As you ring in the New Year, you may have a list of resolutions geared to make your life better or easier like exercise more, eat healthier or get organized. The New Year is also a great time to make working with your QuickBooks file better or easier. Here are a few tips that might be helpful to implement early in the year:
- Help to avoid date errors in transactions - It is very easy to enter the wrong date after the first of the year. To help prevent this from occurring, you can set your preferences to warn you if a transaction has been entered with a date a set number of days in the future or in the past. This preference can be set or customized under Edit/ Preferences/Accounting/Company Preferences. In the Date Warnings section, you can check the appropriate boxes and set the number of days for the warning to best meet your needs.
- Protect your year end balances - After you have finalized the year end balances in QuickBooks, you want to make sure they don't get changed. To control this, you can set a closing date in QuickBooks. If a transaction is entered with a date prior to the closing date a warning will be displayed (if a closing date password has been set, you will also be prompted to enter the password before the transaction will post). This preference can be set or customized under Edit/Preferences/Accounting/Company Preferences. In the Closing Date section, click Set Date/Password to set the closing date and a password if desired (a password is not required, but is recommended). TIP: You can change the closing date as often as you like (i.e. monthly) rather than only at year end.
- Clean up QuickBooks lists - After using your QuickBooks file for a period of time, you often end up with accounts, customers, vendors and items that you don't need to use anymore. An easy way to "hide" those is to mark them as inactive. Simply display the list you want to review, right mouse click on the name you want to make inactive, and select Make Inactive. The information and transactions associated with that name will be retained in the file, but will not be displayed - thus providing cleaner lists.
If you need help implementing these tips or have other QuickBooks needs, please contact our Certified QuickBooks ProAdvisors at 317-888-2047 today!
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Coffee Break is an e-mail newsletter from QuickBooks Café, a division of Shaub CPA Group. QuickBooks is a registered trademark of Intuit, Inc. Although our staff members are certified by QuickBooks (Certified QuickBooks ProAdvisors), QuickBooks Café is not affiliated with Intuit, Inc. Information contained in this newsletter is for general purposes and may vary depending on individual circumstances.