An organization’s
approach to accounting often depends on the type of business it is and its
objectives, policies, procedures, and industry. For example, maybe you use
inventory tracking and payroll—but maybe you don’t. The way you and your
accountant like to work also influences your organization’s accounting
practices. For instance, you might prefer the simplicity of cash
accounting to
the more intimate pairing of income and expenses that accrual accounting
offers.We talk about small business success. We provide QuickBooks online & Desktop accounting software for small businesses. We also offer training facility.
Sunday, February 28, 2016
Banking Online with QuickBooks
By synchronizing your
real-world bank accounts with the bank accounts in QuickBooks, you can download
your bank balances and transactions into your QuickBooks company file so you’ll
always know how much cash you have on hand. (The connection you set up between
the two is called bank feeds to differentiate it from online banking that you
perform by logging into your bank account outside of QuickBooks.) That way,
before repaying your aunt the money she lent
Tracking Finances with Reports and Graphs
QuickBooks comes with
loads of built-in reports that show what’s going on with your company’s
finances. But having a dozen report categories with several reports tucked into
each one presents a few challenges, particularly if you’re new to both business
and QuickBooks.
The first challenge is
knowing what type of report tells you what you need to know. For example, a
profit and loss (P&L) report shows how much income and expense you had over
a
Budgeting and Planning
As you’ve no doubt
noticed in business and in life, the activities that cost money almost always
seem to outnumber those that bring money in. Most companies want to make money
and most nonprofits want to do the most with the funds they have, so budgeting
and planning are essential business activities.
Like any kind of plan,
a budget is an estimate of what’s going to happen. Your actual results will
Working with Sales Tax
Sales tax can be complicated, particularly in
states where the number of tax authorities has exploded. You might have to pay
sales taxes to several agencies, each with its own rules about when and how
much. QuickBooks’ sales tax
features can’t eliminate this drudgery, but they
can help you pay the right tax authorities the right amounts at the right
time—and that’sManaging Inventory
As you record inventory
purchases and sales in QuickBooks, the program keeps track of your inventory,
just as the point-of-service system at the grocery store does when a cashier
scans items. This chapter begins by explaining how to
turn on QuickBooks’
inventory features and set up inventory items in your company file so the
program can work this magic.
Unless you practice
just-in-time inventory management, you need inventory in your
Performing Year End Tasks
As if your typical
workday isn’t hectic enough, the end of the year brings with it an assortment
of additional bookkeeping and accounting tasks. As long as you’ve kept on top
of your bookkeeping during the year, you can delegate most of these year-end
tasks to QuickBooks with just a few clicks. (If you shrugged off your data
entry during the year, even the mighty QuickBooks can’t help.) This chapter
describes the tasks you have to perform at the end of each fiscal year (or
other fiscal period, for that matter) and how to delegate them to QuickBooks.
Friday, February 26, 2016
Doing Payroll
When you first start your business, you may be the proud owner of
every job title in your company: receptionist, sales rep, technician,
bookkeeper, janitor, and CEO. But if your company is like most, you’ll
eventually hire people to help you with all those tasks. Unless you run an
all-volunteer operation, sooner or later, your employees are going to want to
get paid. When that time comes, you face the daunting task of dealing with
payroll, which is the
name for all the financial
Thursday, February 25, 2016
Transaction Timesavers
QuickBooks can zip you
through the two basic ways of producing and distributing invoices and other
forms: on paper and electronically. Within those two camps, you can choose to
produce and send forms as soon as you complete them or place them in a queue to
process in batches. For sporadic forms, it’s easier to print or email them as
you go. But when you generate dozens or even hundreds of sales orders,
invoices, statements, or checks, printing and emailing batches is a much better
use of
Producing Statements
Statements
are the perfect solution for businesses that charge individuals for time and
other
services in bits and pieces, such as law offices, cell phone service
providers, and astrology advisors. Statements can summarize the charges racked
up during the statement period (usually a month). They’re also great for
showing payments and outstanding balances, the way your cable bill shows the
charges for your monthly service, the pay-per-view movies you
Invoicing
Telling your customers how much they owe you and how soon they need to pay is an
important step in bookkeeping. After all, if money isn’t flowing into your
organization from outside sources, eventually you’ll close up shop and close
your QuickBooks company file for the last time.
Paying for Expenses
Although most small
business owners sift through the daily mail looking for envelopes containing
payments, they usually find more containing bills. One frustrating aspect of
running a business is that you often have to pay for the items you sell before
you can invoice your customers for the goods.
If you want your
financial records to be right, you have to tell QuickBooks about the expenses
you’ve
Tracking Time and Mileage
When customers pay for
your services, they’re really buying your knowledge of how to get the job done
the best and fastest possible way. That’s why an inexperienced carpenter
charges $15 an hour, whereas a master woodworker who hammers faster and
straighter than a nail gun charges $80 an hour. When it comes right down to it,
time is money, so you want to keep track of both with equal accuracy.
Product-based companies track time, too. For example, companies that want to
increase productivity often start by tracking the time that employees work and
what they work on.
Setting Up Other QuickBooks Lists
Open any QuickBooks
window, dialog box, or form, and you’re bound to bump into at least one
drop-down list. These lists make it easy to fill in transactions and forms.
Creating an invoice? If you pick the customer and job from the Customer:Job
drop-down list, QuickBooks fills in the customer’s address, payment terms, and
other fields for you. Selecting payment terms from the Terms List tells the
program how to calculate an invoice’s due date. If you choose an entry in the
Price Level List, QuickBooks calculates the discount or markup you extend to
your customers for the goods they buy. Even the products and services you sell
to customers come from the Item List.
Bank Accounts and Credit Cards
You’ve
opened your mail, plucked out the customer payments, and deposited them in your
bank account. In addition to that, you’ve paid your bills. Now you can sit back
and relax knowing that most of the transactions in your bank and credit card
accounts are accounted for. What’s left?
Some
stray transactions might pop up—an insurance-claim check to deposit or handling
the aftermath and bank fees for a customer’s bounced check, to name a couple.
Plus, running a business typically means that money moves between accounts—from
interest-bearing accounts to checking accounts,
Data Entry Shortcuts for Lists
If
you frequently add or edit more than one customer, vendor, or item at a time,
working in a New or Edit window (like New Customer or Edit Item) isn’t only
tedious, but it also takes up time you should spend on more important tasks,
like selling, managing cash flow, or finding out who has the incriminating
pictures from the last company party.
Setting Up Items
Whether
you build houses, sell gardening tools, or tell fortunes on the Internet,
you’ll probably use items in QuickBooks to represent the products and services
you buy and sell. But to QuickBooks, things like subtotals, discounts, and
sales tax are items, too. In fact, nothing appears in the body of a QuickBooks
sales form (such as an invoice) unless it’s an item. You can also use items to
fill in the bills and other purchase forms you record. Now that you’ve got your
chart of accounts, customers, jobs, and vendors set up in QuickBooks, it’s time
to dive into items.
Setting Up Customers, Jobs, and Vendors
You
may be fond of strutting around your sales department proclaiming, “Nothing happens
until somebody sells something!” As it turns out, you can quote that tired
adage in your accounting department, too. Whether you sell products or
services, the first sale to a new customer often initiates a flurry of
activity, including creating a new customer in QuickBooks, assigning a job for
the work, and the ultimate goal of all this effort—invoicing your customer
(sending an invoice for what you sold that states how much the customer owes)
to collect some income.
Setting Up a Chart of Accounts
If
you’ve just started running a business and keeping your company’s books, all
this talk of accounts, credits, and debits might have you flummoxed. Accounting
is a cross between mathematics and the mystical arts; its goal is to record and
report the financial performance of an organization. The end result of
bookkeeping and accounting is a set of financial statements (page 448), but the
starting point is the chart of accounts.
Getting Around in QuickBooks
You
have more than enough to do running your business, so you don’t want
bookkeeping to take any more time than necessary. QuickBooks’ icon bar (which
comes in two flavors: left and top) offers shortcuts to your favorite features.
Each version of the icon bar has its pros and cons, so you have to decide which
one you prefer (or you can hide them). This chapter shows you how to access
QuickBooks’ features from both the menu bar and icon bars.
Modifying Company Info
When you use the
basic setup process or the EasyStep Interview, QuickBooks gets the basic facts
about your company in small chunks. But after you create your company file, you
can easily view and edit any of this information. Here's how:
1.
Choose
Company→My Company or click the My Company entry in the icon bar.
The My Company
window opens. As shown in Figure 1-7 (background), your company info appears on
the left and info about your copy of QuickBooks appears on the window's right.
Apps, services, and subscriptions that you've signed up for (like accepting
credit cards, payroll, and so on) appear below your company info. Other
products that Intuit would like to sell you appear at the bottom of the window.
Opening Company File
Opening
an Existing Company File
After
you've opened a company file in one QuickBooks session, the next time you
launch the program, it automatically opens that same company file. If you keep
the books for only one company, you might never have to manually open a
QuickBooks company file again.
But
if you're an irrepressible entrepreneur or a bookkeeper who works on several
companies' books, you can open another company file in QuickBooks anytime, and
the program automatically closes the previous one. Because QuickBooks stores
data in a database, you don't have to save a company file before you close it.
(And if you use QuickBooks Accountant edition, you can have two company files
open at the same time, as the Tip that follows explains.) The following sections
describe the different ways to open a company file.
Wednesday, February 24, 2016
Converting from Another Program to QuickBooks
If
you launched your small business from your basement and kept your records with
Quicken Home & Business, your accountant has probably recommended that you
make the leap to QuickBooks. Or maybe you used another accounting program like
Peachtree or Small Business Accounting and have decided to move to QuickBooks.
Or perhaps you're switching from QuickBooks for Mac to QuickBooks for Windows.
Whatever your situation, this section tells you how to prep your file for a smooth
conversion and bring it over into QuickBooks for Windows.
Converting from Quicken Home &
Business
Quicken
doesn't report your business performance in the way that most accountants want
to see, nor does it store your business transactions the way QuickBooks does.
Bottom line: You have to prep
Creating a Company File
Keeping
books requires accuracy, attention to detail, and persistence—hence the
customary image of spectacled accountants scanning row after row of numbers.
QuickBooks can help you keep your books without ruining your eyesight—as long
as you start your company file with good information. If you want to practice
with QuickBooks, you can experiment with a sample file, as the box below
explains.
Experimenting
with a Sample File
You don't have to use your real company file to test out QuickBooks features
you've never used. The program comes with a couple of sample files: one for a
basic product-based business, and one for a basic service-based business. And
if you have QuickBooks Premier, you can experiment with several other sample
files for more specialized pursuits like contracting, consulting,
manufacturing, and so on. To experiment with QuickBooks features before you put
them into production, in the No Company Open window, click “Open a
Tuesday, February 23, 2016
Choosing a Start Date
To
keep your entire financial history at your fingertips, you need to put every
transaction and speck of financial information in your QuickBooks company file.
But you have better things to do than enter years' worth of checks, invoices,
and deposits, so the comprehensive approach is practical only if you just
recently started your company.
The
more realistic approach is to enter your financial data into QuickBooks
starting as of a specific date and, from then on, add all new transactions to
QuickBooks. The date you choose is called the start date . (The start date
isn't something that you enter in a field in QuickBooks; it's simply the
earliest transaction date in your company file.) You should choose it
carefully. Here are your start date options and the ramifications of each one:
Opening QuickBooks
Here
are the easiest ways to open QuickBooks:
•
Desktop icon.Double-click the desktop shortcut that QuickBooks created during
installation.
Windows
taskbar.
The fastest way to open QuickBooks is to click its icon on the Windows taskbar,
shown in Figure 1-1—but first you have to put it there. To do that in Windows 7
and Windows 8.1, right-click the QuickBooks desktop icon and then, on the shortcut
menu that appears, choose “Pin to Taskbar.” If you're still using Windows 8
(not 8 .1 ), pinning the QuickBooks desktop icon to the taskbar takes a few
more steps: Point the cursor at the screen's upper-right corner to
Creating a Company File
A
company file is where you store your company's financial records in QuickBooks,
so it's the first thing you need to work on in the program. You can create a
company file from scratch or convert records that you previously kept in a
different small-business accounting program, Quicken, or even another edition
of QuickBooks like QuickBooks for Mac.
If
you're new to bookkeeping, another approach is to use a file that someone else
created. For example, if you've worked with an accountant to set up your
company, she might provide you with a QuickBooks company file already
configured for your business so you can hit the ground running.
Accounting Basics: The Important Stuff
QuickBooks helps people who don’t have a degree in accounting
handle most accounting tasks. However, you’ll be more productive and have more
accurate books if you understand the following concepts and terms:
Double-entry accounting. The standard method for tracking where your money comes from
and where it goes. Following the old saw that money doesn’t grow on trees,
money always comes from somewhere when you use double-entry accounting. For
example, as shown in Table I-1, when you sell something to a customer, the
money on your invoice comes in as income and goes into your Accounts Receivable
account. Then, when you deposit the payment, the money comes out of the
Accounts Receivable account and goes into your checking account.
Saturday, February 20, 2016
The QuickBooks Premier Choices
If you
work in one of the industries covered by QuickBooks Premier, you can get
additional features unique to your industry. (When you install QuickBooks Premier,
you choose the industry version you want to run. If your business is in an
industry other than one of the five options, choose General Business.) Some
people swear that these customizations are worth every penny, whereas others
say the additional features don’t warrant the Premier price. On the QuickBooks
website ( http://quickbooks.intuit.com/premier ), you can tour the Premier
features to decide for yourself. Or you can purchase QuickBooks Accountant,
which can run any QuickBooks edition, from QuickBooks Pro to the gamut of
Premier’s industry-specific versions.
Here are
the industries that have their own Premier editions:
Choosing the Right Edition
QuickBooks comes in a gamut of editions, offering
options for organizations at both ends of the small-business spectrum.
QuickBooks Pro handles the basic needs of most businesses, whereas Enterprise
Solutions (the most robust and powerful edition of QuickBooks) boasts enhanced
features and speed for the biggest of small businesses. On the
other hand, the online editions of QuickBooks offer features that are available
anytime you’re online.
This tutorial focuses on QuickBooks Pro because its balance
of features and price makes it the most popular edition. Throughout this book,
you’ll find notes about features offered in the Premier edition, which is one
step up from Pro. (Whether you’re willing to pay for these additional features
is up to you.) Here’s an overview of what each edition can do:
• QuickBooks Online
Simple Start is a low-cost online option for small businesses with very
simple accounting needs and only one person running QuickBooks at a time. It’s
easy to set up and use, but it doesn’t offer features like entering bills,
managing inventory, tracking time, or sharing your company file with your accountant,
and you can download transactions from only one bank (or credit card) account.
When QuickBooks May Not Be the Answer
When you run a business (or a nonprofit), you track company finances for two reasons: to keep your business running smoothly and to generate the reports required by the IRS, SEC, and anyone else you have to answer to. QuickBooks helps you perform basic financial tasks, track your financial results, and manage your business to make it even better. But before you read any further, here are a few things you shouldn’t try to do with QuickBooks:
Work with more than 14,500 unique inventory items or 14,500 contact names. QuickBooks Pro and Premier company files can hold up to 14,500 inventory items and a combined total of up to 14,500 customer, vendor, employee, and other (Other Names List) names. (In the QuickBooks Enterprise Solutions edition of the program, the number of names is virtually unlimited.)
Friday, February 19, 2016
Whats in QuickBooks?
ü Create Invoiceü Create Customer Statementü Pay Billsü Write Vendor Checksü Track Inventoryü Manage Payrollü Much More!
Saturday, February 13, 2016
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