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Halon Tax Favorite QuickBooks Online Features

August 25, 2018

QuickBooks Online has quickly transformed into a priceless tool for bookkeepers and small business owners across the board.  The user-friendly format, simple bank account transaction importing, and high-quality app availability has been a game changer for anyone using Quick Books Desktop or other online bookkeeping system.

Here are some great tips and tricks to make your user experience in QuickBooks Online the best it can be:

Utilize Attachments:

Using this tool is a great way to keep everything organized in one place. An example would be when 1099 season comes around, you’ll have your W9s neatly attached to your vendor with all pertinent information at hand.  

Another option is to attach receipts to expense entries, and you’ll have all your supporting documentation where you need it, if you need it.

You can also attach statements for checking and credit cards accounts and have quick access if you need to refer to them.

Automate Billing, Reports & Invoicing:  

Many clients have a set monthly billing rate for the services you provide them. Why manually create that invoice every month?  Set your billing to recur and recoup sometime for other tasks.  If you’ve not yetbegun invoicing through Quick Books Online, you may want to consider that as well.  It is a streamlined and seamless process that makes your A/R a breeze.

You can also automate your report sand set things like financial reports to send to your clients on the appropriate date.  Is your reconciliation deadline the 10th of every month? Set your reports to send on the 12th.  There is another task off your list and more time in your schedule.

Use Bank Rules:

Bank rules are a time saving tool that you can apply to your automated incoming bank transactions.  Set up a rule for routine expenses like utilities and subscriptions and have them automatically entered to the correct expense line and added to the books.  No reviewing and no having to add.  Another great way to save valuable time.

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If you have what is called a "naked" sole proprietorship, you may be putting your assets and family in danger.
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Use the new Projects tab:

For Quick Books Online Plus users,and Quick Books Online Accountant, you now have access to a work tab called“Projects”.  This is a way to manage your tasks for individual clients within your work space.  It’s a great way to manage the status of tasks, who they’re assigned to, the progress of them, and accept payments against the client’s invoice.  This avoids having to use other apps, spreadsheets or other manual ways to track tasks and projects.  A time saving and organizational win.

Utilize the App Store:

If you’ve not investigated Apps,and how they can help you increase efficiency, you’re missing out.  The app store has an incredible number ofapplications that can work with Quick Books Online including time card syncing,e-filing, mileage keeping, POS systems, tax processing, and many more.

By taking the time to utilize the tools that are provided for you within Quick Books Online, you will save yourself hours of time andcreate more efficient work processes.

Consider using Halon Tax with your QuickBooks Online and provide tax processing for S Corps and Partnerships.  Find Halon in the app store.

Amy Stocking

Amy has upwards of 25 years of bookkeeping and tax preparation experience and is a QuickBooks Online ProAdvisor with Advanced certifications. Her experience ranges from retail tax preparation to CPA firm tax prep, and experience preparing financials for large to small companies of all types.  While always enjoying learning new things, she also loves sharing knowledge to help others.

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