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QuickBooks Desktop

Unlock Deeper Insights: How to Utilize Classes in QuickBooks Desktop

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Class tracking in QuickBooks Desktop allows users to track financial information by business segments (locations, departments, programs, events, etc.). It also allows you to keep your chart of accounts simplified as you don’t need to duplicate elements of your chart of accounts to track multiple business segments.

To begin using the class tracking feature, you’ll first need to turn the feature on.

Turning on Class Tracking

Click on the Edit menu at the top of the task bar. Select Preferences from the dropdown menu. In the Preferences window, choose Accounting from the list on the left, then select the Company Preferences tab at the top. Check the box next to Use class tracking for transactions.

If you’d like QuickBooks to remind you to assign a class every time you enter a transaction, also check Prompt to assign classes. We highly recommend turning this feature on.

Create the Class List

Go to the Lists menu at the top of the task bar and select Class List. In the new window, click on the Class button (usually in the lower left corner) and select New. Give your class a name. For example, if you’re tracking type of business, you might name your classes “New Construction,” “Remodel,” or “Overhead” Click OK to save.

Tip: The Subclass of provides an option to create a grouping of classes. This gives you the ability to organize your class data in greater detail as keeping the data easier to view when you run the class report. You will also have the ability to filter classes when running reports.

Assign Classes to Transactions

When you enter a transaction (like a bill, invoice, or check), you’ll see a field labeled Class. Select the appropriate class from the dropdown menu. You can also add a new class by typing in a new one or selecting <Add New> from the dropdown menu. You can also split the transaction to multiple classes within one transaction.

Class Reports

Once you start using classes, you can run reports to see how each class is doing. Go to the Reports menu, select Company & Financial, and then choose Profit & Loss by Class. The report provides a clear breakdown of income and expenses for each class, making it easier to review and use the information to make informed decisions.

Tip: Pay attention to the Unclassified column as these are transactions that have not been assigned to a class. Double click on the total for any account that shows a balance to see if anything needs to be assigned to a class. If you have activity that doesn’t require a class, we suggest setting up a generic class such as N/A so you don’t continue to review activity you have previously double-checked.

If you are consistent in using the class tracking feature, you’ll have a clearer picture of how different areas of your business are performing and can make decisions in a timelier manner.

Scheduled Reports: What They Are and Why They’re Useful

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As a business owner or accounting professional, staying on top of financial data is critical for making informed decisions. QuickBooks Desktop offers a powerful tool to help with this: Scheduled Reports.

Scheduled Reports allow you to automate the delivery of financial reports directly to your inbox—or to your team’s inbox—on a recurring schedule. Instead of manually running and sharing reports every week or month, this feature ensures that your financial information is consistently delivered on time, without any extra effort.

This automation can be helpful for businesses with tight schedules or multiple partners.

To start using this feature, ensure QuickBooks is setup to email reports. To verify, go to Preferences, under the File menu, and select Send Forms. Under the My Preferences tab, click the Add button to setup your email if needed.

Customize Reports

Before scheduling reports to be sent automatically, customize the reports to meet your specific needs.

When you first run a report in QuickBooks, it displays with default settings. To adjust the report, click Customize Report in the upper left corner of the report window. Modify the Display and Filters to include the data you want. Once you’ve finished customizing, click OK to run the report with your updated settings.

You can customize QuickBooks reports to see just the data you want.

Memorized Reports

After clicking OK, click Memorize in the toolbar. In the window that opens, enter a descriptive name so you’ll recognize it later. If you want to save the report to a group (optional), check the box and select a group from the menu, such as Company or Customers, etc. Click OK to save your changes.

To find a memorized report, open the Reports menu and highlight Memorized Reports. Find your report in the list and click on it.

Scheduled Reports

Access the schedule reports by going to the Reports menu, select Scheduled Reports, and Schedule Setup. The following window will open:

Click Get Started then setup the schedule frequency (weekly, monthly, etc.) and delivery method. Save the schedule and confirm it is active.

Additional Notes

While this feature can save time if you frequently email reports, keep the following points in mind:

  • QuickBooks Desktop needs to be open at the time reports are scheduled to run.
  • If you need slightly different reports or need to send emails to various recipients, you will need to setup multiple customized reports and email templates.
  • If a report is scheduled without regular review, there is a risk of sending out outdated or incomplete information.
  • There are potential security risks, such as issues with encryption (consult your IT or email provider) and the risk of emailing sensitive financial data.

By understanding these limitations, you can take proactive steps to mitigate risks and ensure Scheduled Reports work effectively for your business. If these drawbacks are a concern, consider alternative third-party solutions to assist you in sending out scheduled reports.

How to Manage QuickBooks Desktop User Roles & Permissions

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In QuickBooks Desktop Pro and Premier versions, the Admin user (Administrator) can set up and edit user permissions. The Admin user is the one who initially creates the company file and assigns access levels to other users.

The Admin user has full access to all features and can manage user permissions, including:

  • Creating, editing, or deleting users
  • Assigning roles and specific access permissions
  • Granting or restricting access to areas such as reports, transactions, and lists

To set up user permissions, go to the Company menu, select Set Up Users and Passwords, and then choose Set Up Users. In order to access this area, you will need to enter the Admin password in the security box that opens.

For each area, you can assign one of the following access levels:

  • No Access
  • Full Access
  • Selective Access (with options to create, print, and generate reports related to the area)

If you choose to grant limited access, you will be editing permissions for the following areas in QuickBooks Desktop (Pro & Premier):

  • Sales and Accounts Receivable
  • Purchases and Accounts Payable
  • Checking and Credit Cards
  • Time Tracking
  • Payroll and Employees
  • Sensitive Accounting Activities
  • Sensitive Financial Reporting
  • Changing or Deleting Transactions

After editing the user permissions, a summary window will display the permissions you’ve assigned. Review this carefully. If any changes are needed, click the Back button. If everything looks correct, click the Finish button.

Using the Set Up Users and Roles option under the Company menu, you can customize each user’s access to ensure they only have the permissions necessary for their role within the organization.

Simplify Bills & Payments: QuickBooks Desktop Vendor Center

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Keeping track of bills and payments can be overwhelming, especially if you’re juggling multiple vendors. QuickBooks Desktop offers the Vendor Center as a single, convenient location to organize everything you owe—and what you’ve already paid. This feature not only streamlines your records but also gives you a clear view of your business finances. Below, we’ll explore how the Vendor Center works and why it’s a must-use tool for staying organized.

What Is the Vendor Center?

The Vendor Center in QuickBooks Desktop is a central hub that contains all the information you need about the people and companies you pay. Think of it like an address book for your business finances. Instead of juggling separate spreadsheets, files, and folders, you can manage all your vendor details in one easy-to-access place. When you open the Vendor Center, you’ll see a list of everyone you pay for goods or services, along with options to view bills, payments, and purchase orders.

Why It Matters for Staying Organized

  • Everything in One Place – The biggest advantage is convenience. By storing contact information, bill details, and payment records in the same location, you cut down on time spent searching for paperwork or scrolling through separate files.
  • Reduces Errors – When all your transactions are recorded in one system, you’re less likely to make mistakes such as double-paying an invoice or missing a due date. This reduces late fees and vendor disputes.
  • Clear Payment History – QuickBooks Desktop automatically connects your payments to the correct bills, so you can quickly see whether an invoice is paid, partly paid, or overdue. This can help you maintain good relationships with your vendors by staying on top of payments.
  • Better Insights – By checking out the Vendor Center, you can see how much you owe and to whom. This information can be used to plan future expenses, budget more accurately, and stay alert to any significant changes in your cash flow.

Step-by-Step: Using the Vendor Center to Track Bills and Payments

Open the Vendor Center – Start by selecting Vendors on the top menu bar in QuickBooks Desktop, then click Vendor Center. You’ll be taken to a screen that shows all your existing vendors in a list.

The Vendor Center is located under the Vendor menu

Add New Vendors – If you’re adding someone for the first time, select New Vendor at the top of the Vendor Center. Include the vendor’s name, contact details, and any other relevant information. This helps keep accurate records from the start.

There are 5 tabs for entering vendor information

Record Bills – When you receive an invoice or bill, record it in QuickBooks by selecting Enter Bills from the Vendors menu. Choose the correct vendor from your list, and make sure to fill in key details like the amount, due date, and any notes you need for reference.

Highlight the vendor then click Enter Bills

Pay Bills – To mark a bill as paid, go to Pay Bills in the Vendors menu. You’ll see a list of open bills, and you can select the ones you’re ready to pay. QuickBooks will automatically tie that payment to the vendor’s bill in the Vendor Center, keeping your records up to date.

You’ll see a list of open bills, and you can select the ones you’re ready to pay. QuickBooks will automatically tie that payment to the vendor’s bill in the Vendor Center, keeping your records up to date.

Review Vendor History – After you’ve entered bills and recorded payments, you can see each vendor’s outstanding and paid bills by clicking their name in the Vendor Center. This gives you a clear snapshot of your payment history with that particular vendor.

Highlight a vendor to see their activity. You can sort the activity by date and transaction types.

Tips for Getting the Most Out of the Vendor Center

  • Set Reminders: Take advantage of QuickBooks Desktop’s reminder features to alert you when payments are due. This ensures you never miss a deadline.
  • Use Notes: Each vendor record has a space for notes. Use this section to log special details like contract agreements or important reminders.
  • Keep Info Updated: Make sure your vendor details—addresses, phone numbers, and other key information—are always up to date. This saves time and helps avoid confusion.
  • Run Vendor Reports: QuickBooks Desktop offers standard reports that show details like open bills or recent payments. Checking these reports regularly helps you stay on top of any changes in your payables.

By entering bills promptly, marking payments accurately, and reviewing vendor histories, you’ll gain a clear view of your vendor accounts—helping you avoid mistakes and late fees while making better decisions about your spending. The Vendor Center is a handy tool for keeping all vendor activity organized and easy to manage.

Auto-Import Transactions with QuickBooks Desktop Bank Feeds

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Are you tired of manually entering bank transactions? QuickBooks Desktop has a tool called Bank Feeds that links your bank account to QuickBooks and automatically imports your transactions. It saves you time and helps keep your financial data accurate. Let’s explore what Bank Feeds can do for you and how to get started.

What Are Bank Feeds?

Bank Feeds is a feature in QuickBooks Desktop that connects your bank account directly to your QuickBooks company file. Instead of entering each deposit, check, or purchase yourself, Bank Feeds automatically pulls this information from your bank. You then review, match, and add each transaction to your QuickBooks records.

Why You’ll Love It:

  • Faster Data Entry: Most of your bank activity appears in QuickBooks without manual effort.
  • Fewer Mistakes: Reduces errors that can happen when you enter transactions by hand.

How to Turn on Bank Feeds

  • Check Your Bank’s Compatibility: Many banks in the United States support QuickBooks Desktop. You can confirm this by checking your bank’s website or looking inside QuickBooks for a list of available banks.
  • Open Bank Feeds Setup: Go to Banking > Bank Feeds > Set Up Bank Feeds for an Account in QuickBooks Desktop.

  • Choose Your Bank and Enter Details: Choose your bank from the list and enter your login information. QuickBooks will securely connect to your bank’s website.
  • Link to the Correct Account in QuickBooks: Pick the account that matches your real bank account. This ensures transactions end up in the right place.

Reviewing and Accepting Transactions

After you’ve set up Bank Feeds, QuickBooks can download your recent transactions. Here’s how to review and add them to your books:

  • Download Transactions: Go to Banking > Bank Feeds > Bank Feeds Center. Click Download Transactions to get the latest data from your bank.
  • Match or Create Transactions: QuickBooks will try to match new downloads to existing records. If it finds a match, you can approve it. If it’s a new transaction, label it with the proper category (such as “Utilities” or “Office Supplies”) and add it.
  • Confirm and Add to Register: Confirm the transaction once you have matched or assigned a category. QuickBooks moves the transaction into your bank account register.

Tips for Success

  • Reconcile Regularly: This helps you spot errors, such as missing or duplicate transactions or anything else that isn’t quite right with your accounting.
  • Create Rules: To save time, create rules. For example, if you often buy from the same supplier, you can set a rule so QuickBooks automatically labels that expense correctly in the future.
  • Check for Bank Fees: Check for any charges your bank might have for using direct connections to QuickBooks. Some banks offer free access, while others might charge a small monthly fee.
  • Stay Secure: Always protect your login details. If you change your password with your bank, update QuickBooks as well to keep the connection working smoothly.

Give Bank Feeds a try, and watch your manual data entry shrink. That means less time crunching numbers and more time focusing on what truly matters—growing your business!

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