QuickBooks is one of the most useful and user-friendly accounting software provides wide options to maintain the daily records of all transactions with customers or banks. It comes with different versions for different users, who can find their package as per their business dealings.
However, despite learning all the functions and important actions you can do mistakes while entering the transactions. Such mistakes can be silly but can cost you considerably or might become a major cause of other problems while reconciling all the transactions. Hence, we brought checklist of accounting mistakes and tips to fix them for avoiding major differences.
Not Reconciling Accounts in QuickBooks
This is one of the biggest mistakes, QuickBooks users overlook while doing entries into their QuickBooks account. The authentication of entries is possible when you regularly reconcile QuickBooks account. Thus, you should reconcile all the banking transactions with the entries made in your QuickBooks software against that entry.
Mixing Personal and Business Expenses
This is one of the common mistakes business owners do while using QuickBooks accounting software and make various entries in the same manner. QuickBooks users should keep these transactions separate from their personal expenses to keep the accurate track record of all personal or business transactions separately.
Not Taking the Daily Backup of Company Files
Keeping backup of such database application is important to ensure the safety of data. Actually, unexpected things can happen anytime, anywhere with anyone and here if your system crashed all your transaction records in QuickBooks database will be corrupted. Hence, make a habit of taking backup regularly and stay safe from data corrupt or system crash risks.
Recordings Customers Payments as a Deposit
This is a real mistake that can cause major problem or your will see huge difference in your bank accounts. You record this deposit in your accounting system and unless your accounting system take account of then you could be devaluing your taxes. Hence, make sure liability of total sales report matches the total sales reported on your income statement for that particular period. If problem is not fixed, you can take QuickBooks help to check such issues.
Not Upgrading or Updating Software Version
Considering as a time taking and tedious work, many accountants or CPAs avoid updating the QuickBooks software and keep using the older version of accounting software resulting face common issues. Developers regularly keep working on increasing the performance of such software and fix the bugs by upgrading the current version or releasing the updates into the existing versions helping their customers to work with more efficiency.
You should regularly update your QuickBooks to avoid errors and work with better speed and performance, and if you need any help for QuickBooks update/upgrade or facing any technical problem dial QuickBooks tech support number for online help to solve the issues remotely.