QuickBooks Tips & Resources


Seeing how popular QuickBooks is across the country, it should come as no surprise that posts that contain tips or information about the do-it-yourself accounting program are some of our most read posts. This month since I’m focusing primarily on QuickBooks and the many facets of how it can work for your company, I’m going to post some of my favorite QuickBooks tips modified from two QuickBooks blogs I regularly read.

The first blog I came across nearly two years ago when I began writing this blog is Ruth Perryman’s the QuickBooks Specialists blog based out of California. Ruth answers readers’ questions every day regarding features, new updates, how to make corrections and more.

The tips I’m going to post today relate to questions we are often asked by clients and some that I know would be useful for those using QuickBooks for their oil and gas accounting with a program like SherWare.

How do I send out invoices to customers who haven’t fully paid their balance?

A: Create statements to resend to clients with an outstanding balance by going to Customers > Create Statements under the main menu. Under Statement Options, you can choose to create the statements based on date or all open transactions.

Everyone’s nightmare is having to reconcile bank accounts and QuickBooks is no different. What’s the point in depositing funds into an undeposited fund instead of directly into the bank account I want?

A: The point is – to make your life easier, you should use the undeposited fund feature instead of placing the monies directly into the bank account. The reason? It’s all about making the amounts of your deposit match what your bank has on your statement. If you have multiple items that you want to deposit into your bank account, such as deposits, credit cards, checks, etc. that for example total $500 altogether, you’re going to see the deposit show up as $500 on your bank statement. If you want to see the same lump amount show up in QuickBooks so you can reconcile it easily, depositing it into the undeposited fund allows you to group the deposits into the same amount that matches your deposit slip, as opposed to listing each individual transaction and having to manually add it up to reconcile.

How do I write-off bad debt that we’re never going to be able to recoup for Accounts Receivable in QuickBooks?

A: You can create a credit to apply against the unpaid invoice by going to Customers > Create Credit Memo/Refunds. If you want to be able to track bad debt as an expenses, create an item that is tied to your bad debt expense account. By creating the invoice and mapping the amount to the bad debt expense, you can apply it to the invoice and effectively reverse the invoice by taking it on as an expense.

Ruth suggests checking the Open Invoices report under Reports > Customers & Receivables to make sure that the credit was properly applied to the invoice in question.

How often do I need to upgrade my QuickBooks software?

A: Intuit stops supporting its software three years after its release, so in theory you wouldn’t need to upgrade but every three years so that your software remains fully supported and you receive all the upgrades and updates released to that version throughout its active life. So for example if you are running QuickBooks PRO 2009, you’ll want to upgrade in 2012.

Each new version does release new features in the software, so it’s a matter of preference and need as to whether you’ll want to upgrade each year when Intuit releases the newest version. You can always check Intuit’s site for what new features are included in the newest versions to see if any compel you to upgrade here.

Subscribe to Ruth’s blog to read the rest of her posts.

Next week, we’ll take a look at some interesting posts from QuickBooks and Your Business blog.

Source: SherWare Blog



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