10 Essential Tips & Tricks to Become a QuickBooks Power User

QuickBooks is the most versatile accounting software available. It is ideal for most small and medium businesses. The software can help you monitor business expenses, manage invoices, and organize customers and payroll data. You can set up a chart of accounts for a variety of business organizations with ease. Whether you run a small boutique shop, a financial advisory firm, manufacturing company, or a real estate company, QuickBooks has you covered.

Do you want to know how to accurately record financial data using QuickBooks? Do you want to know how to file tax forms? Do you want to know how to determine your business’s profits or losses? Then, you have to look no further. You will learn this and more so keep reading.

Note: The tips mentioned below relate to QuickBooks 2011 Desktop and above. If you have an older version of QuickBooks, you should upgrade your software since it no longer supported by Intuit. Go to the Products page to purchase your software upgrade.

A. Customize Your QuickBooks Desktop

1. Change the Default View

QB Search

The QuickBooks default screen can be customized according to your preferences. Simply click on Preference and then Desktop View. From this tab, you can opt to change the startup screen, show single or multiple windows on the screen, display home page when opening a company file, or switch to color icons/light background on the top icon bar. You can also customize the display color and fonts displayed on the QuickBooks screen. In addition, if you want to hear specific sounds for actions like minimizing, opening, or closing reports, you can customize this through the sounds tab.

2. Customize the Icon Bar

Customize Icon Bar

The QuickBooks default interface is loaded with icons that you may never need. You may also be missing icons that you may need for easier interface. In order to modify the icon bar, right click on the icon bar and click on Customize Icon Bar from the sub-menu. From this screen you can add and remove icons according to your needs. You can also create new icons by clicking on the Add button. From the Add Icon Bar Item screen, you can select a specific action and write a label and small description of the icon event.

B. Time Saving Tips for QuickBooks

1. Use Keyboard Shortcuts

Similar to other Windows applications, QuickBooks supports a number of different keyboard shortcuts. Using these shortcuts, you can save considerable time in operating the software. Some of the important keyboard shortcuts are listed below:

  • Start QuickBooks without a company file Ctrl (while opening)
  • Create Chart of Accounts Ctrl-A
  • Delete Transaction Ctrl-D
  • Edit transaction selected in register Ctrl-E
  • Find transaction Ctrl-F
  • Go to Other Account Register Ctrl-G
  • Display Transaction History Ctrl-H
  • Create invoice  Ctrl-I
  • Open Customer Center  Ctrl-J
  • Memorize transaction or report Ctrl-M
  • New invoice, bill, check, or list item in context   Ctrl-N
  • Copy Transaction in Register Ctrl-O
  • QuickReport on transaction or list item  Ctrl-Q
  • Open memorized transaction list Ctrl-T
  • Write new check Ctrl-W
  • Display Transaction Journal Ctrl-Y

2. Speed Up QuickBooks Searches

QB Search

You can also customize the QuickBooks searches from the preference screen. The search feature lets you find items in the programs’ help file or in your company file. By default, QuickBooks allows you to choose whether you want to search from the help file or company file every time you make a query in QuickBooks.

If most of your queries pertain to the company file, you can speed up the search by specifying that the software search within that location only.  To do this, click on Preference and then Search. In My Preferences tab, you can specify that the software automatically make a search of the company file without asking you every time you initiate a query.

From the Company tab, you can also specify how often the software updates company file indexes.  Specifying lower duration of indexing will speed up the program. But the searches will not reflect the most recent changes made to the file. In order to update the entries, you can click Update Now button in the window.

3. Automate Form Entry

Automation

Do you have to enter certain transactions regularly? Not in a mood to enter recurring transactions every day? Then, let the amazing memory of QuickBooks works its magic for you. QuickBooks can memorize certain recurring transactions like rent payments, utility bill payments, and depreciation expenses. You can specify that the software make entries for memorized transaction automatically. To access the tool, type Ctrl + M.

4. Record Favorite Reports

Do you work on certain reports regularly that you want to access instantly? QuickBooks lets you do this easily. You can designate certain reports as favorites by clicking on the heart icon underneath the report in the Report Center. You can access your favorite reports from the Favorites Tab in the Report Center.

C. QuickBooks Power Tips

1. Batch Invoicing

Batch Invoicing

QuickBooks 2011 and above has a very useful feature called batch invoicing. Using this feature, you can create multiple invoices for a single transaction. To access this feature, go to Customers Menu, and select Create Batch Invoice.

2. Create Customized Templates

Templates

In QuickBooks, invoices, purchase orders and sales orders are referred to as templates. You can customize these templates in QuickBooks. Just go to Lists Menu, Templates, and right click on a template. From the sub-menu, select Edit Template. You will be taken to the Layout Designer button. You can import your company logo, so it shows on your documents. You can also download additional templates and colorful themes that will enhance all your templates.

3. Paperless Accounting Through QuickBooks

Did you know that you can achieve paperless accounting through QuickBooks? The software allows you to attach an electronic version of the documents to the transactions either locally or in cloud-based storage. With QuickBooks 2012 and above, this feature is absolutely free. To use the tool, click the Attach button with the paper clip icon in any document or template.

4. Enable Remote Access

QuickBook Remote Access is a cloud-based service that allows accountants and other users to log in remotely. The remote access feature is available in two versions: Full desktop access for $7.97 per month or QuickBooks data access only is priced at $3.95 per month. You can purchase this additional service by going to File > Remote Access in QuickBooks.

The above are just a few of the tips that you can use to make QuickBooks more efficient for your business. QuickBooks allows you to save a lot of time, money, and resources when managing your business income and expense data.  The survival of businesses often depends on timely and relevant accounting data, and this goal can be obtained easily using QuickBooks financial software.

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