QuickBooks Point of Sale & QuickBooks Enterprise

As promised, I'm posting the additional best practices that have been sent to me.  Keep 'em coming and I'll keep posting them!

This is from Andy Robert, Face 2 Face Business Mentors:

1. Reconcile your Payroll Expenses and Liabilities regularly – this ensures the flow, or links,  of information from the Payroll module to the Profit & Loss and Balance Sheet areas are working OK and that no other “external” entries such as General Journals or Write Cheques have caused an imbalance between these numbers.
2. Always run the Missing Cheques Report prior to commencing the Banking> Reconcile process to ensure all cheque transactions have been accounted for.

This is from Mallory Schlabach, SherWare, Inc, Oil & Gas Accounting Software that integrates with QuickBooks:

1. If you create or adapt a report, make sure you choose to make it a memorized report and clearly label it. Often times you think you may only need that type of report for one month (in our industry) and when you find the next month you need it, you won’t have to recreate it all over again.
2. Stay on top of your A/R. The longer you let it slide and have invoices sitting out there without getting paid, the harder it will be recoup your money. Setup a reminder or create a checking system where you can clean out invoices each month and, if you use QuickBooks Online Billing Solution, it simplifies it a bit by sending out reminders for you and allowing them to pay directly from the invoice.

Written by +Ruth Perryman, CMA, CFE, CFM, MBA

Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.


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