Clean up your “financial mess” with five helpful QuickBooks Online tools

Clean up your “financial mess” with five helpful QuickBooks Online tools

There are several to improve your work process, and adding QuickBooks for your accounting needs, definitely eases the work process. Even when you want to do a clean-up process for a financial mess, it can be sorted out with QuickBooks Online tools.

Five helpful QuickBooks Online tools

QuickBooks online tools reorganize and streamline your financial data encouraging hassle-free work process. In this write-up, we are going to highlight, five such tools that can be very helpful in sorting out the mess.

Use the “Bank rules” option

If the client uses bank feeds, you can create rules that tell how transactions in the bank feed are categorized. Once you set the rule, it is an automatic process. Many users are reluctant to set up their own rules as these can be confusing and often complicated to set. With the correct procedure, you can set up a rule as per the requirement. The critical point is to communicate with the client and understand which transactions are routine. Once you know these transactions and rules are set for it, QuickBooks Online will sort the problem for you.

Note: In case you already have several “Bank Rules,” and your system is facing too many issues, delete some of the rules and then create the new ones. Too many poorly created bank rules can create mess and system problems

The Audit Log

The Audit log is the place where QuickBooks Online tracks changes and then stores them. Once in the “Audit log”, you can view the history of any transaction, the edits on current transactions & who performed these changes or edits. The tool can analyze the mistake and to what extent it was made.

  • You need to select “view” and go to “transaction history”’
  • Click the “transaction ID”
  • Check the transaction details and make changes that are needed.

If the transaction were edited elsewhere in QuickBooks Online, the “Audit log” would tag these transactions as “Indirect Edit.” You should not edit transactions in an audit log as a routine and use it only as a tool to identify errors and as a navigation tool.

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Explore “The Projects” tab

The projects tab has a feature that allows you to organize client that deals with job costing or multiple contracts. In this new feature, you can create a project and add all related expenses, invoices, bills, etc. to that project. The transaction’s location will remain the same in the actual accounts. It is a tool to help users, visualize data and make management tools. If a transaction is added to a project, QuickBooks Online will automatically take it and tag it with the correct sub-customer & class related to that project. Manufacture accurate and customized reports in the shortest possible time.

To turn on the projects tab

  • Click “Gear Icon”
  • Select QuickBooks Labs
  • You can view the projects option in the additional features for QuickBooks Online – Turn on this option

Use the Ask my Accountant / ask my client feature

Is a lot of paperwork, lengthy spreadsheets or previous QuickBooks data troubling you? No doubt, it is difficult to get data from clients. In order to get this data in the quickest possible time, it is essential to establish regular communication with the client.

You can solve this problem with “My Accountant account.” All the new QuickBooks Online setups to have an inbuilt “Ask my accountant” in the COA. The feature should active whether you are handling this feature or From the client’s side it is managing. Go and check this option often to handle the transactions quickly and establish a good workflow.

Assign your accountant to create an account for things you want to know from the client. Create an “Ask My client” account and place these transactions in “Uncategorized Expenses”. Keep a weekly check on these transactions to keep them well updated.

Use the Import lists and scanner apps

When you have newly shifted to QuickBooks Online, there might be several folders such as statements, receipts or workbooks of spreadsheets that have to be transited in QBO format.

The import list feature allows you to import lists of customers, vendors or inventory/ services. Moreover, there are other apps at “Intuit App center” that can sync well with QuickBooks Online and format data for importing to QBO. You can scan paperwork as well with these apps. For these apps, no special scanners are needed, and they can use with the office scanner, tablet camera or a smartphone.

Cleaning up is as essential as entering, synchronizing or other work process activities. QuickBooks Online tools ensure that cleaning up is tidy and easy so that it is an activity you perform on a regular basis. Talk to a ProAdvisor now and understand the above tools even further at QuickBooks Tech Support Phone Number.