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4 Advanced Settings in QuickBooks Online You Should Know

Published by Angie Douglas on 23 Jul 2019

 

How well do you know all the settings in QuickBooks Online? Exploring all the settings is somewhat like reading an owner’s manual or instructions. You know you should just read it and get it over with but you find that you only look around if you run into a problem.

The settings in QuickBooks can teach you about tools that you may not have known were available to you. It’s recommended that you familiarize yourself to the important preferences no matter if you’re a new user or a long time user. Below are some setting you may have missed.

Closing the Books

Do you know what this phrase means in QuickBooks? It means that once you set a closing date, you are indicating that no transactions entered prior to the date you set should be changed.

In the upper right, click the gear icon and select Your Company | Account and Settings Next, in the left vertical toolbar scroll down to the Advanced section. In the first heading, Accounting, check the box in front of Close the books. Now, enter a date and choose one of the 2 options for exceptions like those pictured in the image below.

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                            You are able to close the books on a specific date so other users can’t change transactions entered before the date selected.

Categories

There are a couple of ways to categorize your transactions so that you can see related data in your searches and reports. Scroll down to Categories and click on the Off button to the right of Track classes to turn this feature on. QuickBooks will then add a Class field to forms such as invoices, as well as a drop-down list that you can build with your own options.

For instance, you can create categories like departments, customer types, and product lines.  You may also choose to assign classes to entire transactions or to individual rows in them. You can also ask to be warned if you try to save a form without selecting a Class.

Track locations works similarly. You will be able to assign a location (territory, store, department, etc.) to each transaction if you want too.

Automation

 You’re already saving time by using QuickBooks for your daily accounting tasks. However, QuickBooks offers a way to save even more with its Automation tools. You are able to:

  • Pre-fill forms with previously entered content. Once you’ve saved a transaction for a customer, vendor, or employee, you can choose to complete some fields in the next form you create for them.
  • Automatically apply credits. Do you want to apply credits to the next invoice you create for a customer? Most businesses do, but a specific example of a time you would not check the box would be if you’re a property manager who requires security deposits.

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                                                                                 Several automation options are offered in QuickBooks.

  • Automatically invoice unbilled activity. Caution. When you have customers with unbilled activity, QuickBooks can automatically create invoices for them on a schedule you designate. You have a few options here. You can simply ask for a reminder as the date approaches, or you can allow the site to automatically create invoices – with or without notifying you.
  • Automatically apply bill payments. When you record bill payments, QuickBooks can automatically apply them to the oldest recorded bill.

Time Tracking

If your company sells services that are billed by the hour you have a couple of options you can turn on. When you create timesheets or individual timed activities, you can add a Service field to the tracking form. You may also include a checkbox that will indicate a blog of timed work is billable to customers. If you include a checkbox you may also opt in or out of allowing users see the actual rate you charge customers.

Checking Your Work

There is a reason that QuickBooks refers to these as Advanced Settings. Making the wrong choices on any of them could lead to unhappy or confused customers and/or inaccuracies in your accounting file. It’s much easier to spot problems in the making than to correct mistakes already made. At Summit CPA we offer QuickBooks consultation. If you would like further information on how we can assist you with your bookkeeping needs, contact our office at 866-497-9761 to schedule an appointment with our Advisors.

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