The best Christmas present for your accountant is organized records. Follow these simple steps and you’ll feel the love all the way through 2019. Use Quickbooks to help:
If your business is actively invoicing and billing clients, the “Note” function in Quickbooks online may be something you want to use. This function could become a powerful selling tool for your business. You can keep notes on all client contacts and even the client’s preferences: what color he likes, his favorite products, her love of cats. The more details you have about a client, the more impressed s/he will be.
Have you ever posted to incorrect accounts or classes for a few months in Quickbooks? One way to resolve the problem is to go back to each transaction and change it manually. This is both tedious and time consuming. Fortunately, Quickbooks has an accountant’s tool called “Reclassify Transactions.”
For businesses that are preparing year-end payroll and information returns from Quickbooks, the following tips are helpful in order to avoid the most common mistakes:
It’s time to update your Quickbooks 1099 vendor list.
Believe or not, the year is almost over and it is a perfect time to update your 1099, miscellaneous vendor list in QuickBooks. The IRS requires all 1099 vendors to provide to the payor a signed W-9 which is to be kept in the vendor file. QuickBooks offers a feature for setting up 1099 Vendors. If set up correctly, a simple report can be printed at year end for your accountant. If you prepare your 1099s and 1096 transmittal forms through Quickbooks, it can also be easily done. Maintaining a correct vendor EIN and address list helps eliminate the costs and stress associated with generating 1099 information at year-end. The steps for setting up a correct list are simple but require guidance. Please feel free to contact our office should you need help setting up the Quickbooks 1099 vendor list.
What is the recommended Quickbooks company file (.qbw) size?
The recommendation is that a Quickbooks company file (.qbw) size for Pro/Premier should not exceed 150Mb. For Enterprise the file should not exceed 1GB. If the file is larger than the recommended size, it is at high risk for: slower processing of entries and creating reports, crashes, loss or corruption of data, and faulty backups.
To reduce the size of the company’s file, a process called “archive” or “condense data” is needed. This must be done cautiously AFTER a careful backup of the current Quickbooks file. This process will remove all of the entries prior to a period specified by the user. Ideally you would keep the records for the last 4 or 5 years, and any periods before that would be archived.
To find out the size of your Quicbkooks file, log into Quickbooks, then hold down the Ctrl key and number one (Ctrl 1). A box will appear and the file size is listed on the left section of the box. The file size is listed in kilobytes (K) where 1,000K equals 1 megabyte (Mb).
Check out more Quickbooks tips here.
Ctrl+Y- A useful tool
Did you ever wonder how to easily find the way a transaction was entered into Quickbooks? Ctrl + Y is the answer. Using those keys when in an open Quickbooks screen for a vendor bill, check, or invoice, etc. will bring up a screen showing which accounts recorded the transaction.
Make QuickBooks automatically re-enter transactions that occur repeatedly.
The short cut to do this is to press “Ctrl+M” while you’re entering a transaction. You’ll get a “Memorized Transaction” tool that will allow you to specify the parameters in order for repeat transactions to work. You can schedule the transactions daily, weekly, monthly, etc. This can be done either as an automatic transaction entry or as a reminder item. For example, when you’re entering a $1,000 rent expense invoice and would like Quickbooks to enter this amount every month automatically, press “Ctrl+M”. A tool box will appear and will let you choose the parameters. For a monthly entry you would:
- Name the memorized transaction
- Select “Automate Transaction Entry”
- Under “How Often”, select “Monthly”
- Set the start date and numbers of entries, etc.
Did you know that you can save images of receipts using Quickbooks Online Mobile? This app can be downloaded free for Android devices from the Google Play Store or for iPad and iPhone devices from iTunes. Data such as expenses can be directly entered into Quickbooks online with a copy of the receipt attached. The expense will be imported directly into Quickbooks. This feature reduces the risk of losing important data and eliminates cluttered office space. In addition, Quickbooks Online Mobile app can be used for sales receipts, estimates, invoices and payments. The app allows users to have an image and notes attached to almost any transaction. For example, attach an image of a sample window to an estimate and send it to the client within minutes. Internet access such as a data plan or wi-fi connection is required.