If you’re a bookkeeping professional, the Accountant Toolbox in QuickBooks Desktop is an invaluable resource. This suite of accounting tools allows you to efficiently review, analyze, edit, and report on your clients’ finances.
The Accountant Toolbox is available in QuickBooks Pro, Premier, and Enterprise. It provides awesome capabilities without the need for an separate accountant subscription.
Read on to learn how you can take advantage of the Accountant Toolbox to level up your QuickBooks accounting.
Getting Started with the Accountant Toolbox
Before using the toolbox features, you first need your client to give you access to their QuickBooks Desktop file.
To get started:
- Have your client add you as a user in QuickBooks, giving you accountant permissions.
- Ask your client to send you a portable company file via email or file transfer. The file extension will be .qbm.
- Save this file on your computer and open it to access your client’s books just as if you were using QuickBooks on their machine.
Now the Accountant Toolbox features will be unlocked for you to use in their file.
Key Accountant Toolbox Features
The Accountant Toolbox provides a slew of capabilities to make managing your clients’ finances efficient and insightful.
Here are some of the most useful features:
Client Data Review
Quickly review your client’s Chart of Accounts, Items List, Payroll Items list, and more. Easily spot any incorrect or inconsistent data.
Accountant’s Copy
Create a review copy of their QuickBooks file. Make any changes needed then merge those back to your client’s live data file.
Journal Entries
Easily enter journal entries for adjustments, accruals, or data clean-up. Entering to the correct historical period prevents skewed financials.
Reclassify Transactions
Mass reclassify transactions that your client coded to the wrong accounts. Quickly clean up their books.
Print/Export Reports
Run key financial reports. Customize the date range and export to Excel for additional analysis.
Batch Enter Transactions
Use an Excel template to batch enter many transactions at once. Perfect for initial client onboarding.
To Do Notes
Leave notes for your client pointing out issues to address or action items. Better communicate must-do tasks.
Practice Data File
A sample company file to test out the Accountant Toolbox features before using them on live client data.
Between these robust features and access to your client’s live data, you have everything you need to deliver high-value accounting and bookkeeping services for your clients.
Best Practices When Using the Toolbox
Follow these tips for getting the maximum benefit from the Accountant Toolbox:
Always Work on a Copy
Before making any changes in your client’s file, first create an Accountant’s Copy. This protects their live data from any mistakes.
Communicate Changes
Let your client know about any significant adjustments or changes you make to their books through the Toolbox. Transparency is key.
Customize Reporting
Take advantage of customization options when running reports. Tailor date ranges, filters, and formatting to get meaningful insights.
Use Audit Trail
Review the Audit Trail report so you and your client have a record of all actions performed. This covers your work.
Back Up Regularly
Back up your client’s data file often as you work. Protect against any data corruption or loss.
With these tips in mind, the Accountant Toolbox will become an indispensable assistant. Your clients will also appreciate the enhanced reporting and data cleanup it enables.
For any questions on unlocking the full potential of the Accountant Toolbox in QuickBooks Desktop, reach out to the QuickBooks Premier support number experts.
Get Comfortable With the Toolbox Through Practice
When first getting started with the Accountant Toolbox, it can feel overwhelming. There are so many capabilities packed into it!
The best way to get comfortable is through hands-on practice. Take advantage of the Sample Company file that comes with the Toolbox to test out features and workflows before using them on real client data.
Here are some activities you can practice in the Sample Company file:
- Entering journal entries to record adjusting entries, accruals, and corrections. Check out how the Toolbox allows easy entry to prior periods.
- Reclassifying transactions that were originally recorded to the wrong accounts. See how to do mass reclassifications painlessly.
- Customizing and exporting reports and financial statements. Get used to tailoring date ranges, filters, and formatting.
- Using the Accountant’s Copy to test out changes before merging them to the main file. Feel secure that you won’t mess up real data.
- Batch entering transactions from Excel templates. Perfect importing large amounts of data.
- Leaving To Do notes and seeing how they appear to clients. Communicate tasks effectively.
- Reviewing the Audit Trail after making changes to see what is tracked. Understand what clients see.
With hands-on practice under your belt, you’ll feel right at home in the Toolbox. When it comes time to use it on actual client work, you’ll tap into the features like a pro. This translates to quick, accurate, and effective bookkeeping and financial review for your clients.
Seamless Accounting Workflows
The Accountant Toolbox delivers everything accounting professionals need to review, analyze, and optimize their clients’ financial data…all without leaving QuickBooks!
You’ll save time through batch transaction entry, streamlined report generation, and efficient correction of data errors. Your clients will benefit from cleaned-up books, dialed-in reporting, and clear task lists.
By taking full advantage of these powerful features and best practices, you can establish an awesome accounting workflow. Data accuracy and review efficiency reaches new heights! Use the Accountant Toolbox to provide five-star service and demonstrate your QuickBooks mastery.