How To Create A Journal Entry In QuickBooks Pro

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How To Create A Journal Entry In QuickBooks Pro

Journal entries, as an accounting concept, can take a while to grasp. The good news? QuickBooks creates almost all of your journal entries for you automatically. The other good news? If you do have to create a journal entry, it only takes five steps.

In this post, we’ll explain when you need to create a journal entry in QuickBooks and walk you through the journal entry process.

Table of Contents

When To Create A Journal Entry In QuickBooks Pro

In double-entry accounting, a journal entry is used to log which debit and credit accounts are affected by a given transaction. QuickBooks takes care of all the double-entry accounting behind the scenes.

Whenever you enter a transaction (like an invoice or bill) in QuickBooks, the software automatically creates a journal entry for you. Take this bill for example:

How To Create A Journal Entry In QuickBooks Pro

If we use the command shortcut Ctrl + Y, we can see the journal entry that QuickBooks automatically created for this transaction…

How To Create A Journal Entry In QuickBooks Pro

The entry tells us that Accounts Payable was credited $49.95 and the Other Business Expenses Account was debited $49.95. The debits and credits balance.

Again, QuickBooks creates an automatic journal entry for every transaction entered in QuickBooks. Additionally, the software will adjust the journal entries if you edit or change the transaction. So, most often, you won’t need to worry about it.

However, there are a few cases where you may need to manually create a journal entry. For example, you’ll need to create an entry for depreciation. QuickBooks provides a list of all the instances where you may need a journal entry. In such instances, follow these five steps:

Create A Journal Entry

To begin, go to Company>Make General Journal Entries…

You may see a notification letting you know that QuickBooks automatically numbers journal entries. You can eventually turn off auto-sequencing or change the beginning number, but for now, just click “OK” to get started.

How To Create A Journal Entry In QuickBooks Pro

Step 1: Enter Date

Use the drop-down calendar to enter a date for your journal entry. For our company, we’re going to create a depreciation journal entry for the end of 2017.

How To Create A Journal Entry In QuickBooks Pro

Step 2: Adjust Entry Number (Optional)

At this point, you can adjust the beginning sequencing number of your journal entry. QuickBooks will automatically number your journal entries from here on out.

How To Create A Journal Entry In QuickBooks Pro

Step 3: Add Debited Account

In journal entries, you list the debited accounts first and then the credited accounts. If you need a refresher on debits and credits, read our Quick Guide To Accounting Terms and Concepts.

Select the account being debited. Then enter the amount under “debit.” If desired, you can also add a memo, name, and mark the amount as billable.

How To Create A Journal Entry In QuickBooks Pro

Step 4: Add Credited Account

Select the credited account from the drop-down menu. QuickBooks automatically enters the credited amount under “credit” because the debits and credits must always match. If desired, you can you can also add a memo, a name, and mark the amount as billable.

How To Create A Journal Entry In QuickBooks Pro

Step 5: Save

Check that all of the information looks correct and that the debits and credits match. Then click “Save & Close” or “Save & New” if you’re planning on creating another journal entry.

How To Create A Journal Entry In QuickBooks Pro

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Export Files From QuickBooks Pro

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How To Export Files From QuickBooks Pro

After putting so much effort into learning and using QuickBooks, the last thing you want is to lose all of your company data. That’s why exporting data regularly to back up company files is so important.

There are several different ways to export information in QuickBooks. In this post, we’ll cover how to export items, addresses, time entries, reports, invoices, estimates, and sales orders. We’ll also teach you how to create a backup company file of all your QuickBooks information.

Table of Contents

Exports Lists

You can export the information found under the “Lists” tab of QuickBooks into a .IIF file.

To export lists, go to File>Utilities>Export>Export Lists to IIF.

Step 1: Select The Lists You Want To Export

Tell the software which lists you want to export. You can choose from:

  • Chart of accounts
  • Customer list
  • Vendor list
  • Employee list
  • Other names list
  • Customer type list
  • Vendor type list
  • Class list
  • Job type list
  • Item list
  • Payment terms list
  • Payment method list
  • Shipping method list
  • Customer message list
  • Budgets
  • To do notes
  • Sales rep list
  • Price level list
  • Sales tax code list

How To Export Data From QuickBooks Pro

Once you’ve selected the lists you wish to export, click the blue “OK” button in the top right-hand corner.

Step 2: Save The File

Rename your .IIF file and choose where you’d like to save it. Then click “Save.”

How To Export Data From QuickBooks Pro

When your file has successfully been exported, you’ll receive this notification:

How To Export Data From QuickBooks Pro

To view your file, open it in Excel. Your exported lists will look something like this:

How To Export Data From QuickBooks Pro

Export Addresses

QuickBooks also give you the option to export any addresses your company has stored in the software.

Go to File>Utilities>Export>Addresses to Text File.

Step 1: Select The Addresses You Want To Export

Tell the software with addresses you want to export. You can export individual addresses or choose to export:

  • All customer/jobs
  • All vendors
  • All employees
  • All other names

How To Export Data From QuickBooks Pro

You can also click the “include jobs” option to export addresses associated with specific jobs. Once you’ve selected the addresses you wish to export, click the blue “OK” button.

Step 2: Save The File

Rename your .TXT file and choose where you’d like to save it. Then click “Save.”

How To Export Data From QuickBooks Pro

You will receive a warning box like the one below. This warning is just letting you know that if you see a blank field in your text field, it’s because a field was left blank in your customer, vendor, or employee information.

How To Export Data From QuickBooks Pro

When your file has successfully been exported, you’ll receive this notification:

How To Export Data From QuickBooks Pro

To view your file, open it in a program like Notepad or Wordpad. Your exported addresses will look something like this:

Export Time Entries

You can export time entries made by your employees as well.

Go to File>Utilities>Export>Timer Lists.

Step 1: Verify the Time Entry Export

When you click on timer lists, this graph will pop up. Click “OK.”How To Export Data From QuickBooks Pro

Step 2: Save The File

Rename your .IIF file and choose where you’d like to save it. Then click “Save.”

How To Export Data From QuickBooks Pro

When your file has successfully been exported, you’ll receive this notification:

How To Export Data From QuickBooks Pro

To view your file, open it in Excel. Your exported timer lists will look something like this — your time entries will be at the top of the screen, and the rest of your company lists will be at the bottom of the screen:

How To Export Data From QuickBooks Pro

Export Invoices, Estimates, Sales Orders, and Reports

If you go to File>Utilities>Export, you’ll see that we’ve already gone through all of the “export” options in QuickBooks. However, there is a way to still download and save some key transactions like reports, invoices, estimates, and sales orders.

This method can be a bit tedious as you have to save each report, invoice, estimate, and/or sales order individually, but having the option to save this information is a must.

Step 1: Select The File You Want To Export

First, select the file you wish to save. The process is the exact same for reports, invoices, estimates, and sales orders. For this example, we’re going to select the Profit & Loss report from November of 2017.

How To Export Data From QuickBooks Pro

Step 2: Click Print

Go to the top bar and click “Print.” Then select the “Save As PDF” option.

How To Export Data From QuickBooks Pro

Step 3: Save The File

Rename your .PDF file and choose where you’d like to save it. Then click “Save.”

How To Export Data From QuickBooks Pro

To view your file, open it using the internet or a PDF reader. Your report will look something like this:

How To Export Data From QuickBooks Pro

Export All Company Data

Of all exporting options in QuickBooks, this is the one you really need to know.

You can — and should — export a complete company back up file of your QuickBooks Pro software on a regular basis. This can be a huge lifesaver if some unforeseen problem occurs, like a software crash.

To create a company backup file, go to File>Back Up Comany> Create Local Backup.

Step 1: Choose Back Up Location

To start, choose whether you want to store your backup online or on your computer.

If you choose online, extra fees do apply, so be sure to click on the “Try now or learn more” link for pricing details.

How To Export Data From QuickBooks Pro

If you want to edit your backup preferences at this time, click “Options” and proceed to step 2. Otherwise, click “Next” and proceed to step 3.

Step 2: Edit Backup Preferences (Optional)

You can edit backup preferences by clicking the “Options” button. Using these preferences, you can add the date and time to backups, opt for backup reminders, and set a designated backup location.

How To Export Data From QuickBooks Pro

Once you’re finished editing your backup preferences, click the blue “OK” button at the bottom of the screen.

Step 3: Choose When To Save The Backup

QuickBooks gives you a few scheduling choices:

  • Save your backup now
  • Save your backup now and schedule future backups
  • Only schedule future backups

Click which one you want.

How To Export Data From QuickBooks Pro

Step 4: Save The File

Choose where you’d like to store your company file. Then click “Save.”

How To Export Data From QuickBooks Pro

When your company data has successfully been exported, you’ll receive this notification:

How To Export Data From QuickBooks Pro

This file can now be opened by going into your QuickBooks account and clicking File>Open or Restore Company.

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Enter A Bill In QuickBooks Pro

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How To Enter A Bill In QuickBooks Pro

In this post, we’ll walk you through nine simple steps to entering a bill into QuickBooks. You’ll have this must-have accounting skill mastered in no time.

Table of Contents

Enter A Bill

To begin, go to Vendor>Enter Bills.

Step 1: Select A Vendor

Select the vendor who sent you the bill from the drop-down menu. If you haven’t added this vendor to QuickBooks yet, click “How To Add Vendors In QuickBooks Pro.

How To Enter A Bill In QuickBooks Pro

If you’ve already inputted the vendor’s address, QuickBooks will automatically add it in. Take a minute to verify the address or enter it in manually if necessary.

How To Enter A Bill In QuickBooks Pro

Step 2: Enter Payment Terms

Select the proper payments terms and add a discount date if applicable. You can choose from:

  • 1% 10 Net 30
  • 2% 10 Net 30
  • Consignment
  • Due on Receipt
  • Net 15
  • Net 30
  • Net 60

How To Enter A Bill In QuickBooks Pro

Step 3: Add Memo (Optional)

Add a memo describing the bill if desired.

How To Enter A Bill In QuickBooks Pro

Step 4: Select Date

Select the date that the bill was issued using the drop-down calendar.

How To Enter A Bill In QuickBooks Pro

Step 5: Add Reference Number (If Applicable)

You can add a reference number at this point if you want.

How To Enter A Bill In QuickBooks Pro

Step 6: Enter Amount

Enter the total amount due on this bill.

How To Enter A Bill In QuickBooks Pro

Step 7: Select Due Date

Select the date that the bill payment is due using the drop-down calendar.

How To Enter A Bill In QuickBooks Pro

Step 8: Enter Expenses Or Bill Items

Under the “Expenses” tab, you can enter the expense amount and select the corresponding account. If you want to enter the specific product or items on your bill, click the “Items” tab and enter them there.

How To Enter A Bill In QuickBooks Pro

Step 9: Save The Bill

Finally, click “Save & Close” or “Save & New” if you’re planning on creating another bill.

How To Enter A Bill In QuickBooks Pro

Now you can view your bills in the Bill Tracker or make payments by clicking “Home” and selecting “Pay Bills.”

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Create A Budget In QuickBooks Pro

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How To Create A Budget In QuickBooks Pro

One of the best ways to stay on top of business finances is to budget. QuickBooks allows you to create a yearly budget for your business.

While deciding on a budget can be a bit time-consuming, actually creating a budget in QuickBooks Pro only takes six steps.

In this post, we’ll walk you through how to set up your budget, choose the proper budgeting options, and run budgeting reports.

Table of Contents

Create A Budget

To begin, go to Company > Planning & Budgeting > Set Up Budgets.

Step 1: Select Budget Year

Use the arrows to select the year for which you want to create this budget.

How To Create A Budget In QuickBooks Pro

Step 2: Choose Budget Type

Choose the budget type. You can create a Profit and Loss budget or a Balance Sheet budget.

The Profit and Loss budget offers a more complete view of your yearly activity, whereas the Balance Sheet budget deals predominantly with your ending balances. For our sample company, we’re going to choose the Profit and Loss option.

How To Create A Budget In QuickBooks Pro

Once you select Profit and Loss, click the blue “Next” button at the bottom of the screen. If you select Balance Sheet, click the blue “Finish” button and proceed to step 5.

Step 3: Add Additional Criteria (Optional)

If you want, you can create budgets for specific customers and jobs by clicking the “Customer:Job” option. Or, you can click “No additional criteria” to make a general yearly budget.

How To Create A Budget In QuickBooks Pro

Once you’ve decided, click the blue “Next” bottom at the bottom of the screen.

Step 4: Choose Budget Creation Preferences

Choose between “create budget from scratch” or “create budget from previous year’s data.”

How To Create A Budget In QuickBooks Pro

Using previous years’ data can be helpful and provide insight when creating a budget. However, our sample company is brand new, so we’re going to select the first option.

Step 5: Enter Your Budget

Now enter your budget goals for each month and each account. This part takes some time and thought.

I recommend using QuickBooks reports to help give you some insight into your sales and expense patterns. Learn how to take advantage of reports by reading How To Run Reports In QuickBooks Pro.

Tip: Make your budget practical. If you want to have $5,000 in sales each month, don’t just put the number in QuickBooks. Break that goal down into actionable, manageable steps. Think of practical marketing and advertising practices that could help you reach this goal.

Step 6: Save

Once your budget starts to look something like this, it’s time to save your masterpiece.

How To Create A Budget In QuickBooks Pro

To save your budget, click “Save.”

At any time, you can run reports to view the status of your budget. QuickBooks Pro offers the following budget reports:

  • Budget Overview
  • Budget vs. Actual
  • Profit & Loss Budget Performance
  • Budget vs. Actual Graph

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Reconcile A Bank Account In QuickBooks Pro

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How To Reconcile A Bank Account in QuickBooks Pro

One of the most important processes in accounting is bank reconciliation: ensuring that the transactions you record in QuickBooks match the activity in your bank.

Reconciling a bank account may sound intimidating, but we’ve broken the process up into 12 manageable steps.

Let’s get started.

Table of Contents

Reconcile A Bank Account

Before you reconcile your bank account, make sure your QuickBooks account is up to date. If you have any last minute payments to enter or deposits to record, be sure to do so.

Once all of the transactions in QuickBooks are up to date, grab your bank statement and keep it in front of you — you’re going to need it. Then go to your home screen and click on the “Reconcile” option.

How To Reconcile A Bank Account in QuickBooks Pro

You’ll be taken to a screen that looks like this:

How To Reconcile A Bank Account in QuickBooks Pro

Step 1: Choose Account

To start, select the account you are reconciling. For our sample company, we are reconciling our checking account.

How To Reconcile A Bank Account in QuickBooks Pro

Step 2: Modify Statement Date

Find the statement date on your bank statement (it’s usually the last day of the month and can most often be found on the top of the statement). Then use the drop-down calendar to enter this date into QuickBooks.

How To Reconcile A Bank Account in QuickBooks Pro

Step 3: Verify Beginning Balance

You’ll want to double check that the beginning balance in QuickBooks matches the beginning balance on your bank statement.

How To Reconcile A Bank Account In QuickBooks Pro

If your beginning balance doesn’t match, click on the blue “What if my beginning balance doesn’t match my statement link?” or watch this QuickBooks Pro reconciliation video.

Step 4: Enter Ending Balance

Enter the closing balance on your bank statement into QuickBooks Pro.

How To Reconcile A Bank Account In QuickBooks Pro

Step 5: Add Any Service Charges

If you see any service charges on your bank statement, add the total at this time. Make sure to adjust the date and tell QuickBooks which expense account you want bank service fees to be recorded in.

How To Reconcile A Bank Account In QuickBooks Pro

Step 6: Add Any Interest Earned

If you received any interest payments from your bank on your statement, add the total at this time. Adjust the date and tell QuickBooks which income account you want to record earned interest in.

How To Reconcile A Bank Account In QuickBooks Pro

Step 7: Click Continue

Once all the information on the screen is correct, click the blue “Continue” button.

How To Reconcile A Bank Account In QuickBooks Pro

You’ll be taken to the bank reconciliation screen, which looks like this:

How To Reconcile A Bank Statement In QuickBooks Pro

The Reconciliation Screen Explained:

Let me break down this screen a little bit.

At the top of the screen, you’ll see the period date. You’ll also see an option to “Hide transactions after the statement’s end date.” Clicking this means that only the transactions from this statement period and earlier will be shown. (I recommend checking this box if you have a lot of transactions that come after your statement date.)

The screen is then divided into withdrawals and deposits, just like your bank statement. On the left side of the screen, you’ll see “Checks and Payments,” or withdrawals. On the right side, you’ll see “Deposits and Other Credits.”

On the bottom of the screen, you’ll see the beginning balance, the number of items cleared (which is currently zero), and a few other totals. The main total you want to pay attention to is the “Difference” total. Currently, our difference total reads 5,171.07. By the end of the bank reconciliation process, this number should read 0.00.

Step 8: Match Transactions

Now, to actually reconcile your account, you are going to match the transactions from your bank account with the transaction in QuickBooks. Don’t worry — it’s simpler than it sounds.

Here’s our sample bank statement:

How To Reconcile A Bank Statement In QuickBooks Pro

We’re going to go straight down the list to make things easy. On our sample bank statement, the first transaction is a withdrawal of $1,400 paid to Shire Views Property Management. Now we have to go back to QuickBooks and find this transaction.

We go the Checks and Payments section for withdrawals and look for a matching transaction. In this case, it’s the top transaction (see picture below). Once you find the transaction, make sure the amount in QuickBooks matches the exact amount on your bank statement. Then click the checkbox next to the proper transaction.

How To Reconcile A Bank Account In QuickBooks Pro

Tip: Printing your bank statement and marking the transactions on it as well can help you verify transactions and not get lost.

Let’s do another example.

You’ll see that the second transaction is for a withdrawal. (We ordered $655 worth of inventory from Gimli at Moria Mining on 11/1.) The first step is to go to our QuickBooks screen — on the Checks and Payments side — and look for the matching transaction.

On 11/1/2017 a check for $655 was written to Gimli. The two amounts match, so we check the box.

How To Reconcile A Bank Statement In QuickBooks Pro

Continue matching transactions until you’ve matched every transaction in your bank statement.

Tip: While the amounts must always match, the dates on your bank statement may differ from the dates in your QuickBooks account. For example, you may write a check on the 5th that doesn’t get cashed and processed by the bank until the 10th. The same transaction will be dated 11/5 on QuickBooks and 11/10 on your bank statement — that’s totally fine.

Step 9: Double Check Information

When all of your transactions are added, your screen should look something like this:

How To Reconcile A Bank Account In QuickBooks Pro

Double check that all of the information looks correct.

If you look at the picture closely, you’ll see that there are three unchecked transactions in the picture above. Not every transaction will be checked. In this instance, we wrote three checks on the last day of the month. None of these checks have been cashed yet, so they don’t appear on our bank statement. We will reconcile these three transactions next month once the checks have been cashed and processed by our bank.

Only check the transactions that appear on your bank statement.

Step 10: Make Sure The Difference Is 0.00

If you did everything correctly, the “Difference” on the bottom of the screen should say 0.00.

If the difference is off (even by a couple of cents), check your QuickBooks transactions and bank statement again to see if there are any discrepancies, If you really can’t figure it out, refer to QuickBooks’ bank reconciliation troubleshooting page to learn about some common reasons why the bank reconciliation process may not be balancing properly

At this point, also check that the withdrawal and deposit total on the bottom left-hand side of the screen matches the totals on your bank statement

How To Reconcile A Bank Account In QuickBooks Pro

Step 11: Reconcile

Once the “Difference” reads 0.00, click the “Reconcile Now” button. Now your account is officially balanced!

How To Reconcile A Bank Account In QuickBooks Pro

After clicking “Reconcile Now,” you may receive a notification from QuickBooks advertising online banking. Click “OK.”

How To Reconcile A Bank Account In QuickBooks Pro

Step 12: Print Reconciliation Records

At this point, you can print the complete bank reconciliation report for your records. You can choose a basic summary report, detailed report, or both. Use the “Display” button to preview these reports before printing.

How To Reconcile A Bank Account In QuickBooks Pro

Repeat steps 1-12 for all bank and credit cards accounts. Most CPAs recommend reconciling your statements each month so you don’t miss any crucial discrepancies.

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Enable Live Bank Feeds In QuickBooks Pro

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How To Enable Live Bank Feeds In QuickBooks Pro

One of the most time-saving automations QuickBooks offers is live bank feeds. Live bank feeds pull all of your bank transactions into your account automatically, so you don’t have to.

We’ll teach you how to connect your bank account directly to your QuickBooks account in these five simple steps.

Table of Contents

Enable Live Bank Feeds

Before you get started, make sure you have already created an account in QuickBooks for each bank account you’re adding. To learn how to add an account to your chart of accounts, read How to Add A Bank Account To QuickBooks Pro.

To begin, go to Banking>Bank Feeds>Set Up Bank Feed for Account.

You may see the notification below. Save and close any information you currently have open, and then click “Yes.”

How To Enable Live Bank Feeds In QuickBooks Pro

Step 1: Find Your Bank

Search for your banking institution.

How To Enable Live Bank Feeds In QuickBooks Pro

Select the proper bank from the search results.

How To Enable Live Bank Feeds In QuickBooks Pro

Step 2: Adjust Bank Settings

Once you select your bank account, you’ll be taken to a screen that says “Direct Connect.” At this point, you’ll want to go to your banking institution and enroll in “Direct Connect.”

Each banking institution handles integrations differently, so contact your bank directly for instructions on allowing a QuickBooks connection.

Once you’ve enabled QuickBooks to connect to your account, click the blue “Continue” button in the bottom right-hand corner.

How To Enable Live Bank Feeds In QuickBooks Pro

Step 3: Log In To Your Bank Account

Now that you’ve connected to your account, you’ll be asked to log in. Some banks ask for your login credentials, while others ask for your bank number and pin. Follow the instructions on the screen, then click “Connect.”

How To Enable Live Bank Feeds In QuickBooks Pro

Step 4: Choose Accounts

QuickBooks will now pull up all accounts associated with your bank login. Select the accounts you wish to include in QuickBooks Pro. Use the drop-down menus to select which account (from your chart of accounts) to connect to your bank account.

Step 5: Connect

Click “Connect” to complete the bank connection. Go to your Bank Feeds Center to see the transactions that QuickBooks automatically pulls in from your bank.

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Add A Bank Account To QuickBooks Pro

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How To Add Bank Accounts In QuickBooks Pro

Before you can start reconciling your bank accounts and performing other important accounting processes, you’ll need to make sure your bank accounts and opening balances are added into QuickBooks Pro.

If you’ve already read How To Set Up A QuickBooks Pro Account, the process of editing your chart of accounts should seem pretty familiar.

In this post, we’ll teach you how to add bank accounts to your chart of accounts — and how to add opening balances to your accounts — in 11 easy steps.

Table of Contents

Add A Bank Account

To begin, go to Company>Chart of Accounts>Account>New.

Step 1: Select Appropriate Account Type

Select “Bank.” Then click the blue “Continue” button at the bottom of the screen.

How To Add Bank Accounts In QuickBooks Pro

Step 2: Name The Account

Type in the name the account goes by, ex. ‘savings’ or ‘checking’. Click on the “Select From Examples” button if you need help.

How To Add Bank Accounts In QuickBooks Pro

The account name is the only information that is absolutely necessary. The following fields are optional (though we recommend filling out the ones that are pertinent to your business).

Step 3: Attach To A Subaccount

You most likely won’t be doing this, but you can choose to mark your account as a subaccount of another account.

How To Add Bank Accounts In QuickBooks Pro

Step 4: Write An Account Description

Write a description for your account, so that you will recognize it in your chart of accounts.

How To Add Bank Accounts In QuickBooks Pro

Step 5: Add A Bank Account Number

Enter your bank account number.

How To Add Bank Accounts In QuickBooks Pro

Step 6: Enter The Routing Number

Type in the corresponding routing number.

How To Add Bank Accounts In QuickBooks Pro

Step 7: Select a Tax-Line Mapping

A tax-line mapping is used by accountants to prepare the books for tax software and to run an Income Tax Preparation Report. QuickBooks recommends that you do not use tax-line mappings unless you are an accountant or tax professional. Click on the blue “How do I choose the right tax-line?” link to learn more, or just skip ahead to step 8.

How To Add Bank Accounts In QuickBooks Pro

Step 8: Enter An Opening Balance

If you have an opening balance on your account, you can enter that information now. Click the “Enter Opening Balance…” button.

Next, you’ll want to add your opening balance to the statement ending balance slot. Then use the drop-down calendar to select the date of that balance. Once all of the information looks correct, click the blue “OK” button.

How To Add Bank Accounts In QuickBooks Pro

Step 9: Choose Check Settings

Enter your check settings. If desired, you can set a check reorder point and opt to order checks that you can print directly from QuickBooks.

How To Add Bank Accounts In QuickBooks Pro

Step 10: Save Account

Click the blue “Save & Close” button to save your new bank account.

How To Add Bank Accounts In QuickBooks Pro

Step 11: Enable Live Bank Feeds (Optional)

Once you click save, you’ll receive a notification like the one below.

How To Add Bank Accounts In QuickBooks Pro

If you want to enable live bank feeds, click “Yes” and continue on to How To Enable Live Bank Feeds In QuickBooks Pro.

If you don’t want to enable live bank feeds, click “No” and proceed to the chart of accounts to check that your new account saved correctly.

How To Add Bank Accounts In QuickBooks Pro

Repeat this process as many times as necessary until all of your checking, savings, and credit card accounts are properly entered into QuickBooks Pro.

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

13 New Year’s Resolutions For Your Business

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Why Small Businesses Need New Year's Resolutions

The beginning of a new year is a good time to think about what has passed and what is to come, but this time shouldn’t be limited to personal reflection alone.

As a small business owner, give yourself an opportunity to reflect on your business and its finances. What worked last year? What didn’t work and why? Where do you want to be a year, two years, five years from now? What will it take to get there?

Once you’ve spent some time reflecting, start creating new goals to strive for. There’s no better time to reevaluate your business strategy or implement new financial processes than at the start of the new year. Build on what you learned in 2017 and make 2018 even better by creating financial and business resolutions.

Table of Contents

Business Resolutions To Consider

Here are some possible financial resolution ideas to help get you thinking about how to make this year a success for your business…

Create A Budget & Stick To It

This could be the year to create, implement, and stick to a reasonable budget. Most accounting software programs make it easy to create yearly budgets, and some even allow you to use last year’s data as inspiration.

Increase Sales

Who doesn’t want to increase sales? Begin by considering practical ways to make this happen, like creating specific motivations for your sales staff or expanding your clientele. Use your existing accounting software to drill into your sales records and analyze the trends in your business. What sells well? What type of customers buy your products? Leverage this data to make informed decisions going forward.

Go On An Expense Diet

It might be time to cut back on the expenses. Use your existing accounting software and purchases records to pinpoint unnecessary spending. Find ways to automate processes so you can save time on projects and avoid paying excess wages. When it comes to the overall profitability of your business, this is one diet that isn’t so hard to stick with.

Reinvest Money In Your Business

Did your business make a decent profit in 2017? This year, make it a point to reinvest in your company. Increase your company’s assets, or buy those new computers everyone has been needing to boost productivity. Incentivize your employees to stay by providing more benefits or increasing wages. The more you invest, the more return you’ll see.

Try A New Marketing Strategy

Marketing is always changing and adapting. The New Year is a great time to evaluate your current marketing strategy to see what’s paid off and what hasn’t. Continue practicing the strategies that work, dump the ones that don’t, and don’t be afraid to experiment with some new strategies during 2018.

Pay All Bills On Time

A New Year’s Resolution doesn’t have to be grand and impressive. Your resolution could be as simple as paying your bills on time. If you struggled to get all of your bills paid on time in 2017, make it a priority to stay on top of that this year. Use your accounting software to set reminders and automate your billing if needed.

Stay On Top Of Invoicing

It’s easy to get backed up on invoicing. But when invoices are your company’s bread and butter, it’s important to follow through. Fortunately, almost all accounting software allows you to set up invoicing automations and automatic late-payment reminders. QuickBooks Online even has an invoice scheduling feature when you can schedule invoices to be sent at a later date.

Keep Better Tax Records

If tax time is looming large for you right now, a good New Year’s Resolution would be to keep better tax records for next year. Use your accounting software to keep financial records and check out what tax support your accounting software offers.

Switch Accounting Software

There’s no better time to switch accounting software than at the beginning of a New Year. If your software isn’t cutting it, maybe this year should be about finding a program that actually works for your business. Check out our accounting software comparison chart and read our comprehensive accounting software reviews to see which software is right for you. If you need extra help, read our Complete Guide to Choosing Online Accounting Software.

Update Existing Accounting Software

Even if you don’t want to switch to a new accounting software program, it might be time for an upgrade. This could definitely be the case if you use an old locally-installed program. Read 5 Signs It’s Time to Update Your Accounting Software and start your new year right with the best-performing accounting software.

Add A New Software Integration

Integrations are a great way of adding extra features to your accounting software. Integrations can cover everything from project management to time tracking, email marketing, analytics, scheduling, and much more.

Reconcile Your Bank Accounts Every Month

Were you overwhelmed last year when closing your books? Make things easier on yourself by striving to reconcile your bank accounts each month. Not only will this help you to be less stressed, it will help you to be more proactive with your business’s finances.

Automate Your Business Processes

Perhaps, when looking back on last year, you realized how many day-to-day business processes could be streamlined. This year, choose to automate your business as much as you can. Use your accounting software to automate invoicing and billing. Or take advantage of software integrations like MailChimp to automate your email marketing.

Make Resolutions A Reality

We all know how resolutions go. You are oh-so committed at the beginning of the year, but come March, the diets have been forsaken, the gym memberships are wasted, and nothing is accomplished like you thought it would be. But this doesn’t have to be the case.

There are several tricks you can employ to make your financial resolutions last.

First of all, break the resolution up into smaller, manageable tasks. Resolutions often involve worthy but intangible ideas. Take ‘increasing sales,’ for example. This is a great idea, but how do you achieve it? Break it into achievable components. You could start by running a sales rep competition for the most sales, breaking out a new social media marketing strategy, or implementing a loyalty program to encourage buyers to come back.

Second of all, don’t go at it alone. Bring your whole team in on your business resolutions. Let them know what your goals are for the year so you can all work together to achieve them — and hold each other accountable. Your team may even have a few ideas of their own.

Now that you have a few potential financial resolutions for your business, run with them or come up with new ideas all your own. Whatever you do, don’t let this precious time of reflection and new beginnings go to waste. Seize the opportunity to regroup and create new business goals for yourself and your team. 2018 is yours for the taking!

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

Prepare Your Books For 2018 With Accounting Software

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How To Prepare Your Small Business for 2018

Watch the ball drop in New York City on New Year’s Eve, but don’t drop the ball with your small business in the new year! After holiday celebrations wind down and before tax season begins, take the time to reflect on your last year of business and make vital preparations for the year ahead. Learn how to make the most out of your accounting software by using it as a tool to plan for 2018.

Table of Contents

Reflect On Last Year

How To Prepare Your Small Business for 2018

Before you can move on to planning a successful 2018, it’s important to reflect on what happened with your business in 2017. Luckily, your accounting software makes this easier than you think. Now’s the time to grab a journal, a cup of coffee, and a few key accounting reports.

The following common accounting software reports can provide great insight into your business:

  • Profit & Loss (or Income Statement): The Profit and Loss report (or Income Statement) shows your total net profit (or loss) for the year. Use this report to see how your company performed overall.
  • Balance Sheet: The Balance Sheet shows your company’s assets, liabilities, and equity. It’s good to know these totals in general, but you can use this report to apply for funding as well.
  • General Ledger: The General Ledger report shows all transactions from all accounts during the year. This report is helpful for a more detailed analysis.
  • Statement Of Cashflows: The Statement Of Cashflows report shows all transactions affecting cash accounts. Use this to learn how much cash your company has gained.
  • Statement Of Owner’s Equity: The Statement Of Owner’s equity shows owner’s equity at the end of the year
  • Budget Overview: The Budget Overview report compares your yearly budget with the actual money you spent. Use this both to see how you performed and to plan your 2018 budget.
  • Sales By Customer: The Sales By Customer report is self-explanatory and can be helpful for gauging your biggest clientele.
  • Sales By Item: The Sales By Item report is helpful for learning which items did well and which didn’t sell as successfully.
  • Sales By Employee: The Sales by Employee (or Sales Rep) report shows which employees have been most successful so you can use their methods to create a successful sales strategy.

In analyzing these reports, ask yourself:

  • What worked this year and what didn’t?
  • Where did my business succeed?
  • Where could it still improve?
  • Did we meet our goals? Why or why not?

I recommend filling a journal with notes. Not only will you be able to see your successes and the areas that need improvement clearly on paper, you can also refer back to these notes in the future to follow your business’s journey through the years.

Consider encouraging your managers and employees to do the same — or even make a day of it in the office!

Create New Goals For 2018

How To Prepare Your Small Business for 2018Now that you’ve taken some time to consider what happened in 2017, start creating goals for 2018. Start with the big picture. Ask yourself:

  • Where do I see my business by the end of next year?
  • Do I want to increase sales? By how much?
  • Do I want to increase employee focus? In what ways?
  • Do I want to expand my business? If so, how?

Think of general goals for the business as a whole and personal goals for yourself as a business owner. Ask your managers or employees to weigh in on their goals and ideas for the company as well.

Now that you have a few big goals jotted down, start thinking of smaller, practical steps that can lead you toward those bigger dreams. Big projects — like improving sales — can be daunting (which I’m sure I don’t have to remind you). But when you break a goal into many smaller, achievable checkpoints, the big projects can be completed with relative ease.

Take the time to parcel your goals for 2018 into manageable, practical baby steps, and you’ll stand an excellent chance of having a banner year. You can record these in your business journal to look back on later, or you can create tasks for these goals in several accounting programs.

If you need some extra inspiration, create a 2018 goals list on your office bulletin board, or keep a copy on your desk to stay motivated. Send a company goal list to each of your employees so that the whole business is on the same page, working toward the same goals.

Make A Budget For The Year

How To Prepare Your Small Business for 2018While budgeting can be incredibly daunting, accounting software makes the process easy. Most accounting software programs even have a built-in budgeting feature.

For example, with QuickBooks or Xero, you can create yearly budgets from scratch or generate them automatically based on last year’s data. If you created a 2017 budget using your accounting software, make sure to also take advantage of that software’s budgeting reports, which can help you analyze last year’s income and expenses and better plan for 2018.

Brainstorm A New Sales Strategy

Now is the time to update or create a brand new sales strategy for the next 12 months. Consider what’s working about your current sales plan and what could stand improvement. Which processes and marketing strategies were successful last year? Are there any sales tactics or marketing strategies that you haven’t tried yet?

I recommend taking a look at the sales reports your accounting software provides. Reports like Sales by Item and Sales by Customer can help you see what products are successful and give you a better idea of how to reach your target audience. It can also be very useful to look at Sales by Sales Rep reports with your sales team and have each member share which sales methods have been successful for them. Don’t be afraid to ask for input. Your employees may have terrific new ideas to implement or ways to improve current processes.

It’s nice to create a formal, written sales plan that you can then distribute to your sales team and refer back to this time next year.

Consider Integrations

How To Prepare Your Small Business for 2018Integrations may be the answer to achieving your 2018 business goals. Integrations are software add-ons that connect directly with your accounting software to bring you more features. Integrations vary, and may involve anything from CRM to email marketing to scheduling to project management to time tracking to analytics and more.

When should you use an integration?

  • If you need features that your accounting software doesn’t have.
  • If you spend too much time on tasks and need to automate processes.
  • If you want to offer more payment gateways for customers to pay you faster.

Go back to your list of 2018 goals and your analysis of 2017. Consider whether an integration could be the answer to fixing an area that needs improvement or achieving a brand new goal.

Update Contact Information

If you read our Small Business: How To Close Your Books At The End Of The Year post, then you’ve already updated your employees’ information. Now is a great time to take a break and make sure the rest of your contact information is accurate. Ensure that the contact information for your customers and vendors is completely up-to-date. Mark customers or vendors as inactive if needed, to clean up your software.

This is a great time to check up on customers as well. Send consistent customers a thank you card or reach out to old customers to see if they are interested in your products or services once more. Not only will you feel better having everything organized, you could potentially start the year off with some new sales and happy customers.

Get Organized

How To Prepare Your Small Business for 2018The start of a new year is a great time to get organized.

We’re talking about more than cleaning your desk, folks. Evaluate your current filing system to see how efficient and up-to-date it is. Maybe create a better way to store online accounting records and reports. Upload your receipts directly to your accounting software to store them in the cloud and save some paper. Whatever this looks like for your company, you won’t regret starting the year off with a clean, organized slate.

Give Your Invoices A Face-lift

If you want your company to get off to a fresh start this year, consider updating your invoice template. It seems like a small thing, but having an appealing, modern invoice is a huge plus for businesses. Say goodbye to boring black and white, Times New Roman templates or Excel monstrosities, and ring in the new year with a new look. Don’t be afraid to use color, be bold, and show off your company logo. I’ve said it before and I’ll say it again: Invoice templates are more than a means of getting paid — they’re a reflection of your company’s professionalism and brand. Start off 2018 with a template that you’re excited about.

Final Thoughts

Taking a little time to reflect on 2017 and plan for 2018 can make all the difference if you want to run a successful business this year. We hope that these suggestions inspire you to think deeply about your business’s goals and act practically to achieve them.

From our company to yours, we wish you a very happy New Year!

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”

How To Run Reports In QuickBooks Pro

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How To Run Reports In QuickBooks Pro

QuickBooks Pro offers over 200 reports; don’t let these potential business insights go to waste. You can create valuable reports following these 12 simple steps:

Table of Contents

Run A Report

To begin, go to Reports>Report Center or access the Report Center under “My Shortcuts” on the left-hand side of your QuickBooks Pro account.

Step 1: Choose Report

The hardest part of this whole process will probably be deciding which of the 200 reports to run. QuickBooks tries to help you by keeping things organized.

Across the top of the screen, you’ll see tabs for Standard Reports, Memorized Reports, Favorites, Recent, and Contributed. Until you customize your Reports Center with Memorized and Favorite reports, you’ll go to Standard Reports.

Standard Reports are divided into these report categories:

  • Company & financial
  • Customer & receivables
  • Sales
  • Jobs, time & mileage
  • Vendors & payables
  • Purchases
  • Inventory
  • Employee’s & payroll
  • Banking
  • Accountant & taxes
  • Budgets
  • Lists

How To Run Reports In QuickBooks Pro

Click on the appropriate category, then select the report you wish to run. If you need help understanding a report, click the magnifying glass icon for more information. For our sample company, we’re going to create a Profit & Loss Standard Report.

How To Run Reports In QuickBooks Pro

Step 2: Select Date Range

Select the date range you want the report data to be from. You can enter the dates manually underneath the report you selected, or you can choose a default date type, including:

  • Today
  • This week
  • This week-to-date
  • This month
  • This-month-to-date
  • This fiscal quarter
  • This fiscal quarter-to-date
  • This fiscal year
  • This fiscal year-to-last month
  • This fiscal year-to-date
  • Yesterday
  • Last week
  • Last week-to-date
  • Last month
  • Last month-to-date
  • Last fiscal quarter
  • Last fiscal quarter-to-date
  • Last fiscal year
  • Last fiscal year-to-date
  • Next week
  • Next 4 weeks
  • Next month
  • Next quarter
  • Next fiscal quarter
  • Next fiscal year
  • Custom

How To Run Reports In QuickBooks Pro

Step 3: Run Report

You’ll see the four icons pictured below.

How To Run Reports In QuickBooks Pro

The green arrow runs the report; the magnifying glass shows you more information about the report; the heart ‘favorites’ this report for you; the blue question mark is for help. When you’re ready to run the report, click the green arrow.

Step 4: Choose Report Basis

Choose either accrual or cash-basis accounting for your report.

How To Run Reports In QuickBooks Pro

Step 5: Adjust Filters

Click “Show filters.” Then delete filters if needed. You can create additional filters during step 9.

How To Run Reports In QuickBooks Pro

Step 6: Verify Date Range

If you already selected a date, you can move on to step 7. If not, select a date type as well as a start and end date.

How To Run Reports In QuickBooks Pro

Step 7: Select Included Columns

Choose which columns to include in your report (column selections may vary by report). You can choose:

  • Total only
  • Day
  • Week
  • Two week
  • Four week
  • Half month
  • Month
  • Quarter
  • Year
  • Customer:Job
  • Vendor
  • Employee
  • Payroll Item Detail
  • Payee
  • Rep Class
  • Item Type
  • Item Detail
  • Shipping Method
  • Terms
  • Payment Method
  • Sales Tax Code

How To Run Reports In QuickBooks Pro

Step 8: Select Sorting Default

If desired, you change the sorting default.

How To Run Reports In QuickBooks Pro

Step 9: Customize Report (Optional)

You can customize your reports. While customizations may vary by report, you will often be able to change the data shown and edit the filters, headers, footers, and overall appearance of your report. Click the blue “OK” button when you’ve finished your alterations.

How To Run Reports In QuickBooks Pro

QuickBooks Pro gives you the option to comment on your report. Click the “Comment on Report” button in the top left-hand corner, then click the small chat bubble next to the lines you wish to comment on.

How To Run Reports In QuickBooks Pro

Type your comment in the box and click “Save” when done.

How To Run Reports In QuickBooks Pro

Step 11: Share Report Template (Optional)

You can choose to share your customized report with the QuickBooks community if desired by clicking the “Share Template” button on the top of the screen. Your template will be shared with other QuickBooks users who can then use your customized template for their own businesses (none of your report data will be shared, only the template format).

How To Run Reports In QuickBooks Pro

Step 12: Take Action

Finally, choose whether to print, email, or export your report.

How To Run Reports In QuickBooks Pro

Print Report

Click the “Print” button and choose whether to print the report or save the report as a .pdf.

How To Run Reports In QuickBooks Pro

Adjust your print settings and then click the blue “Print” button when ready.

How To Run Reports In QuickBooks Pro

Email Report

To email your report, click the “E-mail” button and choose whether to email the report as an Excel file or as a .pdf.

How To Run Reports In QuickBooks Pro

You’ll receive a message warning you that email is not secure and could be dangerous if sending sensitive information. If this is okay with you, click the blue “OK” button.

How To Run Reports In QuickBooks Pro

Next, enter the appropriate email recipient address and edit the body of the email message. Click the blue “Send” button when ready.

How To Run Reports In QuickBooks Pro

Export Report to Excel

To export your report, click the “Excel” button. Then choose whether you are creating a new Excel worksheet or updating an existing worksheet.

How To Run Reports In QuickBooks Pro

Tell the software what to do with the report. You can choose between:

  • Create new worksheet
  • Update existing worksheet
  • Replace existing worksheet
  • Create a comma separated values (.csv) file)

Certain selection may require additional information. Once everything looks right, click the blue “Export” button and save the file accordingly.

How To Run Reports In QuickBooks Pro

Repeat this process anytime you’d like to create a report.

For troubleshooting issues, check out the QuickBooks Community or call QuickBooks directly. If you have any further questions, leave a comment below and we’ll do our best to help you.

Chelsea Krause

Chelsea Krause is a writer, avid reader, and researcher. In addition to loving writing, she became interested in accounting software because of her constant desire to learn something new and understand how things work. When she’s not working or daydreaming about her newest story, she can be found drinking obscene amounts of coffee, reading anything written by C.S. Lewis or Ray Bradbury, kayaking and hiking, or watching The X-Files with her husband.

Chelsea Krause

“”