Bookkeeping Tips
2022
FreeAgent - Ruby the Robot
You may have already visited the Knowlegde Base to find answers to your questions or to troubleshoot, but have you met Ruby the Robot?
You can find Ruby when you're logged into FreeAgent by clicking on the blue 'Help' button in the bottom right-hand corner of the screen. From there, Ruby will pop up and offer her services to help answer questions and to search the Knowlegde Base for you.
If your question is outside Ruby's remit, contact our in-house software specialist Anna Rowson-Smith.
XERO
I use Xero every day and for me by far, the best time saving feature is having more than one session open at time.
This is especially helpful if you have more than one screen set up - However it is quite accessible with only one screen as you can [ALT & ←] to skip between screens.
With two sessions open at a time - You can have the bank reconciliation screen open and the files option open.
This will enable you to load and enter the invoices and receipts and check and match the payments that have come out of your bank with a quick ‘click’
Memorise These Handy Keyboard Shortcuts
Keyboard shortcuts can help you save time and allow you to keep your hands on the keyboard when you enter information into QuickBooks Online. Use these keyboards shortcuts when working in a transaction window. Mac users can substitute Option for Alt in the following table.
There's also an easy way to access these common commands with a shortcut of its own. By hitting CTRL + ALT + ? for PC or CTRL + OPTION + MAC, a menu will pop up with these shortcuts, which are summarised below.
Function | Keyboard Shortcut |
Open the Expense window | Ctrl+Alt+X |
Open the Estimate window | Ctrl+Alt+E |
Open the Invoice Transaction window | Ctrl+Alt+I |
Open the receive Payment window | Ctrl+Alt+R |
Display Help | Ctrl+Alt+H |
Display the Lists page | Ctrl+Alt+L |
Display the Customers page | Ctrl+Alt+C |
Display the Vendors page | Ctrl+Alt+V |
Display the Chart of Accounts page | Ctrl+Alt+A |
Display the Search Transition page | Ctrl+Alt+F |
Display keyboard shortcuts | Ctrl+Alt+/ |
Print the transaction | Ctrl+Alt+P |
Use FreeAgent by looking at Insights
Insights is an innovative feature that uses your data in FreeAgent to highlight certain aspects of your business' performance - as well as opportunites and potential issues - so that you make better informed decisions about your business and finances. At the moment there are four insights available:
- Top customers - Insights highlights your top five customers from the last six months.
- Upcoming VAT payment - this lets you know when you have an upcoming VAT payment to budget for.
- Slowest-paying customers - this shows you your slowest-paying customers from the past 12 months and offers guidance to help you get paid faster.
- Top spending catergories - this highlights your top five spending catergories from the last six months to give you a clearer picture of your outgoings.
Keen to check out your most recent insights? Navigate to the bell-shaped icon at the top right of your screen in FreeAgent and dive straight in!
Create Repeating Invoices and Bills
Quickbooks - Reconcile like a Pro
- Click on Accounting on the left hand side
- Click on reconcile
- Choose your account to reconcile
- Add in the date and the balance of your actual bank at the date you have entered
- The difference should be 0.00*
- Click on the green button – finish now
- *If there is a discrepancy – this will need to be investigated and rectified
2021
Xero - Rewind a reconciliation mistake
It happens to everyone: you’re in a groove, zooming through your bank feed and before you know it, you’ve incorrectly matched a transaction.
Xero’s “unreconcile” feature lets you fix this mistake quickly.
Since unreconcile keeps the account transaction and the bank statement line but removes the connection between them, this Xero tip will save you a ton of time and hassle.
Here is how to unreconcile an account transaction:
- Click on the three little dots to the right of the account name on the Dashboard.
- Go to account transactions under the find header.
- Click the transaction you want to change to open it.
- On the next screen, click options and then select unreconcile.
- Click OK on the pop-up window to unreconcile the transaction.
- After you’ve completed this process, you can now re-reconcile the bank statement line.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Reconcile your accounts in QuickBooks
In any business it’s important you know what’s going on with your hard-earned money.
In QuickBooks you can ensure your accounts always reconcile.
For example; when you receive a statement or a payment remittance, ensure it reconciles with your QuickBooks.
This covers all statements, including those for credit cards, loans and bank accounts.
It is important that the actual bank balance matches to the reconciled balance in QuickBooks, this is a common issue that we do come across when completing the year end accounts.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
FreeAgent… let Ruby help you!
Practice bookkeeper and software specialist Anna Rowson-Smith, will be sharing her bookkeeping tips in every edition of our newsletter.
This month… FreeAgent… let Ruby help you!
FreeAgent has a new helper, meet Ruby the Robot.
If you need to troubleshoot or ask any questions whilst using FreeAgent click on the blue help button (bottom right hand corner) and Ruby will pop up.
Ruby will help answer any questions and if outside her remit she’ll put you in touch with a member of the FreeAgent team.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Xero quick tip
Perform quick actions with ‘+’ button
On the top right hand you’ll see a small plus icon (+).
Click the icon to quickly access several different functions including creating a purchase order, invoice, or contact.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Quickbooks handy hint
Practice bookkeeper and software specialist Anna Rowson-Smith shares her bookkeeping tips...
This month… Quickbooks handy hint
You can open more than one Tab when using Quickbooks online
For a quick link, right click on any link in QuickBooks and click open link in new tab.
I find this useful if you are checking transactions when entering or wanting to check the account code for posting transactions.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Xero multi-factor authentication (MFA)
Practice bookkeeper and software specialist Anna Rowson-Smith, shares her bookkeeping tips...
This month… Xero multi-factor authentication (MFA).
Cyber-attacks have increased dramatically since the start of the pandemic.
The results of a cyber-attack can be devastating, in order to protect its users even further Xero will be introducing a mandatory multi-factor authentication (MFA).
This added security will be brought in from early April (2021), with users invited to opt into MFA and use an authentication app, such as Xero Verify.
Xero Verify will send out push notifications to ensure it is the user trying to log in, therefore preventing anyone else trying to access your account.
Xero will contact all users in early April.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Store your business files right inside FreeAgent
Practice bookkeeper and software specialist Anna Rowson-Smith shares her bookkeeping tips...
This month…Store your business files right inside FreeAgent
You probably have files and documents that you like to have to hand while you’re working on your business accounts, so why not bring them straight into FreeAgent?
Simply upload your docs to the 'Files' area of your account using the storing company files feature or email the documents directly to your FreeAgent account!
To find this click on the company name on the top right hand side /files.
Compose a new email in the email account that you use to log into FreeAgent, attach the files and then send the email to files@[yoursubdomain].freeagent.com.
(Here’s how to find your subdomain if you’re not sure.)
Once the email has been received, the files will automatically be uploaded to the Files area of your FreeAgent account.
Are you are interested in having a bookkeeping review with our practice bookkeeper and software specialist Anna Rowson-Smith?
What is involved in a bookkeeping review?
- Bank reconciliations check
- Category posting checks
- VAT code checks
- Duplicate transaction checks
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Xero's Inbuilt Calculator
Xero has an inbuilt calculator that allows you to perform basic math functions directly in certain fields. Using this calculator decreases the chance of an entry error
The inbuilt calculator has addition, subtraction, multiplication, division and group functionality.
To use it, just type in an equation — like 15 * 1.12 — into a field. Press enter or tab and Xero calculates the result. You can use this calculator for transactions as well as manual journals.
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.
Quickbooks - Organising reports
Practice bookkeeper and software specialist Anna Rowson-Smith shares her bookkeeping tips...
To help you organise and easily find the reports you prefer and use on a regular basis.
If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com
Fees will apply.