10 Quickbook Insider Hints and Tips

Posted August 6, 2015


10 QuickBooks Insider Hints and Tips

Want to get the most from your QuickBooks software?  So do we!  Check out these practical ways to optimize your QuickBooks experience.

    1. Use the Quick Math Calculator

Save time using the Quick Math Calculator- Just click inside of the field you want to calculate and press the equal (=) key and Voila!

    2. Use Classes for better Tracking

Using Accounts in QuickBooks mostly organizes transactions into financial categories: income, expenses, payables, receivables, etc.  But using Classes helps you streamline those transactions into any category you want. You have full control over what those categories are. The Classes list is empty when you first create a QuickBooks file, so you can set up anything you want in it.

    3. Customer Notes

Jot down important dates and information about specific clients and the work you are performing using Customer Notes. This simple tool helps you to keep track of significant things that might otherwise slip your mind over time.

    4. Expand Functionality with add on


View your bills and process your payments (from your desktop or mobile device) using information that you have already plugged in to QuickBooks.

    5. Get a system in place to handle your overdue accounts

Cash flow is the heart line of your business, don’t let staggering accounts slip through the cracks or stay on the back-burner for too long. Keep them on the forefront of your line of sight so that you can be sure to stay on top them.

    6. Run a Profit and Loss Report EVERY month

This gives you a significant recap of your income ins and outs as well as a great trending tool to see what and where things are happening repeatedly over time.

    7. Back up data on Hard Drive or in Cloud


4.7 Million businesses suffer annually from some type of data loss.

    8. Leverage the F2 Function

Don’t let disorganization and clutter get in the way! The F2 Function tells you EVERYTHING – the size of your files, the totals in each list, how fragmented everything is (which if left unchecked can render your system unstable). If your files are too large (250MB or more for Pro or Premier Versions, 750MB or more for Enterprise) or your fragments are high (20 or more), you are more likely to experience corrupted data and it’s probably a good time to super-condense and give your system some space to breathe.

    9. Get qualified help when setting up QuickBooks

If your QuickBooks is already set up, have a professional look it over to make sure that you are using the right system that best suits your requirements and meets your financial reporting and tax needs. Starting off wrong in the beginning is a recipe for disaster later. As a small business, the most common impression is that doing your own Quickbooks is a no-brainer.  THINK this over carefully though! The correct filings, deposits, and data accuracy are crucial to your financial health and stability. This is why most successful businesses delegate their bookkeeping to a professional.  We would be happy to discuss what this step entails.

    10. Use Period Copy

abolishDid you know that the IRS can request a copy of your QuickBooks file? They Can! With access to this file, they can look at all of your transactions for the entire history of your organization! This means all activity outside of your audit period becomes questionable and leads to loads of extra WORK for you- Keeping a trail of evidence makes it clear that none of your data has been manipulated.

In this case, it may help you to use the QuickBooks feature (located under Utilities) called a Period Copy. This feature (depending on the version) allows you to remove data outside of that audit period. Making a back-up copy at the end of each year is also helpful with providing the IRS with exactly what they need (as an original file) without including post-period transactions.

In Conclusion

The important thing to remember when doing your own books is that two great minds are better than one. As you get the hang of things, it becomes easier, but ALWAYS be sure to get a periodic “checkup” from an expert.

LRBBC provides monthly, quarterly and annual services to help ensure that everything is running smoothly. The same way you would go to a doctor for a wellness exam for time to time – you should routinely see a professional to ensure financial health, security and the best business practices.  Don’t let this task get lost in the shuffle of life again.  While you’re thinking of it, schedule your next QuickBooks checkup TODAY!


You can give us a ring: 703-519-7954 or shoot us a quick message here: