You Could be Wasting Time in QuickBooks

Nov 9, 2011

If you or your business uses QuickBooks®, then chances are good you are missing opportunities to be more efficient in the program. On Tuesday, November 8th, Stephanie Thurman and Vicki Courtney from Swindoll, Janzen, Hawk & Loyd, LLC presented QuickBooks: Tips & Tricks. This event was hosted by the McPherson Chamber of Commerce.

Chrissy Cox with Assured Occupational Solutions
During the two hour presentation, Stephanie and Vicki presented valuable short-cut keys and functions to use in QuickBooks®. Stephanie began by showing attendees how to customize the QuickBooks® Icon Bar.

"I never used the right side of my screen before, so getting rid of those icons I never use and adding icons I do use will be a nice time saver," stated attendee Chrissy Moran with Assured Occupational Solutions.

Another time saver discussed was QuickBooks® ability to download credit card and banking transactions, possibly eliminating hours of data entry.

Stephanie Thurman
A function that may benefit organizations is the use of class tracking. Vicki discussed class tracking in terms of payroll noting that company paid payroll taxes can also be allocated to classes automatically, if you have the correct setup in QuickBooks®. Moran also said that,"the payroll option to split the classes based on how you want the payroll allocated is very helpful."

Another important note was made regarding fraud and embezzlement. Embezzlement is far more common among small business owners than we like to think. The 2011 study done by Marquet International, Ltd. analyzed 485 embezzlement cases active in the United States in 2010. One significant finding from this study showed the most common embezzlement scheme involved the forgery or unauthorized issuance of company checks. Another finding was that two-thirds of the incidents reported were committed by employees who held finance and accounting positions.

SJHL suggests that one way to protect your business is to have the actual bank statements sent to the business owner's home address. The owner should open and review the bank statements each month making sure the checks cashed are the same information being recorded in QuickBooks®!

Vicki Courtney
New Service - "Wednesday's Workshop"

SJHL has started a new service we refer to as "Wednesday's Workshop." Every Wednesday from 9:00 -11:00 a.m. anyone can walk-in and work with any one of our QuickBooks® specialists to get help using the program, troubleshoot an issue, or answer any other question you may have about the program. SJHL has QuickBooks Professional Advisorsâ„¢ on staff who are ready to assist you. An appointment is not necessary, but can be made to reserve time. This particular service is being provided at a discounted rate of $79 an hour. Please share this information with anyone using QuickBooks®, as one hour with a member of our staff could save you one hour a week working within the program. Visit for more information about "Wednesday's Workshop."

Thank you to everyone that attended Tuesday's seminar. We hope you found it helpful and were able to leave with information that will save you time in your daily duties.

A Tip for You: Go behind the scene to see the accounting affect of a transaction.

Have you ever looked at how your invoices affect your profit and loss report? Do you know where the "Item's" billed on your invoices are going on your income statement?

To quickly expose the general ledger entries behind a transaction in QuickBooks®, simply press Ctrl-Y. Now you can see all the Debits & Credits behind the scenes of a form. (See the Transaction Journal report below. This is the accounting entry that results from the invoice shown.)

Try it out. Go to a paycheck, an invoice, or any transaction in QuickBooks® and simply press Ctrl-Y and see the behind-the-scene accounting entry!

Screen shot