SubscribeIn traditional accounting (and traditional accounting software) you ‘close the books’ at the end of a year. How do you do that in QuickBooks? Short answer: You don’t.
Right or wrong, QuickBooks keeps your accounting data around more or less permanently. You can run the QuickBooks archive/condense/clean up command (the naming of it differs across versions) [...]
Tag: accounting
How to Close the Books in QuickBooks
What Are the Most Important Questions Your QuickBooks Data Can Answer?
QuickBooks can be more than just a basic bookkeeping program for you. It can help you address some of the biggest challenges and opportunities your business faces. Here are some of the most important questions QuickBooks can help you answer:
1. Am I making money, or losing money? Assuming that you enter information into QuickBooks correctly, [...]
What Is the QuickBooks Audit Trail Report For?
Do you ever wonder if a transaction got changed? When it was actually entered? What its history is? Who made an entry or a change?
The Audit Trail report is handy for those situations.
You access the Audit Trail report through Reports / Accountant & Taxes / Audit Trail
The default sort order for the report is by [...]
Best Books About QuickBooks
You want to keep good books? Then read a good book.
There are good training resources available for beginning and advanced users of QuickBooks. Here are some of the highest rated ones on Amazon:
QuickBooks 2011, the Missing Manual, by Bonnie Biafore. 720 pages. Pogue Press. 4.7/5 Stars on Amazon. Great balance between instructions on specific features [...]
How to Restrict User Access in QuickBooks
Do you want your A/P clerk having access to your payroll records? Or your billing clerk having access to your profit and loss statements? Maybe so, but maybe not.
If not, then you can configure your QuickBooks company so that each user has access only to the information they need.
Set this up through the top menu: [...]
Are You Thankful for…QuickBooks?
It’s been one week since Thanksgiving Day, but there’s plenty to still be thankful for. I’m personally still feeling blessed by my family, friends, state of health, and the wonders of the central Colorado mountains. I’m thankful for my customers and readers (you! Thanks!)
But can you be thankful for QuickBooks? Well, sure! I personally use [...]
3 Ways to Optimize Your QuickBooks File for the New Year
Wouldn’t it be great to start the new year with a clean, high-performing QuickBooks file?
Now is the time to plan for that.
One way is with a DIY reconciliation. Set aside a block of time in late December or early January to work on your books. Plan on reconciling all your bank accounts and credit cards [...]
Getting Audited? They Might Want Your QuickBooks File
If you are contacted by the IRS about an audit, they may ask you to hand over your QuickBooks company data file. This comes from Revenue Procedure 98-25:
“All machine-sensible records retained by a taxpayer, whether retained under the provisions of a record retention limitation agreement or for other reasons, may be used for computer assisted [...]
5 Keys to QuickBooks Success
How to make sure your QuickBooks setup, security, site, supervision, and scale are all up to par for your business.
Speed Limit: 11 Miles Per Hour
I was driving through the grounds of a conference center last week and saw a roadsign: Speed Limit – 11 Miles Per Hour.
I noticed the sign, and so did one of my kids. “Dad, why is the speed limit 11 miles per hour? That’s kinda weird.”
I told her that it was kinda weird, and that [...]