Are you a QuickBooks user? Then you must know about that QuickBooks Accounting software helps the small and mid-sized business with its outstanding functionality and features. It helps in managing the entire financial system of the organization. QuickBooks can be extremely helpful for company growth if utilization is done effectively and efficiently but sometimes you can face QuickBooks accounting mistakes.
It can be frustrating when you encounter an error and cannot manually fix it up. Considering the troubles that users encounter while using QuickBooks software, we as a QuickBooks trained group of technical experts with years of experience help the user to resolve basic to the most critical QuickBooks accounting small business mistakes.
Common QuickBooks Accounting Mistakes and Resolutions
Your Chart of Accounts is a Mess
- Group the related accounts jointly in the parent-child relationships.
- Keep the account as simple as possible.
- Merging of too many accounts may create errors
- When you enter data, assure entering the lowest level rather than parent account
Your “Items” List is Jumbled
- Deactivate the items that you no longer sell.
- Assure each item is properly labeled like “non-inventory”, “inventory” etc.
- Double-check the total amount in the stock
- Assure that you maintain the costs for each and every item updated.
- Tag each item appropriately with the correct cost and revenue accounts.
Not making use the Purchase Order System
- Create a Purchase Order every time you purchase a product from a vendor.
- Assure that you get the products against a Purchase Order.
Not Reconciling Your Bank Account
It is about supervising the transactions to assure that your account has the right information and in right amounts.
- Begin the reconciliation module.
- Verify each monthly transaction.
- Assure that each transaction hits the right account
- Also, assure that nothing is double-booked or missed
Not Reconciling Your Credit Cards
Ensure that you are making use of the reconciliation module for loans, credit cards, and other balance sheet accounts. This hardens your financial statements and provides you a better performance accounting of the condition of your company.
Inaccurately Applied Payments to Bills
If you have paid a vendor but the report says that still owe the vendor, it means you have applied for the payment inaccurately to the bills
Improper Use of Un-deposited Funds Account
In case you are regularly receiving the payments from customers, however, your cash account is not increasing on the financial reports, and then you are most possibly using the un-deposited funds wrongly.
Your choices are not Set Up Properly
You might need to adjust to your choice
- Modify the Email templates
- Finance penalty for late customer payments
- Adjustment of Reporting options
- Defaulting of bank accounts for receiving checks, paying bills, etc.
You have Deleted Transactions
QuickBooks accounting mistakes transactions are all connected together to delete one transaction or modify other transactions that were already connected. Prior to deleting the transaction, verify with your accountant.
Get Contact Support from RemoteAccounting247 QuickBooks Technical Experts
With detailed information provided on QuickBooks error, the causes of the issues and their resolutions steps and hope you are satisfied with the details left with no further doubt. However, if you encounter some other issue or could not manually fix the QuickBooks accounting mistakes, then our QuickBooks technical experts are totally prepared and easily available 24 hours.
They are a group of QuickBooks technical experts who properly take care of each and every minor issue and provide assurance to resolve any kind of error in no time. To connect with them, you can call at RemoteAccounting247 QuickBooks toll-free helpline number ✆+1-800-961-6588 or chat via Online Chat Support/ Live Chat Support.