7. Use Classes so you can better track profit and loss.
When you're working with Preferences, make sure Classes is turned on (Edit |Preferences | Accounting | Company Preferences | Use class tracking). Classes are your own way of categorizing elements of a business. When you enter a transaction, a Class drop-down box will appear; you can create your own Class, such as Marketing, or Advertising, or Building One, or Region A. Then you'll be able to run a Profit & Loss by Class report.
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6. Clean up your Chart of Accounts.
As you go through QuickBooks setup wizard, you'll indicate what kind of business you have. QuickBooks then assigns a Chart of Accounts (income, expense, and other accounts that serve as the backbone of your bookkeeping) that best matches your needs. This Chart of Accounts may be overkill for you, or it may not have enough entries for your specific business. Clean it up; it'll help neaten some reports and make life easier for you. Click Lists | Chart of Accounts to see what you've got, then right-click to customize. Be sure to assign the correct account type—this is critical to the accuracy of your books. 5. Use right-click menus.
QuickBooks makes extensive use of right-click menus everywhere in the program. Try them out anywhere you want to do something instead of heading right for the toolbar icons and menus. For example, highlight an entry in the Chart of Accounts, and you can perform myriad tasks, such as editing or deleting the account, customizing the columns, transferring funds, or getting a QuickReport. 4. Use program preferences.
QuickBooks has a setup wizard that helps you lay the groundwork for your company, but it's not comprehensive: There are many more decisions you need to make that aren't covered by the wizard. Click Edit | Preferences to open the Preferences window. Among the options you can set here are:
3. Use the QuickMath Calculator.
This is cool, especially if you miss the old calculator tape that used to come out of the machine. QuickBooks has its own calculator (click Edit | Use Calculator), but it's more fun to use the QuickMath Calculator. Click inside the field where you want to calculate (say, the amount field on a check). Press = and a mini-tape will appear. Type the numbers you want to calculate, followed by the appropriate sign (+, -, /, *, or smile emoticon. Click C once to clear an entry, twice to clear the tape. Press Esc to cancel. 2. Customize the icon bar.
QuickBooks comes with a default icon bar at the top of the screen. You can add, remove, or modify the icons to better suit your work needs. To remove an icon: Go to the View menu and click Customize Icon Bar. Select the icon you want to remove and click Delete. To add an icon: Go to View | Customize Icon Bar and click Add. Select the desired item from the list and change the label and description if you wish. Click OK. To modify an icon: Go to View | Customize Icon Bar and select the item you want to modify. Click Edit, make your changes, and click OK. The Customize Icon Bar window lets you make other changes to the icon bar. You can also add separators between icons, change the order in which icons appear, and opt to show both icons and text or icons only. |
AuthorThe Pathways Team Archives
September 2020
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