Randy J. Elder, CPA, P.C.

5 Ways Small Business can use QuickBooks’ Income Tracker

Income Tracker –  real ring to it.

As small business owners, any tips or efficiency tools to help stay on top of the revenue stream and cash flow can be extremely helpful. If you are a QuickBooks user but haven’t started using the Income Tracker feature yet, I would suggest giving it a try.

Today I’ll cover 5 of the more common activities that you can perform from within Income Tracker;
* Look up a particular invoice or transaction
* Perform tasks at the individual bill/transaction level
* Create a new transaction
* Print multiple forms
* Edit transactions

One of the reasons QuickBooks is so popular among small business owners is the flexibility it offers users. For many tasks, QuickBooks offers users multiple ways to accomplish the same thing. For example, if you wanted to look up a specific invoice there are at least four different ways to complete this task. You could;
* Go to the Customer Center, select the customer and then view the list of transactions
* Use the Find feature
* Create a report
* Use Income Tracker (Note: only the Administrator or an employee who has been granted explicit permission could use this feature)

When looking up invoices, Income Tracker gives you four different views to select from;
* Unbilled estimates
* Open invoices
* Overdue invoices
* Invoices paid within the last 30 days

You can display all four views or, with just a click on the column header, filter to display only the view you are interested in. You can also filter transactions using the drop-down lists below the column header. Select from;
* Customer: Job
* Type
* Status (Open, Paid, etc.)
* Date (range).

Income Tracker also allows you to work at the individual invoice/transaction level. For example, if you filter to display Estimates and then select a specific item, Income Tracker gives you the following options;
* Convert to Invoice (100 percent of the estimate, a percentage of it, specific items, or percentages of each item)
* Mark as Inactive
* Print
* Email

Income Tracker is not only useful for working with existing transactions but also gives you the ability to create a new transaction. You can create the following from within Income Tracker;
* Estimates
* Invoices
* Sales receipts
* Statement charges
* Receive payments
* Credit memo/refunds

Income Tracker also provides one of the fastest ways to print multiple forms through its Batch Actions function. Just select the transactions you want to print and then click the arrow next to Batch Actions.

Move receivables into the ‘PAID column’ quicker.

Finally, you can edit transactions from Income Tracker, too. To edit a transaction you can double-click on one or select it and click Edit Highlighted Row in the Manage Transactions menu.

QuickBooks’ Income Tracker doesn’t do anything that can’t be done another way in the program. But it is one of the best ways to get a one-glance view of the current state of your receivables movement.

If you’re using Income Tracker or other ways to review your receivables and you consistently see patterns that you don’t like, give me a call. I can evaluate your receivables process and suggest ways to accelerate it. Tightly managing your receivables and getting that “PAID” stamp on invoices quickly will improve your cash flow.