A month ago, we wrote about how many people use QuickBooks incorrectly. To expand on that, most users do not take advantage of all the features and functionalities of the program. Understandably, everyone is not familiar with 100% of the program’s features. At least, they should be comfortable with the features and functions that pertain to their particular needs. This article describes just that – how to find out what features of QuickBooks are applicable to you and how to maximize them.
What You Do Not Know in QuickBooks
Off the top of your head, can you list five things that you do not know about in QuickBooks? Probably the answer is “no” and that is perfectly normal. We do not know what we do not know. So how do you find out what you do not know? One simple way is to “tour” your QuickBooks software. Tour as in peruse up and down each of the dropdown menus. No need to worry on understanding every single function. But you will quickly find features that you did not know were there.
How to Maximize QuickBooks
When you start finding features that apply to your business, QuickBooks begins to get very useful and powerful. For example, under the Lists menu, you find the Templates list. There, you can create or customize your own forms; you can specify fields and columns to appear on sales and purchase forms or customize the actual appearance and layout of all QuickBooks business forms. Another example is when creating your items list. You will need to understand when to use an Inventory Part versus a Non-Inventory Part or an Assembly Item versus a Group Item. Under the Reports menu, you find the entire universe of pre-defined reports available in QuickBooks, grouped by functional area – Company & Financial, Customers & Receivables, Vendors & Payables, and more. Every one of the reports can be customized by using data filters, and you can save report formats for repeated use as Memorized Reports.
These above are just some of the advanced topics that you uncover as you begin to discover QuickBooks. Last month I wrote about the three pillars for QuickBooks success:
1. Choose the right QuickBooks product
2. Set up QuickBooks properly
3. Use QuickBooks properly
As you begin to discover QuickBooks, the importance of education is even greater. All QuickBooks users – including accounting professionals – must understand that to maximize its use, you must clearly understand its tools and functionality. Proper setup and use of QuickBooks ensures internal control and guarantees the integrity of reporting and management decisions. Proper education is by far less costly than repair later. So, reach out to your trusted QuickBooks expert to help guide you to prosperity.
End the frustration, begin to understand.