QuickBooks Cleanup: Fixing Messy Books Fast
Messy books cost you time, money, and sanity. Clean them up fast — and keep them that way — with help from QuickBooks Online pros at Peak Advisers.
Quick Takeaways
Clean books = better decisions, faster taxes, and real peace of mind
Most messes start with old transactions, uncategorized income, or a bad chart of accounts
QuickBooks Online has built-in tools to help, but most businesses need a guide
Peak Advisers can clean up your books and teach you how to keep them clean
Why Your QuickBooks Might Be a Mess
Small businesses move fast, and QuickBooks Online sometimes gets left behind. Over time, that leads to:
Duplicate transactions
Unreconciled bank accounts
Misused categories (or no categories at all)
Old vendors or customers are still hanging around
Reports that don’t reflect reality
You’re not alone — messy books are one of the most common problems we fix.
What a Cleanup Involves
Reconcile all accounts (bank, credit card, loans, etc.)
Remove duplicates and uncategorized transactions
Fix the chart of accounts (simplify, organize, correct)
Reclassify income and expenses into the right buckets
Review connected apps and integrations
Update vendor/customer lists
We also set up rules and best practices so your books stay clean — even if you handle the day-to-day.
Tools Inside QuickBooks Online That Help
Reconciliation Tool
Bank Rules to automate transaction categorization
Reports like Profit & Loss and Balance Sheet to spot issues
Account History views to trace errors
When You Should Call In a Pro
Symptoms you experience that mean you need a QuickBooks cleanup
Other red flags:
You can't trust your reports
Tax time is a nightmare
You're not sure if income or expenses are right
You’ve had multiple people enter data over time
How Peak Advisers Can Help
Get your books accurate and up to date
Show you how to avoid future issues
Handle the messy stuff so you can focus on growth
Let’s Clean It Up — Together
Book a free consultation → Contact us
Or call us directly: 303-801-4772
FAQ: QuickBooks Online Cleanup
Q: How long does a cleanup usually take?
A: Most take 2–10 hours, depending on how messy the books are and how many months are affected.
Q: Can you help if I use QuickBooks Desktop instead?
A: Yes. We support both QuickBooks Desktop and QuickBooks Online.
Q: Will I lose any data during cleanup?
A: No. We work from backups and version histories when needed.
Q: What if I also need help with payroll or tax prep?
A: We can refer you to trusted partners for taxes — and we will handle the setup of QuickBooks Payroll for you if that’s a fit.
7 Smart Habits for Getting the Most Out of QuickBooks Online
7 smart habits in QuickBooks Online can save you time and improve accuracy. Learn how to stay organized, run reports, and get the most out of your data.
QuickBooks Online works best when you follow a few simple habits that keep your financial data accurate, up-to-date, and usable. These aren’t rules—but they are best practices we recommend to every business we work with.
🔍 Quick Summary:
Reconcile accounts monthly
Categorize transactions daily
Run aging reports weekly
Set user permissions
Add reorder points for inventory
Use “Ask My Accountant”
Review Profit & Loss weekly
Let’s break them down.
✅ 1. Reconcile Your Accounts Monthly
This is the best way to make sure your QuickBooks Online data matches your bank and credit card records. Regular reconciliation helps you avoid future cleanup headaches and keeps your books audit-ready.
Where to go:
Transactions > Reconcile
🔧 Need help reconciling? We can help you make it happen.
✅ 2. Categorize Transactions Daily
Stay on top of your books by categorizing every transaction as it comes in. It keeps reports accurate, makes tax time easier, and prevents backlog stress.
💡 Tip: Don’t forget to mark transactions as Billable when needed to recover costs from clients.
✅ 3. Run Weekly Aging Reports
Monitor cash flow by running these reports every week:
A/R Aging Summary (who owes you)
A/P Aging Summary (who you owe)
You can also view invoice/payment status under:
Sales > Customers
Expenses > Vendors
📊 Learn how to use QuickBooks Online reports.
✅ 4. Set Up User Permissions
Don’t give everyone full access. Assign roles based on what each team member needs to do. It protects your business and reduces the risk of errors.
Where to go:
Gear icon > Manage Users
✅ 5. Add Reorder Points to Inventory
Too little inventory? You lose sales. Too much? You tie up cash. Use reorder points so QuickBooks alerts you when stock gets low.
Where to go:
Sales > Products and Services > Edit item
📦 Want help managing inventory? We offer QuickBooks setup and training.
✅ 6. Use the “Ask My Accountant” Account
If you're unsure how to categorize a transaction, don't guess. Use a holding account labeled Ask My Accountant so we can clean it up later.
To create it:
Go to Chart of Accounts > New, choose Expense, and set the detail type as Other Business Expenses.
✅ 7. Review Profit & Loss Weekly
Your P&L shows your income, expenses, and net profit in one place. Checking it weekly helps you spot trends early and make smarter decisions.
📌 Bonus Tip: Let Us Handle the Tough Reports
QuickBooks Online includes advanced reports like the Balance Sheet and Statement of Cash Flows—essential for loan applications, tax planning, and big decisions. But they can be tricky to interpret.
That’s where we come in.
We can help you generate these reports and explain them so you always know where your business stands.
❓ FAQ: QuickBooks Online Best Practices
Q: How often should I reconcile in QuickBooks Online?
A: Monthly at a minimum. Reconciliation confirms that your books match your bank and credit card records.
Q: What’s the “Ask My Accountant” account used for?
A: It’s a temporary account to hold uncategorized expenses until your accountant can review and assign the right category.
Q: How do I know if I’ve set up user roles correctly?
A: Each user should only have access to the tools they need. We can help you audit and adjust your permissions setup.
Q: Why run aging reports weekly?
A: Staying on top of what’s owed to you—and what you owe—prevents cash flow issues and missed payments.
Q: Do I really need to check Profit & Loss every week?
A: Yes! Weekly review gives you insight into how your business is doing now, not months later.
👋 Let’s Simplify Your QuickBooks Experience
From setup to training to ongoing support, Peak Advisers is here to help you get more from QuickBooks Online—and save time doing it.
📩 Get in touch with us today to learn how we can support your business.
How to avoid new W-2 and 1099 Tax Form Fees in QuickBooks Online Payroll
See how QuickBooks Online Payroll’s new tax form fees impact your business and learn simple steps to avoid the fees this tax season.
QuickBooks Online Payroll users should know about a new fee that could impact your year-end preparations. Starting with filings for the 2024 tax year, Intuit will charge $4 per W-2 and 1099 form mailed to employees or contractors. The good news? You can avoid this fee by switching to electronic delivery, saving money and time.
What Is the New Fee?
QuickBooks Online Payroll now includes a $4 fee for each physical W-2 and 1099 form printed and mailed to your employees or contractors. Intuit will mail the forms automatically if you don't take action, and the fee will be applied for every form sent.
However, electronic delivery remains free and offers a faster, more efficient way to distribute tax forms securely. You can avoid these fees and simplify your tax season by opting for electronic-only delivery.
How to Avoid the Fee: Step-by-Step Guide
Switching to electronic delivery is easy. Here’s how you can update your QuickBooks Online Payroll settings:
Log in to QuickBooks Online Payroll.
Go to the Payroll Settings section.
Update your preferences to enable electronic delivery only for W-2s and 1099s.
Once you’ve updated your settings, employees and contractors will be able to access their tax forms through QuickBooks Workforce, a secure online portal that is free to use.
Why Intuit Introduced This Fee
The new fee aligns with Intuit’s broader push toward digital solutions. Electronic delivery is cost-effective, better for the environment, and more secure than mailing physical forms. Intuit aims to make tax form distribution faster and more efficient for everyone involved by encouraging businesses to switch to electronic delivery.
The Benefits of Electronic Delivery
Beyond avoiding the $4 fee per form, electronic delivery comes with several advantages:
Speed: Employees and contractors can access their forms immediately through QuickBooks Workforce.
Security: Digital forms reduce the risk of losing sensitive information in the mail.
Convenience: No more printing, postage, or tracking mailed forms.
What About QuickBooks Desktop Payroll Users?
If you’re using QuickBooks Desktop Payroll, this new fee does not apply. QuickBooks Desktop Payroll users can e-file W-2 forms for free, though e-filing 1099s does require a separate fee. If you manage both QuickBooks Online and Desktop Payroll, remember these distinctions as you prepare for tax season.
Plan Ahead for a Smooth Tax Season
The new $4 fee for mailing W-2 and 1099 forms is an important update for QuickBooks Online Payroll users. By switching to electronic delivery, you can save money, reduce hassle, and simplify tax form distribution for your business.
Need help updating your settings or managing payroll? We’re here to assist. Let’s make this tax season seamless for you and your team.
The Bottom Line
Don’t wait until the last minute to update your payroll preferences. Switching to electronic delivery is a smart move that benefits your business, your team, and the environment. Take action today and enjoy a hassle-free tax season.
QuickBooks Payments: Outstanding Solution for Payment Processing in Businesses
Tired of slow, costly payment processors? Discover how QuickBooks Payments can streamline your business with effortless workflows, faster payments, and flexible options. Get paid and grow smarter!
Time is money, and as a small business owner, you're losing both with outdated payment processing. Every minute spent chasing payments, reconciling accounts, and managing cash flow is a minute stolen from growing your business. The harsh reality? Your current system isn't just inefficient—it's actively holding you back.
But there's a solution that turns this necessary evil into a powerful growth engine: QuickBooks Payments. This isn't just another payment processor; it's a complete reinvention of how small businesses handle transactions, designed to eliminate the frustrations that have plagued you for years.
In this guide, we'll reveal how QuickBooks Payments is helping improve business financial management and why it's the smartest choice for businesses looking to scale. Whether you're fed up with your current processor or starting a new venture, prepare to discover a system that doesn't just meet your needs—it propels your business forward.
Solving the challenges: How QuickBooks Payments addresses common frustrations
1. Seamless Integration: The End of Manual Data Entry
The Problem: Traditional payment processors trap you in a cycle of manual data entry, wasting hours on tasks that should be automated.
The Solution: QuickBooks Payments integrates flawlessly with QuickBooks Online accounting software. Every transaction automatically syncs in real-time, eliminating manual input and cutting the risk of errors. This isn't just about saving time—it's about freeing you to focus on strategic growth rather than mundane bookkeeping.
2. Lightning-Fast Access to Funds: Boost Your Cash Flow
The Problem: Slow fund transfers from payment processors can create cash flow bottlenecks, hindering your ability to manage expenses and invest in growth.
The Solution: QuickBooks Payments offers next-day deposits as standard, with the option for instant deposits on eligible transactions. This rapid access to funds empowers you to manage your cash flow more effectively, pay suppliers promptly, and seize growth opportunities without delay.
3. Versatile Payment Options: Never Miss a Sale
The Problem: Limited payment options can lead to lost sales and frustrated customers.
The Solution: QuickBooks Payments accepts a wide range of payment methods, including:
Credit and debit cards
ACH bank transfers
Apple Pay
PayPal
Venmo
This versatility ensures you can cater to customer preferences, reducing cart abandonment and boosting sales conversion rates.
4. Robust Security: Protect Your Revenue
The Problem: Chargebacks and payment disputes can affect profits and create financial uncertainty.
The Solution: QuickBooks Payments offers unparalleled peace of mind with its Payment Dispute Protection. This feature covers up to $10,000 per dispute and $25,000 annually, safeguarding your revenue and allowing you to conduct business confidently.
Beyond the basics: Why QuickBooks Payments stands out
Transparent Pricing: No Hidden Fees
QuickBooks Payments offers competitive, straightforward pricing without the hidden fees that plague many other processors. This transparency lets you accurately forecast your payment processing costs and budget more effectively. The chart below compares QuickBooks Payments rates with Square and Stripe.
Comprehensive Reporting: Data-Driven Insights
Leverage the power of integrated reporting tools to gain valuable insights into your business's financial health. Track sales trends, monitor cash flow, and make informed decisions to drive growth.
Scalability: Grow Without Growing Pains
As your business expands, QuickBooks Payments scales effortlessly with you. Whether you're processing ten transactions a month or ten thousand, the system adapts to your needs without requiring a costly overhaul of your payment infrastructure.
Expert Support: Backed by Peak Advisers
When you choose QuickBooks Payments through Peak Advisers, you're not just getting a payments processor – you're gaining a partner invested in your success. Our team of QuickBooks experts is always ready to provide personalized support, ensuring you make the most of your payment processing system.
Making the switch: Easier than you think
Transitioning to QuickBooks Payments is a smooth, hassle-free process. Our team at Peak Advisers will guide you through every step, from initial setup to optimizing your payment workflows. We'll ensure you're up and running quickly, with minimal disruption to your business operations.
The bottom line: Make your payments processing better today
In a world where every second counts, QuickBooks Payments offers the speed, efficiency, and reliability that small businesses need to thrive. By addressing the core pain points of traditional payment processing – manual data entry, slow fund access, limited payment options, and security concerns – QuickBooks Payments empowers you to focus on what truly matters: growing your business.
Ready to revolutionize your payment processing? Contact Peak Advisers today to learn how QuickBooks Payments can streamline your operations, boost your cash flow, and set your business on the path to more tremendous success.
QuickBooks Online Payroll Introduces Cost Allocation Feature for Premium & Elite Users
QuickBooks Online Payroll just got a major upgrade! Learn how the new cost allocation feature can simplify your payroll process and save you time.
At Peak Advisers, we’re thrilled to share some big news about QuickBooks Online Payroll (QBOP)! This new feature, long-awaited and previously only available in QuickBooks Desktop, is now live in the QuickBooks Online ecosystem. It's an update that promises to streamline your payroll process and simplify managing your business finances.
What’s new? Cost allocation in QuickBooks Online Payroll
Those using QBOP Premium or Elite can now effortlessly track payroll costs by customer, project, or class. This update allows you to assign multiple classes or projects to a single employee within a given pay period for any wage item. This means no more extra journal entries or manual workarounds!
Here’s a quick overview of what this feature offers:
Multiple Allocations Per Employee: Previously, QuickBooks Online only allowed one class or project per employee per paycheck. This limitation often required additional steps to reflect payroll costs across different projects or classes accurately. You can allocate multiple classes or projects to each wage type within the same pay period.
Automated Payroll Calculations: QuickBooks Online automatically calculates payroll taxes and contributions based on how wages are allocated. This feature significantly boosts businesses like contractors, who need to job cost their payroll accurately.
Improved Profit & Loss Reporting: The new cost allocation feature feeds directly into the QBO Plus & AV profit and loss reports, making tracking and reporting expenses easier.
Real-world impact: A non-profit’s perspective
Lori Aveni, who works with nonprofit clients, shared her thoughts on how this feature makes a difference:
“For my purposes, it's mostly for my nonprofit clients, because they're required on their tax return to report their expenses and they have to split up by program, administrative costs, and fundraising costs. So it's nice if we can do as much of that upfront as possible… with the payroll, we always have to go back at the end of the year and say, ‘Okay, here's how much we're splitting to each of those three buckets.’”
This update simplifies the process, allowing nonprofits and other businesses to manage their finances more efficiently and accurately throughout the year.
Why this matters
For many businesses, particularly those involved in job costing like contractors or those in the nonprofit sector, accurately tracking payroll costs across different projects or classes is crucial. This new feature in QuickBooks Online Payroll Premium & Elite takes away the hassle and manual effort previously required, offering a more streamlined, efficient process.
At Peak Advisers, we’re here to help you make the most of these new tools. Stay tuned for more updates and tips on how to maximize your QuickBooks experience. If you have any questions or need assistance, don’t hesitate to reach out to our team!
Important Security Update: Changes Coming to User Privileges in QuickBooks Online
Find out how QuickBooks enhances your data security with new restrictions on non-admin users. Learn what’s changing and why it matters for your business.
Intuit is implementing significant updates to user privileges in QuickBooks Online (QBO) and QuickBooks Online Payroll (QBOP) starting September 2024. These changes will affect how non-admin users with standard and custom roles manage admin accounts.
At Peak Advisers, as your trusted QuickBooks Solution Provider and Intuit partner, we're committed to helping you navigate these updates designed to enhance your data protection.
Key Changes
Non-Admin User Restrictions: Non-admin users will no longer be able to add, edit, or delete admin users. They will retain the ability to manage other non-admin users, ensuring minimal disruption to daily operations.
Admin-Only Controls: In the future, only users with admin roles will have the authority to manage other admin users. This change aims to reduce the risk of unauthorized access and potential data breaches.
Why This Matters
These updates are crucial for safeguarding your financial information. By limiting the management of admin users to those with the highest level of access, you can have greater confidence in the security of your QuickBooks data.
How Peak Advisers Can Support You
We're here to help you implement these changes effectively:
Guiding adjusting user roles
Assisting with the implementation of new security measures
Answering any questions you may have about the updates
For more detailed information, you can access a comprehensive guide on managing access in QuickBooks Online [link] or watch the video below.
Moving Forward
At Peak Advisers, we believe these changes will significantly enhance the security of your QuickBooks Online and Payroll accounts. We appreciate your cooperation as we work together to implement these critical updates.
Please don't hesitate to reach out if you have any concerns or need assistance. Your data security is our priority, and we're here to support you through this transition.
Optimize Your Shipping with QuickBooks Online: Compare Rates and Print Labels with Ease
QuickBooks Online's shipping integration can slash your shipping costs and save hours of work. Plus, learn about a hidden tool that could recover money from shipping errors you didn't even know you had.
QuickBooks Online offers a robust shipping integration that streamlines order fulfillment for businesses.
A big deal for any business that uses shipping
This feature allows you to easily take care of some of the most time-consuming tasks involved with shipping:
Compare carrier rates
Print labels
Track shipments
You can get this done without leaving your QuickBooks dashboard. If you haven't explored this tool yet, here's everything you need to know to use it for your business.
What the shipping integration offers
With QuickBooks Online's shipping integration, powered by ShipEngine, you can:
Compare real-time rates from multiple carriers (including UPS, FedEx, DSL, and USPS)
Print shipping labels directly from your QuickBooks interface
Automatically update your books with shipping costs and tracking information
This seamless integration saves you time, reduces errors, and potentially cuts shipping costs.
Setting up the shipping feature
Getting started is straightforward:
Log in to your QuickBooks Online account
Navigate to the "Shipping" section in your dashboard
Link your existing carrier accounts or set up new ones
Adjust your shipping preferences (e.g., default carrier, package sizes)
How to use the shipping integration
Once set up, here's how you can use the feature:
Compare Rates: When creating an invoice or sales receipt, select the shipping option to view and compare rates from various carriers.
Choose and Print: Confirm the shipment details and print the shipping label directly within QBO after selecting your preferred carrier.
Track Shipments: Monitor the status of your shipments without switching to another platform.
Real-world application
Consider Sarah, owner of an online plant shop. Before using QBO's shipping integration, she spent hours each week comparing rates on different websites and manually entering shipping information. With the new feature, Sarah creates invoices, selects shipping options, and prints labels all in one place. She reports saving time on shipping tasks and reducing costs by easily comparing carrier rates.
Benefits for your business
Integrating shipping into QBO offers several advantages:
Time Efficiency: Manage orders and shipping from a single platform
Cost Optimization: Easily compare rates to choose the most affordable option
Reduced Errors: Automate the shipping process to minimize manual entry mistakes
Improved Record-Keeping: Shipping data integrates seamlessly with your financial records
Pro tips for maximizing the shipping feature
Stay Updated: Regularly check your carrier accounts for any rate changes or new services
Batch Processing: For multiple orders, use batch printing to save time
Analyze Data: Use QBO's reporting features to track shipping expenses and identify cost-saving opportunities
Customize Preferences: Set up default package sizes and preferred carriers for even faster processing
It benefits any business that ships
The QBO shipping integration is particularly beneficial for:
Small to medium-sized businesses handling regular shipments
E-commerce businesses looking to streamline operations
Companies aiming to reduce shipping costs and improve efficiency
If you're new to QuickBooks Online, this feature might be a compelling reason to consider the platform for your business needs.
Enhance your shipping strategy with Share A Refund
While QuickBooks Online's shipping integration helps you optimize your shipping process, another tool can take your shipping cost management to the next level: Share A Refund.
What is Share A Refund?
Share A Refund is a shipping audit solution that integrates with QuickBooks Online to further maximize your shipping savings. This tool automatically reviews your shipments for potential refunds due to the following:
Late deliveries
Billing errors
Other discrepancies in carrier performance
How Share A Refund Complements QuickBooks Online Shipping
While QuickBooks Online helps you choose the best rates upfront, Share A Refund works behind the scenes to recover funds from carrier mistakes after shipments have been made. This two-pronged approach ensures you optimize your shipping costs before and after parcels leave your facility.
Benefits of Using Share A Refund
Automatic Audits: No need to manually review shipping records - Share A Refund does it for you
Recover Lost Funds: Identify and claim refunds you might have otherwise missed.
Time Savings: Reduce the time spent on shipping administration and auditing.
Improved Carrier Accountability: Ensure your carriers maintain their service commitments.
Getting Started with Share-A-Refund IS SUPER SIMPLE
As your QuickBooks Solution Provider, Peak Advisers offers Share A Refund as part of our suite of tools to help businesses like yours save money and time on shipping activities.
All you need to do is sign up for Share A Refund using this link and complete some basic information. The tool will take it from there to automatically start auditing your shipments and claiming refunds when you are entitled to them.
Bottom line
QuickBooks Online's shipping integration and tools like Share A Refund offer a powerful one-two punch for optimizing your shipping operations. You're streamlining your workflow by comparing rates and printing labels directly in QBO. Add in Share A Refund's automatic audits, and you're not just saving time—you're potentially recovering money you didn't know you were leaving on the table.
Ready to take your shipping strategy to the next level? Here's what you can do today:
Explore the shipping integration in your QuickBooks Online account
Set up your carrier preferences and start comparing rates
Contact Peak Advisers to learn how Share A Refund can further boost your shipping efficiency
Remember, in the world of e-commerce, efficient shipping isn't just about cutting costs—it's about gaining a competitive edge. By leveraging these tools, you're positioning your business for growth and success in an increasingly digital marketplace.
Need help getting started or want to optimize your existing setup? Peak Advisers is here to guide you through every step of the process. Let's work together to turn your shipping operations into a streamlined, cost-effective powerhouse.
5 essential tips for managing inventory in QuickBooks Online
Struggling with inventory management? Discover how to leverage QuickBooks Online's powerful features to streamline your stock control, from detailed product records to flexible pricing strategies.
Maintaining a healthy inventory of products to sell is always a balancing act. And it usually involves a lot of trial and error when your business is young. If you’re selling unique products that you’ve created yourself, it’s not so hard. You make one, you sell it, and your inventory is gone.
It gets trickier if you’re mass-producing the same item or buying items in bulk or wholesale. How many will you be able to sell? Your first estimates may be wildly off base. You take those early losses and try to make better buying decisions. You want to have enough products in stock that you don’t have to turn away sales, but you also don’t want to tie up a lot of money in excess inventory that isn’t moving.
As a business manager, you have to learn on your own where that sweet spot is for every item you stock. It can take months or even years. QuickBooks Online can’t make those buying decisions for you, but it can warn you when you’re running low and when you have too much on hand that isn’t selling so well.
Here are five ways to improve that delicate balance.
Make sure all of the inventory tracking options are turned on
Click the gear icon in the upper right and scroll down to Sales on the Account and Settings page. In the Product and Services section, make sure all of the options are set to On (we’ll get to price rules later). Be sure to click Done when you’re finished.
Don’t skip the detail on inventory product records
We strongly urge you to complete all fields in inventory item records.
We’ve described the process of creating inventory item records before. You click the gear icon in the upper right corner and select Lists | Products and services. Click New in the upper right and Inventory in the panel that slides out from the right. You’re only required to complete three fields here: Name, Initial quantity on hand, and As of date. This allows you to include those item records in transactions. QuickBooks Online will subtract items when you sell them and keep your inventory level current.
In the above image, the Reorder point field is very important. When the inventory level for that product drops to the number you specify, QuickBooks Online will let you know. In fact, when your cursor is on the QTY (quantity) field in an invoice, the three numbers pictured above will appear in a pop-out window (Quantity on PO automatically appears in the record based on your current purchase orders). Be sure you pay attention to this information when you’re selling products.
Set up flexible pricing
There may be times when you want to temporarily lower the price of a product or products because they’re just not selling. Maybe it’s a seasonal issue, and you expect that sales will pick up at a later time. You can use QuickBooks Online’s Price rules. This tool allows you to discount certain products for a specified period of time.
Let’s say you’re overstocked on fountain pumps, and you want to discount them for a month to see if you can reduce your inventory level. Click the gear icon in the upper right again and select Lists | All lists | Price Rules. Click Create a Rule and give it a Rule name. Price rules apply to all products and all customers by default. So you’d leave Customer | All customers as is. Scroll down under Products and Services and click Select individually. Under Price adjustment method, select Fixed amount. Choose Decrease by and 12, and in the next two fields, then No rounding. Enter the Start date and End date (optional).
You can create Price rules to decrease (or increase) prices temporarily for some or all customers.
Click +Add product or service, then click the down arrow in the field under Products in the lower half of the screen. Scroll down to Fountain Pump and select it. Your Adjusted Price should appear in that column. Click Apply rule and then save it. This price will appear automatically when you create an invoice, though you can override it or delete it on the Price Rules page.
Use the site’s inventory reports
As you might imagine, QuickBooks Online offers excellent templates for inventory reports that you should be running on a regular basis. We talked about how the site alerts you to low stock levels when you’re creating invoices. But you should study the big picture on occasion. These reports are:
Inventory Valuation Summary. Transactions for each inventory item and how they affect quantity on hand, value, and cost
Inventory Valuation Detail. The quantity on hand, value, and average cost for each inventory item
Physical Inventory Worksheet. Your inventory items, with space to enter your physical count so you can compare to the quantity on hand in QuickBooks Online. QuickBooks Online allows you to adjust inventory levels, but this should be done with great care. We can advise you on this.
You can also visit the Products & Services page, which displays a detailed profile of each item. If you’re low on stock or completely out, you’ll see that information at the top of the page.
We can’t advise you on the inventory levels you should be maintaining. Over time, this will become easier to gauge. But we’re here if you have questions about the mechanics of inventory management or any other element of QuickBooks Online.
Understanding credit card processing fees: Don't let your business get overcharged
Paying too much in credit card fees? See how businesses like yours save thousands annually with these insider tips on processing fees.
Did you know that the average small business in the U.S. pays between 2% to 3.5% in credit card processing fees for each transaction? That might not sound like much, but for a business processing $100,000 in credit card sales annually, it could mean up to $3,500 leaving your pocket. At Peak Advisers, we've helped numerous small businesses cut these costs significantly, sometimes saving thousands of dollars a year. Here's what you need to know to keep more of your hard-earned money.
The Hidden Costs in Credit Card Processing
Many small business owners focus on the advertised transaction rate, overlooking additional fees that can substantially increase overall costs. These can include:
Monthly statement fees
PCI compliance fees
Chargeback fees
Early termination fees
Understanding these fees is the first step to optimizing your payment processing costs.
The Importance of Integrated Systems
For years, we've emphasized the benefits of using a credit card processing service that integrates with your QuickBooks accounting software. Solutions like QuickBooks Payments offer seamless integration, streamlining your financial processes and reducing manual data entry errors.
Key Takeaways:
Rates are negotiable: Don't assume the rates you're quoted are set in stone.
Read your statements: Regular review of your merchant statements is crucial.
Ask questions: If something doesn't make sense, reach out to experts like us at Peak Advisers.
A Real-World Example
Recently, we helped a client who was unhappy with their credit card processing fees. Upon reviewing their statement, we discovered they were being charged an "instant settlement transaction fee" of 1.75%. This fee was unnecessary for their business model and significantly inflated their overall costs.
What We Did:
Identified the unnecessary fee
Reached out to the service provider
Negotiated removal of the fee
Secured a more reasonable rate for the client
You can imagine how the end result satisfied our client and made him much happier.
Action Steps for Your Business
Review Your Statements: Whether you use Intuit, Stripe, or any other provider, carefully examine your monthly statements.
Understand Each Charge: If you see fees you don't understand, investigate them.
Compare with Industry Standards: Research average rates for businesses similar to yours.
Negotiate: Armed with information, don't hesitate to negotiate better rates.
Seek Expert Help: If you're unsure about any aspect of your credit card processing, consult with financial advisors who specialize in this area.
The Bottom Line
Mistakes happen, even with reputable service providers. The only person who can catch these errors is you—or a trusted advisor working on your behalf. By taking the time to review and understand your credit card processing fees, you can potentially save your business significant amounts of money.
Remember, at Peak Advisors, we're always here to help you navigate these financial intricacies. Don't hesitate to reach out if you need assistance in reviewing or optimizing your credit card processing setup.
Michael Wallace is a partner at Peak Advisers, specializing in small business financial optimization. For more information or personalized advice, contact michael@peakadvisers.com.
Navigating Direct Deposit Limits in QuickBooks Payroll: A Complete Guide
There are direct deposit limits on QuickBooks Payroll. Find out how to manage these limits effectively. Follow our comprehensive guide to ensure timely payments and seamless payroll processing.
Direct deposit is a convenient way to ensure your employees and contractors are paid promptly. However, for security reasons, there are limits on the amount of money you can send via direct deposit. This article explains how these limits affect QuickBooks Online Payroll and QuickBooks Desktop Payroll and what steps you can take to avoid difficulties at payroll time.
What are direct deposit limits?
Direct deposit limits refer to the maximum amount of money that can be transferred from your business account to your employees' or contractors' accounts in a set period. These limits help prevent fraud and ensure that your account has sufficient funds.
Understanding your limits in QuickBooks Online Payroll
In QuickBooks Online Payroll, you might encounter a message stating that your payment amounts are more significant than usual. This message appears when your direct deposit amount exceeds the set limits. These limits are determined per payroll and per person:
Per Payroll: The total amount of direct deposits for all employees or contractors paid within a six-day period.
Per Person: The direct deposit amount for one employee or contractor paid within a 14-day period.
Finding your limits
To check your direct deposit limits:
Go to Settings ⚙
Select Payroll Settings
Look for the Direct Deposit section and select Edit ✎ to view your limits
Requesting an increase
If your payroll amount often exceeds your limits, you can request an increase:
Go to Settings ⚙ and select Payroll settings
In the Direct Deposit section, choose Edit ✎
Select Request Limit Increase
Enter the necessary amount and type of increase, then select Done and Save
Requests are typically reviewed within two business days. You may need to provide bank statements to show that your account has sufficient funds. Upload these documents through the Resolution Center in Payroll Settings.
Understanding your limits in QuickBooks Desktop Payroll
Similar to QuickBooks Online, QuickBooks Desktop Payroll has direct deposit limits. If your payment exceeds these limits, you will receive an error message.
Finding your limits
To find your direct deposit limits in QuickBooks Desktop Payroll:
Open QuickBooks Desktop
Go to Employees > My Payroll Service > Account/Billing Information
Look for the Direct Deposit section to view your limits
Requesting an increase
To request an increase in your direct deposit limits:
Open QuickBooks Desktop and go to Employees > My Payroll Service > Account/Billing Information
Select Request Limit Increase
Follow the prompts to submit your request and provide any required documentation
What to do if you need to pay employees today
If you need to pay employees immediately and your direct deposit limit prevents you from doing so, you can issue paper checks. Here's how to switch to paper checks:
For employees:
Go to the payroll section in QuickBooks
Select the employees you need to pay
Turn off the direct deposit option for these employees
Print and issue paper checks
For detailed steps, visit Change direct deposit to paper check for employees.
For contractors:
Go to the payroll section in QuickBooks
Select the contractors you need to pay
Turn off the direct deposit option for these contractors
Print and issue paper checks
For detailed steps, visit Pay a contractor with a paper check.
Bottom line
Managing direct deposit limits in QuickBooks Online Payroll and QuickBooks Desktop Payroll is essential to ensure smooth payroll processing. By understanding your limits and knowing how to request increases, you can prevent disruptions in paying your employees and contractors. Always stay informed of your payroll settings and be prepared to switch to paper checks if necessary to avoid any payment delays.
For more information and detailed steps, refer to the official QuickBooks support articles linked above or contact Peak Advisers (303) 801-4772.
QuickBooks Online Introduces Organization Charts: Visualize Your Team Structure
QuickBooks Online's new Organization Charts feature brings your company's structure to life. Learn how this visual tool can enhance team connectivity, streamline decision-making, and drive your business forward.
Imagine seeing your entire company structure at a glance, instantly identifying reporting lines, and empowering your team with clear organizational insights. QuickBooks Online (QBO) has introduced a valuable new feature that enhances how businesses manage their team structures: Organization Charts. It’s available now to users of QuickBooks Online Payroll.
What are org charts in QuickBooks Online?
Organization Charts (or Org Charts) in QuickBooks Online is a practical new tool that converts your existing employee data into a visual representation of your company's hierarchy. Using employee profiles, pictures, and manager assignments, QBO offers a comprehensive view of your organizational structure.
Availability
The Organization Charts feature is available to users of:
QuickBooks Online Payroll Core
QuickBooks Online Payroll Premium
QuickBooks Online Payroll Elite
If you're using one of these versions, you can start leveraging this powerful tool right away to visualize and optimize your team structure.
Main benefits of QBO organization charts
Enhanced visibility: Get a clear overview of your entire organization's structure.
Improved communication: Employees can quickly identify who to contact for specific issues or projects.
Streamlined onboarding: New hires can quickly understand their position within the company.
Efficient decision-making: Clear reporting lines facilitate faster, more informed decisions.
How to Access and Use Organization Charts
Navigate to Payroll > Employees in your QuickBooks Online account.
Look for the Org Chart tab next to the employee list.
Select Assign Managers to start building your organizational structure.
Choose managers for each employee using the dropdown menu.
Click Done to save your changes.
Customizing Your Organization Chart
Enhance your org chart by adding essential details for each employee:
Job Titles
Email Addresses
Phone Numbers
To add or edit this information:
Go to the Org Chart tab and select View.
Choose Start or Edit for the section you want to update.
For contact details, navigate to Personal Info.
For job titles, go to Employment Details.
Save your changes and return to the Org Chart to see the updates.
Sharing with Your Team
A vital aspect of this feature is the ability to share your organization chart with employees through QuickBooks Workforce. Here's how:
In the Org Chart tab, select Show Org Chart in Workforce.
Choose whether to include email addresses and phone numbers.
Click Apply to make the org chart visible to your team.
Why this feature matters
The new Organization Charts feature is a valuable tool that can significantly improve how you manage your team. Here's why you should start using it today:
Enhance Team Connectivity: In an era of remote work, visual org charts help connect dispersed team members.
Streamline Decision-Making: Clear hierarchies can lead to faster approvals and more efficient operations.
Improve New Hire Integration: Reduce onboarding time by providing instant clarity on company structure.
Optimize Resource Allocation: Easily identify skill gaps and improve your workforce distribution.
Promote Transparency: Foster trust and openness by sharing your org structure with the entire team.
Make the most of this powerful feature. Implementing Organization Charts could help unlock your team's full potential and drive your business forward.
The bottom line
The new Organization Charts feature in QuickBooks Online Payroll is more than just a visual tool – it's a practical asset that can help businesses of all sizes improve their operations. By providing a clear, accessible view of your company's structure, you're equipping your team to work more efficiently and effectively.
Ready to enhance your team structure? Log into your QuickBooks Online account today and start building your organization chart. A more organized, efficient future for your business is just a few clicks away!
QuickBooks Online's 2024 Leap: Precision Inventory, Lightning-Fast Shipping
QuickBooks Online's 2024 features bring precision to inventory management and agility to shipping for small businesses. From smart inventory variants to seamless sales channel integration, QBO simplifies operations and amplifies productivity. Discover how these innovations can transform your business workflow.
Picture a world where your inventory practically manages itself, your shipping labels materialize with a click, and your sales channels sync like a well-tuned orchestra. Does it sound like a small business owner's dream? Well, it's time to wake up because QuickBooks Online (QBO) is turning this dream into reality with its latest suite of features that are coming soon for 2024.
It is definitely something to look forward to using.
There will be no more juggling spreadsheets, wrestling with variant SKUs, or playing detective with your stock levels. QuickBooks Online has rolled up its sleeves and dived deep into what makes product-based businesses tick. The result? A powerhouse of new tools that will liberate you from these manual tasks and have you wondering how you ever managed without them.
So, buckle up, small business heroes. We're about to embark on a tour of QBO's advanced updates, which promise to change your inventory management from a necessary evil into your secret weapon. These innovations will redefine how you handle your products, fulfill orders, and ultimately grow your business, putting you firmly in control.
Let's explore the Fantastic Four
Inventory Variants
Real-Time Sales Channel Integration
Simplified Inventory Counts
Simplified Shipping Labels.
Each feature is designed to solve real problems and save precious time and money, making your operations more efficient and your business more prudent. They are available in QuickBooks Online Advanced and QuickBooks Plus. Ready to see how QuickBooks Online is changing the game? Let's get started!
Inventory variants: A new era of product management
What's New?
QuickBooks Online has introduced a powerful inventory variants feature, addressing a long-standing need for product-based businesses. This update brings a new level of sophistication to the Product & Services section of QBO.
Key Features:
Consolidated View: Manage all products and variants using a user-friendly interface.
Detailed Tracking: Keep tabs on quantity on hand, price, cost, and SKU for both products and their variants.
Bulk Import: Easily import products and variants via bulk upload or directly from connected sales channels.
Stock Alerts: Receive clear notifications when inventory is running low or out of stock.
Streamlined Replenishment: Convert low-stock alerts directly into Purchase Orders for quick restocking.
Benefits for Businesses:
Improved inventory accuracy
Enhanced product organization
Time savings through automated imports
Reduced risk of stockouts
Real-time sales channel integration
QuickBooks Online now offers seamless integration with multiple sales channels, providing real-time orders, fulfillment, and payout tracking.
Features:
Automatic import of new sales orders from various channels
Sales orders converted to invoices with accurate inventory items for precise COGS tracking
Up-to-date fulfillment status tracking
Automated payment import to mark invoices as paid
Why It Matters:
This integration eliminates manual data entry, reduces errors, and gives businesses a holistic view of their sales across all channels.
Inventory count made simple
Inventory accuracy is critical for any product-based business. QuickBooks Online's new inventory count feature makes this process a breeze.
How It Works:
Perform quick inventory counts for selected products or your entire catalog
Real-time counting interface
Save and resume functionality for extensive inventories
The Impact:
Frequent and accurate inventory counts lead to better stock management, reduced write-offs, and improved financial reporting.
Shipping labels: fulfillment simplified
In partnership with ShipEngine, QuickBooks Online now offers integrated shipping label creation and management.
Key Features:
Discounted Rates: You can now access deeply discounted carrier rates directly within QBO.
Rate Comparison: Easily compare shipping rates across USPS and other service options.
One-Click Label Creation: Purchase, create, and print shipping labels directly from an invoice.
Pre-populated Information: Shipping details are automatically filled in from invoice data.
Shipment Tracking: Monitor and manage shipment status, including the ability to void labels.
Benefits:
Cost savings on shipping
Time efficiency in order fulfillment
Improved accuracy in shipping information
Better tracking and management of shipments
We want to let you know about a must-have tool that won’t cost you a penny but will save you money on shipping. It’s called Share a Refund, and it performs automatic audits to ensure your shipments arrive on time and are handled properly by the shipping provider. Otherwise, it claims a refund for you. You don’t have to do anything other than sign up here.
A new chapter for QuickBooks Online users
These new features in QuickBooks Online represent a significant leap forward for small and medium-sized businesses. By addressing and offering excellent solutions for substantial challenges in inventory management and order fulfillment, QBO empowers businesses to operate more efficiently, reduce costs, and provide better customer service.
As these features complete rolling out throughout 2024, businesses using QuickBooks Online Advanced and QuickBooks Online Plus will be better equipped to handle the complexities of modern commerce. Whether managing a complex product catalog, selling across multiple channels, or streamlining their shipping process, QuickBooks Online now offers the tools they need to succeed.
Stay ahead of the curve and explore these new features to see how they can transform your business operations. The future of small business management is here, and it's more powerful and user-friendly than ever before.