• Home
  • Services
    • Accounting Services
    • Bookkeeping
    • Payroll
    • Advisory Services
    • Cash Flow Forecast
    • Consulting for QuickBooks®
    • Training for QuickBooks®
    • Cloud Accounting
  • Products
    • QuickBooks Online
    • QuickBooks Online Advanced
    • QuickBooks Desktop
    • QuickBooks Enterprise Solutions
    • QuickBooks Point of Sale
    • QuickBooks Payments
  • Industries
    • Wholesalers and Distributors
    • Services
    • Construction
    • Real Estate
    • Non Profit
    • Manufacturing
  • Resources
    • Resources
    • Mobile Accounting
  • Blog
  • About
    • About
    • Testimonials
  • Contact
616-610-3750
info@denuylaccounting.com
January 21, 2021

QuickBooks Online Best Practices

Marti DenUyl Bookkeeping Tips, Cloud Accounting, QuickBooks Help, QuickBooks Online

As you are going about your day, it is easy to be pulled in multiple directions. Having a regular bookkeeping routine can help you stay on track.

Here are some best practices when using QuickBooks Online.

Go through your new transactions regularly

One of the best things about QuickBooks Online is its ability to connect to your bank and credit card accounts and import transactions regularly. However, this feature is only useful if you review your recently downloaded transactions regularly. We recommend a minimum of once a week as it might become overwhelming if you wait much longer than that.

We recommend you review your account transactions at least once a week and complete any of the fields necessary

To view an account register, click Banking in the left vertical pane, and then click on the desired account at the top of the screen. Select a transaction and a small window like the (partial) one pictured above, displays your options.

Always assign categories to expenses

Entering detail information in QuickBooks Online will produce helpful your reports. It is especially important that you assign categories to expenses and mark them as billable or not. Those categorized expenses will be very important as you are preparing your company’s income taxes and ensures customers are invoiced for expenses you incur on their behalf.

Run aging reports on a weekly basis

QuickBooks Online can help you keep up with money owed to you as well as what you owe to others.

We recommend you run at least two reports weekly: Accounts Receivable Aging Summary and Accounts Payable Aging Summary. You can modify these reports by clicking the Customize button if needed, but they should be good as is. You do not want to see any numbers in any columns except the first one (Current). If you see any beyond that, it means that either incoming or outgoing payments are overdue. Click on any number to see the transaction(s) detail.

Set reorder points on inventory items

Keep an eye on your product inventory levels. When you create an item record (Sales | Products and Services | New), be sure to enter a Reorder point. The Products and Services page tells you how many items have Low Stock or are Out of Stock. You can also see the Qty on Hand and Reorder Point in the table below those numbers.

Inventory quantity on hand and reorder point

More to Implement

We also recommend other best practices and we will expand upon those in a later article but for now, believe these are a good starting point.

Should Your Business Become Cash-Free? Ten Places to Look to Find More Profits

Related Posts

Blog, Bookkeeping Tips, QuickBooks Desktop, QuickBooks Help

How to Issue Credit Memos and Refunds in QuickBooks Desktop

Bookkeeping Tips, QuickBooks Desktop, QuickBooks Help

New to QuickBooks? Practice These Activities to Get Familiar with QuickBooks Desktop

Bookkeeping Tips, Cloud Accounting, QuickBooks Help, QuickBooks Online

Resolutions QuickBooks Online Users Should Make For the New Year

Monthly Archives

Categories

  • Accounting
  • Blog
  • Bookkeeping
  • Bookkeeping Tips
  • Business Development
  • Business Growth
  • Business Tips
  • Cloud Accounting
  • Cool Tech Tools
  • Cost-Saving Tips
  • Customer Service Tips
  • cybersecurity
  • Decision-Making Tips
  • Expense Reduction Tips
  • Finance Management
  • Gadget
  • Management Tips
  • Marketing Tips
  • Money Management
  • News
  • Payroll Tips
  • Personal Development
  • Productivity Tips
  • Profitability Tips
  • QuickBooks Desktop
  • QuickBooks Help
  • QuickBooks Online
  • Tax
  • Time Management Tips
  • Home
  • Services
  • Products
  • Industries
  • Resources
  • Blog
  • About
  • Contact

Contact Us

Accounting Services and Services for QuickBooks®

DenUyl Accounting & Software Solutions LLC

Grand Rapids, MI
United States

616-610-3750

info@denuylaccounting.com

Client Login

Client Login DenUyl Accounting & Software Solutions LLC Grand Rapids MI


Intuit, QuickBooks, and QuickBooks ProAdvisor are registered trademarks of Intuit Inc. Used with permission under the QuickBooks ProAdvisor Agreement.
Copyright DenUyl Accounting & Software Solutions LLC 2020 | Site Design by Accelerator Websites | Privacy Policy