Bookkeeping basics for QuickBooks Online

QuickBooks Online is a cloud-based service that has set a new benchmark on how to perform effective accounting and Bookkeeping for any business. They will pay a monthly subscription fee instead of an upfront payment. You can access the software via a secure login through a “Web browser.” It is a very popular version in the QuickBooks product line with several great features added to it such as automation, accessibility, customized features, track income & expenses, efficiently manage A/R, download bank and credit card transactions, etc.

QBO is an efficient accounting tool that will help you in achieving business goals. The article will educate on how to lay a foundation for a robust Bookkeeping system. Only effective bookkeeping will provide accurate data for QuickBooks Online.

Ensure to keep the below points in mind for the “Bookkeeping System”

1) Reconcile QuickBooks Accounts- It is the most critical task to perform to maintain updated accounts. Only when you will “Reconcile” the accounts you will know that all your transactions are recorded. Ensure to reconcile all your accounts such as bank accounts, credit cards, loans & lines of credit.

2) Create a Backup- Lost data will only lead to confusion and discrepancy in the financial records. Several users do not back up their data. Always look for automatic backups of the QuickBooks Company file to keep the valuable data safe and secure. QuickBooks Online User has an advantage here, as all the data is secure and backed up in the cloud-based program.

3) Print Checks from QB- Printing checks minimize unnecessary data-entry thus increasing efficiency and output. You can easily perform your monthly reconciliations.

4) Enter & Pay Bills- Entering and paying bills through QuickBooks Online will allow you to manage Accounts payable. While paying bills, either print the checks or use the QB online login bill payment facility.

5) Customize QuickBooks Icon Bar- Customizing the icon bar will increase efficiency as you will have your favorites and most often used functions easily accessible.

6) Establish/setup 1099 vendors- It is significant and essential to set up “1099 independent contractors” in QB. Setting up 1099 vendors correctly from the beginning will save time at the year-end.

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7) Utilize “Ask my Accountant” in QuickBooks- QB Ask my accountant is a great tool to place/research your questions and transactions. Ensure to review and code the transactions with accuracy before filing your taxes.

8) QuickBooks Undeposited funds- Manage the QuickBooks Undeposited Funds account as it might be a source of trouble. It is that account that will show customer payments recorded in Company file while they are not yet deposited in the bank.

9) Utilize QuickBooks Memorized transactions- Use this tool to enter bills, check payment, invoices, or reoccurring journal entries. The tool will assist in handling the cash flow.

10) Learn to enter Journal Entry in QB- At some point in time, you might have to enter a journal entry in QuickBooks. It is good to learn beforehand.

11) Get to learn QB Online Banking- With QB Online banking you can efficiently download transactions from the financial transactions into QB.

12) Establish different QuickBooks Users- With multiple users established in QuickBooks, you can provide varying levels of access depending on your requirement. You can control where to give access and to whom.

13) Get to know COA- Charts of Accounts is an important account in QuickBooks. Learn to add and organize and new accounts in QB.

14) Link Email to QuickBooks- Linking the emails to QuickBooks is simple and efficient. You can link Outlook, Gmail, Yahoo, etc. to QuickBooks.

15) Merge Accounts- Merge the redundant or unnecessary accounts present in QuickBooks. Additionally, you can merge vendors, items, employees, and customers.

16) Modify/Edit QB Preferences- Editing QuickBooks Preferences will add more efficiency. You can customize QuickBooks as per your needs.

17) Record Outsourced Payroll- Mismanaged payroll transactions can lead to over-stating or under-stating of expenses and net income. This can be a problematic issue. Recording the “outsourced payroll” in QuickBooks is essential.

18) Make use of “QuickBooks Find”- It is a prevalent feature in QuickBooks and is also the most used one. Quickly access the transaction with little info available to it.

19) Accounts Receivable- Manage your Accounts Receivable well as this account will provide a healthy cash-flow position.

20) Inventory Tracker- Make use of QB inventory tracker to manage your inventory. You should know how to track or look into the different inventory tracking system.

For efficient functioning of QuickBooks Online, it is important that you should have you how to use and utilize the functionalities of QuickBooks. Above given are some of the bookkeeping techniques to keep you on top of QuickBooks data. You can speak to a technical expert QuickBooks help desk phone number +1-877-221-952O to understand the features in detail.