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.
[Read more: Bookkeeper vs. Accountant: Do You Need Both?]
Common QuickBooks questions
How much does QuickBooks cost?
QuickBooks offers a variety of plans and pricing options that can match your budget and accounting needs. The software can be used by everyone, from freelancers who need a way to send invoices to businesses that need to track inventory.
Here are the four plans QuickBooks offers:
- Simple Start: $35/month.
- Essentials: $65/month.
- Plus: $99/month.
- Advanced: $235/month.
The company offers a free 30-day trial, and you can also receive 50% off for the first three months.
How do I reconcile my accounts 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. 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 and 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 between the statement balance and the cleared balance. If you entered everything correctly, the difference should be $0.
[Read more: 17 Accounting Terms To Know (Even If You Have an Accountant)]
How do I 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 can I learn how to use QuickBooks?
The best way to learn how to use Quickbooks is by watching 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 can I 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 the account you plan to use and enter the payment date and category. 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.
Adding your business accountant to your QuickBooks account can make things much easier come tax season.
How can I 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 can I 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 and 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. You can also invite your employees to join QuickBooks Workforce so they can view and print their W-2s.
How can I 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, then select Receive Payments, and add a payment amount of $0. Finally, you'll select Discounts and Credits and add the amount you want to write off.
How can I create an invoice in QuickBooks?
You can create an invoice by clicking the Sales Orders tab and then selecting Create Invoice. Once you select Create Invoice, you'll enter the relevant customer details, payment terms, and information about your product or service.
You can also add your company logo and edit your company details. Once you're finished, you can either send the invoice through QuickBooks or download the invoice as a PDF and email it to your customers.
How do I run payroll in QuickBooks?
To run payroll in QuickBooks, you'll start by entering your employee's tax withholding information and deductions. 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.
Every month, QuickBooks reminds you how many days you have until payroll and lists any items you need to take care of first. And QuickBooks automatically generates pay stubs after you run payroll.
Best practices for using QuickBooks efficiently
QuickBooks can be a bit overwhelming at first because it has so much functionality. Here are some tips for using the software efficiently:
- Reconcile your transactions regularly. It's a good idea to update and reconcile your transactions at least once a week. Having a regular schedule helps you catch errors early and will give you a better picture of your business's cash flow.
- Schedule recurring invoices. If you have clients on retainer, scheduling recurring invoices saves you time each month. You can also set up automatic late payment reminders for clients.
- Use tags. You can use tags to easily filter different clients and projects. Tags won't impact your invoices but will make it easier for you to track important information.
- Use keyboard shortcuts. Using keyboard shortcuts to create a new invoice or categorize an expense helps you work more quickly.
- Review your financial statements. Finally, you can use QuickBooks to create financial statements like a profit and loss statement and a balance sheet. Taking some time to review your financial statements monthly or quarterly will give you a better sense of how your business is doing financially.
- Add your accountant. Adding your business accountant to your QuickBooks account can make things much easier come tax season. Your accountant will have real-time access so they can review your financial statements and request additional documents needed.
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