Here are some tricks for getting the most out of your QuickBooks Online Firm-Only Ledger!
Import your own custom Chart of Accounts from your existing Practice product:
- This way, you and your staff won’t have to relearn new account codes, and the fields in your QBO reports will map exactly to your existing system at year-end. Then, run the ‘GL Summary’ report each period to generate a net-movement journal for posting into your existing system, and voila, you’re on your way.
Every number-related cell in QuickBooks Online can calculate formulae:
- This is especially useful when apportioning amounts without having to use a calculator (private use etc.).
- Example: When journaling – you can include GST by using the following formula ($1,100 inc GST) – the applications are myriad:
Get to know your Accountant's Toolbox very well:
- When logged into a client subscription look at the toolbar of your QuickBooks Online Accountant file - the toolbox is denoted with a suitcase icon.
- Inside here you'll find plenty of advisor-only tools to take your efficiencies to the next level when you're preparing client work, particularly 'Reclassify Transactions' and 'Prep for Taxes.'
- Hint - use 'Report Options' to set your reports to default to Cash or Accrual,or change the default period displayed.
You can change the display name for your QuickBooks Online Firm-Only Ledgers in your QBOA Client List to something unique: