Bookkeeping Tips

You are here: Home » Resource Centre » Bookkeeping Tips

2022

I would advise that you should reconcile your bank account on a regular basis, weekly or monthly depending on the amount of transactions that are going through your bank.  

Most importantly before your VAT return is due.
A handy hint would be to complete a reconciliation in Quickbooks

  • 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

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.

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.

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.

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.

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.

 

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.

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 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.

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.

 
Go to the reports section in Quickbooks on the left hand side - you can add the reports to your favourites list by simply clicking on to the Star next to the report heading.
Once the star is green it will be added to the ’quick view’ favourites section at the top of the reports screen.
 
You can also customise reports and add these to your favourites list

If you are interested in a Bookkeeping review please contact Anna on annarowson-smith@ellis-uk.com  

Fees will apply.