As part of the Simplified Accounting and Bookkeeping series, I present an ancient handout from my days of teaching QuickBooks courses.
QuickBooks is capable of tracking an enormous level of detail and then generating reports from it. This does make the program extremely flexible, offering several different options for each type of detail. No one way is the “right” way in any given situation. Examine your options, looking for the level of detail that makes sense for your business.
Tactics for Tracking Details in QuickBooks
a subset of both income and expenses
locations, fund, department, business segment, employee, partners, product lines
products and services
specific items and services
multiple jobs for customers
expenses incurred for a specific customer
filing fees, special orders
special customer and vendor info, already set up
email address, payment terms, sales tax status, sales rep, “ship to” addresses, tax ID numbers, account numbers, credit limits
special customer, item, employee and vendor info, not previously covered
item color, pager numbers, employee certifications, birthdays, program participation
grouping customers or vendors
residential vs. commercial, remodeling vs. new work, subcontractors vs. materials suppliers vs. overhead vendors
grouping of accounts with subtotals
insurance, utilities, supplies, taxes
grouping of items with subtotals
related items, product lines
fast entry of a set of items
items frequently entered together, sets sold together and separately
workers compensation classifications
carpentry, roofing, driving, etc.
consistent coding of detail it doesn’t make sense to track other ways, or when you’ve used up other ways
repair bills by piece of equipment, RMA numbers on bill payments
distinguishing similar names, usually with a prefix or suffix
customer who is also a vendor, similar account names, internal designations
Say it out loud with me, track only the level of detail that makes sense for your business.
©2001 Becky McCray
- About the Author
- Latest by this Author
Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.