QuickBooks Error Solution

Common QuickBooks User Errors

While working with the QuickBooks, the users come across a number of common errors that disrupt the QuickBooks operations. Let us quickly take a brief look into these common QuickBooks errors:

The Common Errors Encountered while Working over the Quickbooks

1. Mismanaged and Jumbled Accounts Charts and “Items” List

While creating various accounts, similar accounts must be grouped together following the parent-child relationships. While making your entries, lowest level account should be availed for entering your data rather than using parent account. Similarly, your products constitute your inventory, known as the “items”, can be entered anywhere in the QuickBooks. However, a regular “clean up” activity is required to eliminate the mess in the QuickBooks. In order to manage your QuickBooks, try to clean up the jumble created in the QuickBooks.

  • Deactivate all items sold no longer
  • While entering the items, label them appropriately as “inventory” or “non-inventory”
  • The inventory amount needs to be double-checked
  • Each item is regularly updated for cost/price changes
  • Every item must be duly tagged with the proper revenue and cost account.

2.Bank Accounts Not Reconciled

All your transactions entered in the QuickBooks need regular monitoring so as to ensure that all transactions are entered rightly in the right place. The following steps are required to reconcile your back statements:

  • Open up the Reconcilation Module
  • Double-check each transaction (monthly)
  • Make sure that every transaction is entered in the right account-type
  • Make sure that it has cleared the bank
  • Crosscheck the double-entries

3. Reconciliation of the Credit Card and other Liabilities

Do make sure that all your credit cards, loans, and other liabilities are duly entered using the reconciliation module. Also, do not mix up entering a credit card charge and a bill for the same amount. Instead, open the Banking menu item and go to the Enter Credit Card Charges. Thus, you should enter all your credit card charges, credits or refunds in the Banking menu.

4.Entries Appplied Incorrectly

There are instances when you have incorrectly applied the deposits to invoices and payments to the bills. Every time you receive a payment, it should be received against an open invoice otherwise you might come across a negative customer balance. Similarly, you have paid a sum to a vendor, but your accounts payable report will not show the sum paid by you since you have incorrectly applied the payments to the bills.

5. If Inventory Accounting is Used

You ought to use non-inventory items to enter your inventory. If your business function doesn’t include much of the inventory, then try to avoid using the Inventory Accounting. Moreover, if you enter your inventory in the QuickBooks, then also you are not going to need the data before a year end or so. Therefore, consulting your accountant would be better if you want to enter your inventory in the QuickBooks. It is almost impossible to undo your “inventory items”, once they have been created as inventory items.

6.The Undeposited Fund Account being Misused

In case your cash account is not rising despite receiving payments from the customers, then you are probably using the undeposited funds mistakenly. Therefore, always enter the received payments into your deposit module just once, which the batch ensures to reconcile with the bank.

7.Incorrect Report Setting

Always customize your report setting, ensuring if they are set to your needs and expectations. The Cash reports display inward and outward transactions within the organization, while the accrual reports exhibit the overall performance of the enterprise.

8. Incorrect Preference Set Up

Always ensure that your preferences are duly set up before you take up with the QuickBooks. The preferences for the following heads are required to be pre-adjusted:

  • Set Your Email Templates
  • Enter Late Charges for Customer Payments
  • Choose the Key Reporting Options
  • Enable Default Bank Accounts for Bill payments and Receipts

9. A Closed Period Not Locked

While closing a month or a specific period, do not forget to lock it, otherwise, your numbers and dates might be jumbled with the numbers later on.

10. User Role, Permissions and Passwords Not Created

If more people are working on your QuickBooks, then make sure that everyone is assigned an individual user login, permissions, roles, and passwords. This ensures utmost transparency and control over your QuickBooks.

The above array of the common QuickBooks User-errors need to be dealt with utmost care, however, you would need the QuickBooks technical support to resolve any issue troubling its functioning. Thus, you are now sufficiently aware of different aspects while working over the multitasking QuickBooks. QuickBooks support phone number +1-800-477-8031 is always there to help you in the event of any trouble while working on the QuickBooks. Thus, you would face no problems while dealing with the various applications given on the QuickBooks interface.

Call us for Instant Tech Support NOW!