Being a businessman, it is considerably crucial for you to be involved in every portion of your business operation – whether manually or technically. But that doesn’t indicate that you should be good at everything. Having valued expertise in business management, a businessman may have quality and calculated skills, but the time may turn to be difficult when it comes to handling financial activities.
And then an advanced accounting software suite like QuickBooks appears to streamline all the financial transactions properly; however the software suite does have exposure to some common errors that can take place at any moment.
To avoid common technical errors in QuickBooks, here are some verified methods to keep your accounting tool at arm’s length:
Sales tax preferences not configured properly
Setting up sales tax preferences for the purchase that attracts sales tax is the most important configuration for QuickBooks software.
To configure sales tax preferences, you should go to Edit>Preferences>Sales Tax icon>Company Preferences>Owe Sales Tax and then select the one between the given options – either As of Invoice Date or Upon Receipt of Payment.
Problems in reconciling accounts
To avoid the issue, it is important to reconcile different accounts on a regular basis. The accounts may comprise of savings account, loan accounts, taxes, and others. Accounting and Technical Helpline Phone Number for QuickBooks
To set up an account, go to the Banking section, select “Reconcile” tab, and then put in the statement dates and end balances.
Paying bill amount without entering the bills
Having been identified as a common issue, almost all businessmen write checks without putting in bill information. When a bill is generated, the first thing is to fill the “Enter Bills” box with appropriate information and go to the “Pay Bill” tab to complete the process.
Several accounts and sub-accounts
Adding accounts and them manage them into sub-accounts is probably the most innovative feature of QuickBooks software. While organizing the accounts in a proper way, you should avoid creating too many categories. It can create confusion.
Skipping Receive Payment window
It is a common mistake that almost every account manager commits. It would be better to record the payments in Receive Payment window rather than clicking on Make Deposit window.
Avoiding backing up data files
Avoiding back-up process of the data files can certainly turn into the most unsafe act, unless the computer system crashes or stops working. It is very important for a businessman to back up their data files at the end of the every day.
Reluctant to expand QuickBooks’ technical inheritance
Some of the businessmen remain reluctant to increase the performance of their QuickBooks software. It can be an illogical move to avoid adds-on and updates that can potentially enhance the performance.