Newburg | CPA News Brief

Newburg | CPA- Staff Writers

June 14, 2022

Our accounting service experts utilize a variety of accounting software packages, the primary of which is Intuit’s QuickBooks Online (QBO).  Our QBO Pro Advisors team has included below some of the best tips and tricks for maximizing your use of QBO.

Do you find that you duplicate entries when using multiple bank accounts in bank feeds?

Solution – Duplicate your browser– Right click on your QBO browser tab and select duplicate.  Now when you need to transfer a balance from one bank to another, you can enter the transaction details in one account and match it in the account to which you are transferring in the duplicate browser. This eliminates duplicate entries.

Do you use the same core vendors each month and want to speed up the bank feed categorizing?

Solution – Set up bank rules- You can set up rules in the banking section and can select the Transaction type, Category, and the Payee and QBO will the auto-add the transactions.

Do you spend too much time invoicing customers or tenants the same amount each month?

Solution – Set up recurring transactions – You can set up scheduled invoices to be automatically posted or to simply send you a reminder.  You can also use the recurring template to create recurring bills, expenses, loan payments or payroll journal entries.

Do you need to save time while preparing multiple invoices to one customer or a similar invoice to multiple customers?

Solution-Use the more menu/action -You can easily copy an invoice to update to a new customer or product/service.  The more menu is available on any saved transaction and allows you to void or delete any transaction.

Do you want to test these tips in a secure environment?

When you are ready to test out some of the features above try QBO Test Drive. QBO Test Drive gives you the opportunity to use a QBO sample company and use the features without affecting your company’s books. It is also a great resource for someone looking to make the transition to QBO or upgrade to QBO Advanced.

Additional information can be found here.

QBO Step by Step Tips & Tricks

  • Duplicate browsers
    • Duplicate browsers help you work in different parts of QBO.
    • When using the Banking section, you may need to transfer a balance from one bank to another. You can enter the transaction details in one account and match it in the account that you are transferring to in a separate window. This eliminates duplicate entries.
    • Go to the QuickBooks Online browser tab that you have open, right click, and select duplicate. The second tab will immediately open, and you can work on a separate part of QuickBooks.
  • Bank rules
    • Bank rules are a great way to automatically categorize recurring transactions, saving you a lot of time.
    • To create bank rules:
      • Go to the Banking menu or Transactions Then select the Rules tab.
      • Select New rule.
      • Enter a name in the What do you want to call this rule?
      • From the Apply this to transactions that are ▼ dropdown, select Money in or Money out.
      • From the In ▼ dropdown, select the bank or credit card account.
      • Set the rule conditions. You can set a single rule with up to 5 conditionals. Set and include the following, then select + Add a condition.
      • In the Conditions fields, specify whether the rule applies to Description, Bank text, or Amount. Then select Contains, Doesn’t contain, or Is exactly to decide how QuickBooks applies the rules.
      • Select the settings for the rule. Select the Transaction type, Category, Tags, and the Payee to apply.
      • Select Save.
      • *Note: You can Auto-add the transactions, but it is best to unselect this feature so that you can perform a second check before posting the transactions.


Recurring transactions

QuickBooks Test Drive

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Newburg CPA, a Boston-based accounting firm can assist you. Contact us if you have questions.