Get some tips and tricks on avoid the pitfalls in Quickbooks. Use the tips to become more efficient.

1. How to avoid the pitfalls of
QuickBooks
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2. #5 QuickBooks Mistake
Not Reconciling Bank Accounts Regularly
You must reconcile your bank accounts on a regular basis.
Understanding your cash flow is required to run your business.
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3. #4 QuickBooks Mistake
Over Using Journal Entries
Using JE’s is easy, but you lose traceability of items like inventory.
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4. #3 QuickBooks Mistake
Record invoice in Enter Bills and Pay using Write Checks
You must choose one method or the other Using the method shown
above will result in a double expense and understating income.
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5. #2 QuickBooks Mistake
Not using the Online Banking Features for your Credit Cards
Use QuickBooks to pull in your credit cards transactions to save you
the time of data entry and the reduce the risk of error.
www.TheDigitalCPA.com (407) 900-6713

6. #1QuickBooks Mistake
Incorrect Set-up
The proper set up will ensure the results your are looking for.
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7. Other Tips and Tricks
• Use Memorized Transactions
• Use Class Tracking
• Use 3rd Party Apps to avoid QuickBooks limitations
• Request a W-9 from all vendors, Enter EIN when setting up
• Use Review 1099 Vendors report
• Set a closing date and password, once year is closed
• Back-up your file – Use Intuit Data Protect
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8. How to prepare to see your CPA
• Review your company’s reports for the previous year
1) Balance Sheet
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9. How to prepare to see your CPA
• Review your company’s reports for the previous year
1) Balance Sheet
2) Income Statement
www.TheDigitalCPA.com (407) 900-6713

10. How to prepare to see your CPA
• Review your company’s reports for the previous year
1) Balance Sheet
2) Income Statement
3) Accounts Receivable Aging
4) Accounts Payable Aging
• Make sure all deposits are recorded and bank accounts
are reconciled
www.TheDigitalCPA.com (407) 900-6713

11. Thank you!
www.TheDigitalCPA.com (407) 900-6713