Customize your QuickBooks file by making use of the many preference options the software has to offer. Many of these settings can increase efficiency, reduce the amount of manual modifications performed to a single or set of transactions, and increase your internal controls. So, here are a couple of my favorite settings that I’m sure you will appreciate if you give them a try. To get started, open your company file, navigate to Edit > Preferences and follow along. It is also helpful to note that each preference category has a “My Preferences” tab and a “Company Preferences” tab. To customize the settings only linked to your specific user profile, edit the “My Preferences” tab. To standardize settings across all users, edit the “Company Preferences” tab. For the latter, you usually need to be in single user mode and signed in as Admin as an added measure of control.
Accounting: Gain control over posting to prior periods.
- Set a closing date – This function allows you to lock users from entering/editing/deleting transactions in any period prior to your set closing date unless they have the valid password and authority to do so.
- Warn if transactions are in the past – This allows you to warn users when they modify or enter transactions that are older than a set number of days in the past.
- Warn about duplicate invoice numbers from the same vendor – Checking this box could save your company money and help retain the accuracy of your financial reporting. Remember this setting only works if the invoice number is entered identically more than once, so be consistent.
- Chose a default account for certain tasks – For repetitive tasks, transactions that always interface with the same account, or Company’s with only one operating account. Use this setting to select the bank account associated with the write checks, make deposits, and pay bills functions. This will save you the extra step of having to manually select the correct account each time you perform these functions and can reduce the risk of posting transactions to the wrong account.
- Warn about duplicate check numbers – This will help ensure that each payment has a unique identifier and reduces the potential of your check stock getting out of sequence.
- You know that pesky Live Community window that automatically opens when you enter the QuickBooks file? Well, now you know where to turn it off.
Stay tuned for Part 2 of this blog to learn more customized settings QuickBooks has to offer. These small differences can make your life better.Written by: Andrea Murray TGG Accounting