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1. Creating a Company File - QuickBooks The Missing Manual [Book] - Introduction |
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Intuit — QuickBooks Premier - Honest, Objective, Lab-Tested Reviews
There's also live online events, interactive content, certification prep materials, and more. Thousands of small companies and nonprofit organizations turn to QuickBooks to keep their finances on track. And over the years, Intuit has introduced various editions of QuickBooks to satisfy the needs of different types of companies.
And with each new version, Intuit has added enhancements and new features to make your workflow smoother and faster. The challenge is knowing what to do according to accounting rules, and how to do it in QuickBooks. The EasyStep Interview has been streamlined. Even better, it no longer confronts you with sales pitches for add-on services that cost extra. The window steps you through setting up customers, vendors, employees, items you sell, and bank accounts.
The Company Snapshot window now includes a Customer tab Company that lets you review the status and recent transactions of your customers. QuickBooks now offers separate preferences to automatically apply discounts and credits Modifying Payment Amounts. You can set up a batch of invoices Creating Batch Invoices for the same items and amounts and then send them to as many of your customers as you want.
In addition, you can add all the customers that receive the same invoice to a billing group and then choose that group to send the invoice to each customer in it. 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 situation, and manage your business to make it even better.
Work with more than 14, unique inventory items or 14, contact names. QuickBooks Pro and Premier company files can hold up to 14, inventory items and a combined total of up to 14, customer, vendor, employee, and other Other Names list names. QuickBooks Enterprise Solutions version 7. Track personal finances. In addition to opening a separate checking account for your business, track your personal finances somewhere else like in Quicken.
If you do decide to use QuickBooks, at least create a separate company file for your personal financial info. Track the performance of stocks and bonds. But companies have investments, too, of course. A machine that costs hundreds of thousands of dollars is an investment that you hope will generate lots of income, and you should track it in QuickBooks.
Manage customer relationships. Lots of information goes into keeping customers happy. But for tracking details like memberships, items sold on consignment, project progress, and scheduled events, another program like Microsoft Excel or Access would be a better solution. QuickBooks comes in a gamut of editions, offering options for organizations at both ends of the small-business spectrum.
Enterprise Solutions, on the other hand, are the most robust and powerful editions of QuickBooks, boasting enhanced features and speed for the biggest of small businesses. This book focuses on QuickBooks Pro because its balance of features and price make it the most popular edition. QuickBooks Pro is the workhorse edition.
It lets up to five people work in a company file at a time; you can purchase licenses in single-or five-user packs. QuickBooks Pro includes features for tasks such as invoicing; entering and paying bills; job costing; creating estimates; saving and distributing reports and forms as email attachments; creating budgets automatically; projecting cash flow; tracking mileage; customizing forms; customizing prices with price levels; printing shipping labels for FedEx and UPS; and integrating with Word, Excel, and hundreds of other programs.
Other lists like the Chart of Accounts can have up to 10, entries. QuickBooks Premier is another multi-user edition. For business owners, its big claim to fame is handling inventory items assembled from other items and components.
In addition, Premier can generate purchase orders from sales orders and estimates, and apply price levels to individual items. You can also track employee info and get to your data remotely. This edition also includes a few extra features that typically interest only accountants, like reversing general journal entries.
When you purchase QuickBooks Premier, you can choose from six different industry-specific flavors see the next section. Like the Pro edition, Premier can handle a combined total of up to 14, list entries. Enterprise Solutions Up to 30 people can access a company file at the same time, and this simultaneous access is at least twice as fast as in the Pro or Premier edition.
The database can handle lots more names in its customer, vendor, employee, and other name lists 1,, versus 14, for Pro and Premier. You can have multiple company files, work in several locations, and produce combined reports for those companies and locations. And because more people can be in your company file, this edition has features such as an enhanced audit trail, more options for assigning or limiting user permissions, and the ability to delegate administrative functions to the other people using the program.
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 industry-specific versions, choose General Business.
Some people swear that these customizations are worth every extra penny. Here are the industries that have their own Premier editions:. As long as funding comes primarily from unrestricted sources, the Pro edition will work reasonably well. Accountant Edition is designed to help professional accountants and bookkeepers deliver services to their clients. It lets you run any QuickBooks edition that is, Pro, or any of the Premier versions. The General Business version has all the goodies of the Premier Edition like per-item price levels, sales orders, and so on.
It includes a chart of accounts and menus customized for manufacturing and wholesale operations. You can manage inventory assembled from components and track customer return materials authorizations RMAs and damaged goods. If you run a nonprofit organization, you know that several things work differently in the nonprofit world, as the box above details. The Professional Services version not to be confused with QuickBooks Pro is designed for companies that deliver services to their clients.
Unique features include project-costing reports, templates for proposals and invoices, billing rates that you can customize by client or employee, and professional service—specific reports and help. The Retail version customizes much of QuickBooks to work for retail operations. It includes a specialized chart of accounts, menus, reports, forms, and help. Intuit offers companion products that you can integrate with this edition to support all aspects of your retail operation.
For example, QuickBooks Point of Sale tracks sales, customers, and inventory as you ring up sales, and it shoots the information over to your QuickBooks company file. But if bookkeeping and accounting are unfamiliar territory, some background training QuickBooks Training may help you use QuickBooks better and more easily without calling your accountant for help five times a day.
To contact the school, visit www. Double-entry accounting is the standard method for tracking where your money comes from and where it goes. For example, as shown in Table 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.
See Chapter 16 for more about double-entry accounting and journal entries. Each side of a double-entry transaction has a name: debit or credit. As you can see in Table 1 , when you sell products or services, you credit your income account since you increase your income when you sell something , but debit the Accounts Receivable account because selling something also increases how much customers owe you.
Chart of Accounts. In bookkeeping, an account is a place to store money, just like your checking account is a place to store your ready cash.
The difference is that you need an account for each kind of income, expense, asset, and liability you have. See Chapter 3 to learn about all the different types of accounts you might use. The chart of accounts is simply a list of all the accounts you use to keep track of money in your company. Cash vs. Accrual Accounting. Cash and accrual are the two different ways companies can document how much they make and spend. The accrual method, on the other hand, follows something known as the matching principle , which matches revenue with the corresponding expenses.
This approach keeps income and expenses linked to the period in which they happened, no matter when cash comes in or goes out. The advantage of this accrual method is that it provides a better picture of profitability because income and its corresponding expenses appear in the same period. For example, if you pay employees in January for work they did in December, those wages are part of the previous fiscal year.
Financial Reports. You need three reports to evaluate the health of your company described in detail in Chapter 17 :. This QuickBooks report gets its name from the difference between the income and expenses, which results in your profit or loss for that period.
The balance sheet is a snapshot of how much you own and how much you owe. Assets are things you own that have value, such as buildings, equipment, and brand names. Liabilities consist of the money you owe to others like money you borrowed to buy one of your assets, say. The difference between your assets and liabilities is the equity in the company—like the equity you have in your house when the house is worth more than you owe on the mortgage.
The Statement of Cash Flows tells you how much hard cash you have. The statement of cash flows removes all noncash transactions and shows the money generated or spent operating the company, investing in the company, or financing.
These days, QuickBooks Help gives more in the way of accounting background and troubleshooting tips than it used to, although useful examples are still in short supply. The problem is finding the topics you want. This book takes the place of the manual that should have accompanied QuickBooks After that, go ahead and jump from topic to topic depending on the bookkeeping task at hand. All of the features in QuickBooks Pro—and in this book—are also in Premier. To keep you productive, this book also includes evaluations of features to help you figure out which ones are useful and when to use them.
QuickBooks The Missing Manual is designed to accommodate readers at every technical level. The primary discussions are written for people with advanced-beginner or intermediate QuickBooks skills.
Quickbooks premier edition 2011 - quickbooks premier edition 2011
The Income Tax Form Used box at the bottom of this window lists the tax form for your company type. The first month of your fiscal year. When you start your company, you choose a fiscal year. If you start your fiscal year in another month, choose it from the drop-down list. The administrator password. The administrator can do absolutely anything in your company file: set up other users, log in as other users, and access any area of the company files.
Surprisingly, setting an administrator password is optional. Setting Up the Administrator explains how to change the administrator name and password. Even if you run a small business from home, an administrator password prevents the chimney sweep from swiping your business credit card number. Chapter 26 has much more about keeping your QuickBooks files secure, but here are some password basics:.
Navigate to the folder where you want to store your company file. Here are some guidelines for the name:. Consider storing your company file in a folder with the rest of your company data so that it gets backed up along with everything else. In the meantime, a message box with a progress bar appears. Click Next to dig in. At this point, the progress bar in the left margin of the EasyStep Interview window is depressingly short because you still have to do the bulk of company file setup.
If you need a break before continuing, click Leave. The next time you open that company file, the EasyStep Interview continues where you left off. The next several screens in the EasyStep Interview ask questions about your business to help QuickBooks decide which features to turn on, what to include on your QuickBooks Home page, and so on. The What do you sell? When you choose one of these options, QuickBooks figures out which types of income accounts you need.
The Do you charge sales tax? On the Do you want to create estimates in QuickBooks? If you prepare quotes, bids, or estimates for your customers and want to do so in QuickBooks Estimating Jobs , select Yes.
Using statements in QuickBooks is where you tell the program whether you generate statements to send to your customers Generating Customer Statements. For example, your wine-of-the-month club might send monthly statements to its members. Or, a consultant could send invoices for work performed and then send a statement that summarizes the fees, payments, and outstanding balance.
On the Using invoices in QuickBooks screen, select Yes to tell the program that you want to use invoices, which you probably do because invoices are the most flexible sales forms Choosing the Right Type of Form. To learn why and how you might use this feature, see Comparing Estimates to Actuals. Managing bills you owe asks whether you plan to write checks to pay bills immediately select No or enter bills in QuickBooks and then pay them later select Yes.
You can read about bill preferences on Bills and payment preferences on Multiple Currencies. Tracking inventory in QuickBooks is the screen where you tell QuickBooks whether you keep track of the products you have in stock. This screen provides a few examples of when to track or bypass inventory, and Should You Track Inventory with Items? If you bill by the hour, Tracking time in QuickBooks is ideal.
Select Yes to track the hours people work and create invoices for their time. Chapter 8 explains how to set time tracking up properly. Do you have employees? Click Next to set up these final things:. The Select a date to start tracking your finances screen summarizes what you learned about start dates on Before You Create Your Company File.
You can then type or choose any date you want in the box, such as the last day of the previous fiscal period. The year you see listed depends on the current calendar year. The Review income and expense accounts screen lists the accounts typically used by companies in your industry, as shown in Figure If you want step-by-step guidance through these processes, click one of the Add buttons.
For example, to create items, you can fill in a service or product name, description, and price; QuickBooks takes care of the rest. You can even copy and paste information from an Excel spreadsheet. Modifying Company Info tells you where to go in this book for more detailed instructions on the rest of the setup you need. In the window, click a link to watch a video on a topic. Live Community explains how to use this feature.
In the EasyStep Interview, QuickBooks gets the basic facts about your company in small chunks spread over several screens. But after you create your company file, you can edit any of this information in one dialog box, shown in Figure Remember, the legal name and address are the ones you use on federal and state tax forms. The EasyStep Interview and the QuickBooks Setup windows help you complete quite a bit of setup, but you may need guidance for the rest.
Look no further than the book in your hands. Here are the ways you can flesh out your company file:. Set up your users and passwords. See An Introduction to Preferences on page Set up or edit the accounts in your Chart of Accounts. See Creating Accounts and Subaccounts on page See Creating General Journal Entries on page Create items for the products and services you sell.
See What Items Do on page Set up sales tax codes. See Setting Up Sales Tax on page Set up your tracking. See Tax: on page Sign up for Intuit Payroll Service if you want help with payroll. See Choosing a Payroll Service on page Enter your historical transactions.
For invoices, see Creating an Invoice on page ; for bills, see Entering Bills on page for payroll, see Chapter If you keep the books for only one company, you might never have to manually open a QuickBooks company file again.
You can open another company file in QuickBooks any time you want. The following sections describe the different ways to do so. If you work on more than one company file, you may frequently switch between them. Sometimes, a company file you want to open falls off the recent file list. Say your bookkeeping business is booming and you work on dozens of company files every month.
Or maybe you want to update a file from a previous version see the box on Updating a QuickBooks File. If the Administrator is the only user, the Password box is the only one that appears. But if you have more than one user for the company file, both the User Name and Password boxes appear. Backup files are the answer to the adrenaline rush you get when you do something dumb with your company file, your hard drive crashes, or a plume of smoke wafts up from your computer.
To learn how to create backup files in the first place, as well as the details on restoring them, see Backing Up Files. You can change the number of companies QuickBooks lists on the submenu to match the number of companies you work on. You need to have a company file open to select this command. QuickBooks can show up to 20, which it lists starting with the most recent. To clear old entries off the menu, change the number of entries to 1.
Then, QuickBooks lists only the most recent company file, clearing all the others off the list. If you want to see more than one company, reset the number of entries again, this time to a higher number.
Portable files are a special file format that makes QuickBooks company files compact so you can email them more easily. Opening a portable file is similar to opening a regular file:. The Open Portable Company File dialog box appears. Navigate to the folder with the portable file and double-click its name. How do I update a company file to the newest version of QuickBooks? Fortunately, updating a company file is easy: All you have to do is open it in the new version of QuickBooks and follow the onscreen instructions.
Here are the steps:. If you see the Password box, enter your password. Click OK to create a backup before you upgrade. Follow the steps to create a backup copy of your company file Backing Up Manually. When the Update Company message box appears, click Yes to start the update. So to prevent work disruptions, plan to upgrade all copies of QuickBooks and the company file during downtime.
On the other hand, you may have used another accounting program like Peachtree or Small Business Accounting and have decided to move to QuickBooks. The rest of this section explains what to do after that. If you want the conversion to proceed as smoothly as possible, do some cleanup in your Quicken file first.
For example, you have to record overdue scheduled transactions and send online payments before you convert your Quicken file. And make sure that customer names are consistent and unique. Another potential solution is to remove transactions prior to the current fiscal year before converting the file.
To convert files created in other accounting programs like Peachtree or Small Business Accounting, you have to download a conversion tool from the QuickBooks website.
Fill in the boxes for your name, company name, and email address and then click Submit. Important: Also, if you need to locate the license or product number for QuickBooks, please visit Intuit secure locator they have got a permanent record of your past products. Also, if you found any of the above links broken or missing, please let us know in the below comment section. We hope the above post helps you to set up the old QuickBooks Premier version on your computer but in case you need some help.
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