15 QuickBooks Tips Every Small Business Needs To Know

Does the Bank Detail line coincide with the Payee name? If you aren’t sure, you can click on the link — in this case, “CC Expense” — to review the transaction in more detail. You can also click the “Find other records” button to view other possible transactions that could be linked to this one. Enter the date of the transaction in the Payment Date field, then select the correct payment method.

Go to Get paid & pay or Sales, then select Products & services . In theAccount column, take note of the account type. In theDistribution Account▼ dropdown, select the account you want to delete. You can also select specific accounts from the dropdown. Select the type of transaction to create, and then selectOK. When you see the Autopay Scheduled status under the invoice activity section, then you know your customer setup Autopay.

Once the transaction clears your bank and appears in your live feeds, it will also be added to QuickBooks. QuickBooks Online makes it easy to set up and track recurring expenses. You can manually add and set up a recurring expense, or you can make this change to expenses that are imported from your live bank feeds. By adding your business bank account to QuickBooks Online, your account balances and transactions will automatically update in the software — no manual uploading or data entry required.

Edit a recurring template in QuickBooks Online

You can also check out Merchant Mavericks QuickBooks Pro 101 series for easy-to-follow tutorials for some of the most commonly used features in QuickBooks Desktop. To get started, click the Banking tab, then choose the Link Accounts options. Follow the prompts to continue syncing your account. Can’t remember the shortcuts or want to explore the other options? From using keyboard shortcuts to using automations and scheduling, these QuickBooks Online tips and tricks can it even faster and easier to balance the books. Use these tips to save time when using QuickBooks Online and improve your business processes.

normal balance are updated every night, although you have the option to update manually with a single click as needed. Once on the Receipts screen, you can upload receipts. If you’re using the QuickBooks Online app on your smartphone, you can use the app to add photos of receipts, then access and add them to your books from this screen.

You’re our first priority.Every time.

Keyboard shortcuts can be easily used in QuickBooks by pressing a few keys on your keyboard. In QuickBooks Online, you can find all the shortcuts by pressing Ctrl + Alt + ? For PC, while Mac users can use Ctrl + Option + ?.

If you delete a recurring payment, you lose the ability to view all individual past payments related to it. However, past payments remain in your transaction history, so you can search by customer. You can see a list of actual payments made for a recurring payment you set up. To do this, click the customer name to view details. Auto payments deduct from your customer 3 days before the due date of the invoice or immediately if the invoice is due in less than 3 days.

Do you want to either track inventory or project profitability?

Expense automation tools also offer advanced analytics to provide insights into your expenditures. For example, the platform could notify you if an existing expense increases or decreases, or when your company incurs an expense with a new vendor. There are various types of transactions for which you can set up recurring transactions for, such as Invoice, Bill, Expense, etc. You need to select the appropriate transaction type by clicking on the drop-down button. It’s a great fit if you’ll be doing the bookkeeping yourself and don’t need inventory accounting. If you want a dedicated expert to handle your ongoing bookkeeping work, you can sign up for QuickBooks Live Bookkeeping, available in Simple Start and all higher plans.

Additionally, you can add integrations, including software you already use to pay bills, such as Bill.com. We’ll dive further into integrations further along in this post. An expert in accounting, finance, and point of sale, Erica has been researching and writing about all things small-business since 2018. Erica’s insights into personal and business finance have been cited in numerous publications, including MSN, Real Simple, and Reader’s Digest. Often, you will need to split a transaction over multiple expense categories, and you can do that here by clicking on the Split button .

How to Schedule Recurring Transactions: Record, Edit, & Monitor

If your business is service-based without any inventory, then Essentials should provide everything you need while saving you $30 per month compared to Plus. If you’re scaling from five to 25 users, then go with Advanced. With Essentials, you can track your unpaid bills easily and pay them directly within QuickBooks. You just need to select the bills you want to pay from the Pay Bills window, place a checkmark next to the bills, and then select Save & Print. QuickBooks Online is our overall best small business accounting software. To help narrow down the best plan for your business, answer a few short questions below.

Tim is a Certified QuickBooks Time Pro, QuickBooks ProAdvisor, and CPA with 25 years of experience. He brings his expertise to Fit Small Business’s accounting content. Fit Small Business content and reviews are editorially independent. We may make money when you click on links to our partners. Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities.

Your customer needs their Intuit account to use autopay. If they don’t have an Intuit account, they’ll need to create a new login. Specify the frequency interval, start date, and end date of the recurring invoice. The End field determines how long the recurring invoice sequence will be used.

Work with recurring payments report

On the upper right of the screen, click the View dropdown and choose the number of records to display. On the top left of the screen, click the Display Expired Entries checkbox. The Next Bill Date is dynamically calculated based on a payment’s Start Date, Frequency and End Date. Select Yes to confirm you want to delete the template. Go to Business overview then select Reports , or go to Reports .

• Step-by-step video tutorials are also available on a variety of topics.
• You can sign up for a webinar directly through QuickBooks.
• Billie Anne has been a bookkeeper since before the turn of the century.
• The last field on this screen is the opening balances field .

Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. Merchant Maverick’s ratings are not influenced by affiliate partnerships. We didn’t forget about you, QuickBooks Desktop users.

Automated solutions give you high visibility and control over your expenses, especially if your solution includes a payment card platform. Expense management software can track and report expenses in real-time to provide insights into your spending activity. Payment cards take this further by letting you set card-level restrictions so employees can make only approved purchases. Automating your expense and AP processes will let you track and manage expenses in real-time, identify recurring expenses, and reduce errors and delays.

• If you don’t have an existing invoice you want to use for your QuickBooks recurring invoice template, you can create a recurring invoice template from scratch.
• If you’re not on top of your recurring expenses, it won’t take them long to grow into a major drain on your financial resources.
• As the number and complexity of your recurring expenses grow, so do your risks.
• Let us know how well the content on this page solved your problem today.
• This type of template proposes a series of transactions according to a schedule you set.

Select this option if you want to batch print all your invoices at a later time. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Here is a list of our partners and here’s how we make money.

Choose the template, then in the Action column ▼ dropdown menu select Duplicate. All settings except the title will be in the duplicate copy. Recurring estimates are not supported in the new estimate and invoice experience.