Things You Should Do Every Time You Open QuickBooks Online
Monday, July 29, 2024
Welcome to the J&S Accounting blog! As QuickBooks ProAdvisors, we are committed to helping your business thrive. Today, we want to share some essential tips for maximizing your QuickBooks Online experience.Whether you do your own books, or have a bookkeeper and you like to be hands on in your QuickBooks file, here are five good habits you should develop during each QuickBooks Online work session.
1. Look at Your Most Recent Transactions
One of the significant benefits of connecting your online bank and credit card accounts to QuickBooks Online is the ease with which you can monitor incoming transactions. Every time you log in:
Check Your Bank Connections:
- Click on Transactions in the toolbar.
- Navigate to `Bank Transactions`
- Ensure that all your accounts are correctly linked. If a circled "i" indicates an issue, click the pencil icon to re-establish the connection.
Review New Transactions: Unconfirmed transactions can be found under the 'For review' tab. Here, you'll verify each transaction correctly and categorize them. Although QuickBooks Online attempts to assign categories automatically, confirming or adjusting them to meet your needs is essential. Remember to flag any billable expenses and link them to the correct customer.
**Pro Tip: create a rule to automate categorization for repetitive transactions. This can save you time and ensure consistency.
2. Check the All Sales Page
Staying on top of your sales is crucial for understanding your cash flow and outstanding receivables.
Access the Sales Overview: Navigate to `Sales | All sales.` This page provides a comprehensive overview of your ongoing sales with colored bars and dollar totals, making it easy to grasp your current sales status.
3. Monitor Your Expenses
Keeping an eye on your expenses helps you manage your budget and maintain profitability.
Review the Expenses Tab: Regularly check the `Expenses` tab to track where your money is going. Ensure all expenses are correctly categorized and tied to the appropriate vendor or client.
4. Reconcile Your Accounts
Reconciling your accounts ensures that your QuickBooks balances match your bank and credit card statements.
Regular Reconciliation: Allocate dedicated time to reconcile your accounts during each session. This will enable you to identify any discrepancies early and maintain the accuracy of your financial data.
5. Run Essential Reports
Running key reports can provide valuable insights into your business's finances.
Generate and Review Reports: Frequently generated reports consist of Profit & Loss, Balance Sheet, and Cash Flow statements. These reports will provide insights into your business's financial status, allowing you to make well-informed decisions.
Final Thoughts
Incorporating these habits into your QuickBooks Online routine ensures that your financial data is always accurate and up-to-date. As always, J&S Accounting is here to assist you with any QuickBooks questions or needs. Feel free to reach out to us for personalized support and guidance.
Happy accounting!
About J&S Accounting
At J&S Accounting, we provide expert bookkeeping services tailored to the unique needs of small businesses and nonprofits. We recognize the challenges that come with maintaining accurate financial records and how vital this is for the smooth operation and growth of your business. As a woman and minority-owned firm, we’re proud to offer our expertise to businesses in Savannah, GA, and across the nation, helping them navigate financial complexities and achieve better financial management.
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Disclaimer
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.
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Disclaimer
This content is for information purposes only and should not be considered legal, accounting, or tax advice, or a substitute for obtaining such advice specific to your business from a professional accountant. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. J&S Accounting does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. J&S Accounting does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them.