How QuickBooks Helps You Accelerate Receivables

Brian SingletonWatch Your Wallet

You’re meeting your sales goals. Keeping inventory balanced. Making sure that every billable hour gets invoiced. Taking advantage of vendor discounts. Basically, doing everything in your power to keep cash flow humming. But you can’t control how quickly your customers pay you. You can, though, use QuickBooks’ tools to: Make it easier for customers to remit their payments, Remind customers about unpaid balances, and Keep a close eye on unpaid invoices. Figure 1: QuickBooks lets you accept payments from customers … Read More

Receiving Payments in QuickBooks

Brian SingletonWatch Your Wallet

There are numerous ways to prioritize your workday. Do the most difficult things first. Get important phone calls out of the way. Respond to customer emails. But it’s likely that one activity takes precedence when you see that it needs to be done: recording payments. While you’re probably very careful with this process, it’s critical that your actions here are accurate. If they’re not, you could either lose money that you’ve earned or anger customers by requesting payments they’ve already … Read More

QuickBooks: How Custom Fields Provide Better Business Insight

Brian SingletonBlog, Watch Your Wallet

QuickBooks makes it possible for your business to create very detailed records for customers, vendors, employees, and items. In fact, you may find that you rarely make use of every field each contains. But you may also find that there are additional fields that you’d like to see in your predefined record formats. That’s where custom fields come in. QuickBooks lets you add extra fields and specify what their labels should be. You can define up to 12 total fields … Read More

5 Ways You Can Use QuickBooks’ Income Tracker

Brian SingletonWatch Your Wallet

One of the reasons that QuickBooks appeals to millions of small businesses is because it offers multiple ways to complete the same tasks, which accommodates different work styles. Say, for example, you wanted to look up a specific invoice. You could: Go to the Customer Center and select the customer, and then scan through the list of transactions, Use the Find feature (Edit | Find), or Create a report. There’s also another way you can get there if you have a recent version of QuickBooks: … Read More

8 QuickBooks Reports You Should Run Regularly

Brian SingletonWatch Your Wallet

You send invoices because you sold products and/or services. Purchase orders go out when you’re running low on inventory, and there are always bills to pay, it seems like. All of this activity is, of course, important in itself, but all of your conscientious bookkeeping culminates in what’s probably the most critical element of QuickBooks: your reports. Reports can tell you how many navy blue sweatshirts you sold in March, what you paid for health insurance premiums in the first … Read More

Protecting Your QuickBooks Data Against Hackers

Brian SingletonOld Site, Watch Your Wallet

Every month, we provide information on how to better use QuickBooks. By implementing the best methods for managing your accounting data, you can actually improve your financial bottom line. But all of your careful work is for naught if a malicious hacker gets in to your computers, or if you experience identity theft by an employee. Social Security and credit card numbers, home phone numbers and addresses, an excruciatingly detailed profile of your company – all can be lost in … Read More

Is It Time to Adjust Your Pricing? How QuickBooks Can Help

Brian SingletonOld Site, Watch Your Wallet

Changing the prices of your company’s services and inventory items can solve one of two problems, depending on why you’re looking for a solution. Say your materials suppliers have upped their prices. You may choose to increase your affected products to maintain your profit margin. Or maybe an item or service has not been moving well. A drop in price might trigger improved sales. Those examples, of course, are simplifications of what needs to be a thoughtful, studied process. They’re … Read More

Recording Infrequent Transactions in QuickBooks

Brian SingletonOld Site, Watch Your Wallet

Day-to-day transactions like receiving payments from customers or paying vendors occur so frequently that most QuickBooks users do them automatically. However, from time to time you may encounter an infrequent transaction that will stop you in your tracks. In this article we’ll discuss several common tricky transactions and offer advice on how to handle them. Security Deposits Security deposits, such as for a rental space or to a utility company, require special tracking so that you can be sure to … Read More

7 Ways to Use QuickBooks to Manage AR Collections

Brian SingletonOld Site, Watch Your Wallet

It’s more important than ever to keep a close rein on your accounts receivable. Seemingly no one is immune to sudden changes in financial circumstances, so be sure to monitor your outstanding invoices closely. There’s an inverse relationship between the age of an invoice and your ability to collect on it, but fortunately QuickBooks can help you manage your credit risk: 1. Set Reminders As shown in Figure 1, QuickBooks can display a reminder window when you open your QuickBooks company: … Read More

QuickBooks: Use Closing Date to Protect Prior Year Data

Brian SingletonOld Site, Watch Your Wallet

You’ll likely be closing the books on 2008 soon and your records will become the basis for your tax return. It’s critical that your QuickBooks records for a given year match the corresponding tax return, so consider setting a closing date in QuickBooks so that no one inadvertently changes the supporting documents for your tax return: Choose Edit, and then Preferences. Choose Accounting, and then click on the Company Preferences tab. As shown in Figure 1, you can use this … Read More