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.