If you feel that you are not getting all that you can out of your QuickBooks, do these three simple things to keep your QB company file in shape so that you have clean and accurate financial information.
1. Stay on top of your bank feed. Make certain that your connection to your bank account is intact and that your transactions are being downloaded. But don’t stop there! Transactions in the bank feed screen labeled “For Review” have not yet been recorded. Review the transactions and approve them for entry into your books.
2. Reconcile your bank and credit card accounts. This QuickBooks feature allows you to ensure that you haven’t overlooked recording a transaction and also that you haven’t recorded a transaction twice by mistake. Make sure to reconcile every bank and credit card account each month.
3. Look at your financial statements. At a minimum, run a Balance Sheet and a Profit & Loss Statement each month. Look for negative balances in an account or any account with an unusual or unexpected balance. This will help you catch coding errors or identify issues.