How to use QuickBooks?

1. Install the Software

This is the initial step of using QuickBooks on your day-to-day business activities. To use this software, you first have to install it on your computer. When installing, you’ll have to indicate the type of installation that you prefer, Custom or Network Options.

If you plan to use the software on one PC only, then you should select the “I’ll be using QuickBooks on this computer” option. Lastly, you’ll also need to select the location or folder that you wish the software to be installed in.

2. Collect Financial Papers

After installing the software on your PC, the next step is to gather essential financial papers. This is a requirement because you’ll need those papers for setting up your QuickBooks files.

If unaware, these financial papers will include the business name, tax ID numbers, financial statements, and, of course, the business address.

3. Create a File for Your Business

With the program installed on your computer and having gathered all the important financial papers, it’s time to launch QuickBooks. Click on the software’s desktop icon to run the program so that you can start using it.

At first, there’s an EasyStep Interview wizard option that will appear to help you through the whole process of creating your company file. This setup wizard is highly essential and effective, especially if you are using this software for the first time.

So, take advantage of the EasyStep Interview wizard to create your company file, while learning more about QuickBooks.

4. Setting Up and Managing Vendor Accounts

After creating the company file, you’ll now need to set up the vendor accounts so that you can easily and effectively manage them. If not clear, vendors are integral parts of your business and includes your suppliers or contractors.

The process of creating vendor accounts to manage them is straightforward, and looks something like this:

• On the top toolbar, click on the “Vendor Centre”
• Select the “New Vendor” button to create a new vendor account
• If you want to add transactions, you can do so by clicking the “New Transaction” button

And that’s how to create a vendor’s account on QuickBooks so that you can manage the accounts better. If perhaps you want to export the information on all or particular vendor accounts, you can link this software to Excel to enable the process.

And you can also export the information on “Word”, so you have records just for yourself on other platforms.

5. Create and Manage Employee Accounts

Like the vendors, your employees are also important for your business. Therefore, QuickBooks can help ensure that you are keeping tabs on them for better staff management.

To create employee accounts, here is what you need to do:

• Click on the “Employee Centre”
• Follow by clicking on the “New Employee” tab to create and manage all of your employee accounts
• As for relevant transactions with your employees, click on the “Transaction” tab
• Lastly, you can manage your employee time sheets by using the “Enter Time” feature on the software

6. Generate Reports

The last step of how to use QuickBooks involves generating reports through the software’s Report Centre. You can get a lot done in your business with this feature such as getting reports from the following areas:

• Profit and loss statements
• Budgets
• Accounts receivable reports, among many more

7. How to Reconcile in QuickBooks

Wondering how you can reconcile your banking accounts on QuickBooks? Well, it’s not as hard as most people think. Remember, this software is created for the sole purpose of making your business run efficiently.

However, the reconciliation process in the QuickBooks software is a bit different but not something that you can’t manage. Therefore, you shouldn’t shy away from using this software to reconcile your banking accounts.

Moving on, here is a step-by-step guide on how to reconcile in QuickBooks:

• Select the Gear Button, click on “Tools” and follow with “Reconcile”
• You’ll find a drop-down menu under “Accounts”, which you’ll select and click the account you wish to reconcile
• Based on your bank statement, you’ll then fill in the “Ending balance” and the “Ending date” as well
• Afterward, you’ll need to match your bank statement with the transactions, which you’ll also check individually
• Use filters on transactions so they become easily detectable
• Continually run the feature until you achieve zero digits on the “Difference” field