I never carry a balance on my credit card and pay the entire balance off each month when due. I always select credit card when it is an option to not only control cash flow but also to take advantage of credit card rewards. I put all bills on auto payment to hit either a credit card or checking account. I tend to automate my bills, income and savings as much as possible. This will allow you to perform daily reconciliations and view not only your current balance, but also your future cash balance based upon transactions that will eventually post to your account. If you select 'cleared status' from the drop down QuickBooks will sort items by cleared or not cleared. When you double click on your QuickBooks bank account and open the register you will see a box in the lower left labeled 'sort by.' The last step is changing the display options in your bank register. I refer to this process as daily reconciliations in QuickBooks.īy clearing transactions through the bank register to the last online daily balance you can effectively balance your books on a regular basis. The next step of managing your cash flow effectively is to reconcile your accounts manually on a weekly or daily basis. Items such as mortgage payments and auto loan payments usually occur each month and the amounts rarely fluctuate.įor items that are recurring payments or deposits I simply memorize those transactions in QuickBooks and have them post automatically to QuickBooks 10 days in advance of when they will post to my bank or credit card account. I do this by entering not only transactions that have posted to my account but also those transactions that I know are coming. By entering my financial data on a regular basis for all of my accounts I can really drill in on my cash flow situation. The biggest benefit I find when using QuickBooks for personal bookkeeping is the ability to manage cash flow. I also feel that many people don't use QuickBooks because they have never used it before and find the program intimidating to learn.Īlthough I use QuickBooks in many ways to manage my personal and family bookkeeping I wanted to touch on the three key ways I use the program. I think that QuickBooks is a much more powerful program than some of the other options. There are other programs like Quicken or Mint, but I happen to like using QuickBooks. I use QuickBooks to manage my personal family finances.
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