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Top 10 Tips for QuickBooks Users

Marcia Collins
Apr 12, 2004

QuickBooks® is an award-winning financial management software program that many companies use today. Whether you are considering using QuickBooks for the first time or simply want to make sure you are taking advantage of all the program has to offer, Rea has a number of professionals who can help. Here are 10 tips to help you get the most out of the software:

1. If you're not sure where to begin, seek help.
2. If you are stuck, try watching a tutorial in the QuickBooks Learning Center, found in the dropdown under "Help."
3. Memorize recurring entries – this is a great time saver and very easy to do.
4. If you find yourself continually modifying a particular report, then memorize it. Use the memorized report "groups' to keep customized reports organized.
5. Reconcile all checking and cash accounts monthly. It's the fastest way to tell if anything has not been recorded. Catching mistakes quickly increases the ability to have timely and accurate information and decreases the chance of having costly mistakes.
6. Set your closing date annually so you don't accidentally post something in the prior years.
7. When setting up the chart of accounts, set up accruals for each "payroll liability" instead of posting all liabilities to the "payroll liabilities" account.
8. By clicking the "history" button, you can see all of the transactions related to the one you are currently viewing. (For example, if you are viewing a paid invoice and click "history," you'll see the payment details on your screen instantly.)
9. Don't lose the opportunity to produce analytical reports that can help you make sound business decisions by entering transactions directly into the registers of each balance sheet account. To utilize the forms available (i.e., invoices, sales receipts), use "items." QuickBooks compiles many of its analytical reports based upon "items," therefore, if you entered your data apart from the "forms," some of the reports may give you a heading with no data to analyze.
10. Keep an eye on the balance sheet. A person in tune with their business will notice input errors quickly as they affect the balance sheet.

If you have additional questions on how to make the most of your QuickBooks program, please contact any Rea QuickBooks ProAdvisor.

This article was originally published in The Rea Report, Spring 2004 issue.

Note: This content is accurate as of the published date above and is subject to change. Please seek professional advice before acting on any matter contained in this article.

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