Accounting software like QuickBooks is supposed to make all of our lives easier...most of the time. Just like anything else though, QuickBooks is only as good as the information that is put into it. After many years of experience, we have found some common mistakes that can adversely affect your books.
More than one file, albeit payroll versus everything else, AR versus AP, bank accounts, etc.
Summarizing credit cards in bills or checks, not using CC register.
Believing that downloading bank activity is reconciling the bank.
Relying on rules to properly categorize items.
Reconciling in your head and not actually in the QuickBooks file for each account.
Multiple cc and charges/payments not hitting the correct account.
Not recording checks in QuickBooks as you write them.
Properly paying liabilities, i.e. sales, payroll, etc. interest expense on loans - amortization schedule.
Not using pay bills or received payments.
Crediting in current month for previous month issues to avoid messing up liabilities.
Using Quick Add for vendors and customers instead of confirming all information is in and correct.
Deleting reconciled transactions.
Categorizing COGS in Expenses.
Failure to back up in the proper place and only to jump drives.
Make notes on receipts for bookkeeper if outsourcing.
Payroll via hand computation.
Waiting too long to enter data.
Sometimes managing QuickBooks can be like walking in quick sand. If anything on this list sounds familiar and you are unsure how to correct it, let us know. We want to help.