Category: QuickBooks

July 10, 2021
How to Perform Interim Financial Statement Check-up
Mid-year is an excellent time for a check-up of your accounting records. Reviewing your finances can help you stay on top of potential red flags before they become a problem. This is also good to do before you consult your tax accountant about potential estimated tax responsibility.     Review your balance sheet Most business […]
April 15, 2021
Account Reconciliation
Why They Matter, and How to do them in QuickBooks Online  Account reconciliation is a basic, if not mundane, task to complete in QBO. However, it is vitally important. It’s so important that Szweda Consulting will not do a business tax return without first checking to ensure that the business’ cash accounts have been reconciled.  […]
January 28, 2021
QuickBooks How To: Customer Pays Your Vendor
It's not a frequent occurrence, but it's happened to me three times in the past year among my various clients. The scenario is my client has an open invoice and an open bill recorded in their QuickBooks. My client's customer, instead of paying my client directly instead sends the payment to my client's vendor. So […]
January 28, 2021
A Best Practice Review: Enter a bill or just write a check
I recommend doing both. First enter a bill and then write a check to pay the bill. As with many things in QuickBooks you can accomplish the same task a variety of ways. There is a best practice though, and per usual, it calls for using QuickBooks as it was designed – one form at […]
January 21, 2021
Cleaning Up Quickbooks
Accounts Receivable: Cleaning Up When determining how much customers owe I usually view the AR Aging Summary report in QuickBooks as it is a nice compact report and I can click into any amount if I need more detail. It is a good idea to view the Open Invoices report once in a while though […]
January 21, 2021
How to Record Customer Deposits In QuickBooks
One of the most common issues I discover when cleaning up a new client’s QuickBooks’ account has to do the processes surrounding receiving customers’ payments and depositing them. Whether you accept credit card payments or take physical checks to the bank the amount that will actually hit the bank account is more often than not the […]
January 21, 2021
PayPal & QuickBooks Online FAQ
Throughout the year we see clients using PayPal in various ways which bring up a series of questions surrounding how PayPal integrates with QuickBooks Online (QBO). In this blog post let’s explore a few of the bigger questions that arise. Q: Do I need to formally add my PayPal account to the Chart of Accounts […]
January 20, 2021
How to Handle Petty Cash in QuickBooks
How to Handle Petty Cash in QuickBooks: Retain transaction data even on small cash transactions For those small dollar amount purchases, it is often common to use cash, whether the cash is used to reimburse employees or to pay for the expense directly. Getting cash is as simple as writing a check to cash, but […]
January 20, 2021
(2021) Billable Expenses: A Guide from Your QuickBooks Trainer
(Updated 2021) A lot of service professionals spend a lot of time and energy passing on expenses to their customers. Maybe you’re an interior designer and you buy furniture for your clients, then pass on a marked-up cost. Maybe you’re a painter and you buy the paint for your client. Maybe you’re an IT professional […]
January 20, 2021
Recording Credit Card Transactions In QuickBooks
Recording Credit Card Transactions in QuickBooks: Many options - One best practice Over the years I have seen many methods of recording credit card transactions. Some of the methods technically work, but they leave something out whether it is accurate dating of the transactions, detail of the individual transactions or the ability to reconcile the […]
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