Everything You Need To Know About QuickBooks in 2019
QuickBooks is one of the most widely used accounting software in the world. Since software is aimed to make every field of our life efficient, this program helps you manage financial matters with perfection. It is mainly created for small and medium size businesses, to smoothly process all their finances without any effort and mistake. Here I have shared everything a QuickBooks user should know in 2019.
QuickBooks Memorized Transactions
There is a great tool in QuickBooks that memorizes things for you. It automatically enters data that you have to enter on a regular basis. That data could be an invoice, cheque payment, journal, or bill. You can post future transactions using memorized transactions before they occur. It makes cash flow handling more efficient.
You Can Still Lose Your Data
Despite all advancements, data loss seems to be a never-ending problem. It’s not that once it is lost it can’t be recovered, but the problem is losing it in the first place. This issue is in the control of the user.The program doesn’t delete data, but you do it by mistake. Luckily you can acquire the services of QB Techs in case you ever lose an important QuickBooks file. In addition to recovering, they can also repair both QBW and QBB files.
Pay Bills in QuickBooks
Software developers aim towards reducing manual efforts. Now you can enter and pay a bill using QuickBooks. It’s another excellent feature to manage payables. You just have to link online bill payment system with QuickBooks to automatically process it in the future. Another way to pay bills, is to print your checks through this program.
You Can Customize Icon Bar
Instead of wasting your time navigating to access a feature, you can add it on the icon bar. This way you will be able to quickly utilize most frequently used functions. The Icon bar is like a shortcut to functions. Remember to add only the important icons; the bar will be crowded otherwise.
The Chart of Accounts
Every user should know how to add new accounts in QuickBooks and properly organize them. Make sure you learn the charts of accounts and understand its different types. You can only choose the right kind of account when you know their differences.
Use Key Reporting Insights
Insights are an important tool for businesses. They help you understand what has been done in the past, and what should be done in the future. You can access reports with valuable insight, if you manage all your cash flow activities in QuickBooks. Three most common types of reports generated from QuickBooks to assess the strength of a business are:
- Profit and Loss Report
- Statement of Cash Flow
- Balance Sheet Report
QuickBooks Class Tracking
Many people divide all their data into classifications to better understand what they represent. On the other hand, many people don’t understand these classifications that’s why they don’t use the QuickBooks Class Tracking function. This program lets you divide all data into classes by their purpose. For example, some data may be classified based on its source or department.
An inventory involves many transactions, which is why it’s not very easy to keep track of it without the help of a system. People, years ago, used to write everything in a notebook, but now QuickBooks does it for you. It automatically tracks and updates every transaction. You can also generate useful reports to gain insights about the inventory. It will show you a list of all inventory products, their cost, quantity on hand, and their total value. You can trust QuickBooks, therefore, you don’t have to memorize anything.
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