Quickbooks Tips and Tricks from Pro Advisors

October 25, 2019 By Troy Martin

QuickBooks Online is a useful tool for managing your companys bookkeeping and accounting. Though, if youre new to this tool it can take a while to understand its features.

At Cook Martin Poulson, our clients often ask us this question:

What are some QuickBooks tips and tricks I can use?

We’re happy to help. Here are some of our best QuickBooks tips and tricks for you to try.

quickbooks tips and tricks from Pro Advisors

 

Use the Getting Started Tutorials to Learn Your Way Around

The first tip is a simple one. Intuit has built Getting Started tutorials into QuickBooks and theyre a great way to learn the basics. Heres a sample of some tutorials you will get:

quickbooks tutorials

As you can see, there are options to help you learn how to invoice your clients, track and pay your taxes, enter expenses, and manage inventory. Most of the videos are short, and they’re very straightforward, and easy to follow.

Secure Access to QuickBooks

Since QuickBooks is where youll be entering your most important financial information, you must do what you can to limit access and secure your data. These two things will help keep your information safe:

  1. Go to the Accounts tab and set a secure password for your account. It should be a mix of upper and lower case letters, numbers, and symbols. Avoid using words that someone might be able to guess. The best passwords are random.
  2. Assign users to your QuickBooks Online account and limit access to only the people who need it.

Limiting access and securing your information will minimize the risk of a data breach or intrusion.

Use the Import Feature for Quicker Data Entry

One of the best QuickBooks tips we can offer is using the softwares input option to quickly add clients, suppliers and other information to your account.

QuickBooks Online data screen

Your data must be in Excel or CSV format. Once you import you data, youll have a chance to correct any mistakes that may have occurred. This step can save you hours of data entry time and ensure that you are up and running quickly.

Reconcile Your Entries

If you dont reconcile your accounting and bookkeeping entries regularly, it can turn into a huge mess down the line when its time to close your books. One QuickBooks trick to try is to immediately reconcile any new information you enter.

Every time you get a statement or payment, you can use QuickBooks to quickly check and reconcile it. Youll minimize mistakes and save yourself time in the long run.

Pay Bills and Print Checks

One of our favorite things about QuickBooks is that its an all-in-one accounting solution. You can use it to do everything, including paying your bills and printing checks.

If you sync QuickBooks with your bank account, you can use it to make payments online. Online payments cost less than printing checks. Making those payments using QuickBooks allows you to streamline your journal entries and simplify the process.

Download Our FREE QuickBooks  Reference Guide

Memorize Transactions

You can use QuickBooks to memorize” repeat transactions that you have to log every month, such as rent for your office space or insurance payments.. This feature allows you to enter a payment once. Then go to:

Lists>Memorized Transaction List>Memorized Transaction>New Group

quickbooks transaction memorize

Follow the above prompts to choose the transactions you want to memorize. You can use this feature for paying bills and issuing invoices for repetitive billing. You can also create automated transactions and set reminders.

Set Up and Track 1099 Vendors

Do you use independent vendors and contractors for some of your work? If the answer is yes, then its your responsibility to set up and track 1099 vendors and QuickBooks can help you do it.

Youll be able to:

  • Set up vendors
  • Enter payments and sales tax
  • Generate and send 1099 forms at the end of the year

This QuickBooks tip is an important one because it can you keep track of vendor payments and save you hours of time at the end of the year.

View Transaction Histories

Even for people with some accounting experience, it can be difficult and frustrating to sort out transaction issues. Especially if you have received partial payments on an invoice or a client has disputed a charge.

With QuickBooks, you can easily view the transaction history for any invoice by going to Reports > Transaction History. Run a report for the transaction in question and youll be able to sort out  any issues quickly.

Find Journaling Errors

When doing journal entries, you must enter a positive and negative journal entry for every transaction. This can be confusing, especially if youre someone who doesnt do journal entries on a regular basis.

Using the Transaction Journal (Reports > Transaction Journal) can help you view every journal entry in a format that makes it easy to spot errors and omissions. This one QuickBooks tip can save you hours of time.

Merge Duplicate Accounts

When youve got multiple users on your QuickBooks online account, it is possible that youll end up with duplicate accounts in your system. This a problem when it comes to keeping track of invoices and other transactions.

quickbooks merge accounts

Using QuickBooks, you can simply choose one account and then identify the account you want to merge. Right click on the account you want to retain to copy the name. Add it to the account you want to merge. When you Save, a prompt will display asking if you want to merge the accounts. Click yes and you’re done.

Conclusion

These QuickBooks tips and tricks will help you make the most of your QuickBooks account and keep your business’s finances in order.

Do you need some help with QuickBooks? Cook Martin Poulson's QuickBooks Pro Advisors are ready to help you with anything and everything QuickBooks related.

Troy Martin

Troy Martin

Troy is a shareholder of the firm in the Logan office of Cook Martin Poulson, PC. Troy works as a facilitator for family owned businesses through succession and strategic planning processes.

Recent Blog Posts

Subscribe to Email Updates