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Monthly Reminders to Minimize Bookkeeping

It's a lot of work and can be super overwhelming maintaining your QuickBooks Online Bookkeeping - that's where Dlux Solutions Bookkeeping Support has your back! If you want some 1:1 help - chat or schedule an appointment at your convenience.

Getting Setup is different, please don't confuse these tips.

Also, if you feel like your bookkeeping is a mess and needs clean up. These tips may support you, but they are different that a process to correct mistakes in your bookkeeping.

Monthly Tasks and Reminders

A short list, document or image can make of break your focused workflow. Every entrepreneur, business and individual is different - but these steps may help you get started or remind you of conversations we might have had.

[Start] QBO Bookkeeping Menu

  1. App Transactions if applicable to your needs AND the settings are correct, select all + accept. These are setup to match to your banking transactions. If this is completed in reverse, your income may be overstated.

  2. Banking Transactions only for business exclusive related account, connecting personal accounts is a very basic red flag for tax audits - it's our best interest to advise you appropriately. Accidents happen, but everything is fixable.

    1. A proper workflow is important to ensure accuracy.

    2. Banking Rules Tip: never use the suggested rules. never use the 'description'. always use bank text. only Auto Add is you are 100% confident in your settings.

    3. Organize your Accounts left to right in this order (Cash, Savings, Checking, Credit Cards) Process transactions in this order.

    4. Match Transfers to/from business accounts - best practice is to utilize the Categorize option in the event corrections need to be made.

[Next] Review your Business Overview

  1. Reports relate to your monthly business finances, getting familiar with the best reports for you is important to the success of your business as well as your confidence in your cashflow plan.

    1. Favorites (listed at the top) is your go to place to find the best reports for you. A green star keeps the report in your favorites and saves you valuable time.

      1. Profit & Loss

      2. Balance Sheet

  2. Cashflow + Planner the accuracy of your cashflow planner relies on the accuracy of your reports.

[What else?] Get Paid & Pay

  1. Customers, Invoicing, Collecting Payments, Collecting Deposits, Sales Receipts - what's Undeposited Funds? This might be one of the more challenging pieces to manage as a small business owner. Whether a CRM or POS app is collecting this data and is syncing it to QuickBooks or it's being manually entered and managed within QuickBooks, these features usually still get utilized and can be valuable pieces to understand.

    1. Additionally, check out Projects for job cost tracking.

    2. Track open invoices with the Account Receivable Aging Summary.

  2. Vendors, Contractors, Monthly Bills most expense tracking can be automated through the banking rules, but having a workflow that supports precise year end planning is important too. Skipping out on certain details can lead to frustration and tax filing extensions.

  3. Prepare for 1099s Best practice is to plan ahead, before a contractor gets paid, collect a W-9. There are 1099-NEC and 1099-MISC possibilities and keeping track of your contractors is just the beginning.

[Have Questions?]

Dlux Solutions QuickBooks Bookkeeping Support is here to help you! If you have any questions, jump in the chat or comment below.

Interested in a specific topic, feature or workflow? Just Ask!

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