You want to make sure to review and properly code all transactions in this account before filing your taxes.Ĩ. The QuickBooks Ask My Accountant feature is a great place to put questions as well as transactions that you want to research. Having 1099 vendors set up correctly in QuickBooks from the beginning will save you a lot of time come year-end. It is important to understand how to set up 1099 independent contractors in QuickBooks. When you pay bills, you should either print your checks or use online bill payment linked to QuickBooks.Ĭustomizing the QuickBooks icon bar boosts efficiency by keeping your favorite and most commonly used functions easily accessible. It will also make your monthly reconciliations go much smoother.Įntering bills and paying bills directly through QuickBooks will help you manage your accounts payable. Printing checks from QuickBooks increases efficiency by reducing unnecessary data entry. If you use QuickBooks online, your data is always secure and backed up since it is a cloud-based program. You should also look into automatic backups of your QuickBooks file. A simple backup can save lots of stress and headaches down the road. It seems simple but many users do not back up QuickBooks. This includes bank accounts, credit cards, loans, and lines of credit. Any account that you receive a statement for that has a beginning and ending balance can be reconciled. Make sure to reconcile all of your accounts, not just bank accounts. Reconciling your accounts is the only way to know that all of your transactions are recorded. This is number one on the list for a reason: it is the most important task. These 25 tips for QuickBooks and bookkeeping will lay down the foundation for a very tight bookkeeping system. If you are new to QuickBooks or bookkeeping in general, there are certain procedures you are going to want to know how to perform.
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