Are You Having Trouble Using QuickBooks?
QuickBooks is an essential accounting software for many businesses. Small and mid-sized companies use it to pay bills, pay their employees, and manage their financial accounts. However, QuickBooks can be complicated to use, and folks in Idaho Falls and St. George want to know where they can find help.
What Are Some Common Issues Business Users Are Having With QuickBooks?
You Didn’t Set Up Your Preferences Properly – Before you do anything on QuickBooks you must set up your reporting options, charges for late payments, email template preferences, and input your default bank account so you can pay bills and receive payments. If you do this before using QuickBooks, you won’t have issues with your preferences moving forward.
Reconciling Bank Accounts – This issue results from putting transactions in the wrong place or entering inaccurate amounts.
To fix this problem:
- Open the reconciliation module for the month you’re trying to reconcile,
- Inspect each transaction,
- Make sure each transaction was posted to the correct account, and
- That it has cleared the bank.
Problems Using The Undeposited Funds Account – When you receive payments from your customers, and you don’t see increases in the cash account on your financial reports, you’re probably not using the undeposited funds correctly.
Here’s what to do:
- Once you receive a payment, open the deposit module,
- Batch all the checks together that you’re going to take to the bank to deposit,
- And record them as one deposit in QuickBooks.
Make Sure Your Report Setting Reflects The Correct Preference – People sometimes confuse these:
- Cash Reports reflect the cash coming in and going out of your company.
- Accrual Reports reflect the overall performance of your company.
Lost Admin Passwords – This is a very common issue. Unfortunately, if you lose your administrator password, Intuit recommends that you reinstall the QuickBooks software on your system. Don’t try to use one of the many software programs on the market that can break your admin password. You must protect your data. It’s best and much safer to just reinstall your software.
Are You Backing Up Your QuickBooks Data? – If you have to reinstall your QuickBooks software as mentioned above, or if the unexpected happens and your computer crashes, will you be able to recover your data? Be sure to back up your QuickBooks data at the end of each day. To do this: Go to FILE>BACKUP COMPANY>CREATE LOCAL BACKUP. (Also check with us to make sure all of your data is backed up properly.
Your COA (Chart of Accounts) Contains Duplicate Accounts – To fix duplicate accounts, merge them into one account. But to prevent this from happening in the first place, make sure you always group similar accounts together. The way to do this is to use sub accounts. When entering data into your accounts, first enter it at the lowest account level rather than in the main account level.
Amounts Aren’t Being Deducted Correctly From The Payroll Liabilities Account – This happens when you write payroll tax checks using the “Write Checks” window. If you do this, the amounts you pay won’t be correctly deducted from “Payroll Liabilities.” Be sure you’re paying your payroll taxes directly from the “Pay Liability” window, so payroll liability balances are tracked properly.
Are You Properly Setting Sales Tax Preferences? – If not, you won’t know what you owe. Here’s how to do this:
- Go to EDIT >PREFERENCES>SALES TAX icon>COMPANY PREFERENCES>OWE SALES TAX
- Choose one of these: “Upon Receipt of Payment” or “As of Invoice Date” (Check with your state sales tax law or consult with your accountant to determine which one to choose.)
Are Transactions Disappearing? If you change one transaction, you could be deleting other transactions. Why? Because all QuickBooks transactions are linked together. So if you delete one, you may be deleting others that you don’t want to.
When Creating A Portable Company File You See:
“You may not have sufficient permissions to create a portable company file from this computer. Please try creating the portable company file from the server: (SERVER_NAME).”
Here’s What To Do:
If you are converting a company data file to a newer version of QuickBooks over a network, or creating an Accountant’s Copy or portable company file over a network, copy the company file to a local hard drive (like the C:\ drive) to perform the operation and then copy it back to the original location when you’re finished.
Where Can You Find Help With QuickBooks For Your Business In St. George, Utah or Idaho Falls? SymTec provides training that will ensure you use QuickBooks as you should. Contact us to learn more.
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