Common Errors People Make With QuickBooks

Processing Credit Cards

Commonly when a merchant first goes into business and wants to accept and process visa and mastercard credit cards at their place of business, their first option of being set up to accept credit cards is through their bank. The first question that is asked by the merchant is "what is the percentage rate of the fees for accepting Visa/MasterCard?" As the bank, answers the merchants question with a rate, usually no other questions are asked other than how much is the equipment and how it is paid for. The merchant then signs on the dotted line and his education begins on why he is paying much higher fees than the quoted rates given as time goes on.

QuickBooks remains a powerful tool for both private parties and commercial businesses in need of a comprehensive financial program. While many of the basic tools of QuickBooks are used frequently, there are a number of common mistakes and oversights that will result in a business not taking full advantage of this program. For those that would like to get the most out of this robust software, here are five frequently underutilized features.

Not Printing Checks or Paying Bills Directly Through QuickBooks

For those that handwrite their checks or use an alternate system for paying bills, it will often be necessary to input the information into QuickBooks at a later date. Not only does this software provide users with the ability to write and print checks, it will automatically integrate this information directly into the appropriate files for future reports or even taxes. This includes the option for automatically input monthly expenses without the need to use multiple products or services.

Failing to Use the Import Features

With recent upgrades to QuickBooks, users can now download and import massive amounts of data from all of the most prominent financial institutions. Whether it is a local brick-and-mortar storefront or an online retailer, any number of transactions can be automatically imported in order to track expenses, income, and even tax information. QuickBooks is currently compatible with most banking institutions, credit card companies, and even PayPal transactions.

Not Utilizing QuickBooks for All Accounting Jobs

Many business owners may be surprised to hear that the costs associated with working on incomplete QuickBooks file is typically more expensive than starting from scratch. Due to the comprehensive nature of this program, those that fail to utilize QuickBooks for all financial transactions and accounting jobs may find themselves doing more work than if they simply kept paper records. Because of this, all those that use QuickBooks should ensure that they are using it correctly from the start. This includes the complete tracking of information throughout the year and for every accounting cycle.

Not Reconciling All Financial Accounts

One of the most important steps of using QuickBooks is to ensure that all financial accounts are reconciled through the program and not simply a single aspect of one’s finances. It can be all too easy to forgo various accounts, such as a single company credit card, but this can create a huge headache at the end of the year. Business owners, accountants, and CPAs should ensure that all accounts are directed through QuickBooks. This will not only save time and energy throughout the months, it could also result in huge savings when it comes to tax season.

Refraining from Using the Memorize Transaction Feature

There is one powerful features that few QuickBooks alternatives have, and that is the memorize transaction function. Throughout the years, most business owners will recognize a number of trends with their finances that do not change over time. From monthly rent to the purchasing of important supplies, QuickBooks allows users to create a single function in which QuickBooks will memorize common transactions in order to reduce the need to input identical information every single time.

 QuickBooks can be a powerful tool, but users should understand all of the leading features that set this software apart from the competition. These five simple tips can be used to improve efficiency when paying bills, keeping track of multiple accounts, filing taxes, and much more.