7 Smart Habits for Getting the Most Out of QuickBooks Online

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.

5 Top QuickBooks Reports You Can Use to Save Money

Uncover hidden savings and boost your bottom line with these essential QuickBooks reports.

QuickBooks Online offers a suite of reports that can help you:

• Identify cost-saving opportunities

• Optimize cash flow

• Enhance profitability

Here are five key reports to focus on:

📊 1. Profit and Loss Statement

Provides a snapshot of your revenues, costs, and expenses over a specific period, highlighting your net profit or loss.
How it helps: It helps you spot overspending and identify opportunities to reduce costs.

💸 2. Expenses by Vendor Summary

Breaks down your expenses by vendor, showing how much you've spent with each supplier.
How it helps: Lets you see which vendors dominate your spend so you can renegotiate terms or explore alternatives.

📈 3. Budget vs. Actuals

Compares your actual income and expenses to your budgeted amounts, highlighting variances.
How it helps: It exposes areas where you're over budget or underperforming so you can adjust accordingly.

💰 4. Cash Flow Statement

Shows the inflow and outflow of cash within your business, detailing operating, investing, and financing activity.
How it helps: It keeps you aware of your liquidity so you can avoid shortfalls and borrowing surprises.

🔍 5. Open Invoices Report

Lists all unpaid invoices and statement charges, along with customer totals.
How it helps: It helps you stay on top of outstanding payments and follow up before cash flow becomes an issue.

💡 Pro Tip: Customize Reports for Deeper Insights

QuickBooks lets you tailor reports to your business needs so you can zoom in on what really matters. Use filters, tags, and memorized settings to get more actionable insights every time you run a report.

📅 Schedule a consultation with Peak Advisers to put these reports to work for your business and uncover cost-saving opportunities you might be missing.

❓Frequently Asked Questions

What is the most useful QuickBooks report for small business owners?
The Profit and Loss Statement is one of the most valuable. It gives a quick snapshot of your income, expenses, and overall profitability — and helps guide spending decisions.

How often should I run reports in QuickBooks?
At a minimum, review key reports (P&L, cash flow, open invoices) monthly. Many businesses run them weekly to stay proactive.

Can I customize QuickBooks reports to show only what I need?
Yes. QuickBooks lets you filter, group, and format most reports — and even memorize your custom setup for easy access later.

What if I don’t know how to read the reports?
That’s where we come in. Peak Advisers can walk you through your reports, explain what to watch for, and help you take action.

No time for reports? See how QuickBooks Desktop can help

Do you remember trying to summarize your accounting data before you started using QuickBooks? It couldn't be done. You'd have to organize your invoices, bills, and purchase orders into stacks and comb through them. A calculator was involved, and a lot of time. Trying to match invoices with payments had you look back and forth between your bank statements, computer screen, and the invoices themselves.

One of QuickBooks' top features is the ability to run reports. A combination database and giant calculator, the software's dozens of pre-built report templates run in seconds. You can customize them to isolate the necessary information in neat, organized rows and columns.

However, finding the reports you need and customizing them takes time. You may skip using these critical tools because of that. Here are two ways to simplify your reports and make them more useful.

Before You Begin

You should use one of QuickBooks' built-in sample company files to experiment with reports rather than using your live data. Open the File menu and select Open Previous Company. Click on one of the sample companies. Do the same to return to your company file when you're done.

Memorize Reports

You can customize QuickBooks reports to see just the data you want, then memorize them so you can easily use those settings again.

When running a report in QuickBooks Desktop, how does it know what data you want to see? It doesn't. It just displays a default group of settings. But that should be a starting place for you. Open the Reports menu and select Customers & Receivables | A/R Aging Detail. Click Customize Report in the upper left. Change the Display and Filters to reflect your needs (if you don't know how to do this, let us help). Click OK to view the report with the new format when you've completed your modifications. If it looks right, click Memorize in the toolbar.

In the open window, enter a descriptive name to recognize it later. Do you want to save it to a group (optional)? Check that box and open the menu to choose from Company, Customers, etc. Click OK. Open the Reports menu and highlight Memorized Reports to find a memorized report. Find your report in the list and click on it.

Comment On Your Reports

While looking at a report, you might want to make notes about specific line items or share them with others. QuickBooks allows you to do this within the report itself. Here's how it works. Go to Reports | Sales | Sales by Item Detail. When it opens, click Comment on Report in the toolbar.

A second copy opens with small boxes next to every element of the report. Hover over one, and a dialogue balloon opens. Click on it, and it turns into a number. At the same time, a rectangular box containing that number opens at the bottom of the screen. Type your comment in and click Save. Repeat the process to add any additional notes. They'll be stacked up at the bottom of the screen. Of course, the numbers in this box correspond to the numbers in the report. You can edit them by clicking the pencil icon at the end of the row.

Click next to a report item and type a comment in the box below to save those comments for later.

Click Save in the upper left and give it a name to find later. You can Print or Email these commented reports. Close them when you’re done to get back to the original report. To find one later, go to the Reports menu. 

Scheduled Reports

You may have noticed an entry in the Reports menu for Scheduled Reports. QuickBooks allows you to automatically email memorized reports to co-workers or other business contacts at specific times and frequencies. 

We strongly recommend that you don’t try this on your own. Setting up QuickBooks for this process has many steps that aren’t particularly easy. If you use this tool incorrectly, you could email the wrong report or send your sensitive QuickBooks data to the wrong person.

QuickBooks 2021 Being Discontinued

You may have heard something about this already. After May 31, 2024, your QuickBooks Desktop 2021 software will be discontinued. This includes all 2021 versions of QuickBooks Desktop Pro, QuickBooks Desktop Premier, QuickBooks Desktop for Mac, and QuickBooks Enterprise Solutions. You can continue to use the software, but we don’t recommend it. For one thing, you’ll no longer get critical security patches and updates. In addition, many related QuickBooks services will not be supported or even available, including live technical support, payroll, payment processing, online banking, and QuickBooks Time. 

Still trying to figure out what to do? Talk to us about your options. We’ll still be here, and we’ll be able to consult with you on supported QuickBooks products.