Tips & Tricks for QuickBooks

There are hundreds of tips and tricks for QuickBooks, but here are a few:

You can set a floating decimal in the Edit/Preferences/General/My Preferences. When “Automatically place decimal point” is selected, QB will automatically place a decimal in any number you type. If you type 22, it will be entered as $0.22 cents. If you type 2341, it will be entered as $23.41.

If you like several windows in QuickBooks open at once, here is a short cut navigation bar you can use to move from window to window. View/Open Window List.

When troubleshooting or sleuthing in QB, most transactions will let you view a history – look for the button at the top of the transaction window. For example, if you are reviewing a customer payment, at the top of the window, click HISTORY. This will show you where and when it was deposited to the bank, and to what invoice it was credited.

Have you upgraded to a new version of QB and don’t like the new interface for online banking download matching of transactions? You can use the old interface by changing settings: Edit/Preferences/Checking/Company Preferences. Then choose “Register Mode.”

Your UNDEPOSITED FUNDS account in QB should always be zero. Look at your chart of accounts, and in the asset section you’ll see this account listed. If the account is not zero, there are problems with customer payments and deposits to work out.

Do you have a PayPal account? It should be set up, populated and reconciled just like a conventional bank account. Monies transferred between your bank account and PayPal account should be entered in QB like a banking transfer.

If your company is using more than one checking account, change the background color for easy identification of which account you are using. Open the register for any checking account. Click on the Edit Menu and select “Change Account Color”. Select one of the preset colors and click OK, or, click “Define Custom Colors” to create your own.

Do you reconcile your checking account during the month to online data? You can also do this in QB. Just pull up the normal bank rec window and enter today’s bank balance. Check off items that have cleared so far this month until your Difference is zero. But don’t click “Reconcile Now,” click “Leave.” You can keep doing this until you are ready to reconcile at the end of the month using the bank statement.

TInadvertently created two vendor names for the same vendor? You can merge them. Go to Vendor Center, double click on vendor name you want to keep, copy (control c) name in the first, top field. Go to the vendor name you want to delete, double click on vendor name, paste (control v)what you copied from first vendor name. It will ask you if you want to merge.

When setting up ITEMS (the products that you sell) in QB, do not make the type “Inventory” unless you are truly using the accrual inventory/COGS method. Use the type “Non-Inventory” for materials and “Service” for services. If you are not sure, it pays to ask a bookkeeper or accountant.

Ever go to reconcile your bank account and the QB beginning balance in the bank reconciliation screen is different (incorrect) than your bank statement beginning balance? To find out what reconciled transactions have been edited or deleted since the last reconciliation, go to Reports, Banking, Reconciliation Discrepancy.

QuickBooks keyboard short cuts: 

  • Control + A brings up the chart of accounts
  • Space Bar marks or unmarks items or boxes with check marks
  • Control + F opens the Find transactions window
  • Control + Q brings you a quick report of transactions for item in a list you have highlighted (sale item, customer, vendor, etc.)
  • Alt + F4 exits the QuickBooks software
  • Did you know the same word processing keyboard shortcuts work in QB? Ctrl Z undoes, Ctrl C copies, Ctrl V pastes
  • Control + M brings up the Memorize Transaction option
  • Control + Delete Key deletes a line
  • Control + Insert Key inserts a line
  • Alt + Down Arrow Key displays list for a field
  • Control + E lets you edit a transaction
  • Control + I creates a customer invoice
  • Control + P prints
  • Control + W opens up Write Checks window