5 QuickBooks Features for Reviewing and Fixing Transactions

Currently, accountants are in a swirl of moving their clients and their information to the cloud. The goal is to make the information more accessible and available “real-time.” With the push to get the information on a let’s-have-it-now system, we should ask ourselves the question, is this really feasible in the world of accounting?

Accounting has always used basic principles to equate the instability of the real world and put the accounting into the format that creates a stable understanding. The outcome is the backbones of the company – the reports. The main reports include Profit and Loss, the Balance Sheet and the Statement of Cash Flow.

The current download of information into QuickBooks® requires that the bookkeeper evaluates and records the transactions. The faster we can input the information into the system, the faster we can gain these valuable reports. However, this does not mean the information is always accurate.

The problem lies in the fact that the data still needs to have time to be reviewed properly, categorized and assimilated into the financial statements. Using the tools that are given to them, accountants can turn the work around and get the financials out in a timely and relevant manner to the client.

The Accountants Center in Quickbooks Accountant 2013 has some very nice tools to help handle the work processes. Accountants and CPAs have become accustomed to reviewing data on the fly, but not necessarily fixing the data. The usual method has been to send some correcting journal entries to be entered. In the past, this has left some clients with some data that has some irregular effects on reports that just sit there until the CPA can reverse.

The Client Data Review Center allows the accountant to use the Reclassify Transactions to quickly reclassify and move multiple entries at one time throughout the financial statements. The feature has been available for numerous years but is still one of my time saving favorites.

The Batch Data Entry allows the accountant to quickly enter up to 1000 entries into a register in a single key stroke. You can modify the columns and match the incoming data field to field. This tool allows us to enter into the check registers or credit card registers.

One of my favorite features is the Write Off Invoices. I believe this feature has gotten overlooked. The nice thing about this is that you can select multiple invoices to write off at one time. The benefits to this feature are that you maintain the sales by item report, the sales by rep report and you help the client get a clear look at the gross profit of the company by using this feature. The sales by rep reports are often used  by small businesses for commission reports. This is a strong feature that hasn’t gotten a lot of hype, but I personally am thankful for this feature. In one push of a button, you have just written off multiple invoices properly by issuing credit memos and applying them correctly to the proper customer. So much time saving here.

One of the better features, if an accountant still wants to send journal entries, is that the client doesn’t have to enter them. The Send Journal Entry feature allows the Accountant to send the journal entry straight from the journal entry screen via email. The recipient can then open their Quickbooks data file and it will “magically” import into the data file. This is a complete time-saving tool!

The QB Accountants Center should be a standard tool in all Intuit products. No accountant that needs to work on a data file quickly and efficiently should be without their toolbox. I am very thankful for all of these tools that help us connect with our clients and save us time.

Accountants need to feel comfortable being able to maneuver quickly through their software to correct mistakes. In turn, this will help their clients to make the best presentation and to prepare evaluations that are current and relevant.