuickBooks features that you should be using :
- Memorize Transactions
For each company, an important number of transactions recur commonly and QuickBooks contain this by enabling you to memorize recurring transactions. For example, presume a company makes the same monthly rent payment, bills clients for recurring monthly services or records the same monthly depreciation entries. In these cases, QuickBooks can memorize the transactions and naturally enter them for you at regularly expected intervals. This feature can help save time, reduce confusion and expand efficiency.
- QuickBooks Loan Manager
Many small businesses record loan payment transactions inappropriately, failing to separate the loan payment into the appropriate interest and principal portions according to the loan amortization schedule. Loan Manager affords a solution that enables you to set up each loan with its correlate parameters like term, compounding,rate, fees, balloon payments, etc. Thereafter, Loan Manager will generate the proper loan payment check each payment period, once again saving time, reducing mistakes and increasing accuracy.
- Process Multiple Reports
Generally, bookkeepers who do a good job of keeping the books fail to frequently produce and distribute the imperative financial reports each day, week or month for company personnel to utilize in managing the business. In many cases, the procedure of preparing and printing dozens of reports is too time-consuming. QuickBooks affords a solution called procedure Multiple Reports, which enables users to group together dozens of reports and print them all in a single step.
- Prevent Prior-Period Changes
A common issue with QuickBooks is how simply users can enter or edit transactions in prior periods. To prevent changes, set up a unique username and password for each user and set each user’s inclination to prohibit him or her from ignore the closing date. Thereafter, by establishing a password-protected closing date and moving it forward every month as review and adjustments are completed.
- Custom Data Fields
I generally have found custom fields to be one of the most powerful appearance in accounting software. Utilizing these data fields, a clever CPA can overcome many shortcomings in an accounting system. For example, a boat marina might utilize custom fields to track the name of the customer’s boat and slip number and to create a data field suggest whether the customer subscribes to the monthly cranking service.Further, QuickBooks confess users to filter reports utilizing those custom data fields.
- Batch Invoicing
QuickBooks versions 2011 and higher enable users to create a batch of invoices in a single procedure. For example, a company that needs to invoice 500 customers each month for a $20 Web Hosting fee can generate all 500 invoices in one step.The batch invoice feature also allows users to search for customers confer to custom data fields and then invoice the resulting group.
- Editing Templates
Invoices, sales orders, purchase orders, customer statements and other documents are assigned to as templates in QuickBooks. These templates can be edited by reconstruct the document and by adding additional columns, data fields, text, images and custom data fields. For example, it may be beneficial to edit the company’s invoice template to consist the sales representative’s name and phone number, additional columns for quantity and rate, or back-order information in the event of partial shipments. A knowledgeable user will review the templates and increase them in a struggle to best meet the company’s requirements.
- Remote Access
QuickBooks Remote Access is a Web-based service that allows CPAs to securely log in to their clients’ QuickBooks systems. Remote Access grants the CPA entry only to the client’s QuickBooks application and data and prevents the CPA from viewing other data, like Word, Excel and email files, on the client’s computer. The service takes only a some minutes to set up and, thereafter, the CPA can log in to the client’s QuickBooks to train users, review the client’s books and, if available, enter corrections and adjustments.
In my experience, using Remote Access is a better solution than utilizing the QuickBooks Accountant’s Copy method, for various reasons. First, the CPA avoids the require to have the client’s edition of QuickBooks running. Second, the CPA and customers do not have to send the Accountant’s Copy files back and forth. Third, Remote Access affords full access to the client’s data in real time. Further, Remote Access makes it simpler for the CPA to provide monthly and on-demand services throughout the year. In contrast, the Accountant’s Copy approach generally leads the CPA to be involved with the client’s books only at year end.
- Stratifying Reports
QuickBooks provides a Columns tool that can stratify financial reports by various column configurations. This performance is valuable for inspecting and scrutinizing a company’s financials. Likewise, that same report could be stratified to display a column for each inventory item, thereby reporting the profit for each item. Other opportunities consist of stratifying columns by month, quarter, year, departments, sales representatives and more . Surprisingly, many famous, high-end accounting systems and enterprise resource planning applications fail to afford this type of profitable reporting.
- Using Account Numbers
As an alternative, QuickBooks allows you to display seven-digit account numbers in addition to 31-digit alphanumeric account names. The benefits are faster data entry and the ability to control the sort order of accounts displayed in financial reports. For example, you can use this feature to determine whether the accumulated depreciation account appears under property and equipment, not above.
However, activating this option also includes account numbers in financial statements and reports, which is not always desirable. To contain account numbers, edit every account and add an account description, then set the Reports-Show Accounts by preference to Description Only. After that, only the account descriptions, rather of account numbers and names, will appear on all financial statements.
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