This series of posts is for anyone who uses software to do their bookkeeping. The procedures are not available in all software so, I recommend checking your help files.
My final post is going through items that you might not even use, fixed asset registers, journal entries and reports. It is worth looking through these just in case you want to use them in the future.
Fixed assets have many different definitions, and my favourite is that if you kick it and you go OWWW, then it is probably a fixed asset. If you need help with these, ask your accountant.
Xero along with other pieces of cloud software has a separate section for fixed assets. These allow you to register them and run monthly depreciation.
If your business has a lot of fixed assets, it is challenging to keep track of all of them. Using this little feature can save you hours of time, especially when it comes to getting rid of one of them.
Generally, these are done by a bookkeeper or an accountant every month for payroll and end of year adjustments. If you are unsure what they are or why you should do them, please ask advice first.
Look out for certain features on your journal entry window. You may be able to copy an existing one or even set one up to repeat on a specific day every month.
A repeating entry will make your life a lot easier, mainly if you use it for accruals, prepayments or even payroll if it is the same every month.
Production of reports is an essential feature of bookkeeping software. There are very few ways that these can be automated.
I run many reports every month, so I have created custom reports that give me just the information that I need. I also run a management report pack which provides me with a collection of the most useful reports to give to my clients either monthly or quarterly.
This 3 part series should have given you a quick overview of ways you can save time every month. Future posts will go into these in greater depth and give you links to apps that can expand your software’s capabilities.
- On October 12, 2018