Many businesses come to a point when their QuickBooks file has become too large. How can you tell when “large is too large” and what can you do about it?
How to get started with QuickBooks
The first baby step with QuickBooks can be intimidating. Whether you are starting a brand new business or you decided to move the books of your existing business to QuickBooks for the first time, there is this always this moment of pause when you ask yourself: “What am I embarking into?” How should you approach this? What resources do you have available?
QuickBooks. You Fell Behind. Now What?
Let’s assume that you are 6 months behind with QuickBooks. What do you do? You have two options: #1 Catch up on the legacy work, or #2 focus on getting things right from today going forward and catch up on legacy work later. Surprisingly enough, catching up right away might not always be the best option.
QuickBooks – Reconciling Credit Card Deposits
One of the most painful and time consuming tasks in QuickBooks is the process of reconciling the credit card deposits made by your merchant service provider to your bank account. They seldom match because the merchant service provider deducts fees and lumps your clients’ payments in non-chronological order. There is a shortcut to this reconciliation process. It has some drawbacks, but it could save you a lot of time.
QuickBooks Accountant Copy: Don’t Bother.
The QuickBooks Accountant Copy is a great concept on paper, but a hindrance in real life. Nowadays, there are much more elegant and efficient ways to coordinate your work with your CPA, tax adviser or bookkeeper. If your CPA asks you for an Accountant Copy, I recommend that you push back. Luckily, fewer and fewer CPAs ask for an Accountant Copy.
Migrating between QuickBooks Pro, Premier and Enterprise
The vast majority of small businesses only need QuickBooks Pro. Don’t get fooled by the name of the QuickBooks Premier versions: Contractor, Non-profit, Manufacturing, etc… The fact that you are a contractor doesn’t mean that you need to use the Premier Contractor Edition. You should upgrade to Premier only if Pro is running out of steam or if there is a specific feature in Premier that you need.
QuickBooks Audit Trail: Big Brother can be on Your Side
A few years ago, the QuickBooks Audit Trail feature could be turned on and off. However, in the most recent versions of QuickBooks, the feature is always on. Even the administrator can’t turn it off. It has its drawbacks, but for the most part, it is a very useful feature, albeit under-utilized.