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Category Archives: Digging Deeper
How to Ensure Your Bank Account has a Correct Opening Balance in QuickBooks
If you completed the new bank information in the EasyStep Interview, you might have already entered your statement ending balance. Click Banking > Use Register and select your bank account to open the register. If you have a balance in … Continue reading
How to Prevent Changes to Prior Accounting Periods in QuickBooks
Did you know that you can prevent changes to prior accounting periods by setting a closing date and optional password? Log in as the Admin or External Accountant User, then from the Company Menu, select Set Closing Date. Click the … Continue reading
When to Use Classes in QuickBooks
When deciding to use classes, it is important that you have only one primary purpose for the class structure. If you try to track more than one “type” of class, the value in the reporting is diminished. For example, your … Continue reading
Accrual or Cash Basis for Profit & Loss Reports in QuickBooks
My recommendation is that business owners view their business Profit & Loss report in accrual basis. This method more accurately matches their expenses with the related revenue in the same accounting period. The business’s accountant can then review the data … Continue reading
How to Mark Accounts as Inactive in QuickBooks
Need to mark several accounts as inactive? Simply select the Include Inactive check box at the bottom of the Chart of Accounts list (after at least one account is inactive), as shown below. You can mark any list item you … Continue reading
How to Download a Report Template for QuickBooks
Did you know that you can download a report template from the QuickBooks website that you can import into your data or your clients’ data to provide this detail and other useful reports? See Chapter 16, “Reporting Tips and Tricks,” … Continue reading
How to Set Date Warning Preferences in QuickBooks
Fortunately, QuickBooks preferences help avoid transaction dating errors by enabling you to set a warning for date ranges. To open the date warning preference, follow these steps: 1. Log into the QuickBooks data file as the Admin or new External … Continue reading
How to Alert Users Who Try to Post Transactions to Retained Earnings in QuickBooks
Did you know that you can set a preference to warn users if they try to record a transaction to the Retained Earnings account? Click Edit > Preferences and select the Accounting preference on the left. Click the Company Preference … Continue reading
QuickBooks Multiyear Bank Reconciliation Tip
If you are choosing to complete a multiyear or multimonth bank reconciliation, consider reconciling through the last month of your previous fiscal year, which for most companies would be your statement ending December 31, 20xx. Choosing a month to reconcile … Continue reading
QuickBooks Reconciliation Difference
First determine whether the amount is significant. If the answer is yes, the best method for finding errors is to review each item marked cleared in QuickBooks with the transactions listed on your bank statements. If the difference shown on … Continue reading