How To Fix Reconciliation Discrepancies
Performing a reconciliation of your Quickbooks account is necessary to identify any potential typos, errors or miscalculations. No matter hard you try to prevent it, errors are bound to happen when you are performing accounting work in Quickbooks. Thankfully, reconciling your account will identify such errors, allowing you to get your account back in order. Once you’ve identified a discrepancy, though, you’ll then need to fix it. In this post, we’re going to cover the basic steps on how to fix reconciliation discrepancies in Quickbooks.
Run a Reconciliation Report
The first step in fixing a discrepancy is to run a reconciliation report. Doing so will reveal any and all transactions from the last statement up until now that were modified. To perform a reconciliation report, click on “Reports,” “Banking” and “Reconciliation Discrepancy.” You should now have a list of all your accounts. Select the one in question to see all of the recent transaction modifications. Go over each and every transaction to identify which one is incorrect. Depending on the size of your account, this may or may not be an easy process. However, it’s imperative that you carefully analyze these transactions to identify which one is the cause of your discrepancy.
Missing Transactions
Another instance when reconciliation discrepancies occur is from missing transactions. If you or someone else overlooked a specific transaction, your entire Quickbooks account will be thrown out of order. As a result, a discrepancy will appear when you run a reconciliation report. To identify missing transactions, select “Reports,” “Banking,” “Missing Checks,” and then enter in the amount of the transaction (as shown in the discrepancy).
Changed Transactions
Modifying transactions in your account can also cause a reconciliation discrepancy. At the top navigation bar, select “Reports” and “Custom Transaction Detailed Report.” You can then modify the report to better identify which changed transaction is causing the discrepancy. Start by adjusting the start and end date according to when the discrepancy occurred. Next, select the appropriate account along with the amount and select “Run.” This will run a report for changed transactions that may have caused the discrepancy in your reconciliation.
Fixing a reconciliation discrepancy isn’t always an easy task. If you don’t know when or where the error occurred, you may have to do some digging to find it. However, following the steps listed here will help you identify and fix the discrepancy in a timely manner.
How To Export Quickbooks Data in CSV Format
With its clean interface and countless number of different features, Quickbooks makes business accounting of any size a breeze. Perhaps this is why it remains the world’s leading choice of business accounting software. One of the many useful features it offers is the ability to export account data into a CSV file. As you may already know, CSV is a basic text file with entries separated by commas. The extension CSV actually stands for “comma separated value.” In this post, we’re going to cover the basic steps of exporting data into a CSV file.
Exporting Customer Data
Exporting customer data into a convenient CSV format should only take a few minutes to complete. Start by clicking on the appropriate center containing the customer data you wish to export. You should now see a dropdown box at the top of the screen. Click on the dropdown box and select “Export Customer List.” After selecting Export Customer List, you’ll be given a few different options — you can either add a new worksheet, update a current worksheet, or export to CSV format. Assuming you wish to export this data into CSV, select the last option and click the “Export” button. Select the desired location for your new CSV file and voila, you’ve just exported your customer data!
Exporting Items
Exporting Quickbooks items into CSV format requires a slightly different approach; however, it’s still straightforward and should only take you a few minutes. When you are ready to begin, Choose “Lists” followed by “Item Lists” from your Quickbooks home page. Go back to the dropdown box at the top of the screen and scroll through the available options until you come across “Export All Items.” Select this option and choose CSV format. You can now specify where exactly you wish to export the file, whether it’s on your hard drive, USB flash drive, etc..
Following the steps listed here will allow you to export Quickbooks data into convenient CSV format. Whether you are an experienced Quickbooks user or not, exporting into CSV format is quick and easy. Just open up the desired customer, vendor or item and select “Export” from the dropdown box. If you prefer to use an Excel format rather than CSV, Quickbooks will give you this option as well. Just remember to only choose Excel format if you have a program that’s capable of opening it; otherwise, you won’t be able to read the data.
How To Void a Check In Quickbooks
Whether your business is small, large or anywhere in between, you’ll likely come upon a scenario where a check needs to be voided. Quickbooks makes creating checks a quick and easy process that only takes a couple of minutes. However, voided an already created check can be a bit more difficult, especially if you’ve never done it before. If you are still trying to figure this process out, keep reading to learn the steps to voiding a check.
Void or Delete?
Contrary to what some people may believe, voiding does not perform the same functions as deleting. Before performing either one of these actions in your Quickbooks account, it’s important that you fully understand the differences between them. Deleting check will not only prevent the transaction from going through, but it will also erase all of the data associated with it. On the other hand, voiding a check will prevent the transaction from going through while leaving all of the data (client name, date, account number, etc.) intact.
Voiding a Check
To void an already created check, fire up Quickbooks and select the “Banking” menu. From here, click on “Use Register” followed by choosing the appropriate account. This should pull the account tied to the specific check in question. Scroll through all of the checks until you find the one that needs voiding. After opening up the check, you should see an “Edit” button — click it. Along with numerous other options, a “Void” button will appear. Simply click the “Void” button and your check will cease to exist. Any transaction attempts using this check will be returned.
Remember, though, just because a check is void doesn’t mean the client’s details are gone. The check number, client’s name, amount and date will remain on file in this same location. If you need this information in the future for any reason, simply refer back to the check.
Of course, voiding a blank check can be performed in a similar manner. The only difference, however, is that you’ll first need to create a check with a $0.00 balance. After the check is created and the appropriate client is attached, you can then follow the same steps previously mentioned to void it. After voiding the blank check, you’ll want to click on “Record” so it will go into your history. Sorry if you were expecting more, but that’s all it takes to void a check in Quickbooks!
How To Apply Credit To an Invoice
Still trying to figure out how to apply credit to an invoice in your Quickbooks account? Although this is somewhat of a rare occurrence, clients may accidentally overpay their bill. When this happens, you’ll want to go back and credit the respective invoice so the overpayment will factor into their next bill. Quibkooks makes this process quick and easy; the entire process of crediting a client’s invoice should only take a couple minutes. Check below for our step-by-step walkthrough on how to credit an invoice in Quickbooks.
The truth is that most people will never find themselves in a position where they need to apply invoice credits. However, the one time it does in fact come around, you want to be fully prepared to deal with it. Instead of blindly starring at the computer for hours on end, read through this quick guide to learn the ropes of invoice crediting.
After logging into your Quickbooks account, you’ll need to apply the credit to the customer. This will essentially give the customer credit for their overpayment or adjustment. It’s important to note, however, that this is not the same as applying it to the invoice. After giving the customer credit, you will then need to go back and connect it to the respective invoice. Only then will the transaction be complete and accurate.
To apply credit to an invoice, click on the “Customers” tab followed by “Receive Payments.” Next, you’ll want to scroll through the invoices and click on the one that requires adjusting. Click on the “Discounts and Credits” button at the top of the screen to make the necessary adjustments on the invoice. You should see the amount that was added during the previous step. If not, you can modify the “Amount To Use” column with the correct amount. Double check the amount to ensure it’s correct before proceeding.
After applying the credit to your client’s invoice, you can then save the changes and close out of Quickbooks. Whenever you need to apply invoice credits in the future, refer back to this page for more guidance. The method listed here is the fastest and most efficient way to accomplish this task. Whether you are using a current or older version of Quickbooks, the method for applying invoice credits remains the same. Simply locate the customer and invoice before adjusting the “Discounts and Credits.”
Tips To Improve Your Quickbooks Experience
Quickbooks is the world’s most popular business accounting software, and for good reason: it’s versatile, inexpensive, easy to use, and it comes with TONS of helpful features to make accounting a breeze. Whether your business is small, medium or large, Quickbooks can handle your accounting needs. There are several different versions of the software, some of which are designed for small businesses while others are designed for larger ones. Here we’re going to take a look at some simple tips to improve your Quickbooks experience.
Tip #1 – Increase Font Size
One of the most common questions Quickbooks users have is how to increase the font size. Depending on your current setup, you may find it difficult to read the small text and numbers in your Quickbooks account. Unfortunately, you can search in every setting available without locating the font size adjustment. This is especially frustrating when you are trying to perform business accounting work and are unable to read the text on your account. So, how do can you increase the font size so it’s easier to read? Instead of looking in your Quickbooks account, you actually need to adjust your operating system settings. Assuming you are using Windows 7 or 8, right click on the desktop and choose personalize. From here, choose display and adjust the text size from small to large.
Tip #2 – Use Shortcuts
Familiarizing yourself with the various shortcuts will make your accounting work ten times easier in Quickbooks. All of the shortcuts work in conjunction with the CTRL key. For instance, CTRL-I automatically creates an invoice; CTRL-F is a transaction finder. If you haven’t done so already, memorize and learn all of the shortcuts available in Quickbooks.
Tip #3 – Cloud Backups
Losing all of your Quickbooks data due to a hard drive crash or system failure could spell disaster for a business. Thankfully, Quickbooks users can back their data up on cloud servers to prevent this from happening. Instead of simply backing your data up on a disk or CD, you should take advantage of the cloud feature. Setting it up is quick and easy thanks to the company’s built-in Wizard program. Just follow the given instructions and it will walk you through backing up your account on the cloud. The 10 minutes or so it takes to complete the cloud setup could save you countless hours of work in the event of a system crash.
Quickbooks Portable Company File vs Backup
When creating a copy of data within a Quickbooks account, you’ll have one of two different options to choose from: you can either export a portable company file or create a backup file. While there are some similarities between the two different options, there are some notable differences that shouldn’t go unnoticed. To ensure you make the right choice regarding your sensitive data, you must understand what the differences are between portable company files and backup files.
Backups
As the name suggests, backups are done to protect yourself in the unfortunate event of a hardware and/or software failure. Accounting is the structure for any successful business, and without it you simply won’t know what’s owed or to whom. Having your computer or hard drive malfunction and wipe your Quickbooks account clean is a recipe for disaster. The good news, however, is that you can prevent this from happening by backing up your Quickbooks account.
Quickbooks makes backing up all of your financial information a quick and easy task. After logging into your account, click “File” and then “Create Backup File.” You’ll then need to choose the location of your new backup file — local or cloud — along with the time and date. I recommend automatically scheduling your Quickbooks account to backup at least once a week for optimal protection. Even if nothing ever happens to your computer, you’ll still have the peace of mind knowing that your pertinent accounting information is backed up on a secure location.
Portable Company File
Now that you know the purpose of backups, you are probably wondering what exactly portable company files are used for. In short, these files are used to email or transfer company data from a Quickbooks account. Instead of emailing the entire backup, you can send a smaller, more concise file known as the portable company file. It’s a quick and easy method for transferring data from a Quickbooks account.
It’s important to note, however, that portable company files lack certain files like templates, images, letters, etc. Because these files aren’t necessary for the core data, they are omitted in portable company files. Leaving these files out creates a smaller files that faster to download and upload, which is a huge benefit for large-scale companies with equally large Quickbooks account.
After reading this, you should have a better understanding on the differences between portable company files and backup files. Remember, backup files contain everything, while portable company files are smaller and contain only the core data.
Quickbooks File Doctor
Quickbooks File Doctor is a completely free tool that’s helpful in a number of different situations. Whether you are dealing with a corrupt Quickbooks file or having problems connecting your account to the network, File Doctor is there to help. Even if you aren’t having these problems, it’s still recommended that you download and familiarize yourself with the program. To learn more about Quickbooks File Doctor and how to use it, keep reading.
First and foremost, you’ll need to download Quickbooks File Doctor and install it on your computer. You can find it on the official Inuit website — http://http-download.intuit.com/http.intuit/QBFD/qbfd.exe — so go ahead and download it. Once it’s downloaded, open the program and follow the built-in wizard to install it on your computer. After installing, restart your computer and you should see a new icon on your desktop labeled “File Doctor.” If you are still having problems installing the program, see the troubleshooting manual included in the download.
Network Problems
One of the biggest advantages of using Quickbooks File Doctor is its ability to fix basic network problems. For instance, some users might run into the problem of opening company files over the network. In this case, you simply open up your File Doctor program, click on “Advanced Settings,” and follow the given instructions. File Doctor is designed to walk you through the most common issues associated with network connections. After entering in the given information, Quickbooks will ask you for the file location. Select the file location one last time and it will then attempt to open the file over the network. If all goes well, the File Doctor will fix the problem and have you back on the network in no time at all.
Corrupted File
I think we’ve all dealt with corrupted files at one point or another. Depending on the severity of the problem, a corrupted file could halt all of your work until the fix it. Thankfully, File Doctor is designed to fix corrupted files within Quickbooks. If you are suffering from one or more corrupted files, simply run the File Doctor tool to find and fix the problem. It’s ran in the same way at the network connection fix, so follow the instructions listed above. All you need to do is open the file, follow the instructions, enter your information, and let it do the rest.
Hopefully, this will give you a better understanding on the Quickbooks File Doctor tool and how to use it.
How To Use Quickbooks For Personal Finance
Quickbooks is the most popular type of business accounting software on the market with thousands of small, medium and large-sized companies placing their trust in it. It’s broad range of features and clean yet sophisticated interface allow people with little-to-no accounting experience to perform all of their bushiness’s accounting needs. In addition, however, Quickbooks can also be used to manage personal finances. If you are looking for a way to keep track of your personal finances, keep reading to learn how Quickbooks can do the job for you.
Some people might be thrown off by Quickbooks’ labeling. If you’ve ever come across this software in a store or online, it’s usually described as “business” accounting software; therefore, common sense would leave you to believe that it’s a poor choice for personal accounting. The truth, however, is that Quickbooks can be used for either business or personal finance managing. Just because it’s labeled as business accounting software doesn’t mean you can’t use it for personal finances as well.
When you are ready to start your personal finance accounting, fire up Quickbooks on your personal computer. The process of using the software for your personal accounting needs is pretty much the same as business accounting, only with a few minor differences. Once Quickbooks has loaded, use the built-in setup Wizard to walk you through the rest of the steps. If you have a checking account, savings account or any other bank account, you use the setup Wizard to connect this information to your Quickbooks. Alternatively, you can also enter this information in by hand if you aren’t comfortable connecting your financial accounts to Quickbooks. Either way is perfectly acceptable, but using the setup wizard will save you both time and energy.
Next, click on the “Vendor Center” tab at the top of your Quickbooks account and select “New Vendor.” This may be somewhat confusing at first, but vendors in a personal finance account are any bills that you must pay. For instance, your rent, electric bill, cable bill, car payment and even groceries can be labeled as a vendor. It’s important to note, however, that you’ll need to create a new vendor for each type of bill.
With your vendors set up, you can now add transactions to account for any payments you’ve sent out. The key thing to remember is that each transaction needs to have a specific vendor associated with it. Continue doing this throughout the month and you’ll be able to better keep up with your personal finances thanks to Quickbooks.
Quickbooks Time Tracking
Time Tracking is a highly useful add-on feature to Quickbooks that allows you to track employee work time. If you have employees who are paid by hourly wage and not salary or commission, then you’ll need to keep track of their time; otherwise, it’s a guessing game that will end up costing you in the long run. The good news is that Quickbooks Time Tracking is designed specifically for this reason. Once you’ve enrolled in this program, you can integrate it into your Quickbooks account for fast and easy employee time management.
First and foremost, you might be wondering if Time Tracking is truly necessary. After all, there are tends of thousands of businesses who use Quickbooks without this feature. While you can certainly perform accounting operations without it, using Time Tracking is resourceful for contractors and similar small businesses who need to report their work time. For the price, adding this feature onto your Quickbooks account will prove to be well worth the initial investment.
Once you’ve signed up for Time Tracking, you will then need to log in to your account and click the “Preferences” button under “Edit.” You will then be prompted with a question asking if you wish to turn on the Time Tracking feature. Select yes and continue through the setup process.
You should now be at the main Quickbooks screen with all of your tabs off to the left-hand side. Click on “Payroll and Employee” and then select “Company Preferences.” If you look closely, you should see a box that says “use time data to create paychecks.” Assuming you wish to use the Time Tracking feature, click on this box and continue to the next screen.
With this feature activated, your Quickbooks account will now automatically account for employees’ time data. Before it’s able to do this accurately, however, you must go into each individual employee account to manually update their information. Edit each individual employee in your Quickbooks account and choose whether you want to use an automatic timesheet or enter the data by hand.
Using the Quickbooks Time Tracking feature isn’t difficult, but it does require a few minutes to set up. Follow the steps outlined here to get this feature up and going on your Quickbooks accounts. Once it’s activates and working, Time Tracking will automatically account for employees’ time, which in turn will make accounting ten times easier on you.
How To Set Up and Use Quickbooks Remote Access
Ever wish you could access and work on your Quickbooks account from different different devices? Well, thanks to Quickbooks Remote Access, now you can. This is a huge benefit for people who are constantly traveling and don’t always have access to their primary computer. Using a secure login, you can access and make changes to your Quickbooks account from any compatible computer or device from anywhere in the world. If this is something you are interested in, keep reading to learn more about setting up and using Quickbooks Remote Access.
Does My Quickbooks Come With Remote Access
There are some versions of Quickbooks that come with Remove Access at no additional charge. If your version does not have this feature, however, you can add it for the low price of $3.95/month, which is a small price to pay for the ability to use Quickbooks from multiple devices. So, which versions have Remote Access built in? Currently, Quickbooks Pro, Quickbooks Premier and Quickbooks Enterprise all come with this highly useful feature at no additional cost.
Setting Up Quickbooks Remote Access
When you are ready to get started, go ahead and launch your Quickbooks application. Depending on the specific version of Quickbooks you are running, you will either need to select “Accountant” followed by “Remote Access” or “File” followed by “Remote Access.” From here, you simply need to follow the directions on choosing a name, password, etc. When you are done, you should now be able to access all Quickbooks-related programs.
It’s important to note that both you and the client computer must have an active internet connection in order for Quickbooks Remote Access to work. If only one of these computers has an internet connection, there’s simply no way for the connection to occur. If you haven’t done so already, check to make sure there’s an active internet connection with both computers. You can then attempt to log into the client computer using the web address previously mentioned. Once you’ve entered in the login information, it will send a request to the client computer. Once the request is granted, you’ll then be able to access and modify files within the Quickbooks account.
Hopefully, this will give you a better understanding on setting up and using Quickbooks Remote Access. It’s a highly useful feature that many people seem to overlook. However, nearly everyone can benefit from Quickbooks Remote Access, so make sure it’s setup on your account.