Top 7 Common Mistakes with Quickbooks and Tips on fixing it

Posted by Ron William on February 2nd, 2018

Accounting can be a tough task if not dealt properly. For the companies, no matter they are big or small; keeping an account of their financial transactions (expenditure and savings) can be of great help in the future prospects. The use of QuickBooks has been of immense utility. The repeated mistakes are now being circumvented and subjected to the use of all the features and the advantages of the QuickBooks. All it needs is to set up the sequencing correctly. The following is the list of all the standard mistakes associated with QuickBooks that most of the business owners make.

1. A Messy Chart of Accounts

A mess is always going to ruin things, especially when it comes to financing and accounting. To get rid of a messy chart of accounts, it is essential to make sure that similar accounts are grouped. Keeping everything simpler makes the accounting easy. By maintaining a parent-child sort of relationship in accounting helps in the entering of data.

2. A Jumbled up Product List

In QuickBooks, the products to be sold are referred as "items". To keep everything smooth, the following things are needed to be held in mind-

• Deleting the item that is no longer being sold
• Labelling the items correctly
• Checking the stock twice, thrice until being assured
• Keeping an updated report of cost
• Tagging each of the items correctly giving details on revenue and cost accounts

3. Messed up with Reconciling Bank Account

In the QuickBooks Support, it is all about monitoring the transactions to ensure they are in the right place. The following can be helpful in reconciling the account in QuickBooks-

• Opening the reconciliation module
• Going through each of the transactions on monthly basis
• Ensuring that each of the transaction hit the correct account
• Ensuring that nothing is skipped or counted twice

4. Reconciling the Credit Card

The reconciliation module of the QuickBooks gives facilities for the credit cards, balance sheets and other loan amounts. The business owners must use this to better the accounting and strengthen the financial statement.

5. Ensuring a Correct Payments to the Bills

It is essential to make sure that the accounts payable receive the correct amount. In case of any gaffe or incorrect payment, it is essential to make sure that the payment is proper according to the invoice.

6. Managing the undeposited Funds to Account

When you are doing transaction by cash and in the cash statement, it shows that the stock is not increasing then the experts providing QuickBooks help in Australia suggest ensuring whether the business is using the undeposited fund account correctly or not.

7. Transactions History is Erased

The best thing about the QuickBooks is that all the transactions are interlinked. Altering any of the transaction means you are adjusting the transaction details of all the other transaction attached to it. Therefore, it is essential to avoid any alteration or deletion, unless required.

Conclusion

The solution lies in the problems itself. All it needs is the ability to handle the software effectively and efficiently.

Resource Box – The author is associated with the services of QuickBooks Support for a long time and possesses in-depth knowledge about the advantages of QuickBooks help in Australia.