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Looking for the process to track the cash flow in QuickBooks desktop? The cash flow is the amount of money moving in and out of the business and bank account. In QuickBooks desktop, the user can use different reports and projections in order to get clear look at the current and future businesses finances. This can be done by carrying out a couple of steps, which we will be discussing in today’s article. Thus, if you are interested, then make sure to read this post carefully till the end, or as an alternative for the same, you can also get in touch with our accounting professionals and ask then to carry out the process for you.

All you have to do is make a call at our toll-free customer support number i.e. 1-844-521-0490, and we will provide you with the best possible solution immediately.

You may see also: How to Print General Ledger Report in QuickBooks?

Steps to Finding the financial position in QuickBooks

Following are the steps to Know where you stand financially:

Step 1: Ensuring that the data is accurate

The user is supposed to ensure that the books are accurate. The reports will use the data in QuickBooks, for which it is important to ensure that you have a clean starting point.

  • Initially you need to ensure that you have entered all the transactions into QuickBooks
    • In case you have set-up the bank feeds, then download the transactions and match them to the transaction in QuickBooks desktop
  • The next step is to reconcile the accounts in QuickBooks and ensure that they match the real-life bank and credit card statements. In case you need help in reconciling the account, then you can reach out to your accountant.

In case the reconcile report matches the bank statement, the user should be ready to start running reports. In case they do not match, then you can fix the beginning balance issues in QuickBooks desktop.

Step 2: Using financial reports to see how much you have made

The profit and loss report and balance sheet report will show the user the performance of the business based on the data in QuickBooks.

Running a profit and loss reports

The user needs to run a profit and loss report for the past 3 months in order to get an understanding the average income and expenses for each month.

  • This can be done by moving to the reports menu and then selecting the company and financial
  • After that, the user needs to select the profit and loss detail
Running a profit and loss reports - Screenshot
  • Followed by setting the date range for the past 3 months
    • It should be noted that in case you wish to change what appears on the report, make sure to choose the customize report and customize it based on the data required
  • Once done, the user needs to print, email, and export the report to excel.

When the user examines the income, the top sources of revenue should be considered. And for expenses, it is important to pay attention to things like payroll, rent, insurance, and marketing expenses to see where you might be able to cut off the expenditure.

Running a balance sheet detail report

It should be noted that a balance sheet report gives a financial snapshot of the company as of a specific date. This will calculate the work of the business by subtracting all the money the company owes from everything it owns. The steps to be followed are:

  • The very first step is to move to the reports menu and also choose company and financial
  • After that, select the balance sheet detail
Running a balance sheet detail report - Screenshot
  • Also, choose the customize report and customize it based on the data required
  • The last step is to print, email, or export

Read this also: How to Print Pay Stubs in QuickBooks Desktop?

Steps to Optimizing the cash flows in QuickBooks

Following are the steps to Optimizing your cash flows in QuickBooks desktop:

Step 1: Setting up a cash flow projection

With the help of the upcoming bills and cash on hand, the user can find the cash flow looks for the next six weeks by creating a cash flow projection.

Step 2: Identifying the top selling items

The user is supposed to use the company snapshot, in order to find out what the customers buy the most. This will assist in focusing on the top selling products and services. This can be done by carrying out the steps below:

  • The user is supposed to navigate to the company menu and also choose the company snapshots
  • Also, choose the add content option and then choose the right arrow
Identifying the top selling items - Screenshot
  • Moving ahead, the user needs to look for the best-selling items and choose +Add
  • After that, double click each of the product or service in order to see a detailed report
    • Also note, if you wish to change the items on the report, then you can select the customize report tab and also customize it based on the data required.
  • The last step is to print or email, or export.

Step 3: Checking which customers have upcoming or overdue invoices

It recommended to use the automated invoice payment reminders, which will identify the customers with upcoming or overdue invoices. After it is set up, the user might receive a notification that the payment reminders are ready to send. Then, the user can review and approve them before they go out.

Step 4: Finding out the bills to be paid

With the help of the bill tracker in QuickBooks desktop, the user can spot the pending and unpaid bills. The user can make payments directly in QuickBooks:

Step 5: Identifying the place where the expenses could be reduced

With the help of company snapshot, the user can see the top expenses and also check where the spending could be reduced.

  • The user can move to the company menu and then choose company snapshots
  • Also, select the add content and select the right arrow
  • After that, it is important to find the expense breakdown and select +Add
  • Followed by double clicking the wedge on the expense breakdown to see a detailed report
    • It should be noted that, in order to change the report, customize report option should be selected
  • And lastly, print them

See Also: How to Enter or Edit Payroll Service Key in QuickBooks?

Step 6: Finding out the top vendors by expense

In case the cash flow is causing a delay in paying the vendors, the user might be able to negotiate the payment terms or delay paying bills till the cash exists. In QuickBooks, the user can run a report to see the vendors the user can spend the most with.

  • This can be done by select the company snapshots from the company menu
  • And then moving to the select add content and also select the right arrow twice
  • After that select + Add from the top vendors by expense
  • Followed by double clicking the vendor on the expense report
    • The user can change the report by selecting customize report
  • The last step is to print and you are good to go

To wrap up!

We conclude the article over here, with the only hope that the information shared in here might help in some or the other way. But if you are unable to track the cash flow in QuickBooks desktop or if you have any query regarding the same, then feel free to call us at any point of time.

We are a hub of technically sound professionals, who work round the clock to provide the best possible support services. Call us at 1-844-521-0490, and leave the rest on our 24/7 QuickBooks enterprise technical support team.

 

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