QuickBooks is one of the handiest tools available to bookkeepers these days, but sometimes it can be a little daunting to use! There are so many seemingly hidden secrets and ways to use it. Here are five tips and tricks that I’ve learned that have really made a difference in my bookkeeping practice.
1. Learn How to Use the Keyboard Shortcuts (And Actually Use Them!)
When I took the QuickBooks Online training course in the fall of 2019, I was shocked at how many keyboard shortcuts there were in the software. As someone who always tries to find new ways to be faster and more efficient, I've tried to implement as many as I can. It might sound a little silly, but the time and mental energy saved adds up over the course of a long day of work. Here are two of my favorite shortcuts:
Ctrl+Alt+D = Saves the transaction and closes it
Ctrl+Alt+S = Saves the transaction and starts a new one
There are also other short-cuts for creating a duplicate screen, entering dates, and editing a saved transaction. Whatever you’re trying to do in QuickBooks, there’s probably a faster way worth learning.
Save yourself some keystrokes.
2. Use Audit Trail
If you don’t already know, an audit trail is a log (or trail) of transactions you’ve made on an account; in QuickBooks and other digital bookkeeping/accounting software, the log is digital. It makes it easier to review the account when you come across an unexpected error or a problem in your bookkeeping. If, heaven forbid, you've made a mistake by changing an amount or accidentally deleting a transaction, you can even go back fix your error by viewing the history of the transaction! I haven’t needed to use Audit Trail too often, but there have been times when I have found myself needing to review the history of a transaction to see what I did.
Additionally, Audit Trail is particularly useful when multiple employees are working on the same client’s file; it allows you to see who has done what and when while working on a client’s file. If there was a minor discrepancy (or even something that just looked odd) then it’s easy to reach out to the person that did the work directly and ask them more about it, rather than playing the guessing game. Having more information about transactions is never a bad thing in my book!
3. Regularly Backup Your QuickBooks
I was reminded of how important this is earlier this month, when I went to open my QuickBooks software and it couldn't find my client's file. Thankfully I had a back-up on my computer and I only had to re-do one month, but it definitely emphasized the need to save my data on a regular basis.
In addition to having back-ups on my computer, I also store my records on an external hard drive. I hadn't saved my files onto the external hard drive in a while, so after doing that, I put reminders in my calendar to do it once a quarter going forward. It just goes to show that anything can happen and it’s always best to be prepared, especially when you’re dealing with something as sensitive as financial records!
Back it up!
4. Set Up Bank Rules for Recurring Monthly Expenses
Bank rules are essentially guidelines telling QuickBooks how to organize your bank transactions into the appropriate accounts. While you could do this manually, it’s faster (and less work on your end) to “teach” QuickBooks how best to organize your accounts. The way you do this is to create rules for expenses that occur every month, such as t bank fees, utility expenses, etc. Even if the amount is different every month, if your internet bill will always fall under the same category (for example, "Utilities:Internet"). With a few quick keystrokes, you can create a rule so that with one click of a button that transaction is taken care of and organized forevermore!
5. Don't Be Afraid of Using the Arithmetic Function!
The Arithmetic function is Quickbooks’s answer to an internal calculator. For one of my clients, I have to multiply the total of some transactions by specific percentages in order to break it down by type of expense. Instead of needing to whip out my calculator to figure out the amount, I just do the equation (without the equal sign!) in the Amount field, and I have my answer in seconds. Again, it might sound like a silly feature, but the convenience of not having to look away from my screen for multiple transactions over a long day really adds up. A second saved is a second that can be better used elsewhere.
Although QuickBooks can seem intimidating at times, it makes running your business flow a lot smoother once you manage to master it!