Help Centre
QuickBooks Online Tips & Best Practices
Reviewed by Kerry Smithies, CPA and QuickBooks Online ProAdvisor
Last reviewed: September 2026
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Reviewed by Kerry Smithies, CPA and QuickBooks Online ProAdvisor
Last reviewed: September 2026
Bank accounts should generally be reconciled as soon as your bank statement is available.
Regular reconciliations help identify errors early, maintain accurate financial records and provide confidence that your financial reports are reliable.
Leaving reconciliations for several months often makes problems much more difficult to identify and resolve.
At a minimum, business owners should review their financial reports every month.
Regularly reviewing your Balance Sheet, Profit & Loss and Statement of Cash Flows helps you identify trends, unusual balances and potential problems before they become significant.
Your financial reports are valuable management tools, not just documents prepared for tax purposes.
Many business owners head straight to the Profit & Loss.
I recommend starting with the Balance Sheet.
If your Balance Sheet contains errors, there's a good chance your Profit & Loss isn't telling the whole story either.
Reviewing the Balance Sheet first provides greater confidence in the financial information you're using to make business decisions.
Yes.
Reviewing your Accounts Receivable Aging Report helps ensure outstanding invoices are collected promptly and allows you to identify old balances that may need further investigation.
Remember, amounts shown in Accounts Receivable have already been recognised as income.
Yes.
Reviewing your Accounts Payable Aging Report helps you manage upcoming payments, maintain good supplier relationships and identify unexpected balances that may require investigation.
Keeping Accounts Payable up to date also contributes to more accurate financial reporting.
If your business carries inventory, regular reviews are important.
Physical inventory counts help ensure the inventory shown in QuickBooks Online reflects what is actually on your shelves.
Accurate inventory contributes to reliable financial statements and better business decisions.
Many businesses choose to close completed financial periods once reconciliations and reporting have been finalised.
Closing the books helps reduce the risk of accidental changes to previously reported financial information.
The timing depends on your business and your reporting requirements.
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One of the most common mistakes is relying on financial reports without first confirming the underlying information is accurate.
A Profit & Loss report may appear reasonable, but if reconciliations haven't been completed or Balance Sheet accounts contain errors, important business decisions could be based on incorrect information.
Confidence in your reports starts with confidence in your bookkeeping.
Yes.
Small issues are usually much easier to resolve than problems that have been accumulating for months or years.
Regular reviews help identify issues early, reducing the time and cost involved in correcting them.
Good habits make a significant difference.
These include:
Consistent attention helps ensure your QuickBooks Online company remains accurate and continues to provide reliable information for decision making.
No.
QuickBooks Online is much more than a bookkeeping system.
When your information is accurate, it becomes a valuable business tool that helps you monitor performance, understand cash flow and make better-informed decisions.
The more confidence you have in your financial information, the more valuable QuickBooks Online becomes.
Confidence comes from understanding both the software and the accounting behind it.
Whether you learn through YouTube tutorials, structured training or one-on-one guidance, taking the time to understand why things work the way they do will help you get much more value from QuickBooks Online.
