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Don’t choose your
bank account in the Expense Account field when writing a check.
When they’re using the Write Checks window, sometimes users don’t realize that the check is already affecting their bank account, so they select their checking account as the expense account. This causes the money to go out and immediately back into your checking account instead of reducing the checking balance. Typically, you’d want to specify one of the expense accounts you’ve set up, such as Utilities, not the bank account the check is drawn on.
When you receive a payment from a customer, you have two options:
When you receive a payment for an invoice and enter it in the Receive Payments screen, QuickBooks automatically puts that money in the Undeposited Funds account. Sometimes people do this but then also make a separate deposit for the same amount, and that makes a mess of their records. Instead, when you go to the Make Deposits window, include the payment in the Payments to Deposit window that comes up. This will move it from Undeposited Funds to your bank account.
Don’t accidentally record your customer
Don’t enter invoices
and then make a
deposit without going through the Receive Payments step.
If you are entering invoices in QuickBooks to record your sales, be sure to use the
Receive Payments screen to apply the payment against the invoice. Sometimes people make the mistake of skipping that step. Butif you go right to the Make Deposits screen, the invoice won’t show as paid, and your sale might end up being counted twice.
QuickBooks gives you options for paying your bills, depending on how closely you want to track bills and payments. Once you’ve chosen a method for a particular bill, you need to stick with it — otherwise you might end up paying your bills twice. Here’s what to do:
Don’t write a check
and forget to apply the payment to the bill.
QuickBooks includes sample files that you can use as examples for setting up your own QuickBooks company data file. These files are examples, not templates. They contain only a limited set of items and services typically performed by particular types of businesses. Use them to see how a file might be set up and to learn how QuickBooks works. Do not try to use these files for your live information; they won’t work for that purpose. You must create your own company file to store your accounting data.
If you are new to QuickBooks, now is the time to get off on the right foot. Learn from others’ mistakes and avoid these common problems. You’ll thank yourself later!
Don’t use the sample files as your actual company file.