QuickBooks 2008 Solutions Guide for Business Owners and Accountants
QuickBooks 2008 Solutions Guide for Business Owners and Accountants contains a wealth of information useful to both the business owner and the accountant who services such businesses. To make finding the right information easier, the book is organized into chapters specific to each accounting module in QuickBooks. The author has worked many years with businesses that use QuickBooks to manage their financials and knows that every company has its own unique needs, yet all share one common goal-to more accurately track how the business is performing financially. The goal of this book is to provide easy-to-read and easy-to-follow QuickBooks "consulting" advice that business owners, bookkeepers, or accountants can use. After reading the chapters in this book, business owners and accountants will be able to efficiently troubleshoot a QuickBooks data file and make needed corrections, so they can accurately report how the business is performing financially. This book helps youo Get started with a QuickBooks data file and learn how to modify the file you already haveo Analyze your data and troubleshoot reportso Review and correct any data errors in your balance sheet accounts such as Banking, A/R, Undeposited Funds, Employee Advances, Inventory, A/P, Sales Tax, and Open Bal Equity Accounto Use the tools in QuickBooks to properly review your payroll data and avoid costly mistakeso Efficiently share your business data with your accountanto Make the most of the QuickBooks reporting tools Laura Madeira graduated from Florida Atlantic University with a major in accounting and is a certified trainer for Intuit's Certified Trainer Network. As a member of this select group, she provides training to accountants and consultants each fall when the new version of QuickBooks is released. She also is a guest instructor for Intuit at many trade shows throughout the year, and she writes published QuickBooks technical documentation and presentations for Intuit.Laura owns a software and accounting firm that has for more than 20 years helped a large variety of businesses manage their financials using Intuit's QuickBooks software (Intuit's Quicken in those early years). In fact, she has been training users on QuickBooks since the very first version was released many years ago. Category Business | FinanceCovers QuickBooks 2008User Level Intermediate-Advanced Front cover quote: "Laura Madeira has created an extremly valuable QuickBooks resource that belongs on every business and accountant's bookshelf"-Rich Walker, CPA, Intuit Accountant Relations
- Paperback | 528 pages
- 177.8 x 226.06 x 35.56mm | 793.78g
- 19 Dec 2007
- Pearson Education (US)
- Que Corporation,U.S.
- Indianapolis, IN, United States
Back cover copy
QuickBooks 2008 Solutions Guide for Business Owners and Accountants contains a wealth of information useful to both the business owner and the accountant who services such businesses. To make finding the right information easier, the book is organized into chapters specific to each accounting module in QuickBooks. The author has worked many years with businesses that use QuickBooks to manage their financials and knows that every company has its own unique needs, yet all share one common goal-to more accurately track how the business is performing financially. The goal of this book is to provide easy-to-read and easy-to-follow QuickBooks "consulting" advice that business owners, bookkeepers, or accountants can use. After reading the chapters in this book, business owners and accountants will be able to efficiently troubleshoot a QuickBooks data file and make needed corrections, so they can accurately report how the business is performing financially. This book helps you o Get started with a QuickBooks data file and learn how to modify the file you already have o Analyze your data and troubleshoot reports o Review and correct any data errors in your balance sheet accounts such as Banking, A/R, Undeposited Funds, Employee Advances, Inventory, A/P, Sales Tax, and Open Bal Equity Account o Use the tools in QuickBooks to properly review your payroll data and avoid costly mistakes o Efficiently share your business data with your accountant o Make the most of the QuickBooks reporting tools Laura Madeira graduated from Florida Atlantic University with a major in accounting and is a certified trainer for Intuit's Certified Trainer Network. As a member of this select group, she provides training to accountants and consultants each fall when the new version of QuickBooks is released. She also is a guest instructor for Intuit at many trade shows throughout the year, and she writes published QuickBooks technical documentation and presentations for Intuit. Laura owns a software and accounting firm that has for more than 20 years helped a large variety of businesses manage their financials using Intuit's QuickBooks software (Intuit's Quicken in those early years). In fact, she has been training users on QuickBooks since the very first version was released many years ago. Category Business Finance Covers QuickBooks 2008 User Level Intermediate-Advanced Front cover quote: "Laura Madeira has created an extremly valuable QuickBooks resource that belongs on every business and accountant's bookshelf" -Rich Walker, CPA, Intuit Accountant Relations
Table of contents
IntroductionChapter 1 Creating a New QuickBooks Data FileEasyStep Interview-Overview Select a Start Date Enter Bank Account Information Review Income and Expense AccountsConverting from Other Accounting Software to QuickBooks Converting from Quicken to QuickBooks Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks Converting from QuickBooks for Windows to QuickBooks Online Edition Converting from QuickBooks Pro for MAC to QuickBooks for WindowsSetting Up a QuickBooks Data File for Accrual or Cash Basis Reporting Cash or Accrual Basis Startup Transactions: Accounts Receivable Cash or Accrual Basis Startup Transactions: Accounts Payable Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance Cash or Accrual Basis Startup Transactions: Checking Uncleared Bank ChecksCreating a QuickBooks Data File ChecklistChapter 2 Reviewing the QuickBooks Chart of AccountsUnderstanding the Chart of Accounts Assets Liabilities Equity Income Cost of Goods Sold ExpenseImporting a Chart of Accounts Importing from an Excel File Format Importing from an Intuit Interchange Format (IIF) FilePreferences That Affect the Chart of AccountsAccounts That QuickBooks Creates AutomaticallyMethods to Troubleshoot and Correct Chart of Account Issues Removing Duplicated Accounts by Marking an Account Inactive Merging Duplicated Accounts Wrong Account Type Assigned to a Chart of Accounts Listing Assigning or Removing a Subaccount RelationshipChart of Accounts Chapter ChecklistChapter 3 Reviewing and Correcting Item List ErrorsUnderstanding the Differences Between the Chart of Accounts, Items, Classes, and Customer Types Chart of Accounts Items Classes Customer TypesUsing Item Types in QuickBooksFinding Item Errors in QuickBooks Reviewing Accounts Assigned to Items Item Listing Report Profit & Loss Summary ReportFixing Item Errors in QuickBooks Correcting One-Sided Items Making an Item Inactive Merging ItemsCreating Items as SubitemsItem List Review ChecklistChapter 4 Easily Review Your QuickBooks DataChoosing a Reporting BasisReviewing the Balance Sheet Account Types Prior Year Balances Bank Account Balance(s) Accounts Receivable Undeposited Funds Inventory Other Current Assets Fixed Assets Accounts Payable Credit Cards Payroll Liabilities Sales Tax Payable Other Current Liabilities and Long-Term Liabilities EquityAdditional Data Reviews Payroll Summary Total and Payroll Expense Total Sales by Item Summary Compared to Total Income Net Income or (Loss) Agrees with Balance Sheet Reconcile Discrepancies Account Cash Basis Balance Sheet Has Accounts Receivable or PayableChapter 5 Power Reports for Troubleshooting Beginning Balance DifferencesHow Can These Power Reports Help Me?The Working Trial Balance WindowTracking Changes to Closed Accounting Periods Setting a Closing Date and Password Setting User-Specific Security Creating the Closing Date Exception ReportUsing the Audit Trail ReportUsing the Credit Card Audit TrailUsing the Voided/Deleted Transactions Summary or Detail ReportCreating the Retained Earnings QuickReportUsing the Ctrl+Y Keyboard ShortcutRunning the Transaction List by Date ReportDocumenting Changes Made to a Data FileChapter 6 Bank Account Balance or Reconciliation ErrorsThe Importance of Correct Bank Balances in Your QuickBooks DataReconciling a Bank Account for the First Time Verify That the Bank Account Has Not Been Reconciled Verify That All Banking-Related Transactions Have Been Entered Identify All Uncleared Transactions Complete the Multiple Year or Month Bank ReconciliationTroubleshooting an Incorrectly Reconciled Bank Account Review Uncleared Bank Transactions Reviewing Previous Bank Reconciliation Reports Locating Bank Account Reconciliation Discrepancies Reviewing the Voided/Deleted Report Restarting a Previously Completed Bank Reconciliation Undoing a Previous Bank ReconciliationReconciling with an AdjustmentBank Reconciliation Troubleshooting ChecklistChapter 7 Reviewing and Correcting Accounts Receivable ErrorsAccounts Receivable Forms and WorkflowPreferences That Affect Accounts Receivable Sales & Customers Preferences Checking Preference Finance Charge Preference Jobs & Estimates Reminders Reports & Graphs Send Forms Spelling Sales Tax Preference Time and ExpensesReports to Review When Troubleshooting Accounts Receivable Errors Reconcile Balance Sheet Accounts Receivable Amount to A/R Aging Summary Total Review Open Invoices Report Generate a Missing Customer Invoices Report When an Accounts Receivable Balance Appears on a Cash Basis Balance SheetCorrecting Accounts Receivable Errors Removing an Open Balance from a Customer Invoice Correcting Customer Payments Applied to the Incorrect Invoice, Customer, or Job When a Credit Memo Is Applied to the Wrong Customer Invoice When Deposits Were Made Without Using the Receive Payment Form Grouping Deposited Items Eliminating the Print Queue for Customer Invoices Marked to PrintUnique Customer Transactions Recording Your Accountant's Year-End Adjusting Journal Entry to Accounts Receivable When a Customer Is Also a Vendor Recording Customer's Bounced CheckAccounts Receivable ChecklistChapter 8 Troubleshooting and Correcting Errors with the Undeposited Funds AccountThe Purpose of the Undeposited Funds AccountPreference Settings that Affect Undeposited FundsReviewing the Balance in the Undeposited Funds Account Creating an Undeposited Funds Detail Report Creating a General Ledger Report of the Undeposited Funds Account Reviewing the Open Invoices Report Viewing Deposits in the Bank Register Viewing the Deposit Detail ReportFixing Errors with the Undeposited Funds Account Removing Old Dated Payments in the Undeposited Funds Account Reconciling Your Bank Register with the Bank Statement's DepositsUndeposited Funds Account ChecklistChapter 9 Handling Current Asset Accounts CorrectlyDefining an Other Current AssetReviewing and Troubleshooting the Other Current Asset Accounts Matching Other Current Asset Balances to an Outside Document Creating a Custom Transaction Detail Report Reconciling Other Current Asset AccountsTroubleshooting and Creating Unique Other Current Asset Account Transactions Correcting Balance Errors in Your Other Current Asset Accounts Deducting Employee Loan Payments from the Employee's Payroll Checks Recording Prepaid Expenses in QuickBooks Tracking Customer Retainage in QuickBooksOther Current Asset Accounts ChecklistChapter 10 Reviewing and Correcting Inventory ErrorsOverview of the Accounting for InventoryPreferences That Affect InventoryInventory Processes and Forms and Their Effect on AccountingReviewing and Troubleshooting Inventory Balances Perform a Physical Inventory Count Reconciling the Inventory Valuation Summary Report with the Balance Sheet Inventory Balance Reviewing the Recorded Average Cost Valuation Reviewing Aged Open Item Receipts Reviewing Aged Accounts PayableCorrecting Inventory Errors Creating an Inventory Quantity Adjustment Creating an Inventory Value AdjustmentHow QuickBooks Handles Negative Inventory When Inventory Has an Average Cost from Prior Purchase Transactions When Inventory Does Not Have a Prior Average CostInventory SummaryChapter 11 Reviewing and Correcting Accounts Payable ErrorsAccounts Payable Forms and Workflow Accounts Payable Forms Accounts Payable WorkflowPreferences That Affect Accounts Payable Accounting Bills Checking General Reminders Reports and Graphs Tax:1099Reports to Review When Troubleshooting Accounts Payable Errors Reconcile Balance Sheet Report Accounts Payable Balance to A/P Aging Summary Report Total Review the Unpaid Bills Detail Report Reviewing Aged Open Item Receipts Reviewing Item Setup When an Accounts Payable Balance Appears on a Cash Basis Balance Sheet Reviewing and Printing Year-end Vendor Tax FormsCorrecting Accounts Payable Errors When a Vendor Was Paid with a Check Misapplied Vendor Credit Removing Aged Open Item Receipts or Vendor Bills General Journal Adjustments to Accounts PayableUnique Accounts Payable Transactions When Your Vendor Is Also Your Customer Recording Vendor Prepayments Entering Mid-year 1099 Balances Taking Discounts on Vendor Bills Memorizing Recurring Transactions Depositing a Vendor Refund Paying and Recording a Credit Card BillAccounts Payable ChecklistChapter 12 Reviewing and Correcting Sales Tax ErrorsPreferences That Affect Sales TaxSales Tax Items, Groups, and Codes Creating and Using Sales Tax Items Creating and Using Sales Tax Group Items Creating and Using Sales Tax CodesAssigning Sales Tax Codes to Products or ServicesAssigning Sales Tax Codes and Items to CustomersReports to Review When Troubleshooting Sales Tax Errors Reviewing Customer Lists for Tax Code and Tax Item Assigned Reviewing Item List for Tax Code Assigned Reconciling Total Sales to Total Income Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable When a Check or Bill Form Was Used to Pay Sales TaxProperly Paying Sales Tax Paying Sales Tax Without an Adjustment Paying Sales Tax with an AdjustmentCorrecting Sales Tax Errors When a Check or Bill Form Was Used to Pay the Sales Tax When the Sales Tax Liability Report Shows Past Sales Tax Due When Total Sales Does Not Equal Total IncomeUnique Sales Tax Transactions Tracking and Collecting Multiple Sales Tax Rates When Your State Imposes a Maximum Sales Tax Multiple Sales Tax Rates on One Invoice Issuing Credit Memos When Sales Tax Should Not Have Been ChargedSales Tax ChecklistChapter 13 Reviewing and Correcting the Opening Balance Equity AccountPurpose of the Opening Bal Equity AccountTransactions in the Opening Bal Equity Account Bank Statement Ending Balance Entered in the EasyStep Interview Opening Balance in the Add New Account Dialog Entering a Total Value for a New Inventory Item Bank Reconciliation Adjustments (QuickBooks 2005 or Older) Accrual Basis Startup RecordsReports to Review and Troubleshoot the Opening Bal Equity AccountClosing Opening Bal Equity into Retained EarningsSetting a Closing Date and PasswordOpening Bal Equity ChecklistChapter 14 Reviewing and Correcting Payroll ErrorsPayroll Service OptionsPayroll & Employees PreferencePayroll Forms and Workflow in QuickBooks Payroll Forms Payroll WorkflowUsing the Payroll SetupUsing the Run Payroll Checkup Diagnostic ToolReports to Review When Troubleshooting Payroll Payroll Item Listing Comparing Payroll Liabilities Balances to the Balance Sheet Compare Payroll Summary to Filed Payroll ReturnsAdjusting Payroll LiabilitiesUnique Payroll Transactions and Processes Scheduled Payroll and Liabilities Deposit a Refund of Payroll Liabilities Reprint a Lost Payroll Check Setting Up Payroll Mid-Year Paying a Taxable Bonus Employee Loan Payment and Repayment Adjusting an Employee PaycheckPayroll ChecklistChapter 15 Sharing Data with Your Accountant or Your ClientSharing QuickBooks Data Benefits for the Business Owner Benefits for the AccountantQuickBooks File Types Choosing a Method to Share DataData Sharing for the Business Owner Reviewing Your QuickBooks Data Using the Accountant's Copy Feature What the Business Owner Can and Cannot Do Importing Your Accountant's Changes Canceling an Accountant's CopyData Sharing for the Accountant Preparing Your Client for the Data Exchange Working with an Accountant's Copy File What the Accountant Can Do What the Accountant Cannot Do Returning the Accountant's Copy Change File to the Client What to Request from the Client When the Import Is Complete Converting the Accountant's Copy to a Regular Company FileSharing Data ChecklistChapter 16 Reporting Tips and TricksUsing the Report CenterReporting Preferences My Preferences Company PreferencesModifying Reports Modifying Options Available on the Report Window Modify Report ButtonReport Groups Creating Report Groups Using Report Groups Managing Report GroupsMemorized ReportsExporting and Importing Report Templates Exporting a Report or Report Group Template Importing a Report or Report Group TemplateExporting Reports to a .CSV File or to ExcelEmailing ReportsAbout Financial Statement Designer 0789737116 TOC 10/31/2007
About Laura Madeira
Laura Madeira is an accountant and Advanced QuickBooks Certified Trainer for the Intuit Accountant Training Network and Member of Intuit's Speaker's Bureau Network. Laura has been teaching companies how to use Intuit's products beginning with Quicken in 1985 and then advancing to QuickBooks since its very first version. Laura has instructed more than 10,000 individuals. She presents QuickBooks training to audiences that are comprised of accountants, consultants, and end users, representing Intuit as a select presenter for its yearly national multi-city Accountant Update Tour and QuickBooks Advanced Certification Training seminars. Additionally, Laura was a guest presenter at the 2006 ASBDC Annual Conference in Houston, Texas. Laura continues to be a guest speaker for Intuit at national CPA trade shows. Laura has been an advocate for the QuickBooks product line for more than 15 years and has been featured in several marketing articles on Intuit, QuickBooks, and in particular the QuickBooks Certified ProAdvisor program. In addition to the numerous speaking engagements, Laura also served on the first two Intuit Customer Advisory Councils from 2002-2005. This gave Laura an opportunity to meet Intuit executives and help influence changes in Intuit's relationship with accountants. Laura also is a skilled technical writer and has provided Intuit with technical training and public presentation materials over the years. Her "QuickBooks at Year-End" document has been distributed by Intuit at several national events and is one of Intuit's most requested training and presentation documents. Laura is the owner of a software consulting firm located in the greater Dallas, Texas, area. Laura resides with her husband and two teenage sons outside Dallas, Texas. She graduated from Florida Atlantic University, May 2003, with her bachelor of science, majoring in Accounting. Her hobbies include photography, art (watercolor), scrapbook making, and training two Cocker Spaniel dogs.