Products & Services provide details on the income categories your business is engaging and are often overlooked as a classification technique. Instead of having income accounts for each specific category, using the Products & Services features provides options not available in the chart of accounts.
Classes are a logical division of categorization that can be customized in anyway that suits your needs. Examples of classes might be Industries Served, Restricted Funds, or Seasonality.
Locations are a useful classification system for logical operating divisions. They can also be labeled as Divisions, Departments, Territories, Stores, or Properties.
If your retail point of sale system tracks all the details of your transactions, you don't need to replicate it all in your books. Daily summaries can save lots of time entering data.
Use identifying keywords in your ad campaigns and tag your advertising expenses with those identifiers. You'll be able to report on your conversions within QuickBooks Online.
Use factoring to get out of a jam but don't make it your primary method of revenue collection. The fees are way too high.
If your business has an off-season, consider depositing funds into a separate operations account during your busy season to have a solid budget for your lean months.
Make your books tell you everything you need to know. Get creative with transaction tags in QuickBooks Online and set up customized reports.
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