Taking Control of Quickbooks

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Taking Control of Quickbooks

For many people, one of the most tedious parts of operating your own business is having to do the accounting. Every day it seems, I meet with clients who are struggling to make sure bills are paid on time, checks are written, invoices are mailed, and accounts are reconciled. And, for people who are not accounting savvy, the devil is in the details.  This is where Quickbooks come in.

Quickbooks is one of the most popular software packages for small businesses, and customizing it to work for you can save you not only considerable time, but also make the experience less tedious. Here are a few tips to help you take control of Quickbooks:

  •  Use the Preferences section to turn off any components you don’t need. Doing so will clean up your home screen and make it much easier to navigate to the sections you need.
  • Add or remove any icons you don’t need on the top or side icon bars by right-clicking on the bar and selecting “customize icon bar”. You can even change the wording of the icon so it makes more sense to you.
  • If you need help remembering a particular transaction, memorize it by selecting “memorize” under the “Edit” menu.
  • Also memorize any custom reports you write for easy use in the future.
  • For recurring transactions, tell Quickbooks to automatically enter them for you on a certain date by selecting “Automate Transaction Entry” when you memorize it. You can even create a group of memorized transactions and have them all automatically entered at the same time.
  • To make it easier for tax season, use “tax-line mapping” for each account to identify the type of account as it pertains to taxes.
  • Inactivate unused accounts and items to make it easier to find what you really need by right-clicking on the account/item on the “List” screen, then selecting “Inactivate”. You can always reactivate them later if you need them.

And remember, you can always contact your local ISBDC office to get the help you need on Quickbooks. As a client, you have access to accounting expertise and many locations have Quickbooks professionals onsite.

Troy Phelps

Troy Phelps is the State Director for the ISBDC. Previously, he was the Regional Director for the South Central ISBDC and worked out of our Bloomington office located at the Ivy Tech Gayle and Bill Cook Center for Entrepreneurship. Prior to that, he worked for the West Central ISBDC and, in total, has counseled with over 350 clients. Troy specializes in accounting and has significant experience in the banking, medical, and insurance industries. Having started two businesses of his own in the past, he also understands firsthand the challenges of owning a business. In addition, he is an adjunct professor at Ivy Tech Community College teaching Quickbooks and Entrepreneurial Finance classes and is a certified QuickBooks Pro Advisor. Troy holds a Bachelor’s degree in Business Administration from Anderson University.
Troy Phelps can be reached through our Contact Page.
Posted in: Financial, Operations

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