15 QuickBooks Tips 2023: How to use it effectively


15 QuickBooks Tips 2023: How to use it effectively

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Whether you are a big corporate house or a small startup organization, it is highly essential for businesses to perfectly record all their financial transactions. In this digital world, QuickBooks is a comprehensive bookkeeping and accounting software that is helping numerous businesses to smoothly record their finances. QuickBooks accounting software is highly popular and loaded with numerous features – from bank integration to bookkeeping services. At CapActix, our outsource QuickBooks accounting team has been creating accounts with this dynamic software for years now.  

However, if you don’t have vast experience with QuickBooks bookkeeping and accounting services, it can be quite challenging software too. QuickBooks is highly professional accounting software; thus, it takes time to master it. But, if you want to become a QuickBooks expert quickly, there are a couple of QuickBooks tips that you can try to make your life easier.

What are the 15 QuickBooks tips?

Whether you want to master QuickBooks bookkeeping services or QuickBooks accounting services, there are an array of effective tips available that you can use to make your life stress free. The most popular and useful QuickBooks tips are – 

1. Take Advantage of ProAdvisor 

If you are just getting started with QuickBooks accounting services, you should take full leverage from ProAdvisor. It is an integral part of the QuickBooks Intuit Package that helps you by connecting with a local accountant who can assist in running the software. Based on your current location, you can find pros who can help you with multiple issues such as tax preparation, outsourcing QuickBooks accounting, offsetting expenses, and so much more.  

2. Remember Shortcuts  

When you have to spend all day tapping over the keyboard to add entries on QuickBooks, you must feel super exhausted at the end of the day. Now, you can reduce your exhaustion level by learning a few QuickBooks keyboard shortcuts such as – 

Ctrl+A – To display the accounts chart window 

Ctrl+C – To copy the selected part to the clipboard 

Ctrl+D – To delete anything like an invoice, transaction, check, etc. 

Ctrl+E – To edit a transaction in the register 

Ctrl +F – To display find the window 

Ctrl+I – To create an invoice 

Alt + U Then Enter or Ctrl+J  – To open the customer center  

Ctrl+M – To memorize a transaction 

Ctrl+N  -  New invoice, bill, check, or list item in context 

Ctrl+Q -   QuickReport on the transaction or list item 

Ctrl+T -  Open memorized transaction list 

Ctrl+W  -  Displays the Write Checks window 

Ctrl+X  –  Moves your selection to the Clipboard 

Alt + Y Then Enter – Employee Center 

Alt + r Then Enter – Report Center 

Alt + O Then Enter – Vendor Center 

Ctrl+Insert -  Inserts a line into a list of items or expenses 

Ctrl+Delete -  Deletes the selected line from a list of items or expenses 

Ctrl+ Tab/ Ctrl +Shift +Tab – Go to next / go to the previous Window with multiple sub-windows open 

Also read 5 Steps To Hire a Remote QuickBooks Accountant From India

3. Integrate your Other Digital Tools 

When you are providing outsourced QuickBooks accounting services, you need a full 360-degree view of your client’s business so that you can make important decisions regarding cost-cutting, forecasting, etc. To get a clear picture, you have to integrate all other financial tools with QuickBooks.  

For example, if you are preparing accounts for a B2B sales company, you should integrate the order-to-cash process with QuickBooks. This way, you can increase efficiency and reduce administrative costs by eliminating order errors. With this small step, you can pull off your client from debt and prepare a roadmap for the future.  

4. Strong and Unique Password  

Accounting and bookkeeping services provider companies have to be very careful about their security. That’s because you have a moral and legal responsibility to protect your client’s financial records. Overall, QuickBooks is a very secure software, but when you integrate it with other third-party portals like banking websites, the chances of security breaches get higher.  

Thus, you should set a strong and unique QuickBooks password that can’t be easily hacked or cracked. To set your password, you simply have to click on the Your Account tab and then on Change Password.  

5. Customize your QuickBooks Window 

Each accountant has a separate set of operations to perform on QuickBooks daily. For instance, someone might have to create invoices more and someone less – it completely depends upon your client’s requirements. Thus, you should customize your QuickBooks as per your needs. Some of the common customizations that you should definitely try are –  

  • Layout Modification – If you are comfortable using older versions of QuickBooks, you can easily go back to your desired version of QuickBooks by following the steps –  Click on View > Top Icon Bar > Click on Edit > Preferences > Desktop View.
  • Icon Bar Arrangement – You can customize which link appears in the icon bar. As per your requirements, you can add, remove, or modify the icon bar. The features that you are going to use often can be marked as your favorite.   
  • To Remove an Icon – View –> Customize Icon Bar –> Select the icon you want to remove and click Delete.
  • To Add an Icon – View –> Customize Icon Bar –> Click Add –> Select the desired icon from the list.  Modify the label and description –> After that click OK.
  • To Modify an Icon – View –> Customize Icon Bar –> Select the icon you want to modify –> Click Edit, make your changes –> Click OK.

6. Enter Carefully  

If you want to provide the best outsource QuickBooks accounting services, you have to enter all the information carefully into the software. When you haven’t inserted accurate information into QuickBooks, you can’t expect to get an accurate outcome. Importantly, you have to enter the following things without any mistakes – 

  • Company Information – The structural information of a business needs to be inserted perfectly, such as Tax ID number, reporting forms, report submission dates, etc. Under the Company Tab, all the information needs to be accurate without even a single error.  
  • Customer Details – Similar to the company information, the customers’ details need to be added correctly. On the Customers Tab, you have to enter all the customer details very carefully. Once you insert accurate customer details, handling important tasks such as reconciliation and invoicing will become very easy.  
  • Employee Details – If you are using QuickBooks to pay salaries to your staff, it can effectively manage payroll deductions, tax payments, and other compliance. To enjoy this feature, you have to enter the right employee details under the Employee Tab.  

7. Keep on Reconciling  

When a human is inserting information into the machine, there is a very high chance that an error might occur. Thus, if you want to remove errors from your QuickBooks entries, you have to constantly reconcile transactions, bank accounts, and other details. Every account has a beginning and ending balance that can help you in reconciling the statement. You should reconcile all the vital accounts such as loans, credit cards, payroll liabilities, etc. 

8. Create Backup  

You can secure your data on QuickBooks by backing it up. Now, you can’t store your entire files on the system because if it fails or crashes, your business will doom. For backing up purposes, QuickBooks Online is very useful as it can automatically back up your files on the cloud. Otherwise, you can integrate QuickBooks with a backup solution for better security.  

9. Prints Checks  

One useful tip for QuickBooks users is the ability to print checks directly from the software. This feature can save time and effort for businesses that frequently write checks for expenses and payments. To get started, users can navigate to the “Banking” menu and select “Write Checks.” From there, they can enter the necessary information, such as the payee name, amount, and memo, and then choose the option to print the check. QuickBooks will automatically populate the check with the correct information and users can print it on blank check stock or pre-printed checks. By utilizing this feature, businesses can streamline their check-writing process and avoid errors and delays associated with manual check-writing. 

Also read Best Cost Reduction Practices to Maximize Profit for CPA & Accounting Firms

10. Use QuickBooks Bills  

For effective QuickBooks accounting services, you have to streamline your business bills by paying through QuickBooks. From the Online Bill Payment option, you can eliminate unnecessary steps and bring ease to your life.  

11. Generating Numerous Bills

Printing batch invoices in QuickBooks is a time-saving tip for businesses that need to generate multiple invoices at once. This feature allows users to select a group of customers and generate invoices for them all at the same time. It’s particularly useful for businesses that bill clients on a regular basis, such as monthly or quarterly. By using the batch invoicing feature, businesses can avoid the time-consuming task of creating individual invoices for each customer. Instead, they can generate a batch of invoices quickly and easily, saving both time and effort. This is just one of many features that make QuickBooks a powerful tool for small businesses.

12. Combining related accounts

Merging similar accounts in QuickBooks can be a useful tip for streamlining your accounting processes. It can help to avoid duplicate entries, simplify reporting, and ensure accurate financial records. With this feature, you can combine accounts that have similar names or transactions into a single account, eliminating the need for manual data entry or complex reconciliations. This can save you time and reduce the risk of errors in your accounting. To merge accounts in QuickBooks, simply select the accounts you want to merge, choose the Merge Accounts option, and follow the on-screen prompts. It’s a quick and easy way to improve the efficiency and accuracy of your accounting system.

Also read Having Trouble Using QuickBooks? – Read Out Experts Tips to Use QuickBooks Effectively

13. Set up 1099 Vendors

QuickBooks provides convenient functionality for setting up 1099 vendors, which enables you to categorize your payments and sales taxes pertaining to the freelancers and independent contractors associated with your business. This feature can significantly alleviate the burden of generating 1099s during the year-end, thereby minimizing any associated stress. By utilizing this feature, you can ensure that your business remains compliant with tax regulations while streamlining your accounting processes.

14. Discover a transaction’s past history

One of the useful features of Quickbooks is the ability to track the history of a transaction. This can be helpful when you need to review or audit past transactions. To find the history of a transaction in Quickbooks, you can go to the transaction’s detail page by clicking on the transaction in the register. From there, you can click on the “More” button and select “Transaction History” to view a log of all the changes made to the transaction, including who made the changes and when. You can also see any notes or attachments added to the transaction. This Quickbooks tip can save you time and help ensure accuracy in your bookkeeping.

15. Online Payments via QuickBooks

Online payments via QuickBooks are a convenient and secure way for businesses to collect payments from customers. QuickBooks offers several payment options, including credit card, debit card, and bank transfer, allowing customers to choose the method that best suits their needs. Businesses can easily send electronic invoices with a “Pay Now” button, making it simple for customers to pay their bills online. QuickBooks’ online payment system is also highly secure, using advanced encryption technology to protect sensitive financial information. By accepting online payments through QuickBooks, businesses can streamline their payment processes, reduce the risk of errors, and improve cash flow. Overall, enabling online payments via QuickBooks is a useful tip for businesses looking to improve their payment collection processes and increase customer satisfaction. 

Use QuickBooks Smartly  

QuickBooks is a very powerful and smart accounting software. Thus, when you are using it to streamline the financial side of your business, you have to learn all the QuickBooks tips and tricks to use it effectively. With experience and constant learning, you can easily become QuickBooks Pro, so keep on tweaking the software.  

From the finest outsource QuickBooks bookkeeping to the accurate accounting services is offered by CapActix. To outsource our QuickBooks Accounting services, contact on email – biz@capactix.com or can call on +201-778-0509

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+91 902-340-4337

India : A-306, Privilon, Nr Iscon Cross Road Iscon-Ambli Road, A’bad – 380058

+971 58-249-7106

Dubai : 503 Mohammad Noor Talib Building, Khalid Bin Walid road, Opp Royal Ascot Hotel, Dubai, UAE

+1 201-778-0509

United States : 347 Fifth Avenue Suite 1402-227 New York, NY 10016

+61 425-383-594

Australia : 45A Booreea Boulevard, Cordeaux Heights, NSW 2526, Australia

+256 772-420-075

East Africa : Plot 604, Coral Crecent Kololo, Kampala Uganda

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Dinesh Suthar
Director – Digital Transformation

Dinesh Suthar
Director – Digital Transformation

Dinesh Suthar, a Fellow member of Chartered Accountants of India and commerce graduate, boasts a decade of industry experience in Tax and Finance roles. Having worked with Shell Oil and Amazon (India / UK), he successfully led numerous finance, audit, and tax process automation projects, resulting in significant time savings. Passionate about leveraging new technologies for business growth, he now spearheads CapActix’s Digital Transformation team, overseeing Finance Digitization and Tax Technologies initiatives.

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