Many business owners don’t actually enjoy bookkeeping, which is why our virtual bookkeeping and accounting clients give us the honor of processing thousands of transactions for them each month. And we love every minute of it! That being said, I’m a huge proponent of saving even seconds, because this can add up to some substantial (time) savings. These “little” things let us give our bookkeeping clients very competitive rates for the high-quality work they deserve.
If you’re interested in saving time, too, I’m happy to fill you in on some little-known secrets that have helped us. In particular, here’s how to use some naming tricks to process your QuickBooks transactions a tad faster.
QuickBooks Online used to call this area of the software “Matching,” which essentially means we’re doing two different things with each transaction that pulls in from the banks (and PayPal).
- Attaching a payee (vendor) name
- Assigning a category (Chart of Account name)
Most small businesses have very similar types of expenses, but the naming of these categories can vary quite a bit. Let’s take a hotel stay, for example. Some refer to the category (Chart of Account name) as Hotel. Others refer to it as Lodging. Two words. Same meaning.
Not surprisingly, even these minor variations can slow things down when handling the matching–particularly when you have many clients–because it can be hard to remember all of these small nuances when you’re juggling mutiple clients. But you can streamline by making some simple tweaks to the Chart of Account names in QuickBooks Online. (Of course, please make sure this is OK with your client first!)
Make these changes to the Chart of Account (and use the brain cells you save for more complicated work!):
- Finance Charges/Interest Expense
- Charitable Contributions/Donations
In an upcoming post, we’ll be discussing more ideas on how to save time when you’re working in Quickbooks. Get in touch with us if you need any help with your bookkeeping and accounting – we really love the catch up projects!
PS: We’ll be launching a on-demand course soon which will help you become savvy and efficient when working with Paypal + Quickbooks. We’ll need some beta testers. Want to be one of them? You can sign up to be notified – look in the footer. (Or you can send us a note through our contact page too)
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