Tip When Entering Transactions

DATE!!!  QuickBooks is date driven so it is very important that when you are entering transactions you use the correct date of the transaction!

Always use the date of when the transaction occurred such as the receipt date, date you wrote the check, or the day you deposited an item to your account.

Tip When Entering Visa / Debit Card transactions

When entering transactions for your Visa / Debit Card you will use the “Write Check” (Quick Shortcut on Keyboard Ctrl W) option within Quickbooks.  Choose what you like to refer to these transactions as either Debit or Visa.  In the “No.” field enter your preferred term for these transactions such as Visa.

Why Business & Personal Funds Should Be Separate?

Check out this video of the importance of keeping your business & personal funds seperate!.


Tip for Setting Up Bank Accounts in Quickbooks

Name the account using the financial institution name, Type of Account (Checking, Savings) last 4 of the account number, and the last 4 of the Visa/Debit Card number. (Exp. Wells Fargo Cking (1111 / 2222).  This will help you ensure when recording transactions you are entering them into the correct account.  A great example is when you use your Visa / Debit card the receipts normally always show the last 4 digits of the card number now you can quickly record this transaction to the correct account without having to dig out the Visa / Debit card to check the card number.

You can also do this for your Credit Card Accounts.

QuickBooks Bank Accounts

Within QuickBooks you should setup a Bank account for:

*Petty Cash



*Money Market

Create separate Bank accounts for any accounts that you receive Statements for this will help you reconcile your accounts and ensure that you are accounting for all of your bank transactions.

QuickBooks Help states you should use Bank accounts to track “Checking, savings, and money market accounts. Add one bank account for every account your company has at a bank or other financial institution. (You can also use this type for petty cash.)”

Definition of Bank

“A bank is a financial institution and a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank is the connection between customers that have capital deficits and customers with capital surpluses. (Reference from http://en.wikipedia.org/wiki/Bank)”