5 QuickBooks Desktop Training Tips for Beginners

If an account is no longer needed, don’t delete it but inactivate or hide the account to prevent it from further use. Our head QuickBooks trainer and guru, Marjorie Adams, is Founder and CEO of Fourlane, Inc., an award-winning consulting firm and Intuit’s #1 QuickBooks Reseller Partner. Fourlane’s team of experts offers several QuickBooks oriented services including consulting, training, programming, integration, and more. Over the years, Fourlane has helped over 10,000 customers across many different industries with their QuickBooks accounting software. Marjorie Adams is considered one of the top QuickBooks trainers in the country. She was listed on CPA Practice Advisor’s 40 Under 40 in 2014 & 2015, and has been recognized as Intuitive Accountant’s 2015 QuickBooks Desktop ProAdvisor of the Year.

It is also possible to take a backup copy of the QuickBooks file from one computer and restore it to a second computer to allow sharing of the information. However, I don’t recommend this if both computers will be entering QuickBooks data. If you do this, you won’t know who has the most recent copy of the data file, and things can get messed up quite easily. Your best bet is to talk to a local computer consultant about a network for your home or office. To allow the sharing of your QuickBooks file, your best option is to have a computer network in place. This network will provide the foundation for you to then share the file between two or more computers.

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Online banking, also known as bank feeds, is one of QuickBooks Online’s most helpful and time-saving features. When you connect an account, QuickBooks downloads and categorizes bank and credit card transactions for you automatically―you only need to approve the work. You may be using some or all of them or maybe you are unsure of really how to use the software correctly and efficiently. Remember that your ability to run your business depends on your ability to retrieve solid data on income, expenses, as well as your assets and liabilities. If transactions are entered into the system incorrectly, you will not have accurate data to make good decisions for your business.

Thus, if you want to remove errors from your QuickBooks entries, you have to constantly reconcile transactions, bank account, and other details. Every account has a beginning and ending balance that can help you in reconciling the statement. You should reconcile all the vital accounts such as loans, credit cards, payroll liabilities, etc.

Set Up Recurring Expenses

To help you save time and future frustration, we’ve compiled the most helpful QuickBooks tips and tricks to make bookkeeping on QuickBooks easier for you and your bookkeeper. QuickBooks Online is the easier choice for users with little or no prior accounting experience. QuickBooks Desktop has a pretty steep learning curve, so if you’re new to accounting, make sure that you have plenty of time to learn the software before getting started. Make sure to take advantage of QuickBooks’ support resources, as well as resources from Merchant Maverick, to make it easier to learn the software. Keyboard shortcuts help save you time and allow you to keep your hands on the keyboard as you enter information. Use the keyboard shortcuts summarized in the table below when working in a transaction window.

• As you have probably found, there are many customers that need to be gently reminded that their bill is due.
• Right-click anywhere on the screen and select either New or Edit Account.
• Clients will do anything to correct a customer accounts receivable balance.
• QuickBooks Online offers a vast number of written and video tutorials.
• Thus, when you are using QuickBooks to streamline the financial side of your business, you have to learn all the QuickBooks tips and tricks to use it effectively.

Obviously, such features make a life on the go much easier. Undeposited funds is an asset account where QuickBooks™ stores recorded transactions before depositing the money into a bank account. This feature is helpful if the business has regular bank deposits with multiple customer payments throughout the day combined into one bank deposit. If the business typically records individual customer payments, an undeposited funds account may be inefficient.

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You can store regular Payments, Bills, Checks and Invoices using this feature. But this feature is available only in QuickBooks desktop versions. But an automatic import tool can do the interactions with your payment system and bring the numbers intact, accurate and almost instantly. PayTraQer is one such auto-import tool that can seamlessly sync your online payment into QuickBooks, without involving you in it. You can try exploring PayTraQer with our 30-day free trial and take the plunge if you see it fit. We have put together a list of QuickBooks tips and QuickBooks shortcuts to make the most out of QuickBooks Online.

Rather than entering individual transactions manually that occur repeatedly, you can automate the process by setting up recurring transactions. These include bills, rent payments, income, and purchase orders from suppliers. It helps save you time and also serves as a reminder for upcoming transactions. The Undeposited Funds account keeps a record of payments in QuickBooks until you deposit the same payments at your bank.

Just write checks in QuickBooks as you normally would, then click a button and your participating bank does the rest! Online banking also lets you download your monthly statement from your participating bank directly into QuickBooks for easier reconciliation. With QuickBooks Merchant Account Service, you can accept credit cards with ease. QuickBooks Merchant Account Service is the only credit card acceptance service integrated with QuickBooks software, which means you don’t have to enter the same data twice. Your customers can use Visa, MasterCard, or American Express.

The best way to find what works for you is to really learn and understand the software. One great way to do this is by using the QuickBooks Online test drive to explore and practice. If you’re a QuickBooks Desktop user, you can open a sample file and start poking around. By using a sample file or test drive, you can test out QuickBooks features without messing up your company data. Navigate to the Reports tab, and choose a custom report.

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He then taught tax and accounting to undergraduate and graduate students as an assistant professor at both the University of Nebraska-Omaha and Mississippi State University. Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor for both the Online and Desktop products, as well as a CPA with 25 years of experience. He most recently spent two years as the accountant at a commercial roofing company utilizing QuickBooks Desktop to compile financials, job cost, and run payroll. With mobile accounting becoming a norm among modern businesses, it’s crucial to have a mobile app that lets you access your favorite accounting features from your smartphone. The QuickBooks Online mobile app includes nearly all the features found in the desktop interface, with some added functions, like receipt capture and mileage tracking.

Its flagship cloud-based application – QuickBooks Online is a preferred option for the online stores. However, these days it has a serious business contender in Xero… Amanda Harpster is a Client Advisory Services Manager at Lutz with over 14 years of relevant experience.

As a small business owner, it’s critical that you’re involved in the financial management of your business. Here are my top 13 bookkeeping and accounting tips to keep the process simple and help you understand how accounting information can increase the success of your business. Why Bookkeeping Is Important Bookkeeping is more than a necessary… When creating an item, you’ll have four types to choose from Noninventory, Service, Bundle, and Inventory.

To perform a common accounting or bookkeeping task in QuickBooks, use these commands. When QuickBooks displays the commands window, you just fill in the boxes and press Enter. You can secure your data on QuickBooks by backing it up.

QuickBooks will help you design a business plan to use when trying to secure a small business loan or line of credit, or to plan for the future. QuickBooks will create a projected balance sheet, profit and loss statement and statement of cash flows. We can prepare these for you so that you project your business correctly to a potential lender. QuickBooks is the ideal business accounting software for small to mid-sized business owners.

Try it towhat does mm mean and find out how it can save you time and money. Fortunately, you’ll start getting the hang of how to do things in QuickBooks once you start diving in and exploring the software. For the busy business owner, though, finding the time to learn all of the possible QuickBooks tips and tricks can seem like a monumental task — until now. Tim worked as a tax professional for BKD, LLP before returning to school and receiving his Ph.D. from Penn State.