Online Edition - Run Your Whole Business
Transcript Of Online Edition - Run Your Whole Business
Online Edition
Learning Manual
Mastering QuickBooks © Learning Manual
Copyright
Copyright© 2020 by David J. O’Brien and/or National Real World Training, Inc. All rights reserved. Screen shots© Intuit Inc. All rights reserved. This publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without the prior written permission of David J. O’Brien or National Real World Training, Inc.
Trademark Acknowledgements
Intuit, QuickBooks, QuickBooks Pro, TurboTax, ProSeries, Lacerte, and QuickZoom are registered trademarks of Intuit Inc. Windows, Microsoft, Excel, and Outlook are registered trademarks of Microsoft Corporation. Other brand names and product names are trademarks or registered trademarks of their respective holders.
Disclaimer
These training materials are provided without any warranty whatsoever, including, but not limited to, the implied warranties of merchantability or fitness for a particular purpose. All names of persons or companies in this manual are fictitious unless otherwise noted.
Real World Training
5501 LBJ Freeway, Suite 180 Dallas, TX 75240-5225 Phone (214) 515-0577 Fax (214) 515-0580 www.quickbookstraining.com
Day 1 Agenda
During webinars, all times listed below are in Central Time.
Seminar Welcome.............................................................9:30 Chapter 1: Quickbooks Online Setup Chapter 2: Getting Around Break ................................................................... 10 minutes Chapter 3: Lists Chapter 4: Financial Statements Chapter 5: Products and Services Lunch Break ....................................................................1 hour Chapter 6: Money In I Chapter 7: Money In II Break ................................................................... 10 minutes Chapter 8: Customizing QuickBooks Chapter 9: Saving Time Chapter 10: Estimates Chapter 11: Sales Tax Class Dismissed ................................................................ 5:00
Day 2 Agenda
During webinars, all times listed below are in Central Time.
Seminar Welcome.............................................................9:30 Chapter 12: Money Out I Chapter 13: Money Out II Break ................................................................... 10 minutes Chapter 14: Online Banking Chapter 15: Reconciliation Lunch Break ....................................................................1 hour Chapter 16: Mobile App Chapter 17: Working with Reports Chapter 18: Accounting Tasks Break ................................................................... 10 minutes Chapter 19: Payroll Setup Chapter 20 Payroll Cycle Chapter 21: Inventory Class Dismissed ................................................................ 4:50 Q and A
Day 1- Table of Contents
Select the headers below to be taken to the content
Chapter 1: Setup ................................................................................................ 1 Introduction......................................................................................................... 2 Setting Up QuickBooks ..................................................................................... 4 Create QuickBooks Account............................................................................. 4 Customize/Personalize QuickBooks ................................................................ 6 Import Data ......................................................................................................... 8 Enter Opening Balances .................................................................................11 Link Bank Accounts .......................................................................................... 12 Test Drive QuickBooks Online ....................................................................... 12
Chapter 2: Getting Around ............................................................................13 Dashboard ......................................................................................................... 14 Moving Around in QuickBooks ...................................................................... 15 What You See on Screen ................................................................................. 18
Chapter 3: Lists.................................................................................................19 List Types ........................................................................................................... 20 Names Lists .......................................................................................................20 Work With Lists ................................................................................................. 21
Chapter 4: Financial Statements ...................................................................29 Financial Statements ........................................................................................ 30 Account Category Types .................................................................................33 Add Accounts/Subaccounts ...........................................................................34 Collapse Financial Statements ....................................................................... 36 Journal Entries .................................................................................................. 37 Cash vs Accrual.................................................................................................38
Chapter 5: Products and Services .................................................................39 Products and Services Settings ...................................................................... 40 Understanding Products and Services .......................................................... 41 Add Products and Services ............................................................................. 42
Chapter 6: Money In-I .....................................................................................47 Customers .........................................................................................................48 Methods to Record Sales ................................................................................ 51 Method 1-Invoice .............................................................................................51 What is Accounts Receivable? ........................................................................ 52 Undeposited Funds ........................................................................................ 54
Chapter 7: Money In-II ....................................................................................55 Method 2-Sales Receipts.................................................................................56 Method 3-Make Deposits................................................................................57 Method 4-Import from Other Program ......................................................... 58 Refund Receipt ................................................................................................. 59 Credit Memos ...................................................................................................60 Customer Statements ...................................................................................... 62 Reports ............................................................................................................... 64
Chapter 8: Customize QuickBooks...............................................................65 Company Settings ............................................................................................66 Customer Label ............................................................................................... 66 Customize Forms..............................................................................................67 Customize Email Template ............................................................................ 70
Chapter 9: Save Time ......................................................................................73 Find Transactions ............................................................................................. 74 Recurring Transactions .................................................................................... 77 Shortcuts ............................................................................................................78 QuickBooks Online Payments ........................................................................ 79
Chapter 10: Estimates ....................................................................................81 Invoice Based on Estimate .............................................................................. 83 Progress Invoicing ........................................................................................... 84
Chapter 11: Sales Tax .....................................................................................85 Set Up Sales Tax ............................................................................................... 85 Nontaxable Customer Setup ..........................................................................87 Invoice Sales Tax...............................................................................................89 Pay Sales Taxes ................................................................................................. 90
Day 2- Table of Contents
Select the headers below to be taken to the content.
Chapter 12: Money Out I................................................................................91 Vendors .............................................................................................................. 92 Method 1- Track Accounts Payable ............................................................... 94 Advantages of Bills .......................................................................................... 95 Method 2- No Accounts Payable .................................................................. 97 Record a Check ................................................................................................ 97 Enter Expenses ................................................................................................. 97 Reports .............................................................................................................100
Chapter 13: Money Out II............................................................................ 101 Credit Cards ....................................................................................................102 Vendor Credit Memos ...................................................................................106 Void vs. Delete Checks ..................................................................................108
Chapter 14: Online Banking ....................................................................... 109 Add Bank Account .........................................................................................110 Set Up Online Banking .................................................................................111 Online Banking Center ..................................................................................113 Manage Downloaded Transactions ............................................................114 Add Downloaded Expenses ........................................................................116 Recognized Transactions .............................................................................117 What Gets Downloaded ................................................................................118 Manage Downloaded Deposits ...................................................................119 Add Split Transactions...................................................................................120 Exclude Transactions .....................................................................................121 Transfers ..........................................................................................................122 Credit Card Payments....................................................................................123 Personal Expenses ........................................................................................124
Chapter 15: Reconcilation........................................................................... 125 Reconcile Bank Account................................................................................126 Reconciliation Difference .............................................................................128 Reconciliation Report ....................................................................................129
Chapter 16: Mobile App.............................................................................. 131 Install Mobile App ..........................................................................................132 Mobile App Dashboard.................................................................................133 Moving Around in QuickBooks Mobile.......................................................134 View Customer/Vendor Information ...........................................................137 Online Banking in App ..................................................................................138 Run Reports .....................................................................................................139 Record Transactions.......................................................................................142
Chapter 17: Working with Reports ............................................................ 145 Run Reports .....................................................................................................146 Types of Reports.............................................................................................147 Date Range .....................................................................................................150 Modify Reports-General ................................................................................150 Modify Reports-Numbers..............................................................................151 Modify Reports-Rows/Columns....................................................................153 Modify Reports-Filters....................................................................................156 Modify Reports-Header/Footer....................................................................158 Save Report Customizations .........................................................................159 Email & Schedule Reports.............................................................................160
Chapter 18: Accounting Tasks.................................................................... 163 Account Numbers ..........................................................................................164 Set Closing Date.............................................................................................165 Manage Users .................................................................................................166 Audit Log .........................................................................................................168
Chapter 19: Payroll Setup ........................................................................... 169 Enable Payroll .................................................................................................170 Start Payroll Setup ..........................................................................................171 Enter Company Information .........................................................................173 Employee W-4 Information ...........................................................................176 Employee Payroll Schedules ........................................................................177 Employee Pay Types .....................................................................................177 Employee Deductions/Contributions .........................................................178 How to Pay Employees .................................................................................178 Employee Setup Complete...........................................................................179 Set Up Payroll Taxes.......................................................................................180 Payroll Tax-Federal Tax Details ....................................................................181 Payroll Tax- State Tax Details ........................................................................181 Direct Deposit Setup .....................................................................................182 Add Employees After Setup .........................................................................184
Chapter 20: Payroll Cycle ............................................................................ 185 Pay Employees................................................................................................186 View Tax/Payments .......................................................................................188 Pay Non-Tax Liabilities ..................................................................................191 Chart of Accounts: Payroll Liabilities ..........................................................191 Pay Deductions ..............................................................................................192
Chapter 21: Inventory .................................................................................. 193 Track Inventory ...............................................................................................194 Inventory Reports ...........................................................................................198 Adjust Inventory..............................................................................................199
Chapter 1
QuickBooks Online Setup
Page 1
Introduction
Welcome to Day 1 of the Mastering QuickBooks seminar. Using QuickBooks software effectively for your business is the focus of this seminar.
Goals/Learning Objectives
• Learn the features and capabilities of QuickBooks. • Learn the most common problems (and their fixes!) in each area of QuickBooks. • Discover the tricks and tips of QuickBooks to help you use QuickBooks to its
fullest potential.
About Intuit
Intuit Inc. is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. For more information, visit www.intuit.com on the internet.
About Real World Training
Real World Training was founded in 1992 by David J. O'Brien, CPA. Initially the company provided one-on-one accounting software training to small businesses. In 1994, the company began focusing exclusively on QuickBooks and began offering training courses on the program. In 1996, Real World Training developed the Mastering QuickBooks seminar. Since that time, Real World Training has taught over 1,500,000 students how to master QuickBooks for their business. For more information on Real World Training or to see seminar schedules online, visit www.quickbookstraining.com on the internet.
Page 2
QuickBooks Online Setup - Day 1: Chapter 1
Learning Manual
Mastering QuickBooks © Learning Manual
Copyright
Copyright© 2020 by David J. O’Brien and/or National Real World Training, Inc. All rights reserved. Screen shots© Intuit Inc. All rights reserved. This publication, or any part thereof, may not be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, storage in an information retrieval system, or otherwise, without the prior written permission of David J. O’Brien or National Real World Training, Inc.
Trademark Acknowledgements
Intuit, QuickBooks, QuickBooks Pro, TurboTax, ProSeries, Lacerte, and QuickZoom are registered trademarks of Intuit Inc. Windows, Microsoft, Excel, and Outlook are registered trademarks of Microsoft Corporation. Other brand names and product names are trademarks or registered trademarks of their respective holders.
Disclaimer
These training materials are provided without any warranty whatsoever, including, but not limited to, the implied warranties of merchantability or fitness for a particular purpose. All names of persons or companies in this manual are fictitious unless otherwise noted.
Real World Training
5501 LBJ Freeway, Suite 180 Dallas, TX 75240-5225 Phone (214) 515-0577 Fax (214) 515-0580 www.quickbookstraining.com
Day 1 Agenda
During webinars, all times listed below are in Central Time.
Seminar Welcome.............................................................9:30 Chapter 1: Quickbooks Online Setup Chapter 2: Getting Around Break ................................................................... 10 minutes Chapter 3: Lists Chapter 4: Financial Statements Chapter 5: Products and Services Lunch Break ....................................................................1 hour Chapter 6: Money In I Chapter 7: Money In II Break ................................................................... 10 minutes Chapter 8: Customizing QuickBooks Chapter 9: Saving Time Chapter 10: Estimates Chapter 11: Sales Tax Class Dismissed ................................................................ 5:00
Day 2 Agenda
During webinars, all times listed below are in Central Time.
Seminar Welcome.............................................................9:30 Chapter 12: Money Out I Chapter 13: Money Out II Break ................................................................... 10 minutes Chapter 14: Online Banking Chapter 15: Reconciliation Lunch Break ....................................................................1 hour Chapter 16: Mobile App Chapter 17: Working with Reports Chapter 18: Accounting Tasks Break ................................................................... 10 minutes Chapter 19: Payroll Setup Chapter 20 Payroll Cycle Chapter 21: Inventory Class Dismissed ................................................................ 4:50 Q and A
Day 1- Table of Contents
Select the headers below to be taken to the content
Chapter 1: Setup ................................................................................................ 1 Introduction......................................................................................................... 2 Setting Up QuickBooks ..................................................................................... 4 Create QuickBooks Account............................................................................. 4 Customize/Personalize QuickBooks ................................................................ 6 Import Data ......................................................................................................... 8 Enter Opening Balances .................................................................................11 Link Bank Accounts .......................................................................................... 12 Test Drive QuickBooks Online ....................................................................... 12
Chapter 2: Getting Around ............................................................................13 Dashboard ......................................................................................................... 14 Moving Around in QuickBooks ...................................................................... 15 What You See on Screen ................................................................................. 18
Chapter 3: Lists.................................................................................................19 List Types ........................................................................................................... 20 Names Lists .......................................................................................................20 Work With Lists ................................................................................................. 21
Chapter 4: Financial Statements ...................................................................29 Financial Statements ........................................................................................ 30 Account Category Types .................................................................................33 Add Accounts/Subaccounts ...........................................................................34 Collapse Financial Statements ....................................................................... 36 Journal Entries .................................................................................................. 37 Cash vs Accrual.................................................................................................38
Chapter 5: Products and Services .................................................................39 Products and Services Settings ...................................................................... 40 Understanding Products and Services .......................................................... 41 Add Products and Services ............................................................................. 42
Chapter 6: Money In-I .....................................................................................47 Customers .........................................................................................................48 Methods to Record Sales ................................................................................ 51 Method 1-Invoice .............................................................................................51 What is Accounts Receivable? ........................................................................ 52 Undeposited Funds ........................................................................................ 54
Chapter 7: Money In-II ....................................................................................55 Method 2-Sales Receipts.................................................................................56 Method 3-Make Deposits................................................................................57 Method 4-Import from Other Program ......................................................... 58 Refund Receipt ................................................................................................. 59 Credit Memos ...................................................................................................60 Customer Statements ...................................................................................... 62 Reports ............................................................................................................... 64
Chapter 8: Customize QuickBooks...............................................................65 Company Settings ............................................................................................66 Customer Label ............................................................................................... 66 Customize Forms..............................................................................................67 Customize Email Template ............................................................................ 70
Chapter 9: Save Time ......................................................................................73 Find Transactions ............................................................................................. 74 Recurring Transactions .................................................................................... 77 Shortcuts ............................................................................................................78 QuickBooks Online Payments ........................................................................ 79
Chapter 10: Estimates ....................................................................................81 Invoice Based on Estimate .............................................................................. 83 Progress Invoicing ........................................................................................... 84
Chapter 11: Sales Tax .....................................................................................85 Set Up Sales Tax ............................................................................................... 85 Nontaxable Customer Setup ..........................................................................87 Invoice Sales Tax...............................................................................................89 Pay Sales Taxes ................................................................................................. 90
Day 2- Table of Contents
Select the headers below to be taken to the content.
Chapter 12: Money Out I................................................................................91 Vendors .............................................................................................................. 92 Method 1- Track Accounts Payable ............................................................... 94 Advantages of Bills .......................................................................................... 95 Method 2- No Accounts Payable .................................................................. 97 Record a Check ................................................................................................ 97 Enter Expenses ................................................................................................. 97 Reports .............................................................................................................100
Chapter 13: Money Out II............................................................................ 101 Credit Cards ....................................................................................................102 Vendor Credit Memos ...................................................................................106 Void vs. Delete Checks ..................................................................................108
Chapter 14: Online Banking ....................................................................... 109 Add Bank Account .........................................................................................110 Set Up Online Banking .................................................................................111 Online Banking Center ..................................................................................113 Manage Downloaded Transactions ............................................................114 Add Downloaded Expenses ........................................................................116 Recognized Transactions .............................................................................117 What Gets Downloaded ................................................................................118 Manage Downloaded Deposits ...................................................................119 Add Split Transactions...................................................................................120 Exclude Transactions .....................................................................................121 Transfers ..........................................................................................................122 Credit Card Payments....................................................................................123 Personal Expenses ........................................................................................124
Chapter 15: Reconcilation........................................................................... 125 Reconcile Bank Account................................................................................126 Reconciliation Difference .............................................................................128 Reconciliation Report ....................................................................................129
Chapter 16: Mobile App.............................................................................. 131 Install Mobile App ..........................................................................................132 Mobile App Dashboard.................................................................................133 Moving Around in QuickBooks Mobile.......................................................134 View Customer/Vendor Information ...........................................................137 Online Banking in App ..................................................................................138 Run Reports .....................................................................................................139 Record Transactions.......................................................................................142
Chapter 17: Working with Reports ............................................................ 145 Run Reports .....................................................................................................146 Types of Reports.............................................................................................147 Date Range .....................................................................................................150 Modify Reports-General ................................................................................150 Modify Reports-Numbers..............................................................................151 Modify Reports-Rows/Columns....................................................................153 Modify Reports-Filters....................................................................................156 Modify Reports-Header/Footer....................................................................158 Save Report Customizations .........................................................................159 Email & Schedule Reports.............................................................................160
Chapter 18: Accounting Tasks.................................................................... 163 Account Numbers ..........................................................................................164 Set Closing Date.............................................................................................165 Manage Users .................................................................................................166 Audit Log .........................................................................................................168
Chapter 19: Payroll Setup ........................................................................... 169 Enable Payroll .................................................................................................170 Start Payroll Setup ..........................................................................................171 Enter Company Information .........................................................................173 Employee W-4 Information ...........................................................................176 Employee Payroll Schedules ........................................................................177 Employee Pay Types .....................................................................................177 Employee Deductions/Contributions .........................................................178 How to Pay Employees .................................................................................178 Employee Setup Complete...........................................................................179 Set Up Payroll Taxes.......................................................................................180 Payroll Tax-Federal Tax Details ....................................................................181 Payroll Tax- State Tax Details ........................................................................181 Direct Deposit Setup .....................................................................................182 Add Employees After Setup .........................................................................184
Chapter 20: Payroll Cycle ............................................................................ 185 Pay Employees................................................................................................186 View Tax/Payments .......................................................................................188 Pay Non-Tax Liabilities ..................................................................................191 Chart of Accounts: Payroll Liabilities ..........................................................191 Pay Deductions ..............................................................................................192
Chapter 21: Inventory .................................................................................. 193 Track Inventory ...............................................................................................194 Inventory Reports ...........................................................................................198 Adjust Inventory..............................................................................................199
Chapter 1
QuickBooks Online Setup
Page 1
Introduction
Welcome to Day 1 of the Mastering QuickBooks seminar. Using QuickBooks software effectively for your business is the focus of this seminar.
Goals/Learning Objectives
• Learn the features and capabilities of QuickBooks. • Learn the most common problems (and their fixes!) in each area of QuickBooks. • Discover the tricks and tips of QuickBooks to help you use QuickBooks to its
fullest potential.
About Intuit
Intuit Inc. is a leading provider of business and financial management solutions for small businesses, consumers and accounting professionals. Its flagship products and services, including QuickBooks®, Quicken® and TurboTax® software, simplify small business management and payroll processing, personal finance, and tax preparation and filing. ProSeries® and Lacerte® are Intuit's leading tax preparation software suites for professional accountants. For more information, visit www.intuit.com on the internet.
About Real World Training
Real World Training was founded in 1992 by David J. O'Brien, CPA. Initially the company provided one-on-one accounting software training to small businesses. In 1994, the company began focusing exclusively on QuickBooks and began offering training courses on the program. In 1996, Real World Training developed the Mastering QuickBooks seminar. Since that time, Real World Training has taught over 1,500,000 students how to master QuickBooks for their business. For more information on Real World Training or to see seminar schedules online, visit www.quickbookstraining.com on the internet.
Page 2
QuickBooks Online Setup - Day 1: Chapter 1