Quickbooks Accounting Software
Quickbooks is cloud-based accounting software which is developed by Intuit. This software is specially designed to comply with the needs of small-sized enterprises. Quickbooks an on-premise accounting software that can also be accessed from any device with its login ID.
Features of Quickbooks
- Creates budget and purchase orders on your behalf.
- Manages your cash flow along with profit & loss and balance sheet.
- Creates attractive invoices and send them to your customers.
- Easy and high integration of all bank transactions with the help of bank connect.
- Track and keep records of all your purchases and sales, invoices, payments.
- You can also import your data from MS Excel spreadsheets.
- High GST compliance.
- Gives access privileges to certain people like employees or accountant, so that they can access data.
Working on Quickbooks Accounting Software
When it comes to making choice by small businesses in selection of a fully-equipped accounting software model that has harbored its place in the business market, QuickBooks comes to your rescue even for large corporations and non-profit organizations.
QuickBooks favors various accounting options such as
- Tracking and managing invoices,
- Regulate vendor activities and extend relation ties with them, Cash Flow Management, professional and informative report creation for appropriate handling of incoming and outgoing business deals. zation for your business.
Batch entry of transactions
To ease transaction process and updates of your business, QuickBooks serves transaction entry in batches for speeding up of various actions such as entry, import and delete entries in order to enhance performance.
Batch driven transactions are clipped together based on Batch Number, Type and Source Code.
Transaction types that can take advantage of this feature, by making an entry for the same in QuickBooks data file, are:
- Credit Memos
- Bills and their Credits
Using of rules
Bank rules play an important role in automation of transactions by providing assistance in operation of options such as bank feed, selection of transaction type and breaking up of transactions, category, payee, location and class.
Segregation of transactions and assigning them to a specific register in an automated fashion can be made possible by creating bank rules.
You can also perform flexible operations on rules like copying, editing, prioritization of rules and importing and exporting them in order to be used by various QuickBooks Online company files.
Matching your recorded transactions with that of your bank statement can be a quick fix by reconciliation of your bank account with the aid of QuickBooks accounting software.
As a business personal, you need to be aware regarding certain advantages of bank/ credit card account reconciliation as:
- Up-to-date recording of statements for bank, profit and loss, balance sheet.
- Detailed report regarding reconciled transactions as to cleared or outstanding.
This feature proves to be beneficial in tracking and creating report with regards to your project or job performance.
With no specific job costing calculation method, QuickBooks helps to track and analyze based on the parameters that you wish to take into consideration such as classes, locations, sub customers and applications
With the help of varied QuickBooks ‘job costing recording’ methods, your company or business can gets a clear vision with respect to the efficiency, productivity and functionality of individual units and the entire business.
Accounting for Sales tax
QuickBooks dedicates an account exclusively to deal with your company’s sales tax.
The ‘Sales Tax Payable’ account serves to record sales tax information that is obtained from the transactions and is saved into the account’s register from where the deduction is made visible on sales tax payment.
Linking your Quickbooks account
- Go to your 'account setting' menu.
- Click on the 'integration tab'.
- Click on the option 'choose integration'.
- Select Quickbooks online and follow the further steps.