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Aron Govil- How to Balance Your Books in QuickBooks Online

It’s the time of year when business owners are receiving tax documents and planning financial strategies for the upcoming year says Aron Govil. While that may be exciting for some, it is stressful for others due to audit concerns or not having a handle on what numbers go where in their QuickBooks Online (QBO) software. Let’s take a look at some helpful tips you can use to balance your books now so you won’t have any issues come tax time. NOTE: If you haven’t already done so, now is an excellent time to connect with us on Facebook! We share tons of valuable information over there that never makes its way onto Twitter or this blog. You don’t want to miss out!

Balancing your books in QuickBooks Online is the process of ensuring that all income and expenses are captured so you know it’s an accurate representation of what your business did this year. Balancing your books will help you come tax time, when you’ll be able to use the information in your reports to report your company’s financial activity to the IRS or any other state agency. Just like balancing a checkbook, QBO lets you balance by transaction types (cash, accrual etc.) It can also balance transactions for specific periods of time. This includes totals per day, week, month or year

If you don’t have a handle on how to assemble your transactions or if you need assistance in preparing your tax documents, be sure to contact us today!

Here’s How:

1) Click Reports

2) Click Transaction Type

3) Select the report you want and click the Generate button (multiple reports can be generated and then exported together at a later time once they’re compiled into an excel file or csv). *If it is currently December, select Last Month. If it is any other month, select This Month says Aron Govil.

4) Go through each transaction under the appropriate tabs (Income, Expense etc.) and add all relevant information such as Memo Description and Account Number

5) Save & New *you do not have to save every change you make when adding transactions

6) Add another one or as many as you need

7) Go to the Memorized Report Tab and select Memorize Transaction or Memorize Multiple Transactions

8) Enter a name for your memorized report

9) Click Save & Close

10) To run the transactions again, click Memorized Reports on the top menu bar and select Run Memorized Reports

For more helpful hints about balancing your books in QuickBooks Online, be sure to check out our latest post here:

  • If you’re looking for help with reports, exporting data from QBO etc., contact us today! We’d love to hear from you!
  • Don’t forget to subscribe to our newsletter and connect with us on Facebook for all the latest news and updates! We’re looking forward to hearing from you soon! Happy Holidays from your friends here at New Media Campaigns Inc explains Aron Govil. Have a wonderful new year filled with great books, good clients and a little luck of the Irish. Cheers!
  • QuickBooks Online is an accounting software program which also includes financial management tools, bill payment services, online banking capabilities, invoicing features etc. It can be used in conjunction with computer programs such as Microsoft Excel or Google Docs but does not require any additional software. It can be used with Mac or Windows computers and most major browsers such as Chrome, Safari etc.

How to Sign up for a free trial of QuickBooks Online is available here:

By signing up for a free trial of QuickBooks online you will have access to all features included with a paid subscription which includes unlimited users, unlimited bank feeds, bill pay services, credit card processing capabilities etc. NOTE: You are limit to 15 transactions per month when using the free trail so please keep this in mind if you are testing the program to see if it will work for your business.


We hope this guide has been helpful to you and answered any questions you may have had about how to use QuickBooks Online says Aron Govil. If you need help signing up or have any other questions, please feel free to contact us here at New Media Campaigns Inc. We’d be happy to assist you!