8 Tips to Get Started With QuickBooks for Accounting and Bookkeeping

May 04, 2016 By Administrator

Most small business owners know that QuickBooks is a valuable accounting solution. However, many don't know how and when they should start using it. QuickBooks is full of helpful tools and features, but it may be overwhelming at first glance.



8 Keys to Successfully Using QuickBooks

To get started with QuickBooks, it's important to understand what it does and to set it up properly.

Download My FREE QuickBooks  Reference Guide

If you can do the eight things below, you'll be well on your way to becoming a QuickBooks pro!

1. Consult an Accounting Professional

QuickBooks is a great way to share your financial records with an accountant, but it’s best to get some advice from them before migrating your accounts.

A simple consultation with your accountant will help you determine exactly what information QuickBooks will need about your company based on your business structure. They can also offer valuable advice on the best way to track expenses.


2. Enter Your Business Details

After discussing your needs with an accountant, you’re ready to start filling in your business details.

Go to ‘Company Preferences' and start filling in relevant information, such as your business structure, Tax ID number, reporting forms, and reporting calendar.


3. Sync Your Financial Accounts

QuickBooks helps you keep track of all your future and past transactions, so the first thing you should do is sync all your financial accounts to the program. Include checking accounts, credit cards, PayPal accounts, etc.

Also, remember that you will need to manually record any business expenditures outside of these synced accounts. If, for example, you incurred business expenses on a personal account, you should accurately record this information in QuickBooks Online.


4. Review Your Company Settings

Next, you should review your company preferences to make sure QuickBooks does your bookkeeping the way you want it to.

Here are a few examples of the preferences you can personalize:

  • Approve users on your account and modify privileges
  • Set reporting basis
  • Disallow negative inventory
  • Disallow sales to customers with overdue payments
  • Hide opening balance field
  • Close estimates after invoicing


5. Enable QuickBooks Payments

To make it easier for clients to send you payments electronically, you may consider enabling QuickBooks Payments.

The feature will automatically match payments with the correct invoices. By default, clients are allowed to pay by ACH (bank account and routing number), or with a credit Card, but you can adjust this in your company settings.


6. Start Invoicing

Once you’ve enabled payments and double-checked your settings, you’re ready to start invoicing clients.

Under the ‘Customer’ tab, you can start filling in client information, including their name, address, and email.

You are then able to create custom invoice templates, or start making unique invoices for each client.


7. Keep Track of Your Money Flow

Now you can start keeping track of your business’ income and expenditures.

Start out by using the basic reporting options found in the 'Banking' tab, and remember to record any data that isn’t already covered by your connected accounts.

Send checks using the 'Write Checks' tab and use the other headings to monitor your costs and sales. For example, the 'Profit & Loss' report will give you an overall idea of your business’ earnings for tax purposes.


8. Keep in Touch With Your Accountant

It’s important to consult with an accounting professional before starting out with QuickBooks, but it’s equally valuable to check back in with them to make sure you’re correctly tracking your business funds for tax purposes.

For example, you should talk to them about your expense labels for manually reported expenses in QuickBooks.

Did you find these tips helpful? What is your tip for others to ensure they are setting up QuickBooks properly and most efficiently?

If you need help getting started with QuickBooks, click the button below and schedule a free consultation.

Schedule Your Free Consultation


Recent Blog Posts

Subscribe to Email Updates