Smart QuickBooks Online Practices You Should Be Using

Using QuickBooks Online (QBO) the right way can improve your financial accuracy, reporting capabilities, and operational efficiency. Whether you're a seasoned user or new to the platform, these best practices can help you stay organized and make better business decisions.

Reconcile Accounts Monthly - Don’t wait until year-end—or worse, tax time—to find discrepancies. Reconcile your bank and credit card accounts each month to ensure your records match your bank accounts.

Categorize Transactions Daily - Stay on top of your bookkeeping by categorizing daily. This ensures your financial reports are meaningful and your tax filings accurate.

Run Aging Reports Weekly - Monitor your cash flow by reviewing:

• Accounts Receivable (A/R) Aging Summary

• Accounts Payable (A/P) Aging Summary

  
  

Keep Your PC Secure - QBO lives in the cloud, but your local device security still matters.

• Keep your operating system updated

• Use antivirus and anti-malware software

• Avoid clicking unknown links or email attachments

  If your PC is compromised, your business could be too.

  
  

Use the "Ask My Accountant" Holding Account

Don’t guess when you’re unsure how to categorize an expense. Instead, post it to a temporary account labeled “Ask My Accountant.”

Create it in Chart of Accounts as:

• Account Type: Expense

• Detail Type: Other Business Expenses

  
  

Your accountant can then review and categorize these entries properly later.

Whether you're just starting or need a mid-year tune-up, ECS Financial Services can help you streamline your QBO usage, identify errors, and prepare for year-end.