Bookkeeping and accounting are one of the most important things when it comes to running business. Regardless of the industry and the size of your company you will have to take care of these things not only because they can simplify the process of running your business but also because it is a legal obligation to keep records. Furthermore, without a well-organized record you cannot expect to attract potential investors. Having a business record like that can be difficult if you don’t use the help of modern technology. Quickbooks is one of the most popular accounting and financial programs used by hundreds of companies of all sizes. This software application is easy to use, it can be integrated with other programs and it can be personalized with few simple clicks. In case you already have this program and you want to learn some tips and tricks we suggest you follow some of these tips.
Creating QuickBooks Files
As you are probably aware you can create more than one QuickBooks file. However, in some cases you might find useful to transfer some transactions from one Quickbooks file to another. The reason for this action can be different but the main point is that it is possible to transfer these transactions. Quickbooks allows users to automatically transfer templates and many memorized reports between QB files. You can also transfer list information without any problems too. What you can’t find as an option is transferring transactions between files. This is why you will need to find an independent tool to perform this task. One really popular tool recommended by Direct Pay Systems (payment solution provider) is called Data File Transfer and it was created by Karl Irvin. With few simple steps you will transfer the transactions from one file to another. Just make sure to read the step by step instruction manual from Data File Transfer tool.
Simplifying Your Chart Of Accounts
Using account numbers for organizing and managing QuickBooks chart of accounts can be really useful. It can increase the efficiency and accuracy of data entry which is something really important. With the help of account numbers you can be sure that you are entering the right information on the right place. Using account numbers can also creates the order of the accounts within an account type. The only downside is the fact that these account numbers also appear on financial reports like profit & loss reports and balance sheet. If you want to hide these numbers simply go to the accounting company preferences and turn off account numbers option.
Accounting For Freight Costs
Burdening freight costs to the value of inventory when the freight is on a different bill from the inventory parts can definitely make your job easier. In order to do that, enter the freight bill on a different bill from the parts. Don’t forget to make the bill payable to the vendor. After that, post the cost of the freight to another account with a separate cost of goods sold type called freight clearing.
Let us know about your experience with QuickBooks and if you have any questions by commenting below. Stay tuned for Part 3 of QuickBooks Tips and Tricks coming to you shortly.