If you have read our blog series on top QuickBooks Online integrations we regularly recommend to our clients, then you will know we are pretty big fans of the QuickBooks Online software here at Honest Buck Accounting. We recognize that, as with any quality accounting software program, there is a bit of a learning curve to QuickBooks Online. In the following guide, learn a few hacks that can help you master QuickBooks Online starting today. Read on to find out more.
QuickBooks Online Hack #1 – Use the Find Feature
In the latest version of QuickBooks Online, the “Find” tool helps you locate data on demand. Use it to quickly pull up a specific invoice or other transactional data. Save yourself time and frustration by finding what you need instantly.
QuickBooks Online Hack #2 – Learn the Keyboard Shortcuts
The “Find” tool isn’t the only keyboard shortcut you will want to take advantage of in QuickBooks. In fact, there are dozens of them! Take a look at this guide to QuickBooks Online keyboard shortcuts and see which ones you can start using today.
QuickBooks Online Hack #3 – Use QuickBooks Attachments
Another great tool you’ll want to use in QuickBooks is the attachments feature. Upload PDF attachments like bank statements, credit card statements, and W-9s for contractors, which you can attach directly to vendor records. This makes it easy for you or your accountant to locate all the documents needed for month end and year end reconciliations, as well as for sending out 1099s in January. Remember to choose a file naming convention that helps you stay organized.
QuickBooks Online Hack #4 – Use a Cash Receipt Journal
You can use the QuickBooks Online sales center to create a cash receipt journal. You’ll find it comes in handy when you want to look at the money you have received over a specific period of time. Simply click on “Sales Transactions” on the lefthand side of the page, then click on the drop-down list under “Filter,” go into the “Money Received” tab, and change the dates.
QuickBooks Online Hack #5 – Set up Bank Rules
Here’s a hack we definitely recommend to our clients: Set up bank rules in QuickBooks. Bank rules save you time and money by helping you categorize online banking transactions and making sure they go into the right accounts. They automate the sorting process of common expenses, like vendors, suppliers, and utilities. Check out this guide to setting up bank rules in QuickBooks.
QuickBooks Online Hack #6 – Set up Custom Reports
Another hack we frequently recommend to our clients is to set up custom reports. Custom reports let you gain quick access to the items you want to view. Depending on which version of QuickBooks Online you use, you can find a variety of helpful tutorials for setting up custom reports.
QuickBooks Online Hack #7 – Automate Emails
Automation saves time and effort in all aspects of your business operations, and automating emails in QuickBooks is no different. You can set up automated emails to deliver reports to your inbox on a regular basis. From financial statements to sales reports, get the updates you need to stay in the know about your financial picture. You can even set up recurring invoices for regular client services.
QuickBooks Online Hack #8 – Take Advantage of the Tutorials
There’s a lot to learn on QuickBooks Online, so we recommend taking advantage of the free “Getting Started” video tutorials. These step-by-step videos will help you learn your way around QuickBooks. Find quick answers to your basic QuickBooks questions and become more comfortable using the software.
QuickBooks Online Hack #9 – Choose the Right Version of QuickBooks for Your Business
Which version of QuickBooks Online is right for your Early Childhood Education business? Review the differences between QuickBooks Self-Employed, QuickBooks Pro, QuickBooks Enterprise, and QuickBooks Premier. If you have any questions about which version of QuickBooks Online is best for your business, reach out to your accountant.
QuickBooks Online Hack #10 – Choose a Highly Secure Password
As with your bank accounts and credit card accounts, the key to protecting your financial data online is to create a very secure password. To update your QuickBooks password, simply go to “My Account” and choose “Change Password.” A combination of letters, numbers, and special characters creates the most secure password.
We hope these ten tips will help you navigate QuickBooks Online a little bit easier.
Do you have your own favorite QuickBooks hacks? We’d love to hear them, and so would our community of childcare professionals. Share your thoughts in the comment section below.
The Honest Buck Accounting team is committed to offering a full range of professional accounting services especially designed for Early Childhood Education business owners. Schedule a call with one of our experts to learn more. We look forward to hearing from you.