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    QuickBooks for People Who Refuse to be called 'Dumb'
    QuickBooks for People Who Refuse to be called 'Dumb'
    QuickBooks for People Who Refuse to be called 'Dumb'
    Ebook210 pages2 hours

    QuickBooks for People Who Refuse to be called 'Dumb'

    By David Steven Roberts

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    About this ebook

    For more than a decade, David Robets has been teaching QuickBooks to business owners and has been an active Pro-Advisor consulting with business owners on the best options they have for QuickBooks.

    He doesn't pull any punches, doesn't make a dime off of recommendations for third party software or commissions paid by Intuit. It is his humor and energy that add to the value of his QuickBooks sessions.

    To attend a live session, find him on Facebook and Twitter and register early. His QuickBooks Sessions are only two of the sessions he offers to help small business owners. His sessions include: QuickBooks 101, QuickBooks 201, How to Save and Grow Your Business, Social Media and Promoting Your Business and more.

    LanguageEnglish
    PublisherDavid Steven Roberts
    Release dateMay 14, 2015
    ISBN9781513055145
    QuickBooks for People Who Refuse to be called 'Dumb'
    Author

    David Steven Roberts

    David Steven Roberts is a graduate of Florida Christian College and former minister of Community Christian Church in Coralville Iowa and Gays Christian Church in Gays, Illinois. He has since left the ministry and spends his time writing.

    Read more from David Steven Roberts

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      Book preview

      QuickBooks for People Who Refuse to be called 'Dumb' - David Steven Roberts

      Other Books By David S Roberts

      How to Grow, Save and Obama-Proof Your Business

      Promoting Your Business on Social Media

      Preparing for the Coming Collapse of the US Dollar

      Our Dual Citizenship

      Don’t Tell Mom the Babysitter is Dad

      Tax Preparation Ripoffs: How to Avoid Them

      TABLE OF CONTENTS

      Precursors: Getting Started/Choosing the Right Software Package.

      Lesson One – Creating a QuickBooks Company

      Lesson Two – Navigating QuickBooks

      Lesson Three – Setting up Users and Passwords

      Lesson Four – Company Tab Continued

      Lesson Five – Customer’s Tab

      Lesson Six – Vendor’s Tab

      Lesson Seven – Employee Tab

      Lesson Eight – Banking Tab

      Lesson Nine – Reports Tab

      Lesson Ten - Window Tab

      Lesson Eleven – Adding a New Vendor

      Lesson Twelve – Adding a New Customer

      Lesson Thirteen – Customers vs. Jobs

      Lesson Fourteen – Vendor Flow Chart

      Lesson Fifteen – Customer Flow Chart

      Lesson Sixteen – Lists – Chart of accounts

      Lesson Seventeen – Lists - Adding New Accounts

      Lesson Eighteen – Lists – Item List

      Lesson Nineteen – Lists – Fixed Asset Item List

      Lesson Twenty – Lists - Units of Measure Sets

      Lesson Twenty One – Doing Payroll in QuickBooks

      Lesson Twenty Two – Setting up a Payroll Item

      Lesson Twenty Three – Paying Employees

      Lesson Twenty Four – Bank Accounts and Reconciling

      Lesson Twenty Five – Bank Feeds

      Lesson Twenty Six – The Loan Manager

      Lesson Twenty Seven – Entering Debts and Loans

      Lesson Twenty Eight – Equity Accounts

      Appendix One – Hotkey Shortcuts

      Appendix Two – Articles

      The Top 12 Things You Didn’t Know QuickBooks Could Do

      QuickBooks Burps

      How to Erase Bank Downloads in QuickBooks

      Diagnosing Common Errors in QuickBooks Part One

      Diagnosing Common Errors in QuickBooks Part Two

      Fixed Assets and QuickBooks

      Getting Started with QuickBooks

      General Precursors:

      There are two main ways to use the QuickBooks software program. Both are legitimate, only one is thorough.

      Electronic Checking Balance Book – All transactions are entered based on a bank statement, the accounts are all reconciled and balances work but no accounts payable/receivable, no accuracy in most reports. 85% of all businesses use QuickBooks this way. Doing so is fast and easy but they miss out on the many advantages they have in doing it the right way.

      The Right Way – All bills, invoices, etc. are entered as they come in and are created, assigned to the right customer or vendor. This is the way we will learn to do it today.

      Before we start learning how to do it the right way though, we need to go back to the beginning.

      Accounting Terms you should know to use QuickBooks:

      Accrual Based Accounting – expenses are matched with the related revenues and/or are reported when the expense occurs, not when the cash is paid. Revenue is recognized when invoice is created, not when client has paid you.

      Cash Based Accounting – revenues are reported on the income statement when the cash is received, expenses are reported when the bill is paid.

      Credit – increases a liability or equity account, or decreases an asset or expense account. (on the right)

      Debit – increases an asset or expense account, or decreases a liability or equity account. (on the left) (Your bank statements are from the banks point of view.)

      Double entry accounting- is based on the fact that every financial transaction has equal and opposite effects in at least two different accounts. It is used to satisfy the equation Assets = Liabilities + Equity, whereby eachentryis recorded so as to maintain the relationship.

      Assets - refer to property owned by a company that is regarded as having value. (something you own)

      Current Assets – the assets that are owned by a company that are expected to be converted to cash within one year.

      Fixed Assets – Assets that have value and are purchased for long term use. Land, buildings and equipment.

      Liabilities – something you owe.

      Current Liabilities – debts that are expected to be paid within a year.

      Long Term Liabilities – debts that are expected to be paid over a period of years.

      Equity – represents the capital in the company that is available for distribution to the owners or shareholders. (Formula is: Total Assets – Total Liabilities = Equity.)

      ––––––––

      QuickBooks Upgrade vs. Update

      When QuickBooks software is released it is given an extension on its version. You may have the 2015 Version 1.01 which is typically the first release. As the year progresses, the Intuit software specialist find parts of the software that just don’t work or don’t work with some integrated apps. They will fix or repair that problem and then re-release a version 1.02. This can happen several times a year and if your QuickBooks computer is connected to the internet, these updates will be loaded automatically into your computer.

      There is a way to turn off these automatic updates but most of the time it could cause more problems than it is worth. Why would someone choose not to keep their QB Computer connected? Fear of hacking? Odds are, there won’t be anyone hacking into your QuickBooks company file from afar.

      The last time that there was a major incident with an update was in 2007 during the whole Microsoft moving to Vista debacle. Microsoft created an update to their system that played havoc with a lot of programs. It took a couple of weeks for some QuickBooks users to get the problem fixed. That kind of thing has been investigated and now it is a lot less likely that it will happen again.

      Upgrades

      Unless you are using auto-uploads, payroll, or merchant services, your QuickBooks software could be used for years without upgrading. You could literally use a QuickBooks software package for a decade and not have any problems. However, the number of changes to a QuickBooks program from year to year seem to get greater every year. These changes necessitate structural changes to the program.

      This is why if you are using any of the Intuit services, your QuickBooks software is good for three years. There really isn’t a need to upgrade every year, unless you really want to. Do what is best for your business. There is no customer support for versions older than three years, so keep that in mind before making your decision. If you do upgrade it is probably a good idea to attend or send office staff to attend a session on new features of the latest QuickBooks version.

      Choosing the Right QuickBooks Software

      ––––––––

      EnterprisePremierProQBO

      Pricing$1000$500$300  $40

      ––––––––

      EnterprisePremierProQBO

      Note: QBO is a completely different layout and setup. The actions are the same, but there are a few things you cannot do on QBO that you can do on the desktop version.

      Lesson One: Creating a QuickBooks Company 

      This will be the first screen you see when you begin setting up your company file. You have four options on how to set up.

      Detailed Start – Very thorough and you have to be prepared to enter everything about your business from EIN number to account numbers and balances*.

      Based on Existing Company – If you already have a company file with information in it that for whatever reason you realize that the set up was done incorrectly, you can use this option.

      Convert Data – You can convert information in another bookkeeping software to QuickBooks. WORD OF CAUTION: This only works if ALL the information was entered flawlessly in the original software you were using. I do not recommend this option at all.

      Express Start – You enter only the basics of information about your company. You can always go back later and add what was missing, so for this class, we will use the Express Start. (Formerly called the Easy Step Interview.)

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