Get the latest steps to track your cash flow in QuickBooks Desktop:

The QuickBooks accounting software offers a wide range of impressive features and tools that aid accounting sectors. Discussing cash flow, it is basically the amount of money that moves in and out of the business and the bank account. Keeping a track of the cash flow in the QuickBooks desktop is a must, so as to get a crystal-clear picture of the current and future businesses’ finances. To learn the process for tracking cash flow in QuickBooks desktop, check this segment out. You can simply track your cash flow using the below set of steps. Let us dive in together.

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Check Out Your Financial Position Using the Below Steps

Here are some simple steps that you can execute so as to track your company’s financial position. Explore the steps by scrolling down carefully.

Step 1: The first step to track your cash flow in QuickBooks is to ensure that data is accurate

The very first thing that you should ensure is that the books of accounts are appropriate and accurate. All the reports will make use of the data in QuickBooks, thus, it is very much important to have a clean starting point.

  • You are required to ensure that you have entered all the transactions into QuickBooks.
  • Just in case you have set up bank feeds, download the transactions and match them to the transactions in QuickBooks.
  • Reconciling the accounts in QuickBooks is the next step you should perform and ensure to match them with the bank and credit card statements. Just in case you need any assistance in reconciling the account, it is a good idea to consult an accountant.

In case, you reconcile report tallies with the bank statement, then you are all set to start running reports. If not, then you can check the process to fix beginning balance issues in QuickBooks.

Step 2: Make use of the Financial Reports to See how much you have made

The profit and loss report and balance sheet report will display how your business is doing based on the data in QuickBooks. Thus, you can run a profit and loss report for the past 3 months and get a better insight into the average income and expenses for each month.

  • Head to the reports menu and then the company and financial option.
  • After that, choose the profit and loss detail.
Running a profit and loss reports - Image
  • Set the date range for the past 3 months.
  • Also, note that if you wish to change what appears on the report, then choose to customize report and customize it based on the data you want.
  • Once done, print, email, or export the report to excel.

When you check the income, make sure to see the top sources of revenue. For expenses, you can pay attention to things such pay payroll, rent, insurance, and marketing expenses to see where you can reduce your spending.

Running a balance sheet detail report

You can run a balance sheet report to get the financial snapshot of the company as of the specific date. This will calculate the business worth by eliminating the money your company owes from the amount you own.

  • You are supposed to head to the report menu and then the company and financial.
  • Choose the balance sheet detail.
Running a balance sheet detail report - Screenshot
  • And pick the customize report and customize it according to the data required.
  • Once done, print, email, or export the report to excel.

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Steps for Optimizing the Cash Flow in QuickBooks

You can perform the below steps for optimizing the cash flow:

Step 1: To Track your cash flow in QuickBooks, start by setting up a cash flow projection

Making use of the upcoming bills and cash on hand, you can check the cash flow looks for the next six weeks by creating a cash flow projection.

Step 2: Looking for the top-selling items

You can use the company snapshot, and see what the customers are buying the most. Run the best-selling item report by performing these steps:

  • Head to the company menu and opt for the company snapshots.
  • Select add content and choose the arrow on the right.
Identifying the top selling items - Image
  • Look for the best selling items and select add.
  • Double click each product to see a detailed report.
  • In case you wish to change what appears on the report, go for the customize report tab and alter it depending on the data you need.
  • Print, email, or export the report to excel.

Step 3: Identifying the customers having upcoming or overdue invoices

By using automated invoice payment reminders, QuickBooks will be able to spot the customers with upcoming or overdue invoices. After it is set up, you will see a notification that you have payment reminders ready to send. You can review and approve them before they go out.

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Step 4: Look for the Bills you wish to pay

With the help of the bill tracker, you can spot the pending and unpaid bills and pay them directly in QuickBooks.

Step 5: Check where you can cut down the spending

You can use your company snapshot and see what your top expenses are and see what you can do to cut down your expenses:

  • Run the expense breakdown report, by heading to the company menu and select company snapshots.
  • Choose the add content and select the right arrow.
  • Look for the expense breakdown and select add.
  • Double click the wedge on your expense breakdown.
  • And print, email, or export the report to excel.

Concluding step: Also check for the top vendors by expense

Just in case the cash flow is causing a delay in paying the vendors, you can negotiate the payment terms or delay paying bills till you have the cash. In QuickBooks, you can also run the report to see the vendors you spend the most. You can run the report using the steps below:

  • Move to the company menu and choose the company snapshots.
  • Choose the add content and tap on the right arrow twice.
  • Hit on add from the top vendors by expense.
  • Double-tap the vendor on your expense report to see a detailed report.
  • Print, email, or export the report to excel.

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Get instant support 24/7

That was all you need to know about tracking cash flow on QuickBooks desktop. As always, if you are still puzzled to opt for the right option, then you must get in touch with our QuickBooks desktop support team of technocrats to make your development choice clear. Our team comprises certified and experienced professionals who have served the industry for several years and have attained unfathomable skills in troubleshooting evolving issues encountered while working with the Quickbooks software. For assistance on various issues pertaining to Quickbooks, you can reach us out on our helpline, or through the Live chat option.


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