Time-Saving QuickBooks Tips

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Oftentimes, one of the biggest headaches many organizations encounter in their accounting processes is the accounting software itself. It can be frustrating and time-consuming to wrestle with an unfamiliar program, especially when you know there must be an easier way. Whatever accounting software you use, it should always make your bookkeeping easier, faster, and more efficient. QuickBooks Online offers a number of time-saving features…if you know where to look. Here are a few that will give you a couple of minutes back in your day.

Recurring Transactions

A great way to save a little time is by setting up a recurring transaction for anything that you repeat on a regular basis. One candidate for a recurring transaction is a monthly depreciation journal entry. To set up a new recurring transaction, click on the gear icon then select Recurring Transactions under the drop-down menu. Choose New, where you have the option to select the type of transaction (this is not limited to just journal entries). Then you will fill in a template and select the frequency for posting. There are three options for recurring transactions:

  • Scheduled – These transactions occur on a set schedule with a set dollar amount that remains the same each month.

  • Reminder – These transactions occur regularly but the amount differs each time.

  • Unscheduled – These transactions don’t occur on a set schedule or for a set amount, but you can create a template that will be ready for use when the transaction does occur.

Once you have a list of recurring transactions, you can choose to edit, use or delete the template from the drop-down action menu.

Sync QuickBooks Online

Many banks and payroll companies can sync data to QuickBooks Online and save you the time it takes to manually enter data. It could be worth a phone call to your bank or vendor to see if this option is available.

Use Account Pre-Fills

If you have vendors that you pay regularly (and the expense account is usually the same) you can turn on the account pre-fill setting. Each time you enter a transaction for that vendor, the account will automatically fill in from a previously entered transaction. To turn on the pre-fill setting, click on the Advanced menu under Company Settings and turn on Pre-Fill Forms. You can always manually override or delete these pre-fills if anything changes.