QuickBook is a software that makes accounting and bookkeeping procedures quiet easy especially for small businesses. Managing accounts, payments, bills, invoices, budgets and other transactions is very convenient with the QuickBook software. However, this software is suitable for small as well as medium business enterprises. Maintaining accounts for any business was earlier done by writing each transaction in a journal. But, with the changing time software that is a QuickBook is very feasible to use and understand. Moreover, with the help of software like this, one can easily prepare income statements, balance sheets and generate bills and much more.
10 Basic Procedures One Needs To Learn To Operate The QuickBook Software
For a perfect bookkeeping procedure one needs to follow the following points:
- Reviewing all the accounts: This is something one needs to do to check all the accounts. So that the QuickBook and the accounting records match with each other. This includes all the accounts that have a starting balance and an ending balance that is bank accounts, loans, credit cards statements and more. A regular checking and reviewing of the accounts help to maintain perfect QuickBooks.
- QuickBook files need to have a backup: Keeping the files helps to be distressed during the financial years when submitting income tax. Moreover, as this software is a cloud based program the data updated here is safe and secure.
- For monthly rechecks one needs to print check books: Printing check books helps to reduce any kind of unneeded entry or transaction. This helps to work on this software in a smooth manner.
- QuickBooks helps to pay bills: Paying bills online as well entering all the bill transactions on this software helps to maintain the records. Moreover, managing accounts becomes quite simple.
- One can design the icon for the software: This makes it easily accessible when one wants to use it.
- Setting 1099 vendors in this software is very important to understand: Saving the contractors and vendors in the correct and systemized way is very important. This not only saves time but helps one when comes to the end of the year.
- “Ask my accountant feature”: Another feature of the QuickBook which helps to analyze all the transactions entered in the software. One can get the details of all the transactions when submitting the taxes at the end of the year.
- Non submitted funds accounts: Is another feature of the QuickBook that needs to be taken care off. As there are many transactions that one needs to keep a record of as they are not paid to the bank yet.
- Recording bills, payments and journal entries are also possible in QuickBook software: This not only helps to monitor and memorize cash flow but helps to keep a record of all the important transactions that are done in the business.
- Online banking: Helps to learn QuickBook in a much better way. As one gets to download transactions and learn about it online.
Conclusion
Understanding QuickBooks helps to learn the basics about bookkeeping for a business. Moreover, one gets to know to deal and maintain payments, transactions, bills, taxes in a much better way.
