- Importance of balance sheets
- Balance sheets shows your practice’s financial position at a single moment in time and also show a lifetime of results. It should always be accurate. Here is a helpful article on some QuickBooks balance sheet basics.
- QuickBooks Tip
- With QuickBooks, regularly recurring transactions are saved and can be automatically entered at your regularly scheduled times. This reduces the amounts of mistakes, saves time and increases the accuracy of your bottom line.
- Options Available
- Downloading by Most recent transaction or by statement
- Banks now offers the option to download information into QuickBook
A common issue we see with our clients is entering or editing a transaction in prior periods. Whether intentionally or unintentionally, changing prior-period data can cause a huge mess with the books. Known to have driven many accountants crazy over the years, posting into prior periods can actually be controlled by using the closing date feature within QuickBooks. It’s easy to set up a unique username and password for each user's preferences to prohibit them from changing items once past the closing date. You can also lock down the prior-period date as the year progresses.
- Here is a screen shot:
- Take a look at these 11 tips to optimize Quickbooks reporting.