If you’re looking for small business accounting software, QuickBooks is one of the best options available. To learn more about QuickBooks, listed below are the 10 most commonly asked questions about using the software for business accounting.
How much is QuickBooks?
QuickBooks has a payment plan that can match both your budget and your accounting needs. The software can be used by everyone, from freelancers who simply need a way to send invoices to businesses that need a way to track inventory.
Here are the five basic plans QuickBooks offers:
- Self-employed: $15/month.
- Simple start: $25/month.
- Essentials: $40/month.
- Plus: $70/month.
- Advanced: $150/month.
The company also periodically runs specials where it offers a certain percentage of cost savings during the initial months of your subscription.
How to reconcile in QuickBooks
The best way to reconcile your accounts in QuickBooks is by linking your bank accounts to the software. This allows you to categorize your transactions throughout the month.
It will also save you from spending hours manually recording all of your transactions at the end of every month. But if you don’t want to connect your bank accounts to QuickBooks, you also have the option of manually reconciling your accounts.
To manually reconcile your accounts, you’ll need to print a copy of your bank statement then log into QuickBooks. Click on the ‘gear’ menu and choose ‘reconcile.’
Next, you’ll choose which account you want to reconcile and click ‘reconcile now.’ You’ll start by entering the statement end date and ending balance. Then, you can go through and match each transaction in QuickBooks to a transaction on your bank statement.
Once you’re finished, QuickBooks will show you the difference in the statement balance and the cleared balance. If you entered everything correctly, the difference should be $0.
How to void a check in QuickBooks
Here are the steps you’ll take to void a previously recorded check in QuickBooks:
- Click on the ‘Expenses’ tab, and then click ‘Filter.’
- Choose ‘Check’ in the ‘Type’ field.
- Select the date on which the check was received and click ‘Apply.’
- Choose the check you want to void and open it in the ‘Check’ screen.
- Select ‘More,’ and then select ‘Void.’
- Finally, click ‘Yes’ to confirm you want to void the check.
How to learn QuickBooks
The best way to learn how to use Quickbooks is by using the company’s video tutorials. Each video shows you how to use a different QuickBooks tool. For instance, you can learn how to add other users to your account, how to receive payments and how to track your time.
How to print checks in QuickBooks
To print checks in QuickBooks, you’ll start by opening a check and writing the payee’s name. Next, you’ll choose which account you plan to use as well as the payment date.
Now you need to choose the category for the product or service you’re paying for. You can also describe the product or service in the description box.
Finally, you’ll add the payment amount. To print the check, you’ll click ‘Expenses’ and select ‘Print Checks.’
How to delete a deposit in QuickBooks
Occasionally, you may need to delete a deposit. To do this, you’ll go to the ‘Make Deposit’ screen and click on the ‘Edit’ menu. From there, you’ll choose ‘Delete Deposit.’
How to print a W-2 in QuickBooks
To print a W-2, you’ll need to use the QuickBooks desktop version. You’ll start by pulling up the W-2 form, then selecting the employees you want to file the W-2 for. Once the W-2 is filled out, you’ll select the type of paper you’re using. Then you’ll export your W-2 to a PDF reader and print the document.
How to write off bad debt in QuickBooks
To write off bad debt in QuickBooks, you’ll start by adding an expense account to track the bad debt. Then you’ll go to the ‘Customers’ menu and add a payment amount of $0. Finally, you’ll select ‘Discounts and Credits’ and add the amount you want to write off.
How to create an invoice in QuickBooks
When you’re on the Home screen, you can create an invoice by clicking ‘Create Invoices.’ From there, you’ll enter all the relevant information. This could include things like a job description, the invoice date and the terms. Once you’re finished, you’ll save and close out the invoice.
How to do payroll in QuickBooks
To do payroll in QuickBooks, you’ll start by entering your employee’s tax withholding information. And if your employee has any deductions, you’ll enter those next.
Then you’ll enter your pay periods, select your payment method, and enter the payment amount. You’ll follow these same steps with each employee on your payroll.
Read More: [What to Consider If You’re Automating Payroll]
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
Applications are open for the CO—100! Now is your chance to join an exclusive group of outstanding small businesses. Share your story with us — apply today.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
Get recognized. Get rewarded. Get $25K.
Is your small business one of the best in America? Apply for our premier awards program for small businesses, the CO—100, today to get recognized and rewarded. One hundred businesses will be honored and one business will be awarded $25,000.
