BGH Blog Series: QuickBooks 5 Most Common QuickBooks Mistakes & How to Fix Them

BGH Blog Series: QuickBooks 5 Most Common QuickBooks Mistakes & How to Fix Them

This blog post is the first in a series of posts on QuickBooks. 

Anyone who uses QuickBooks accounting software knows the feeling – that nagging suspicion in the pit of your stomach that you are doing something wrong.  The bad news:  accounting errors can cost you if you don’t catch them early.  The good news: with a little know-how you can identify (and fix) the most common slip-ups.    Let’s start with the top five:

  1. Not reconciling your bank account
    • Open the reconciliation module
    • Go through each transaction (monthly)
    • Make sure each transaction cleared the bank
    • Make sure nothing was missed or double-booked
  2. Not reconciling your credit cards
    • Make sure you are using the reconciliation module for credit cards, loans, as well as other balance sheet accounts.
  3. Entering a bill and then writing a check
    • Bills and checks should not be mixed. Use the “Enter bills” and “write checks” windows for their respective purposes.  Go to “Pay Bills” for bill payments.
  4. Using the write checks window to pay payroll taxes
    • Pay payroll taxes directly from the “Pay Liability” window.   This will ensure that payroll tax liabilities are properly tracked.
  5. Entering an invoice and then making a deposit
    • Invoices and deposits should not be mixed.  Use the “Create invoices” and “Make deposits” windows for their respective purposes.  Go to “Receive Payments” for customer invoice payments.

For further assistance on any of these issues or with QuickBooks, please contact our office.  410-792-7259

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The Cultural Alliance of Greater Washington has worked with Bormel, Grice & Huyett, P.A., since 1988. Their knowledge of the arts and the arts community make their services invaluable. They can translate accounting terminology into a comprehensive language. For many organizations, the accounting firm of Bormel, Grice & Huyett provides the financial "information bridge." We whole-heartedly recommend Bormel, Grice & Huyett, excellent accountants who care about our arts organizations.
Jennifer Cover Payne, Executive Director, Cultural Alliance of Greater Washington

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