The best accounting software provides tools and features to record and report correctly. These benefits can help you meet IRS tax reporting requirements and maximize deductions.
For example, you can create a Chart of Accounts that includes the detail required for accurate and efficient tax filing. QuickBooks also offers a variety of reports for comparing actual results to forecasted and budgeted figures.
Print Multiple Reports
QuickBooks includes a few tools that enable users to streamline their financial reporting processes. These include a Memorize Transaction, Batch Invoice, and Process Multiple Reports functions. These tools can help businesses save time and effort and make the most of the software’s features.
Another handy QuickBooks efficiency tip involves reconciling transactions and bank accounts. This can be a tedious task and one that is often overlooked. Creating a chart of accounts that accurately reflects your business is essential to simplify the process. This will help you avoid errors and ensure all the vital information you need is displayed on your reports.
Lastly, taking advantage of the customizable options for all quickbooks reports is essential. You can add or change a header and footer, select custom date ranges, choose accrual or cash basis reports, and much more. You can also comment on a report, an excellent feature for distributing reports to others.
Memorize Transactions
Memorized transactions are a handy feature in QuickBooks that allows you to record a transaction once and then have the software automatically remember and repeat it at regular intervals. This can save you time, eliminating the repetitive need to create, print, and email each invoice or bill. This is especially useful for businesses that issue recurring bills or charge monthly fees to customers. It also eliminates the need to manually record automatic payments deducted from your checking account or monthly adjusting journal entries such as depreciation or amortization of inventory items.
To set up a memorized transaction, visit the List menu and choose Memorized Transaction List. From there, you can name the memorized transaction, select if you want the program to remind you or automate its entry, and how many days in advance you’d like to be reminded.
For added convenience, you can group similar memorized transactions and have the program automatically enter them on a specific date. This can be helpful for various business processes, including payroll, accounts receivable, and payables.
Organize and Distribute Groups of Reports
From routine financial reporting to satisfying compliance requests, extracting and reviewing accounting data is critical to managing a business. QuickBooks offers several reports to help you quickly get the necessary information.
Profit and loss statements provide income and expense summaries or detailed numbers for each account; balance sheets give you a snapshot of what you own, what you owe, and your company’s equity. Work-in-progress (WIP) reports generate status updates for jobs and projects to help you track progress. Commission reports enable businesses to calculate sales commissions for their team members accurately and quickly.
In addition to these bread-and-butter reports, QuickBooks also has list reports that organize transactional data in several ways: by vendor, customer, employee, or product/service. These reports allow for more extensive customization than other report types. These include options for choosing a custom period and accounting method and suppressing numeric account numbers.
Create Custom Reports
You often must extract and analyze data unavailable in the standard QuickBooks reports. This could be due to specific client requests or business needs. While there are some quick stop-gap solutions (like importing data into Excel or using Crystal Reports), there are also great long-term reporting features within QuickBooks that make this process much more efficient.
To create a custom report in QBO, select the report you wish to customize from the “Reports” menu, then choose “Create a Custom Report.” You can edit all the options on this screen, including the period you want to run the report for, the accounting method, the number format, rows/columns changes, filters, and headers/footers. Once finished, click the green Save Customization button in the top right corner and give your report a name.
This will appear in the list of custom reports you can access anytime.
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