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Friday, January 1, 2010

How can I streamline Quickbooks?

Great Question.  I found this one on Twitter.

There are several things that will make the software work much better for you, if you are not already doing them.

The first thing you can do is use Quickbooks compatible checks and bank deposit forms.  These can be ordered directly from Intuit or with various online companies that guarantee QB compatibility.  Once you print a check in QB it is automatically recorded.  After you enter customer payments you can select the payments by check or cash that you are going to deposit and print a bank-coded deposit slip and take it to your bank with the checks.  Once printed the deposit is recorded in QB.

These both work in direct conjunction with the automatic bank download application.  Most banks and credit unions offer a Quickbooks download option free of charge.  Many credit card companies also offer this download option as well.  The download will match any transactions such as checks written and deposits made once they have cleared.  If you use a debit card with your checking account, these transactions will download into Quickbooks quickly so you don't have to enter each one as a manual check, and you will still be able to track where you spend your money.  The software will also recognize repeating transactions and recall the vendor and expense account from prior transactions.  All you will have to do is confirm the information.  The longer you use this application, the more transactions are recognized and the quicker the posting becomes.

Using this application also makes your monthly reconciliation a breeze.  If you use this application regularly, all applicable transactions are recorded.  Completing the bank reconciliation can be done in a matter of a few minutes, when you are regularly recording the transactions.

If you use Paypal or an a merchant services to receive payments by credit card, consider switching to a Quickbooks Merchant account.  The rates are usually very competitive.  I've had credit card companies try to solicit my clients and then tell me they can't even compete when they find out the merchant account is through Quickbooks.  You can process your payments directly through the QB software and your credit card payments deposit into your bank automatically.  There are no buttons to push on a machine or batches to send at the end of the day.  They also offer a very reasonably priced card reader that plugs into your computer via USB and reads the card information directly into your Quickbooks file when your customers are on site.

Here is another cool feature.  You can print form letters, envelopes and more, directly through Quickbooks in your Customer or Vendor Center.  Microsoft Word is required for this feature.  Highlight a customer or vendor, click on the Word button on the Customer or Vendor Center menu bar, choose prepare letter for XYZ customer and choose the letter or envelope.  You can create your own letters and forms to add to this feature.

These few features will do a lot to make your Quickbooks software work more for you.  Try them out and you may find that you want to learn more about what it can do for you.

This material is for informational purposes only and not intended and financial, legal or tax advice. Please consult your finance, legal or tax professional to confirm the accuracy of all information. Quickbooks is a registered product of Intuit.


  1. We are a church and i was wondering how do we recieve offerings in quick books. we currently recieve them as payments but they dont show on the a/r reports or anything