book

QuickBooks 2014 The Guide, 2nd Edition

by Leslie Capachietti

November 2013

Intermediate to advanced

640 pages

15h 9m

English

McGraw-Hill

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About the Technical Reviewer
Use This Book to Get the Most from QuickBooks“Extras” Provided in This Book to Help YouYou and Your Accountant
What to Do Ahead of TimeDecide on the Start DateMore About the Information You’ll NeedCash BalancesCustomer BalancesVendor BalancesAsset BalancesLiability BalancesPayroll InformationInventory InformationInstall and Launch the SoftwareCreate Your Company FileUsing Express StartUsing Advanced SetupThe QuickBooks Setup WizardNavigate in QuickBooksHome PageQuickBooks CentersCustomize the Icon BarChanging the Order of IconsChanging the Icon Bar DisplayRemoving an IconAdding an IconThe Favorites MenuClosing QuickBooks

The Accounts that QuickBooks UsesAssetsLiabilitiesEquityIncomeExpensesUse Account NumbersEnabling Account NumbersCreating a Numbering SystemCreating Ranges of NumbersName AccountsCreate AccountsSelect From ExamplesOptional Fields for AccountsUse SubaccountsViewing SubaccountsShowing Lowest Subaccounts OnlyEdit AccountsDelete AccountsMake Accounts Inactive (Hiding Accounts)Merge Accounts
Build Your Customers ListAddress InfoPayment SettingsSales Tax SettingsAdditional InfoJob Info TabAdding Multiple Customer RecordsThe Customer CenterCustomizing the Customers & Jobs ListWorking in the Customer Information PaneEditing an Individual Customer RecordUse JobsCreating JobsEditing JobsDelete Customers & JobsMaking Customers & Jobs Inactive (Hiding)Merging Customers or JobsUse Custom FieldsAdding a Custom FieldSecure Customer Credit Card InformationMore About QuickBooks Customer Credit Card ProtectionAbout Complex PasswordsUser Permissions for Viewing Credit Card InformationViewing the Security Log
Create Your Vendors ListAddress InfoCurrencyPayment SettingsTax SettingsAccount SettingsAdditional InfoAdding and Editing Multiple Vendor RecordsThe Vendor CenterCustomizing the Vendor CenterEdit Vendor InformationDelete a VendorMake a Vendor InactiveMerge VendorsUse Custom Fields in Vendor RecordsAdding a Custom Field for VendorsAdding Data to Custom FieldsCreate 1099 VendorsConfiguring 1099 OptionsMarking Vendors as 1099 Recipients
Understand How Items Are UsedUnderstand Item TypesBuild Your Item ListHow to Create a Service ItemCreate Custom Fields for ItemsCreating the Other Items in Your Item ListChanging Item PricesCollect Sales Tax Using Sales Tax ItemsSales Tax ItemsSales Tax CodesSales Tax Payment BasisSales Tax Payment DatesCreate and Use Tax GroupsAssigning Sales Tax Codes and Items to Customers
Fixed Asset Item ListPrice Level ListCreating a Price LevelAssigning Price Levels to CustomersCurrency ListClass ListCreate a ClassCreating a SubclassOther Names ListCustomer & Vendor Profile ListsSales Rep ListCustomer Type ListVendor Type ListJob Type ListTerms ListCustomer Message ListPayment Method ListShip Via ListVehicle ListTemplates ListMemorized Transaction List
What Is an Opening Trial Balance?Ten Steps to Creating an Accurate Opening Trial Balance1. Gather All the Information You Need2. Enter Beginning Balances for Simple Balance Sheet Accounts3. Enter Bank Account Balances4. Enter Outstanding Checks and Deposits5. Enter Unpaid Accounts Receivable and Accounts Payable Transactions6. Enter Nonposting Transactions7. Enter Mid-year Income and Expenses (if Applicable)8. Adjust Sales Tax Payable9. Establish Inventory Balances10. Zero-Out the Opening Balance Equity AccountRun Your QuickBooks Trial Balance Report as of Your Start Date
Why User Logins Are ImportantA Word About PasswordsCreating Complex PasswordsThe QuickBooks AdminAdding or Changing the Administrator PasswordCreating a Challenge Question for the Admin AccountResetting the Admin Password When You Forget ItAdd UsersDeleting a UserEditing User InformationSetting User PermissionsSpecial Permissions Needed for Customer Credit Card DataConfiguring Special Areas of QuickBooksConfiguring Rights for Existing TransactionsUsers Can Change Their Own PasswordsQuickBooks Login Dialog
Create InvoicesEntering Basic Information in the Invoice HeaderEntering Line ItemsApplying Price LevelsUsing DiscountsUsing SubtotalsChecking the Footer SectionSaving an InvoiceEdit an InvoiceMark an Invoice as PendingVoid and Delete InvoicesPrint Packing SlipsPrinting the Default Packing SlipBatch InvoicingUse Memorized InvoicesCreating Memorized Invoice GroupsAdding Memorized Invoices to GroupsIssue Credits and RefundsCreating a Credit Memo Against an InvoiceCreating a Credit Memo Without a Previous InvoiceApplying Credit MemosCreating Multiple Estimates for a JobCopying EstimatesMemorizing EstimatesCreate Progress Billing InvoicesChoosing the Estimated JobEntering Progress Invoice Line ItemsChanging Line ItemsInvoice Customers for Reimbursable ExpensesConfiguring Reimbursement SettingsCreating a Transaction for Reimbursable ExpensesAdding Expenses to the Sales TransactionAdding Taxes to Reimbursable Expenses
Your Options for Receiving Customer PaymentsRecording the PaymentCalculating the PaymentApplying Payments to InvoicesDepositing Payments into Your Bank AccountHandling UnderpaymentsApplying Credits to InvoicesApplying Discounts for On-Time PaymentsApplying Discounts for Untimely PaymentsPosting Discounts to a Sales Discount AccountPrinting a Receipt for an Invoice PaymentHandling Cash SalesEntering Cash Sale DataHandling Batches of Cash SalesTracking Your Cash Drawer in QuickBooksHandling the Over and Short ProblemRecording Bank Deposits from the Undeposited Funds AccountChoosing the Payments to DepositWorking in the Make Deposits WindowPrinting Deposit SlipsKeeping Track of Accounts ReceivableGetting the Most from the Customer CenterThe Income TrackerThe Collections CenterReports You Can Run from the Customer CenterRunning A/R Aging ReportsA/R Aging Summary ReportsA/R Aging Detail ReportsCustomizing Aging ReportsMemorizing Aging ReportsPrinting ReportsRunning Customer and Job ReportsAssessing Finance ChargesSending StatementsEntering Statement ChargesCreating StatementsPreviewing the StatementsPrinting the StatementsCustomizing Statements
Record Vendor BillsFilling in the DetailsSplitting Expenses Among Multiple AccountsUse Purchase OrdersCreate a Purchase OrderPurchase Inventory ItemsReceiving Inventory Items Without a BillRecording Bills for Items Already ReceivedReceiving Items and Bills SimultaneouslyRecording Vendor CreditsEnter Recurring BillsCreating a Memorized BillUsing a Memorized BillCreating Memorized Bill GroupsAdding Memorized Bills to GroupsReimbursable ExpensesOptions for Managing Reimbursable ExpensesConfiguring Reimbursement TrackingRecording Reimbursable ExpensesPay Your BillsViewing Your Unpaid BillsSelecting the Bills to PayPaying Bills in FullMaking Partial PaymentsUsing Discounts and CreditsApplying CreditsPrinting and Sending Bill PaymentsCheck Writing Without Entering a BillManual ChecksPrinting Checks in a BatchTrack and Pay Sales TaxManaging Sales TaxRunning Sales Tax ReportsPay the Sales TaxAdjusting Sales Tax Amounts
Deposit Money That Isn’t from CustomersUsing the Account Register for DepositsUsing the Make Deposits WindowAssigning a Payee to a Noncustomer DepositAssigning Accounts to Noncustomer DepositsTransfer Funds Between AccountsUsing the Transfer Funds Transaction WindowHandle a Returned CheckRecording a Returned Customer Invoice PaymentRecording a Returned Cash Receipt PaymentRecording Your Bank’s NSF Charge to YouVoid a CheckTrack Cash DisbursementsKeeping a Petty Cash BoxTracking Other Cash WithdrawalsManage Credit Card TransactionsCreate a Credit Card AccountTreat the Credit Card as a Bill
Reconcile in QuickBooksThe Begin Reconciliation WindowEntering Interest Income and Service ChargesWorking in the Reconcile WindowClearing TransactionsAdding Transactions During ReconciliationAdding Undeposited Funds During ReconciliationVoiding or Deleting Transactions During ReconciliationEditing Transactions During ReconciliationResolving Missing Check NumbersFinishing the ReconciliationPrinting the Reconciliation ReportViewing the Last Reconciliation ReportIf You Don’t BalanceFinding and Correcting ProblemsMaking an Adjusting EntryTroubleshooting Differences in the Beginning BalanceCorrecting Opening Balance DifferencesUndoing the Last Reconciliation
QuickBooks Printer SetupChoosing Form Printing SettingsUsing QuickBooks to Print ChecksPrinter Settings vs. Printer OptionsPrint ChecksPrinting Each Check As You Create ItPrinting Checks in BatchesReprinting Checks After a ProblemWays to Print Transaction FormsPrinting Transactions As You Create ThemPreviewing Form PrintoutsPrinting Transaction Forms in BatchesE-mail Forms and ReportsSetting Up E-mailSending E-mailDocument Management: Using the Attach File Feature
What Is an Inventory Item?Set Up QuickBooks for Inventory TrackingAccounts Required for Inventory Are Automatically CreatedCreate Inventory ItemsUse SubitemsCreating the Parent Item for a SubitemCreating SubitemsCount InventoryPrinting the Physical Inventory WorksheetPlanning the Physical CountMaking Inventory AdjustmentsUnderstanding the Effects of an AdjustmentAbout the Inventory Adjustment AccountMaking Other Adjustments to InventoryRunning Inventory Reports
Set Up Bank FeedsFinding Your Bank OnlineEnabling Bank Feeds Using Direct ConnectEnabling Bank Feeds Using Web Connect (Manual Import)Work with Transactions in the Bank Feeds CenterViewing the Downloaded TransactionsAdding Transactions to the Account Register in QuickBooksAdding a Downloaded Payment to the RegisterAdding a Downloaded Deposit to the RegisterIgnoring (Deleting) Unmatched TransactionsUsing QuickBooks to Pay Your Bills OnlineUsing the QuickBooks Bill Pay ServiceTransfer Money Between Accounts OnlineUsing the Transfer Funds Function
The QuickBooks Journal Entries WindowCreate Journal Entries for DepreciationCreating Accounts for Tracking DepreciationUse Journal Entries to Post to Outside Payroll ServicesTransferring Money to the Payroll AccountRecording the PayrollRecording LiabilitiesCreating Your Own Payroll Entry TemplateReconciling the Payroll Account
The Year-End To Do ListReconciling All Bank, Cash, and Credit Card AccountsInventory Stock StatusFixed AssetsPayrollRun Year-End Financial ReportsProfit & Loss ReportsYear-End Balance SheetIssue 1099 FormsChecking the 1099 SetupUsing the 1099 WizardPrinting 1099sMake Year-End Journal EntriesGetting Ready for TaxesChecking Tax Line InformationCalculating Other Important Tax InformationUsing TurboTaxClose Your BooksClosing the Year by Setting a Closing DateCreate a Year-End Backup
Setting Up Time TrackingAdding TimekeepersAdding the TasksWorking with TimesheetsSetting the Format for Displaying TimeTracking a Single ActivityUsing Weekly TimesheetsCopying Previous TimesheetsReporting Timesheet InformationRunning Timesheet ReportsEditing Entries in a ReportEditing the Original TimesheetsPrinting Weekly TimesheetsInvoicing Customers for TimeTracking MileageEntering Mileage RatesCreating a Mileage ItemEntering MileageCreating Mileage Reports
QuickBooks Payroll ServicesEnabling a QuickBooks Payroll ServiceProcessing Your Payroll Manually in QuickBooksSetting Up Your PayrollAdding Payroll Accounts to the Chart of AccountsAdding VendorsAdding Payroll ItemsSet Up EmployeesCreating an Employee TemplateCreating EmployeesHandling Year-To-Date Payroll DataEntering Year-To-Date TotalsManually Entering Payroll History in BatchesUse the QuickBooks Payroll Setup WizardCompany Setup SectionSetting Up Employees in the WizardSetting Up Payroll Taxes in the WizardEntering Payroll History in the WizardRunning Data ReviewFinishing UpPayroll SchedulesCreating a Payroll ScheduleAssigning Payroll Schedules to EmployeesRun PayrollChanging Paycheck DataReviewing the Payroll RunThe Employee CenterEmployees TabTransactions TabPayroll TabCustomizing the Employee Center
Confirm Payroll Payment SchedulesReport and Remit Payroll LiabilitiesFederal Tax Liabilities941/943 Payments940 PaymentsState and Local Income TaxesOther State LiabilitiesOther Non-Tax Payroll LiabilitiesWorkers CompPrepare W-2 FormsTax Form Worksheets in Excel
Understanding the Accountant’s CopyCreating an Accountant’s CopySaving the Accountant’s CopySending an Accountant’s Copy to the QuickBooks ServerChoosing the Dividing DateMerge the Accountant’s Changes into Your FileCancel the Accountant’s Copy
Delete Company FilesHow QuickBooks Loads Company FilesDeleting the FileEliminating Deleted Files from the Company File List in QuickBooksBack Up and Restore FilesBacking UpScheduling BackupsRestoring a BackupThe Portable Company FileCreating a Portable Company FileVerify and Rebuild a Company FileCondense Your DataUnderstanding the Condense Data ProcessChoosing a DateRun the Condense Data UtilityRemoving All TransactionsUpdate QuickBooksConfiguring QuickBooks Update Service
Customize Settings and OptionsAccounting PreferencesBills PreferencesCalendar PreferencesChecking PreferencesDesktop View PreferencesFinance Charge PreferencesGeneral PreferencesIntegrated Applications PreferencesItems & Inventory PreferencesJobs & Estimates PreferencesMultiple Currencies PreferencesPayments PreferencesPayroll & Employees PreferencesReminders PreferencesReports & Graphs PreferencesSales & Customers PreferencesSales Tax PreferencesSearch PreferencesSend Forms PreferencesService Connection PreferencesSpelling PreferencesTax:1099 PreferencesTime & Expenses PreferencesCustomize Transaction TemplatesBasic Customization of TemplatesAdditional Customization of Templates
Start with the Report CenterDrill Down for DetailsStandard Financial ReportsProfit & Loss ReportBalance SheetTrial BalanceCash Flow ReportsOther Useful ReportsSales ReportsVendor ReportsInventory and Purchasing ReportsEmployees & Payroll ReportsBanking ReportsReporting by ClassAccountant & Taxes ReportsCompany SnapshotExternal AccountantCreating an External AccountantConverting an Existing User to an External AccountantClient Data Review
Customization Starts with a Standard ReportThe Display TabSelecting the Report BasisSelecting ColumnsAdvanced OptionsThe Filters TabCustomize Report Headers and FootersCustomize Report Fonts and NumbersMemorize Customized ReportsUsing a Memorized ReportUsing Memorized Report GroupsAdding Standard Reports to Memorized Reports GroupsSharing Reports You’ve Customized
How QuickBooks Handles BudgetsTypes of BudgetsBudget Data Is Saved AutomaticallyCreating Multiple BudgetsDeleting a BudgetUnderstanding the Budget WindowTasks to Perform Before You Start Your BudgetProfit & Loss BudgetsEnter Budget AmountsUsing Budget Entry ShortcutsCreating a Budget from Last Year’s DataCustomer:Job BudgetsClass BudgetsBudget ReportsBudget OverviewBudget vs. ActualProfit & Loss Budget PerformanceBudget vs. Actual GraphWork with Budget Data Outside of QuickBooksExporting a Budget Report to ExcelExporting Budgets to Delimited Text FilesImporting Budgets Back into QuickBooksProject Cash Flow
License Requirements for a Multi-user InstallationMulti-user Installation OptionsInstalling QuickBooks on a Peer-to-Peer NetworkInstalling QuickBooks on a Client-Server Network
Set Up and Configure Multiple CurrenciesCreating a Special BackupEnabling Multiple CurrenciesSelecting CurrenciesTracking Exchange RatesManage Customers and Vendors with Foreign CurrenciesCreating Customers and Vendors with Currency AssignmentsChanging Currency for Existing Customers and VendorsCreating New Customers and Vendors for Multiple CurrenciesManaging Existing Open TransactionsViewing Currency Data in Customer and Vendor CentersCreate Transactions in Other CurrenciesCreate Reports on Multiple Currency Transactions

Overview

Maximize the power of QuickBooks 2014

Create a comprehensive, streamlined small business financial management system with help from an expert! Written by an Advanced Certified QuickBooks ProAdvisor, QuickBooks 2014: The Guide shows you, step by step, how to customize the #1 bestselling financial software to suit your business.

Learn proven methods for managing your business finances, processing invoices, tracking inventory, monitoring sales, and administering payroll. Maximize the software’s capabilities and run your small business efficiently using the best practices and time-saving techniques packed inside this practical resource.