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recurring transactions

Understanding Recurring Transactions in QuickBooks Online

Accounting, Accounting Technology, Cloud-based accounting software, Online Accounting, QuickBooks Online Features, Virtual /

The Importance of Recurring Transactions For many businesses, financial transactions are repeated month after month. In fact, it’s estimated that about 80% of transactions fall into this category. Instead of manually entering the same data every time, QuickBooks Online (QBO) provides two primary ways to automate this process: Bank Rules – These automate transaction categorization […]

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Special transactions

QuickBooks Online: Special Transactions

Accounting, Accounting Technology, Cloud-based accounting software, Online Accounting, QuickBooks Online Features, Small Business Accounting /

When using QuickBooks Online (QBO), it’s easy to assume that most transactions fit neatly into two categories: sales transactions or purchase transactions. However, several types of transactions don’t fall into either category, yet they’re essential for maintaining accurate financial records. These Special Transactions include bank deposits, journal entries, and zero-dollar transactions. Let’s break down these

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purcchases

Understanding Purchases Versus Expenses in QuickBooks

Accounting, Accounting Technology, Cloud-based accounting software, QuickBooks Online Features, Virtual /

In a prior blog post we discussed sales versus income.  Today we will dive into another set of similar terms that have different meanings in QuickBooks. When working in QuickBooks, it’s essential to understand how the terms “purchases” and “expenses” are used. These terms may seem straightforward in everyday language, but in QuickBooks, they carry

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Advanced Project Insights with Project Reports and Labor Costing

Accounting, Accounting Technology, Cloud-based accounting software, QuickBooks Online Features /

In our previous blog post, we explored the foundational features of the QuickBooks Online Projects tool, including its dashboard, setup, and general benefits for job costing. In this follow-up, we’ll take a deeper dive into Project Reports; a robust toolset for assessing project profitability, labor costs, and unbilled time. We’ll also explain how to link

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Workflow Management

Streamlining Job Costing with QuickBooks Projects

Accounting, Accounting Technology, Cloud-based accounting software, QuickBooks Online Features /

Many businesses operate on a project-by-project basis and require a system to track revenue, costs, and profitability for each project. QuickBooks Online’s Projects feature is a great tool that enables businesses to consolidate all project-related activities into one central location – the Projects Dashboard, also known as the Project Center. Let’s dive into the features,

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Sales vs. Income

Understanding Sales vs. Income in QuickBooks Online

Accounting, Bookkeeping, Cloud-based accounting software, QuickBooks Online Features /

When working in QuickBooks Online (QBO), it’s essential to understand the difference between sales vs. income. These terms have specific meanings within the QuickBooks ecosystem that does not necessarily align with their broader real-world definitions. This blog post will help clarify these distinctions, explain their implications, and guide you through proper configuration and usage in

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Class Tracking in QBO

Understanding Class Tracking in QuickBooks Online

Accounting, Accounting Technology, Cloud-based accounting software, Online Accounting, QuickBooks Online Features /

Class tracking is a powerful feature in QuickBooks Online (QBO) that allows businesses to categorize income and expenses according to different parts of their operations. This feature is useful for analyzing profitability across different areas within each account, such as departments, properties, product lines, service lines, or even manufacturers. Here’s an in-depth look at how

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QuickBooks Online

Foundational Knowledge in QuickBooks Online

Accounting, Accounting Technology, Cloud-based accounting software, QuickBooks Online Features, Small Business Accounting /

Foundational Knowledge in QuickBooks Online QuickBooks Online (QBO) is one of the most popular accounting software platforms available today. It’s widely used by many businesses to manage financial transactions, track expenses, and generate reports that offer insights into the business’s financial health. In prior blogs, you have seen what it can do, but let’s take

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Separation of Duties

Strengthening Financial Controls Through Separation of Duties

Accounting, Cloud-based accounting software, Small Business Accounting, Uncategorized /

Strengthening Financial Controls Through Separation of Duties One of the most critical components of financial control in any business is the separation of financial duties. This practice not only reduces the risk of fraud but also ensures that no one employee has control over the entire financial process. By dividing accounting functions into smaller tasks

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4 Best Accounting Software for Startups

Accounting Technology, Cloud-based accounting software /

4 Best Accounting Software for Startups What’s the one thing every business needs to succeed? Capital. Over 82% of companies fail because they experience cash flow problems. Hiring an accountant or CFO can help, but even with those roles covered, you’ll need accounting software as an SMB. We help startups – and businesses of all

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