A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.
By Margie Rowell, WSBDC regional director
“I have been using QuickBooks as my accounting software and wondered if you have any great tips to save time.” Darla, Dubois
QuickBooks is a relatively easy program to use once it is set up correctly. There are many shortcuts and tips that can save you time and simplify your life.
I will focus on a few tips this week and five more next week. What is your favorite QuickBooks tip? Email me (mrowell@uwyo.edu), and I will share them on our Wyoming Entrepreneur Facebook page.
Here are some QuickBooks keyboard shortcuts: Ctrl-I -- create invoice; Ctrl-E -- edit transaction selected in the register; Ctrl-F -- find transaction (one of my favorites); Ctrl-M -- memorize transaction or report; and Ctrl-W -- write new check.
Be consistent in how you enter transactions. If unsure, use "Ask My Accountant" as the expense/income account. By using “Ask My Accountant,” all transactions that you have a question about are in one place.
Back up. I can't stress this enough. Don't just back up your company file to your hard drive, but also back up to the Cloud or use QuickBooks online, which reduces the chance of losing all of your data.
Use class tracking, which allows you to track income and expenses by department, location or any other meaningful breakdown of your business. This is an additional tool to track the performance of different areas in your business.
A blog version of this article and an opportunity to post comments is available at http://www.wyomingentrepreneur.typepad.com/blog/.
The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.
