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Finance

Common Errors Only Quickbook Bookkeeper Can Fix

If you are a small business owner, you may feel the need to keep your finances clean. Accounting services can help you accomplish this task. With QuickBooks, you can find a reliable solution to your accounting problem. However, you must set it up in the right way to reap its benefits. Otherwise, you may encounter some errors.

If you are not sure how to fix common QuickBook errors, a QuickBook bookkeeper can help you with it. Here are some common QuickBook errors for which you must approach one of the reliable bookkeepers.

  1. A messed-up chart of accounts

Do you see too many accounts on your chart? If yes, you have a messed-up chart of accounts. You can address this common problem by grouping those Quickbook Bookkeeper that look similar. However, it can be easier said than done. You may find it tricky if you do not have either in-depth knowledge or experience of working with QuickBooks on a similar issue.

With limited knowledge, you are likely to further aggravate the matter if you proceed to resolve the issue. To keep things simple and straight, you would want to get professional help or assistance on this matter. You could approach bookkeepers in Perth for assistance in this regard.

  1. A jumbled list of items

Does your business deal with the sale of products? In QuickBooks, sold products are called “items”. When you stop selling the items that you have listed as “items” in QuickBooks, you must list them as “non-inventory” as quickly as possible. At the same time, you also need to update the cost price of those items. 

If you fail to do so in time, you may end up with a jumbled list of items. Thereafter, you may need the professional assistance of an expert to fix this problem.

  1. Non-usage of the purchase order system

If you deal with several suppliers, distributors, and manufacturers, QuickBooks has an automated system for your benefit. With the help of this system, you can create purchase agreements in bulk. This system is called the purchase order system. While it is made for the convenience of those who work with QuickBooks, most users do not use it. By not using the PO system, you would put up a lot of manual effort. Worse, you may also end up losing a lot of time.

If you wish to make the optimum use of both your time and effort, start using the PO system as soon as possible. It is simple and easy. Whenever you buy something from a vendor, do not forget to create a PO for it. This is the sure-fire way to make the most out of the purchase order system. Accordingly, it will also help you simplify your tasks.

  1. Non-reconciliation of either your bank account or credit cards

If your business has a tie-up with vendors or suppliers, you will do several online transactions. To ensure that all is well with those transactions, you must monitor them from time to time. For best results, consider following this step for your bank account(s) as well as credit card(s).

Wondering whether you have either double-booked or missed out on a transaction? To be certain about it, you need to check each transaction on the reconciliation module of QuickBooks. When doing it, do not forget to check if you did the transactions to the right accounts. Do not hesitate to reach out to an expert for help if you do not know how to do it correctly.

Read More:- Everything Retailers Need To Know About Cryptocurrency

  1. Incorrect application of payments to bills

Do you see that you owe a certain amount of money to a vendor even after paying it to them? If yes, you have a good reason to be worried about it. You are more likely to feel worried if it involves a hefty amount of money. No worries, though, as there are ways to fix this issue. You can resolve this issue by correcting your payments of bills.

Consider approaching bookkeepers for professional assistance on this matter.

  1. Receiving reports on a cash basis rather than in accrual

As a business owner, you would neither want to understate nor overstate your combined tax liability. To help with it, QuickBooks has a process by which you can generate your financial reports in accrual instead of generating them in cash. 

An Quickbook Bookkeeper can do it with ease. If you do not have an in-depth knowledge of working with QuickBooks, you may find it difficult to accomplish this task. If necessary, consider hiring the best QuickBooks bookkeeping services according to your budget and requirement.

  1. Failure to record principal loan payments

This is a common problem that most business owners face. Sometimes they apply for a business loan. After getting it, Quickbook Bookkeeper fails to record it properly on QuickBooks. Just like other loans, a business loan also has two primary components, namely principal payment and interest. If you get a loan on a monthly payment, you need to record both these components separately on the balance sheet.

Not sure how to do it? Consider getting professional assistance from one of the qualified Bookkeepers in Perth.

Final thoughts

No doubt, QuickBooks is a suite with a complete set of tools for financial management. With its tools, you can accomplish a wide range of tasks. It has a dedicated tool to help you perform tasks linked with accounts payable management, accounts receivable, payment processing, budgeting, expense management, account reconciliation, tracking, invoicing, tax filing, inventory management, and accounting.

When working with the tools of QuickBooks, you are likely to encounter the aforementioned errors. Consider reaching out to an expert for professional assistance.

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