1. Get educated and get familiar! Sign up for a live seminar. Intuit/Quickbooks also offers free online webinars. You can go to https://quickbooks.intuit.com/tutorials/webinars/ to sign up for free classes. In addition, there are resources and video tutorials that will demonstrate different tasks in Quickbooks. These can be found at: https://quickbooks.intuit.com/tutorials/
  2. Get consulted! Always contact your tax professionals before converting your desktop version of Quickbooks to the online version. Once converted, there is no turning back. Your tax advisors and accountants can help keep you on the right track.
  3. Get organized! The most important part of Quickbooks is the Chart of Accounts. Make sure the list is simple and easy to read. Do not add too many details or too many accounts of the same type. For example, office expense is a good account that covers all office related expenses. You don’t necessarily need separate accounts for paper, printing, pens, bottled water, soda, snacks, etc. In addition, the Services and the Products list in Quickbooks should be organized to make sure there aren’t duplicates.
  4. Get it done! Credit card statements and bank statements should be reconciled monthly and ideally by the 15th of the following month. Do not hold back. Take a few hours of your work day, close your office door with a do not disturb sign, and finish them. There is a statute of limitation for banks to correct mistakes. It could cost you dearly if a mistake is not caught on a timely manner.
  5. Be happy! If you’re on task with numbers 1 to 4 above, there will be no steps 5 to 10.
  6. Tips for Quickbooks Online users: There is a Quickbooks Online Desktop App you can download to your desktop. This app is easier and faster to use than logging in using a webpage. This app interfaces directly with your online account; therefore any changes you make using the app will also directly update the online version. The app may be found here: https://quickbooks.intuit.com/apps/

By: Quinn Do