Quickbooks 2010 on Demand

Gail Perry is a CPA and a financial journalist. She is the managing editor of AccountingWEB, the online daily news magazine for members of the accounting profession. She has worked in public accounting for more than 20 years and has spent that time helping her clients make the best use of the tax laws and accounting rules that benefit them and their businesses. Gail is a former senior tax accountant with the Big Four firm Deloitte, where she specialized in providing tax planning services and advice to small businesses. Gail has a degree in English and journalism from Indiana University and has written hundreds of newspaper and magazine articles about taxes, accounting, personal and business finances, and financial software. She is the author of more than 20 books, including The Complete Idiot’s Guide to Doing Your Income Taxes, Quicken All-In-One Desk Reference for Dummies, and Surviving Financial Downsizing: A Practical Guide to Living Well on Less Income.

Laura Madeira is the owner of ACS, Inc., a software sales and consulting firm located in the greater Dallas, Texas area. Her affiliations with Intuit include being an Intuit Solution Provider, a select member of the Intuit Trainer/Writer Network, Advanced QuickBooks Certified, Enterprise and Point of Sale Certified, and member of the Intuit Solution Provider Advisory Council. Laura is also the author of the Quick- Books 2010 Solutions Guide and Quick- Books Essentials: For All QuickBooks Users, 9+ hours of self-paced video instruction, all offered by Que Publishing. For more than 22 years, Laura has worked with companies of all sizes and from many varied industries. Her focus has been to help the small to mid-sized growing businesses become more successful by automating their internal accounting processes and reporting functions. Additionally, Laura is a guest speaker for Intuit, providing training to thousands of consultants and accountants nationwide. She is also a respected author for Intuit who writes technical training materials presentations and documents her research and review of competing software solutions. Her QuickBooks at Year- End document is one of the most sought-after publications that Intuit offers to its ProAdvisor consultants. Laura has served on two Intuit Customer Advisory Councils, and has been a consultant representing the accountant community during product development for QuickBooks 2010. She earned her accounting degree from Florida Atlantic University. Laura can be contacted through her website: www.quick-training.com.

Introduction xv

1   Setting Up Your Company Accounts with the EasyStep Interview 1

Installing QuickBooks 2

Registering QuickBooks 5

Setting Up QuickBooks in a Multiuser Office 6

Transferring Data from Older Versions of QuickBooks 7

Transferring Data from Quicken 9

Practicing with the Sample Company Files 11

Entering Data for a New Company 13

Setting Up a Bank Account 20

Setting Up Income and Expense Accounts 21

Stopping, Restarting, and Completing the Interview 22

2   Setting Up and Using Payroll Features 25

Setting Payroll and Employee Preferences 26

Setting Up Employees 29

Setting Up Employee Payroll Information 31

Setting Up Employee Payroll Taxes 32

Setting Up Sick and Vacation Benefits 34

Setting Up Payroll Deductions 37

Paying Employees 39

Printing Paychecks 43

Using Direct Deposit 44

Preparing and Paying Payroll Liabilities 46

Creating Employer Payroll Reports 49

Reporting Payroll Taxes with Form 941 50

Paying Federal Unemployment Compensation Taxes with Form 940 53

Preparing W-2 Forms 55

Issuing W-3 Forms 57

Setting Up Independent Contractors for 1099 Forms 59

Setting 1099 Preferences 61

Issuing 1099 Forms 62

Outsourcing Payroll 63

3   Adding or Changing Information After the EasyStep Interview is Completed 65

Setting General Preferences 66

Setting Desktop View Preferences 69

Setting Accounting Preferences 71

Adding Accounts 73

Using Account Numbers 75

Sorting Lists 76

Displaying Lists on Forms 77

Adding Customers 79

Working with the Customer Center 81

Adding Vendors 83

Adding Items 86

Adding Information “On-the-Fly” 91

Moving Items on a List 92

Creating Subitems 93

Editing Information on a List 94

Marking List Items Inactive 95

Deleting Entries on a List 97

Merging Entries on a List 98

Printing Lists 100

Searching for Transactions 101

4   Invoicing and Collecting Income 103

Setting Customers Preferences 104

Creating an Invoice 106

Previewing or Printing Invoices 110

Emailing an Invoice 112

Charging Expenses to a Customer 116

Setting Finance Charge Preferences 118

Creating a Monthly Statement 119

Receiving Payments for Invoices 121

Issuing a Credit or Refund 122

Recording Cash Sales (COD) 124

Making Bank Deposits 125

Receiving Advances, Retainers, and Down Payments 126

Issuing Discounts 127

Tracking Accounts Receivable 130

Viewing the Open Invoices Report 131

Creating a Collection Letter 132

Recording Bad Debts 135

Working with Multiple Currencies 137

5   Making Purchases and Recording Payments 149

Setting Purchases and Vendors Preferences 150

Working with the Vendor Center 153

Using Purchase Documents 154

Reporting on Open Purchase Orders 159

Receiving Goods 160

Receiving a Partial Order 162

Viewing Aging and Unpaid Bills Reports 163

Paying Bills 164

Taking Discounts 165

Using the Check Register 166

Editing Bill Payments 167

Deleting Bill Payments 169

Setting Checking Preferences 170

Writing Checks 172

Printing Checks 174

Voiding Checks 175

6   Collecting and Paying Sales Tax 179

Setting Sales Tax Preferences 180

Creating a Sales Tax Item 181

Creating a Sales Tax Group 182

Charging Sales Tax to Customers 183

Entering Tax Status of Inventory Items 184

Selling Tax-Exempt Items 185

Selling Items to Tax-Exempt Customers 186

Producing Monthly Sales Tax Reports 187

Paying Sales Tax 188

Taking a Discount for Early Payment 189

7   Using Time-Saving Features 191

Memorizing Transactions 192

Memorizing a Group of Transactions 193

Using Memorized Transactions 195

Scheduling Recurring Transactions 196

Changing Memorized and Scheduled Transactions 199

Removing Memorized Transactions 201

Setting Reminders Preferences 202

Using Reminders 204

8   Job Cost Estimating and Tracking 205

Setting Jobs and Estimate Preferences 206

Setting Up a Job 208

Tracking Job Status and Type 211

Using the Job Type Feature 212

Tracking Other Job Info 213

Working With Estimates 214

Invoicing Against an Estimate 217

Reporting on Job Estimates vs. Actual 220

9   Tracking Time 221

Setting Time Tracking Preferences 222

Installing the Timer 223

Exporting Information to the Timer 225

Creating a New Timer File 226

Creating a Timer Activity 228

Using the Timer 229

Sending Timer Data to QuickBooks 230

Importing Timer Data into QuickBooks 231

Transactions 232

Editing Timer Transactions 233

Invoicing the Customer for Timer Activities 234

10   QuickBooks Tips and Tricks 235

Setting Spelling Preferences 236

Creating a Budget 237

Preparing Budget Reports 241

Setting Up Classes 243

Using Classes on Sales and Purchase Forms 244

Reporting on Classes 245

Creating Payment Terms 246

Customizing Forms Design 247

Customizing Forms Data 250

Making Journal Entries 254

Using the QuickBooks Remote Access Feature 256

Creating Mailing Labels 257

11   Using the QuickBooks Online Features 259

Choosing Online Banking Mode 260

Activating Online Services with Your Financial Institution 262

Retrieving Online Transactions 266

Adding Transactions to QuickBooks 267

Renaming Rules–Automatically Assign List Name 270

Setting Preference to Prefill Accounts 271

Assigning Transactions to Open Vendor Bills 272

Assigning Deposits to Open Customer Invoices 273

Deleting Multiple Transactions 274

Adding Multiple Transactions 275

Making Online Payments 276

Canceling Online Payments 278

Sending Online Messages 279

Transferring Money Between Accounts 280

Getting Reports of Online Transactions 281

Using the QuickBooks Website 282

Using the QuickBooks Online Edition 283

12   Preparing Income Tax Returns 285

Choosing the Correct Income Tax Form 286

Assigning Tax Lines to New or Existing Accounts 288

Using the Income Tax Reporting 289

Making Estimated Tax Payments 293

Creating a Tax Return 294

13   Data Backup and Security 299

Backing Up Your QuickBooks Company File 300

Restoring Backed-Up Information 304

Using the QuickBooks Online Backup Service 306

Adding or Editing the Administrator Password 308

Adding New or Editing Existing Users 309

Closing Financial Records at Year-End 313

Creating a Closing Date Exception Report 315

14   Using Inventory Features 317

Activating Inventory 318

Setting Up Inventory Items 320

Adding to Your Inventory 323

Editing Inventory Items 324

Creating an Inventory Group 326

Managing Sales Orders 328

Setting Up Reminders to Replenish Your Inventory 330

Preparing Inventory Reports 331

Counting Your Inventory 333

Adjusting Inventory Quantities 334

Adjusting the Default Price of Inventory 335

15   Recording Your Assets 337

Reconciling Your Bank Statement 338

Recording Bank Account Transfers 341

Tracking Petty Cash 342

Receiving Credit Card Payments 343

Recording Deposits as Assets 344

Purchasing Fixed Assets 345

Entering Depreciation 348

Selling Fixed Assets 349

16   Recording Owners’ Equity 351

Understanding the Opening Balance Equity Account 352

Recording Owners’ Distributions 355

Entering Prior Period Adjustments 357

Viewing Transactions in Retained Earnings Account 358

17   Recording Liabilities 359

Managing Accounts Payable 361

Recording Payroll Tax Accruals Without a QuickBooks

Payroll Subscription 362

Setting Up Credit Card Accounts 363

Accounting for Deposits or Retainers 368

Recording Loans 369

Using the QuickBooks Loan Manager 370

Recording Loan Payments 373

18   Working with Reports in QuickBooks 375

Company Snapshot 376

Using the Improved Report Center 378

Setting Report and Graph Preferences 381

Modifying Reports 384

Creating and Using Report Groups 387

Memorizing Reports 389

Importing and Exporting Report Templates 390

Other Reporting Tips and Tricks 392

Workshops 395

What’s New and Improved 407

Index 413

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