In QuickBooks Pro 2008 Essential Training (www.lynda.com), adviser Suzanne Robertson explores the abounding able appearance of QuickBooks Pro, the accepted accounting software that can be acclimated for aggregate from administration claimed expenditures to creating able business annual records. Suzanne covers acclimation annual and non-inventory items and application the automatic EasyStep interview. She additionally demonstrates how to actualize and adapt accounts, aggregate and pay sales tax, and handle invoices, bell-ringer payments, and applicant refunds. Exercise files accompany the tutorial.
Note: QuickBooks Pro 2008 is not currently accessible for the Mac. If you are a Mac user you will be clumsy to accessible the exercise files for this tutorial, about you will still be able to watch the movies.
Topics include: * Working with the Chart of Accounts feature* Ambience up items* Tracking annual items* Application the Customer Center* Invoicing customers* Authoritative applicant sales receipts* Applying discounts and credits* Entering and advantageous bell-ringer bills
The additional bisected of the footfall annual is all about customizing QuickBooks for your business needs. We’re activity to go through a alternation of questions and at the end we’ll acquire a affairs that’s set up and tailored to our business needs by selecting appearance that QuickBooks feels will best serve us. If at the end we see that there are appearance that our aggregation absolutely doesn’t allegation to use–not a problem. We’ll be able to about-face those appearance off at a after time.
We’re activity to go advanced and bang on Next.
Our aboriginal catechism is what do you sell. Do you alone advertise casework such as consulting? Gym memberships? Accounting services? Do I alone advertise products? Some physical, absolute things I’m authoritative and carrying to somebody such as lamps, books, and hardware? Or do I do both? In the case of training, conceivably I do consulting and training services, and I additionally afresh advertise articles of that training in a CD or a book format. For our company, we do both. Eat Cake can accommodate casework from catering, activity services. We can additionally advertise prices far as concrete cakes, muffins, cookies, things of this nature.
So our aggregation does both articles and casework and that’s what we’re activity to select. And we’re activity to bang on Next.
Do you advertise articles online? Again, we can attending at the advantage that QuickBooks gives us.
Number one is currently yes, I advertise articles online. No, I don’t advertise annihilation online but I may appetite to at a after date. Or I don’t advertise online and I’m not absorbed in accomplishing so. Whichever one of these you select, if after on bottomward the alley you adjudge oops, nope, that wasn’t the adapted best for me, don’t worry, you can go aback and change it. So this is not an all or annihilation at this point.
Your aggregation may not currently advertise online but you may appetite to at a after date. So we’re activity to go advanced and baddest that on Again, we can consistently change this after on. We’re activity to go advanced and bang on Next. Do you allegation sales tax? And apprehension that Yes is already defaulted and is recommended for our business type. Now QuickBooks mades that accommodation from what we originally told it that we were a caterer, restaurant, bar, that we were incorporated. All of these things now tells it, OK, so based on that belief yes to this, no to that. And this accurate affection is adage yes, we do acclaim for your blazon of business that you should allegation sales tax.
Again, if you’re borderline don’t anguish about it. After on we can consistently change it. So we’re activity to go advanced and leave the absence the arrangement has alleged for us.
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Do you appetite to actualize estimates in QuickBooks? Now, an appraisal is agnate to a quote, a bid, a proposal, article you’re activity to accommodate to a applicant to accord them an abstraction of the bulk of whatever it is you’re affairs to them. Some businesses use estimates, others do not. As you can see, QuickBooks for our business blazon has recommended no for us. However, I apperceive that we are activity to be accouterment estimates bottomward the alley to our audience because we do do accouterment in accord to the bakery business, and so I will be accouterment estimates to my audience for bells cakes and all types of added services. So we’re activity to go advanced and acquire Yes.
Now again, if I acquisition bottomward the alley that were not application this affection I can consistently about-face it off later. I’m activity to go advanced and bang on Next.
Using sales receipts in QuickBooks: Aboriginal of all a Sales Receipt is altered than an Antithesis and you allegation to acquire the aberration amid the two. A Sales Receipt is article you use aback a applicant pays you at the time they’ve accustomed your annual or appurtenances or products.
This gets into the accretion against cash-basis concepts and not all companies use sales receipts. There are a lot of companies that are carefully accrual. There’s never a time aback they’re activity to bill somebody that they’re activity to acquire acquittal at the aforementioned time they bill. And in those cases they would use an Invoice. But in a retail or some blazon of a cash-based article area you’re affairs article and at the time you advertise it you acquire payment, a Sales Receipt would be appropriate.
QuickBooks has told for us, they don’t acclaim it for our business. However, we do acquire a retail boutique area bodies can absolutely airing in. They can acquire from our muffins and cakes, buy them over the adverse and pay us and at that time we could use a anatomy of Sales Receipt in QuickBooks or what you would alarm a Banknote Register function. So we’re activity to go and bang on Yes actuality to accredit that feature. And again, if we appear into the affairs after on and we acquisition that no, absolutely we don’t allegation that, we can consistently about-face it off.
I’m activity to go advanced and bang on Next.
Using Statements in QuickBooks: Announcement Statements are absolute accepted for aback you are on accrual-basis in invoicing your audience and they’re activity to afresh pay you after for article you’ve awash them today. Absolute frequently at the end of the ages you may appetite to accelerate the applicant a annual that shows all of the accuse that acquire been accumulated up to that point in time from money that they owe you. Now, the statements can annual not alone money that is owed by the client. It can additionally appearance the payments or credits that may be activated to the client’s annual as well.
Again, QuickBooks defaults based on above-mentioned advice we gave it to whether it thinks we allegation Announcement Statements or not for our company. It recommended no, but we’re activity to go advanced and about-face that affection on afresh because we do acquire times aback we’re activity to do a Banknote Receipt. Meaning what the actuality comes in at the time and pays for us adapted over the counter. And afresh during our accouterment ancillary of the business we will be announcement or invoicing bodies for casework that will be delivered after and I may allegation to accelerate them a annual for that information. So we’re activity to go advanced and about-face that affection on and bang on Next.
Using advance invoicing: Now Advance Invoicing is a little bit altered than aloof your acceptable invoicing in QuickBooks. Advance Invoicing is about acclimated for if you’re accomplishing a ample job that may run several months and alternating the way you’re activity to allegation the applicant for little sections of assignment that has been completed and acquittal up to that point. It’s absolute frequently acclimated in construction. So area a architect will appear in and bid on a home. They’re activity to body your abode for you and the abode is activity to booty six months to build. And so during that advance of time there will be sections of it completed. So in the aboriginal 30 canicule the framing goes up. OK so they’re activity to allegation you at that point for the assignment done up to that point. That is a Advance Invoice. In the aing 30 canicule they get the area bedrock up and they get to alpha to put up the drywall and they actualize accession Advance Antithesis for the assignment completed up to that point. And so on forth. In our business archetypal we do not use progessing invoices. We’re not activity to acquire jobs that are activity to go on months and months and months with all these apparatus to it. We’re activity to antithesis the applicant at one time and afresh be paid for that invoice. So we’re activity to leave this affection as no as QuickBooks has recommended.
Again, we could consistently about-face it aback on after if we bare to. We’re activity to go advanced and bang on Next.
Managing bills that you owe:
This is absolutely accession chat for Accounts Payable. Accounts Payable is a way of managing money that you owe to added people. So, it’s a annual of your vendors. It’s a annual of all the bills, and aback they’re due, and how abundant money you’ve paid to them. I acerb advance for about every business blazon that you use Accounts Payable or a managing of your bills. And as you can see QuickBooks has recommended that as a yes to us that we should be accomplishing this to clue our bills. So we’re activity to go advanced and leave that as the absence and we’re activity to go advanced and bang on Next.
Do you book checks? And again, actuality we acquire our alternation of questions of whether yes, I currently book checks. No, I don’t currently book them but I’d like to later. Or I don’t book them and I don’t plan to. Now, I don’t apperceive of any business that doesn’t allegation to address a check. (Laughs.) If you’re the affectionate of business that is aloof demography money in and not accepting to pay it out, I appetite to appear assignment for you. For our company, yes, we book checks. We’ve printed them in the past. We’re activity to abide to book them so we’re activity to baddest that. And afresh we’re activity to go advanced and bang on Next.
Tracking annual in QuickBooks: And again, this is activity to absolutely depend on the blazon of business you are and whether you currently clue inventory, whether you would like to clue annual in the future. Annual Tracking is absolute accepted for bodies who achieve something. So they’re architecture the apparatus and afresh putting it together. Or possibly they’re affairs the bedrock apparatus from added vendors but afresh accumulating it themselves. Or they aloof buy the basic from accession vendor, they banal in on their shelf, and afresh they in about-face resell it.
All of those could be acclimated for tracking of some blazon of absolute that you acquire sitting on your shelf that after on you’re activity to about-face about and resell to somebody else. Whether they’re raw abstracts and appurtenances that you afresh about-face into accession artefact that you in about-face sell, or whether there is an alone artefact you buy from a bell-ringer and afresh about-face about and resell it yourself.
Those types of items you may or may not appetite to clue in inventory. And again, it’s a best that you acquire to achieve depending on your own aggregation needs.
QuickBooks has some acceptable solutions for tracking of inventory. It helps acquiesce you to see how abundant abundance you acquire on duke at any accustomed time of a accurate item. that allows you to see the boilerplate bulk of that item, how abundant you’ve sold, and aback you allegation to alter by ambience absence thresholds.
For our business, we’re activity to go advanced and about-face on that affection alike admitting it recommends no.
We do absolutely do some tracking of annual for our company. We buy espresso machines that we afresh about-face about and resell to our clients. And we additionally buy coffee mugs that we them will about-face about and resell. So I appetite to achieve abiding that I clue my annual of coffee mugs and espresso machines so that I apperceive how abundant it’s costing me, how abundant I acquire on hand, and aback it is time to alter that product. So we’ve alleged Yes and we’re activity to bang on Next.
Do you acquire acclaim cards? And again, we acquire our three questions actuality of yes, I do currently acquire them. No, I don’t currently but I would apparently like to later. Or I don’t and I don’t plan on accomplishing it. Now again, in today’s bazaar best bodies are accepting acclaim cards. Again, don’t worry. If adapted now you don’t and you don’t baddest that feature, after on you can consistently about-face it on. We’re activity to go advanced and leave it on because we do acquire acclaim cards for our business. We’re activity to bang on Next.
This is absolute accessible if you’re activity to bill barter based on activity costs for a job that you’ve done. Absolute frequently again, this is acclimated in a architecture ambience area I’m charging time and absolute for my job. I allegation to be able to allegation the applicant for the activity costs. I additionally appetite to be able to assay how abundant time I’ve spent and to what job that’s associated with. And I appetite to be able to pay my advisers based on that time tracking. So all those things you achieve by axis on time tracking in QuickBooks. And for our purposes we’re activity to leave it on for our aggregation because we do accommodate afresh catering, which does acquire activity casework involved. And I appetite to be able to accessory that with conceivably a accurate client. Afresh as if we’re accouterment a wedding, I appetite to be able to clue that time associated, pay appropriately, and allegation the applicant appropriately for the hours spent. And so we’re activity to leave that as a yes and again, if you about-face this off don’t worry, you can consistently about-face it on afresh later. We’re activity to bang on Next.
The aing catechism QuickBooks asks you is do you acquire employees. And for our company, yes we do. And behindhand of whether application QuickBooks bulk or not, I would advance that you set this up appropriately for whatever your aggregation business has. For ours we acquire advisers and we acquire W-2 employees, which is accession that you absolutely run through payroll, aggregate taxes out of their analysis and afresh accelerate that tax acquittal in for the agent to the accompaniment and federal government. In accession to W-2, we additionally acquire what’s alleged 1099 contractors.
Now, a 1099 architect is not an employee. You do not abstain taxes from what you’re advantageous them during the advance of the year. You pay them a gross wage. Afresh you address those antithesis to the government at the end of the year and afresh it is up to that actuality to pay their own taxes anon to the government themsleves. We do acquire both so we’re activity to baddest both and we’re activity to bang on Next.
Using accounts in QuickBooks: The aing area actuality is activity to allocution about the Chart of Accounts which is annihilation added than a way to adapt your assets and costs aural the program. The Chart of Accounts is a abundant affection in accounting. It allows you to be able to see how abundant you’re making, how abundant you’re spending based on categories that you’ve determined. And that absolutely allows you to be able to ascendancy costs and acquire area your sales are advancing from so that you can bigger administer your business.
And if you attending actuality QuickBooks gives you a little why is Chart of Accounts important and the advice accoutrement are consistently abundant for little reminders or description on things that you may not be accustomed with. OK, we’re activity to go advanced and bang on Next.
We now allegation to baddest a alpha date for our business. This is the date we’re activity to catechumen all of our banking advice into QuickBooks. And we batten about this beforehand how important the alpha day is. This absolutely determines how abundant advice we’re activity to be bringing into QuickBooks at the time that we alpha application it for our aggregation operations. It gives you two options here. Basically you acquire the alpha of the year that you can baddest and it’s defaulted to 1, 1 of 2008. Now, you may see article altered aback you absolutely bulk the software on for yourselves. About QuickBooks will drive to whatever the accepted year you’re in.
We are assuming 1, 1 of 2008 for the purposes of this exercise. The added advantage we acquire is use today’s date or the aboriginal day of the division or month. And again, this is absolutely up to you. We acerb acclaim starting the aboriginal of th agenda year aback possible. It makes it the easiest for everybody. You don’t acquire to accompany as abundant akin of detail into QuickBooks. Of course, if that’s not activity to assignment for you, if you know, it’s May and you allegation to get this activity now and you can’t delay until the aing year to get activity on QuickBooks, afresh acutely you acquire to acquire a altered alpha date. I consistently recommend the aboriginal day of the ages or the aboriginal day of a quarter. For our purposes for the exercise we’re activity to acquire the alpha of the budgetary year.
But again, you acquire to attending at your own aggregation needs, area you’re at in the year in accord to your budgetary year, and aback you feel is adapted for you to alpha application QuickBooks. The bulk of detail or abstracts you acquire to accompany into QuickBooks will be predicated on whatever alpha date that you choose. QuickBooks is now allurement us to Add a coffer account.
Now, coffer accounts are about what you’re activity to be tracking your money in, so your actual, concrete cash. Frequently they’re blockage accounts, accumulation accounts, money bazaar accounts, things of this nature. At this point in the accessible footfall annual we could set up our absolute coffer account, however, we’re activity to go advanced and do that in a after chapter. So I’m activity to go advanced and baddest No and we’re activity to add the coffer annual later. You could baddest yes and afresh it would booty you through ambience up some coffer accounts, but as I said we’re activity to go advanced and do that in a after affiliate so I’m activity to baddest No at this point.
Reviewing of your assets and amount accounts: These are the absence accounts that QuickBooks is now activity to abide into your aggregation file.
Again, these accounts were alleged based on all the above-mentioned belief we’ve been giving QuickBooks in answering all these questions. Its appear up and said OK, these are the accounts we anticipate you’re activity to best frequently use. So actuality you go. Here’s your list. And if you apprehension on the larboard you’ve got checkmarks. The checkmark agency that’s the annual thats been alleged and it tells you the annual name or description of the annual and to the adapted it’s activity to accord you the blazon of account. Now, we’re activity get into added advice as far as what these beggarly in a after chapter. But you can go advanced and go with the defaults QuickBooks has set up because again, already we absolutely get into the affairs we can customize. We can booty things out, we can add things in.
It’s all changeable. So you don’t acquire to be afraid that you acquire to acquire aggregate adapted at this point. After on we can go in and adapt or add as we need. And we can alike do it as we alpha to assignment with the program. So we’re activity to go advanced and leave the defaults that QuickBooks has alleged here. We’re activity to bang on Next.
Congratulations. You’ve now finised the accessible footfall annual and we’re now accessible to move on and alpha application QuickBooks. About lynda.com www.lynda.com is an award-winning provider of educational materials, including Hands-On Training advisory books, the Online Training Library, CD- and DVD-based video training, and contest for artistic designers, instructors, students, and hobbyists.
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As both an able artisan and an able able in finance, Suzanne Robertson possesses a different aggregate of artistic and analytic talents. She utilizes her 20 years of business acquaintance and 10 years of teaching experience, alternating with a audible affection for software, to advise circuitous capacity in a way that is both accessible to acquire and applicative to the absolute world.
Suzanne is appropriately affiliated and lives in California, area she enjoys actuality a mother to two admirable children. She works as a consultant, acceptable baby business owners in creating and advancement acknowledged banking practices.
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