Every year, a company has to fulfill a new bunch of tax filing limits and that means organizations are working hard to bring up-to-date their present QuickBooks files or setting up the new ones.
QuickBooks has undoubtedly grown to become the chief rated as well as extremely popular software solution for businesses. It helps the companies commendably manage the inventory, payroll, sales etc. However, there is always a possibility some common errors that a QuickBooks user should be prepared to deal with.
Also, here, we are not talking about the technical errors only. Some common QuickBooks errors or misses can happen from the user’s side as well. Hence, the user should avoid certain things to make sure that he/she is able to make the best use of the software.
Listed below are some of the common QuickBooks errors:
The Chart of Accounts has identical accounts
To make the things neater, set all the same accounts with the help of sub-accounts. It is always advisable to keep the window as clean as possible. After entering the data, push it to the lowest level account instead of putting it in the main account. In case you find the COA as well as the unused duplicates, then merge them in just a single account.
Avoidance in setting Sales Tax Preferences
In case the sales tax is payable on products that the company sells, the tax preferences should be set appropriately in QuickBooks. This will help the company to accurately manage the records. It is pretty easy to set the preferences, you just have to click on Edit, then go to Preferences and select the Sales Tax icon. Here, you will find the Company Preferences, click on that and then Owe Sales Tax. After this, you just have to select either Upon Receipt of payment or the other option As of Invoice Date.
Not Reconciliation of the Accounts
To make sure that the company account register is apt, accounts must be repeatedly reconciled. This process includes things like taxes, savings accounts, loans, etc. To reconcile a particular account, you would have to open the Banking section, select Reconcile, and then key in statement dates as well as the end balances. Once every constituent in the Checks and Payments section is marked, the lowest right corner has to appear as zero.
Unable to review P&L as well as Balance Sheet Statements
The statements including Profit and Loss or other eminent reports are important parts of the business. So, the organizations have to keep an eye on the reports and that too on a regular basis to catch the problems whenever they arise. These reports offer a good glance at the company’s overall financial profile.
QuickBooks is a very simple and efficient software. However, it is important to make the most of the software by exploiting all its offerings. You can always contact our QuickBooks customer support team by dialing +1-800-961-6588 to know more about the software.