Bookkeeping and Accounting Articles
August 26 2022
How to use Rules and Batch Actions in QuickBooks Online Bank Feeds
Matching and adding transactions from a bank feed is pretty straightforward, and an important part of keeping QuickBooks Online registers in line with the activity recorded by the bank. In this article, we’ll look at how setting up a simple bank rule can allow QuickBooks Online to take the strain and help manage transactions automatically.Read more
July 29 2022
How to Troubleshoot QuickBooks Online Bank Feed Transactions
QuickBooks Online’s Banking Center is the link between transactions in QuickBooks and the client’s bank and credit-card activity, represented in their bank feed data. In an ideal world, both would match seamlessly. But this is not always the case. Some clients can get behind with entering payments for bills and invoices and be faced with lots of potential matches, only one of which is the correct one. Or sometimes QuickBooks Online can’t find a match and needs some help. Sorting out matches that are already in QuickBooks Online can also take some work to resolve, and adjustments may need to be made so that reconciliations work as they should. Given that some clients may run into difficulties, how do we approach problems with matching in QuickBooks Online?
June 15 2022
How To Work with The Data in The QuickBooks Online Bank Feeds
QuickBooks Online has a smart learning system that learns from bank feed activity. This can minimize and automate over time as you categorize and match transactions! As you work with it, it’ll help more and more, automatically recognizing transactions. For example, repeated transactions with similar bank detail will be recognized by bank feed, and a category will be suggested. You are still in control, and will get to approve recognized transactions. You can see that a lot of the hard work gets done for you.
May 27 2022
An Overview of QuickBooks Online Bank Feeds
The workflow in bank feed is one area where ProAdvisors are invaluable, since clients are likely to inadvertently make mistakes. Although you always have control over what goes into QuickBooks Online from the bank feed details that are imported, you will need to match and accept to approve transactions already in the books, or add and accept to expedite categorizing transactions. QuickBooks Online has a smart learning system that learns from bank feed activity.
May 13 2022
How to Create Estimates in QuickBooks Online
Create an estimate. Select the Plus icon (+) at the top, then Estimate. Add the Customer's name. Verify the Estimate Date and enter the Expiration Date (optional). Enter the Service Date, Product/Service, Qty, Rate, Description, Amount & Customer message. Under the Customer's name is the Status drop-down arrow, choose a status (optional). Select Save.
April 15 2022
How to Create Customer Statements in QuickBooks Online
Customer statements are notices you send to customers that allow you to summarize things like all the invoices and payments for a customer between two dates in a single view. There’s also an Open Invoice type that just shows your open invoices, with the total amount of the invoice and a column for Open Amount. The third type is a Transaction Statement, which shows your sales transactions for a chosen time period with a column for the amount of the sales transaction and a column for the amount received against each transaction. Send a statement to your customers if they have more than one invoice outstanding, or if they want to see all invoices and payments. Because they can easily see the total invoices outstanding that they still must pay and it also displays an overview of all transactions between you and the customer and encourages them to make any outstanding payments.
April 1 2022
How to Create Deposits in QuickBooks Online
In QuickBooks Online you can easily categorize income like refunds so that it’s not confused with sales income, and so that taxable and nontaxable income are separate and in the right place.
March 18 2022
How to Create Delayed Charges and Delayed Credits
Remembering to record charges to be invoiced at a future date when the work is done is a great habit to get into. Encourage clients to do it and it will save everyone time—just let QuickBooks Online remind you what you need to include when it’s time to invoice.
March 4 2022
How to create credit memos and refund receipts in QuickBooks Online
Credit memos create a credit in accounts receivable that can be used against future invoices. Refund receipts are used if the customer you are refunding the money has no outstanding accounts receivable balances.
February 22 2022
How to Receive Payment in QuickBooks Online
When you receive the money from a customer for one or more outstanding invoices, apply the money to the open invoice(s). This closes the invoice(s) in QuickBooks Online
February 19 2022
How to create Sales Receipts in QuickBooks Online
Sales receipts are used when you sell a product or service to a customer and receive payment at the same time. A sales receipt combines an invoice and receive payment transaction into a single sales event. There is no accounts receivable entry involved.
February 16 2022
How to Create Invoices in QuickBooks Online
The Online Invoice is a web page that interacts directly with the invoice in your QuickBooks Online account. It really is a great tool that lets QuickBooks Online take the strain—and removes the pain of invoicing. It lets you see all the information you need to send and track invoices. All of this functionality of Online Invoicing works even if a business owner isn’t signed up to QuickBooks Online payments. They’ll still be able to see that an invoice has been opened and read (and any messaging from the customer)—and they’ll be able to respond. It’ll speed things up even if they still have to wait for the check to arrive!
February 12 2022
How to Create Sales Transactions in QuickBooks Online
There are seven categories within the Sales tab and you can customize each one. QuickBooks Online provides the option to customize a standard template that can be used for all transaction types or create a custom template for specific transactions. Creating a custom template allows you to do advanced customization, but this is only available for invoices, estimates, and sales receipts.
February 8 2022
How to Create Customers In QuickBooks Online
QuickBooks Online provides a great set of tools for managing customer details. You can start simple, by adding customers individually, or really speed the process up by importing them as a list. When you set up a new customer you can decide how much information you want to record about them. Start by entering the basic customer information, such as name and contact details. In the Customer Information screen, there are five tabs that allow you to add additional details.
February 5 2022
How to create a vendor in QuickBooks Online
Setting up vendors means business owners can do two things. First, quickly enter vendor bills with information such as the remit-to address and the due date. This will then pre-populate this information on the purchase forms. This will also enable business owners to keep track of expenses by vendor and run reports that will provide insight into which vendors she is spending the most money with, and what items or services are purchased.
February 1 2022
How to Pay Bills in QuickBooks Online
The most important thing to remember about bills is if you create one, you must record a pay bill transaction to record the payment of that bill. This article show you how to pay bills in QuickBooks Online.
January 29 2022
How to Create Products and Services in QuickBooks Online
Products and Services in QuickBooks Online is another excellent feature to help get things organized. Listing your items in this way, with details of prices, descriptions (if it is taxable), and purchasing information may take a few minutes to set up, but saves time when it comes to entering transactions..png)
January 26 2022
How to Create the Chart of Accounts in QuickBooks Online
Proper setup of the Chart of Accounts is essential to produce useful and meaningful reports in QuickBooks Online. When first setting up your QuickBooks company, QuickBooks Online creates a Chart of Accounts based on the industry you choose.1.png)
January 22 2022
Why QuickBooks Online is a huge advantage for your business
QuickBooks has been the industry standard for helping business owners stay organized and get paid faster — without all the hassle and headache of manual accounting. Whether you’re starting out, expanding, realigning, or just struggling with your books, count on personalized guidance for your unique financial picture. QuickBooks Online has many features and advantages that QuickBooks Desktop does not offer.
January 18 2021
How to Determine Your Competitive Edge
This article describes how small businesses can determine their competitive edge and use the Live Plan Lean Planning process to document, evaluate and focus on the necessary business information needed to build a financial roadmap.
April 13 2020
How to create a one page business plan using the Lean Planning Process and LivePlan
Lean business planning is a way to optimize your business with focus, specific steps, tracking results, and changing quickly. The principles of lean business planning are to do only what you need, track and review often, expect change, develop accountability, and remember it’s planning, not accounting.
March 6 2020
Three Basic Forms of Business Organization
In the United States, most business enterprises are organized as sole proprietorships, partnerships, or corporations. However, a limited liability company is a business entity type that provides a partnership or sole proprietorship with the limited liability protection of a corporation.
February 25 2020
The Basics of Job Costing
Job order costing is typically used by businesses that tailor their goods and services to the specific needs of individual customers. In job order costing, the costs of direct materials, direct labor, and overhead are accumulated separately for each job.
January 30 2020
The advantages and disadvantages of budgeting
A budget is a comprehensive financial plan setting forth the expected route for achieving the financial and operational goals of your business. Budgeting is an essential step in effective financial planning. Even the smallest business will benefit from preparing a formal written plan for its future operations.
January 22 2020
How to create a budget for your business
A business may need a budget in order to model what its future results and cash flows will look like. Doing so gives management a reasonable idea of how much it can spend, and how much new revenue it should expect.
January 15 2020
Types of budgeting models
There are a number of alternative budgeting models available that include, static budgeting, zero-based budgeting, flexible budgeting, incremental budgeting, the rolling budget, and the rolling forecast.
January 7 2020
The objectives of budgeting
Budgeting helps business to provide structure, predict cash flows, allocate resources, model scenarios and measure performance.
December 17 2019
The difference between a budget and a forecast
The key difference between a budget and a forecast is that a budget lays out the plan for what a business wants to achieve, while a forecast states its actual expectations for results, usually in a much more summarized format.
December 9 2019
How to create a financial plan for your business
Proper financial planning will increase your company’s ability to foresee and address potential problems, and to adapt to any changes that may arise.
December 4 2019
Key steps to planning your cash flow for next year
Making cash flow and other financial projections each year is a vital tool for keeping your business healthy and on a sustainable growth path.
November 26 2019
Key components of the financial and operational planning process for small businesses - Part 6 The Relationships Among Financial Statements
The statement of financial position (balance sheet), the income statement, and the statement of cash flows are all based on the same transactions, but they present different “views” of your business.
November 20 2019
Key components of the financial and operational planning process for small businesses - Part 5 The Cash Flow Statement
A cash flow statement presents the change in cash for a period of time in terms of your business’ operating, investing and financing activities.
November 16 2019
Key components of the financial and operational planning process for small businesses - Part 4 The Balance Sheet
Your balance sheet is a snapshot of your business’s financial position.
November 5 2019
Key components of the financial and operational planning process for small businesses - Part 3 The Profit and Loss Statement
A profit and loss statement shows your businesses revenue and expense activity over a designated period of time.
October 29 2019
Key components of the financial and operational planning process for small businesses - Part 2 The Sales Forecast
The sales forecast is your projections, or forecast, of what you think you might sell during a defined period.
October 24 2019
Key components of the financial and operational planning process for small businesses - Part 1 Basics of Budgeting
A budget is a comprehensive financial plan setting forth the expected route for achieving the financial and operational goals of your business.
October 19 2019
How to get started with a cloud accounting system using QuickBooks Online
A cloud accounting system will make your life so much easier and give you the critical numbers for your business in real time.
September 11 2019
Using Financial Ratios To Improve Your Business
Financial ratios provide business owners a way to evaluate their company’s performance and compare it other similar businesses in their industry.
August 29 2019