Refunds. You probably wince at the word. Some – like customer refunds for returns – are fairly uncomplicated, thanks to QuickBooks’ tools. Others, not so much. You may find yourself unable to balance your accounts receivable.
No matter which version of QuickBooks you’re using, there are always ways to make your workday easier. As with any software, we tend to learn the features we need and not much more. But small changes in the way you operate can add up to significant time savings and more accurate files. If you jumped into QuickBooks without a thorough introduction, consider these tips.
How do you let customers know they owe you money? Probably by sending invoices. And how’s that working for you? If your customers are all conscientious and pay on time, maybe that’s all you need to do. Still, you may want to send statements when you’re billing on a regular basis for services, or when a client has built up numerous charges, some of which are past due. Statements lay out the customer’s current financial obligation to you, including finance charges, should you choose to impose them.
1) Do – Reconcile your bank accounts, credit cards and lines of credit to statements monthly.
2) Do – Prepare reports weekly and monthly to review sales and expenses.
3) Do – Input a budget that can be compared to actual monthly expensing.
4) Do – Have a written list of goals with timelines and deadlines. Utilize your QuickBooks reports to monitor progress.
5) Do – Take a class or seek expert help so you can do the above successfully.