5 Basic Quickbooks Tricks You Should Know

Posted by: Brookside Admin

Quickbooks Pro is one of the most popular brands of accounting software available and is integral to thousands, if not millions, of small businesses. Quickbooks is incredibly powerful and capable of producing reports, managing books and numerous other features. The only downside is that you have to take the time to learn how to use it. At Brown Kinion and Company, our on-staff Quickbooks advisor offers training, consulting and other services to help you effectively manage your business's accounts. To get you started, here are a few Quickbooks tips that everyone should know. 

  • Keyboard shortcuts

To efficiently navigate through Quickbooks, there are a number of shortcuts you need to know. By simply pressing a combination of keys on your keyboard, you'll be able to quickly access features and make daily activity much easier. Here are some of the most commonly used and most valuable. 

  1. 'Ctrl-l' creates a new invoice
  2. 'Ctrl-E' edits the transaction currently selected
  3. 'Ctrl-F' allows you to search and find a transaction
  4. 'Ctrl-Q' generates a 'QuickReport' on the transaction or list item selected
  5. 'Ctrl-W' writes a new check
  • Modify your icon bar

Chances are, the icon bar at the top of your Quickbooks screen doesn't exactly fit your needs. You can modify the icons included, however, so that your most used icons are always only a click away. 

To remove an icon, go to View>>Customize Icon Bar then select an icon and click Delete. 

To add an icon, View>>Customize Icon Bar>>Add. You'll be given a list to choose from. Find the icon you want, change the label or description if you'd like, then click OK. 

You're also able to make edits to existing icons in your bar, or change the order of the icons and a few other featuers as well all from the same 'Customize Icon Bar' menu. 

  • Program preferences

When you begin working with Quickbooks, there's a start-up wizard that helps you select the correct settings for your business and the way you'll be using the software. This isn't comprehensive, however. To completely finish the set-up, you'll want to go to 'Edit' then 'Preferences'. Here you'll be able to choose a default account for checks and bills, choose a default annual interest rate, enable the use of payroll, set a list of reminders, whether you need to use sales tax and much more. Taking the time to go through these preferences will allow you to work much more efficiently daily. 

  • Use Classes

One of the options listed in the Preferences menu is whether or not you'd like to use 'Classes'. You'll want to be sure that's enabled. When it is, each transaction will be categorized under a specific class. Things like 'Marketing', 'Sales', or by you can sort by region or office. However you use classes, you'll be able to easily generate Profit and Loss reports that show exactly how well each class is performing. 

  • Organize your Chart of Accounts

During the set-up process, Quickbooks will ask what type of business you have. This choice will dictate the type of Chart of Accounts you're assigned. This is far from a tailored chart, however, and you may want to further customize it. To better organize it by removing certain fields or adding new ones, click Lists>>Chart of Accounts. This will show you the current state of the account. If you'd like to alter it, right click. 

Working with Quickbooks Pro can be confusing, but mastering the software allows you to better manage your finances and your business. For help, contact our Quickbooks Advisor