QuickBooks 2014 In Depth

QuickBooks 2014 In Depth

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Do more in less time!

Whether you're an entrepreneur, accountant, or bookkeeper, this comprehensive guide will help you get the most out of QuickBooks 2014: more productivity, more business knowledge, and more value! Drawing on her unsurpassed QuickBooks consulting and accounting experience, Laura Madeira delivers quickstart instructions plus step-by-step guides and practical checklists for taking total control over business finances. With Quickbooks and this book at your disposal, you'll improve everything from planning to reporting and payroll to invoicing.

Create a new QuickBooks file; convert from other software; and set up users, permissions, and preferences
Expanded! Learn how to use tools specific to your version of QuickBooks, including QuickBooks Enterprise Solutions
Understand QuickBooks lists from the chart of accounts, items, classes, and more
Set up and manage inventory, vendors, customers, and payroll
Track product or service sales and manage the profitability of your company
Efficiently use Bank Feeds to download bank and credit card transactions
Master all the essentials of financial reporting; customize and memorize reports
Review the accuracy of your data, with step-by-step instructions accompanied by checklists
Share QuickBooks data with your accountant or client at tax time
Use QuickBooks 2014's tools for managing loans, planning and preparing for year-end, and syncing with Outlook contacts
Efficiently review and correct client data errors, from misclassified transactions to incorrect beginning balances
Prepare customized reports and documents using MS Excel and Word integration
Master powerful shortcuts for working more efficiently and saving precious time
Learn how to reliably back up your data, troubleshoot database errors, and manage QuickBooks data integrity

All In Depth books offer

Comprehensive coverage with detailed solutions
Troubleshooting help for tough problems you can't fix on your own
Outstanding authors recognized worldwide for their expertise and teaching style

Learning, reference, problem-solving...the only QuickBooks 2014 book you need!

Register your book at quepublishing.com/register
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Product details

  • Paperback | 888 pages
  • 175.26 x 231.14 x 48.26mm | 1,360.77g
  • Que Corporation,U.S.
  • United States
  • English
  • 0789752638
  • 9780789752635
  • 1,879,900

Table of contents

Introduction 1

How This Book Is Organized 2

Conventions Used in This Book 3

Menu Commands 3

Web Pages and Manufacturer Information 4

Special Elements 5

What's New for QuickBooks 2014 7

New and Improved Features 7

Bounced Checks 7

Income Tracker 8

Inventory Min and Max Reorder Points 9

Sent Email Tracking 10

Alerts and Reminders List on Menu Bar 11

Bill Payment Stub Now Includes Bill Credits 11

Assign a Sales Rep to the Job Record 12

Job Status Reporting 12

Left Icon Bar Customization 13

Color Customization Options 14

Bank Feeds 14

Sort and Resize Billable Time and Costs Window 15

Create Multiple Email Templates 16

Include Attachments with Email 17

More Reports on the Transaction Ribbon 18

Print to One Page 19

Copy and Paste Line Items on Forms 20

Improved Payroll Center 20

Improved My Company Information 21

Enable or Disable Collections Center 22

For the Accounting Professional 23

Client Collaborator 23

Improved Batch Enter Transactions 24

Improved Client Data Review 25

For QuickBooks Enterprise Users 25

Add Sales Rep and Custom Fields to Expense Transactions 25

Job Work in Process (WIP) Summary Report 26

Committed Costs by Job Report 27

Automatically Build Subassemblies 27

Efficiently Replace or Remove Components in Assemblies 28

Options for Automatically Calculating the Cost Field in an Assembly Record 29

Efficiently Edit Cost, Price, Markup, and Margin for Inventory Items 30

Create Auto POs Now Suggests a Quantity to Order 31

QuickBooks Enterprise with Advanced Pricing 32

Price Rules 32

Quantity Discounts 33

1 Getting Started with QuickBooks 35

Understanding QuickBooks 35

Using QuickBooks Sample Data 37

Creating a New QuickBooks File 38

Express Start 39

Advanced Setup or Detailed Start-Formerly the EasyStep Interview 45

Creating a New File from an Existing Company File 49

Converting from Other Accounting Software 50

Converting from Quicken to QuickBooks 51

Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks 52

My Company Information 54

Setting Up Users and Permissions 55

External Accountant 56

Other QuickBooks Users 57

User Security in QuickBooks Enterprise 59

Overview of Comprehensive User Security in QuickBooks Enterprise 59

Set Up and Modify User Roles 60

Set Up Users 63

Reporting on User Activity 65

2 Getting Around QuickBooks 67

Home Page and Navigation 67

Title Bar 67

Menu Bar 68

Top Icon Bar 69

Left Icon Bar 72

Home Page 74

Open Windows List 77

Tutorials 79

Preferences 79

Accounting-Company Preferences 79

Desktop View-My Preferences 80

General-My Preferences 81

Spelling-My Preferences 82

Help Options 82

Selecting a Company File to Open 83

Opening Your Data File for the First Time 83

Choosing from a List of Multiple Data Files 84

3 Accounting 101 87

Basic Principles of Accounting 87

The Matching Principle 87

Accrual Versus Cash Basis Reporting 89

Basic Financial Reports 91

Balance Sheet 91

Income Statement 91

Statement of Cash Flows 92

Accounting Checklist to Help You Manage Your Financials 92

Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting 94

Cash or Accrual Basis Startup Transactions: Accounts Receivable 95

Cash or Accrual Basis Startup Transactions: Accounts Payable 100

Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance 103

Cash or Accrual Basis Startup Transactions: Recording Uncleared Bank Checks 105

4 Understanding QuickBooks Lists 107

Chart of Accounts 108

Account Types 108

Adding a New Account 110

Items 112

Understanding Items 112

Item Types 113

Adding an Item 115

Class 117

Customer Type 120

Managing Lists 120

Chart of Account Preferences 121

Add/Edit Multiple List Entries 122

Add Your Excel Data to QuickBooks Utility 124

Importing an Intuit Interchange Format File (IIF) 129

Reporting on Lists 132

Finding and Fixing Chart of Account Errors 132

QuickBooks Required Accounts 133

Making an Account Inactive 133

Merging Duplicated Accounts 134

Modifying an Account in the Chart of Accounts 135

Assigning or Removing a Subaccount Relationship 136

Finding and Fixing Item List Errors 139

Reviewing the Item List on the Computer Screen 139

Item Listing Report 140

Profit & Loss Standard Report 142

Correcting One-Sided Items 144

Making an Item Inactive 147

Merging Items 148

Creating Items As Subitems 149

5 Setting Up Inventory 151

Inventory Features by QuickBooks Edition 152

QuickBooks Pro 2014 152

QuickBooks Premier 2014 153

QuickBooks Enterprise Solutions Editions 153

Enabling Inventory Preferences 156

Inventory Item Type Descriptions 159

Inventory Part 160

Non-inventory Part 160

Group Items and Inventory Assemblies 160

Adding or Editing Inventory Items 161

Adding or Editing Individual Items 162

Using Add/Edit Multiple List Entries 166

Importing an Intuit Interchange Format File (IIF) 169

Changing Item Prices 170

Creating Inventory Assemblies 173

Creating Group Items 175

Setting Up Multiple Unit of Measurement 177

Proper Inventory Processes 180

Purchasing, Receiving, and Entering the Vendor Bill 182

Paying for Inventory 190

Selling Inventory 193

Working with Group Items 194

Working with Assemblies 195

Handling Inventory Backorders 196

Handling Customer Inventory Returns 200

Handling Vendor Inventory Returns 203

6 Managing Inventory 205

Adjusting Inventory 205

Performing a Physical Inventory Count 206

Quantity Adjustments 207

Value Adjustments 209

Inventory Reporting 211

Inventory Center 212

Report Center 213

Inventory Valuation and Your Financials 214

Reviewing the Recorded Average Cost Valuation 217

Reviewing Aged Item Receipts 219

Reviewing Aged Accounts Payable 223

How QuickBooks Handles Negative Inventory 224

When Inventory Has an Average Cost from Prior Purchase Transactions 224

When Inventory Does Not Have a Prior Average Cost 227

7 Setting Up Vendors 231

Customizing Your Home Page for Vendor Activities 231

Preferences That Affect Accounts Payable 232

Accounting 232

Bills 233

Calendar 234

Checking 234

General 235

Reminders 236

Reports and Graphs 237

Tax:1099 237

Time & Expenses 239

Working with the Vendor Center 240

Adding or Modifying Vendors 242

Finding Vendor Transactions 245

The Accounts Payable Process 247

Accounts Payable Transactions 247

Accounts Payable Workflow 249

Entering a Purchase Order 251

Recording Vendor Bills 251

Recording Vendor Credits 254

Paying Vendor Bills 256

Applying Vendor Credits 259

Taking Discounts on Vendor Bills 262

8 Managing Vendors 265

Accounts Payable Reporting 265

Reconciling Balance Sheet Accounts Payable Balance to A/P Aging Summary Report Total 265

Reviewing the Unpaid Bills Detail Report 267

Reviewing Aged Open Item Receipts 268

Reviewing Item Setup 270

Accounts Payable Balance on Cash Basis Balance Sheet 272

Tracking and Reporting Vendor 1099-MISC Payments 275

Correcting Accounts Payable Errors 285

When Vendor Bills Are Paid Without Using the Proper Process 285

Misapplied Vendor Credit 288

Removing Aged Open Item Receipts or Vendor Bills 289

Making General Journal Adjustments to Accounts Payable 290

Handling Unique Accounts Payable Transactions 293

Bartering Services with Your Vendors 293

Recording Vendor Prepayments 295

Entering Midyear 1099 Balances 298

Memorizing Recurring Transactions 299

Depositing a Vendor Refund 300

Paying and Recording a Credit Card Bill 301

9 Setting Up Customers 303

Customizing Home Page Customer Activities 304

Preferences That Affect Accounts Receivable 304

Payments 306

Sales & Customers 307

Checking 308

Finance Charge 309

Jobs & Estimates 310

Reminders 311

Reports & Graphs 312

Sales Tax 314

Send Forms 315

Spelling 316

Time & Expenses 316

Working with the Customer Center 318

Adding or Modifying Customers and Jobs 319

Finding Customer Transactions 323

Working with Prospects in the Lead Center 325

Setting Up Sales Tax 327

Creating Sales Tax Items 327

Creating Sales Tax Group Items 328

Creating Sales Tax Codes 329

Assigning Sales Tax Codes to Products or Services 331

Assigning Sales Tax Codes and Sales Tax Items to Customers 332

Creating Price Level Lists 333

Using Advanced Pricing in QuickBooks Enterprise 334

Price Rules 335

Quantity Discount 336

Creating Payment Terms 338

Customizing QuickBooks Forms 339

Using the Customize My Forms Wizard 340

Using the Customize Data Layout Tool 343

Accounts Receivable Processes 346

Using QuickBooks Estimates 348

Using QuickBooks Sales Orders 349

Creating Customer Invoices 350

Time and Expense Invoicing 363

Recording a Sales Receipt 367

Recording a Statement Charge 369

Recording the Customer Payment 370

Making the Bank Deposit 373

Recording and Applying a Customer Credit Memo 376

Refunding a Customer's Overpayment 379

10 Managing Customers 381

Accounts Receivable Reporting 381

Reviewing A/R Aging Summary and Detail Reports 382

Reviewing the Open Invoices Report 383

Reconciling Accounts Receivable Totals 385

Viewing the Accounts Receivable Balance on a Cash Basis Balance Sheet 386

Income Tracker 388

Enable the Collections Center 391

Generating the Missing Customer Invoices Report 393

Sales Tax Payable Reports 394

Reviewing Customer Lists for Tax Code and Tax Item Assigned 394

Reviewing the Item List for Tax Code Assigned 395

Reconciling Total Sales to Total Income 396

Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable 397

When a Check or Bill Is Used to Pay Sales Tax 398

Paying Sales Tax 398

Paying Sales Tax Without an Adjustment 399

Paying Sales Tax with an Adjustment 400

Correcting Accounts Receivable Errors 402

Removing an Open Balance from a Customer Invoice 403

Correcting Customer Payments 407

When a Credit Memo Is Applied to the Wrong Customer Invoice 411

When Deposits Were Made Incorrectly 412

Eliminating the Print Queue for Customer Invoices Marked to Print 418

Correcting Sales Tax Errors 419

When a Check or Bill Is Used to Pay the Sales Tax 419

When the Sales Tax Liability Report Shows Past Sales Tax Due 420

When Total Sales Does Not Equal Total Income 422

Correcting Undeposited Funds Account Errors 426

Reviewing the Balance in the Undeposited Funds Account 426

Removing Old Dated Payments in the Undeposited Funds Account 429

Unique Customer Transactions 431

Recording Your Accountant's Year-End Adjusting Journal Entry to Accounts Receivable 432

When a Customer Is Also a Vendor 432

Recording a Customer's Bounced Check 434

Tracking Customer Deposits in QuickBooks 438

Unique Sales Tax Transactions 439

When Your State Imposes a Maximum Sales Tax 439

Multiple Sales Tax Rates on One Invoice 441

Issuing Credit Memos When Sales Tax Should Not Have Been Charged 442

11 Setting Up Payroll 445

Getting Started 445

Payroll Process Overview 446

Selecting and Activating a Payroll Service Subscription 447

Updating Payroll Tax Tables 449

Employer Resources 450

Creating Payroll Accounts in the Chart of Accounts 452

Setting Up Payroll Tax Vendors 454

Payroll Preferences 455

Using the Payroll Setup Interview 458

Using the Run Payroll Checkup Diagnostic Tool 466

Setting Up Employees 469

Using the Employee Center 469

Adding or Editing Employee Information 470

Finding Payroll Transactions 473

Setting Up Payroll Items 475

Adding or Editing Payroll Items 475

Reporting About Payroll Items 478

Paying Employees 479

Payroll Home Page Workflow 480

Entering Employee Time 480

Preparing Employee Paychecks 482

Printing Paychecks or Paystubs 484

ViewMyPaycheck 485

Preparing Payroll Liability Payments 487

Paying Scheduled Liabilities 487

Adjusting Payroll Liabilities 488

12 Managing Payroll 491

Report Center Payroll Reports 491

Excel Reports 492

Tax Forms and Filings 494

Preparing and Printing Tax Forms 494

E-Filing Tax Payments and Forms 497

Troubleshooting Payroll 497

Comparing Payroll Liability Balances to the Balance Sheet 497

Comparing the Payroll Summary Report to Filed Payroll Returns 500

Reconciling Payroll Reports to Business Financials 500

Recording Unique Payroll Transactions 501

Employee Loan Payment and Repayment 501

Reprinting a Lost Paycheck 506

Paying a Taxable Bonus 507

Adjusting an Employee Paycheck 508

Allocating Indirect Costs to Jobs Through Payroll 509

Depositing a Refund of Payroll Liabilities 514

Recording Payroll When Using an Outside Payroll Service 515

13 Working with Bank and Credit Card Accounts 519

Preferences That Affect Banking and Credit Card Management 520

Working with Write Check Transactions 520

Using the Expenses Tab and Items Tab 521

Writing a Check 523

Printing Checks 526

Entering a Bank Debit Charge 529

Entering Credit Card Charges 529

Paying the Credit Card Bill 531

Transferring Funds Between Bank Accounts 532

Bank Feeds 532

Set Up Bank Feeds 533

Manage Bank Feeds 534

Renaming Rules in Bank Feeds 537

Reconciling the Bank or Credit Card Account 538

Troubleshooting Reconciliations 541

Determining Whether the Account Has Been Reconciled 541

Verifying That All Account Transactions Have Been Entered 543

Identifying All Uncleared Transactions 544

Completing the Multi-year or Multi-month Bank Reconciliation 545

Reviewing Uncleared Transactions 546

Reviewing Previous Bank Reconciliation Reports 548

Locating Bank Account Reconciliation Discrepancies 548

Reviewing the Voided/Deleted Transactions Reports 549

Restarting a Previously Completed Bank Reconciliation 550

Undoing a Previous Bank Reconciliation 550

Reconciling with an Adjustment 551

14 Reporting in QuickBooks 553

Using the Company Snapshot 553

Customizing the Company Snapshot 554

Defaulting the Company Snapshot as Home Page 556

Report Center 557

Reports & Graphs Preferences 559

My Preferences 559

Company Preferences 560

Modifying Reports 563

Modifying Options Available on the Report Window 563

Customizing Reports 564

Report Groups 565

Creating Report Groups 565

Using Report Groups 566

Managing Memorized Report List and Memorized Report Groups 568

Memorized Reports 569

Exporting and Importing Report Templates 570

Exporting a Report or Report Group Template 570

Importing a Report or Report Group Template 571

Exporting Reports to a .CSV File or to Excel 571

Emailing Reports 573

15 Reviewing Your Data 575

Reviewing the Balance Sheet 575

Account Types 576

Prior Year Balances 577

Bank Account Balance(s) 578

Accounts Receivable 578

Undeposited Funds 579

Inventory 580

Other Current Assets 581

Fixed Assets 582

Accounts Payable 583

Credit Cards 584

Payroll Liabilities 584

Sales Tax Payable 585

Other Current Liabilities and Long-Term Liabilities 585

Equity 585

Reviewing the Profit & Loss Report 586

Other Reviews 587

Tracking Changes to Closed Accounting Periods 587

Using the Audit Trail Report 588

Using the Credit Card Audit Trail Report 589

Reporting on Voided/Deleted Transactions 591

Viewing the Transactions List by Date Report 592

Troubleshooting Opening Balance Equity Account 593

Closing Opening Balance Equity into Retained Earnings 593

16 Sharing QuickBooks Data with Your Accountant 597

Overview 597

Benefits for the Business Owner 598

Benefits for the Accountant 598

QuickBooks File Types 599

Choosing a Method to Share Data 599

Data Sharing for the Business Owner 603

Reviewing Your QuickBooks Data 604

Creating an Accountant's Copy of Your Data 604

What the Business Owner Can and Cannot Do 609

Importing Your Accountant's Changes 610

Canceling an Accountant's Copy 616

Data Sharing for the Accountant 616

File Manager 2014 617

Creating an External Accountant User Type 618

Preparing Your Client for Data Exchange 619

Receiving an Accountant's Copy File 619

What the Accountant Can Do 623

What the Accountant Cannot Do 626

Returning the Accountant's Copy Change File to the Client 626

What to Request from the Client When the Import Is Complete 629

Converting the Accountant's Copy to a Regular Company File 629

Other Methods of Sharing Data 630

Send General Journal Entries 630

Batch Enter Transactions 632

Client and Accountant Collaboration 634

Access to Client Collaborator 635

How the Accountant Gets Started 636

How the Business Owner Gets Started 637

Accountant and Client Converse via Client Collaborator 638

17 Managing Your QuickBooks Database 643

The QuickBooks Database 643

System Requirements 644

Express Installation of QuickBooks 646

Installing QuickBooks for Multiuser Mode 647

The QuickBooks Database Server Manager 648

Windows Permissions Required for QuickBooks 650

Keeping Your Software Current 651

Upgrading Your QuickBooks Version 651

Installing a QuickBooks Maintenance Release 652

Protecting Your QuickBooks Database 653

Creating a QuickBooks Backup 653

Protecting the QuickBooks Operating Environment 656

Using Intuit Data Protect Online Backup Service 659

Monitoring Your QuickBooks Database 660

The Product Information Dialog Box 660

Using the Verify Data Utility 663

Monitoring QuickBooks Performance Using Windows Task Manager 663

QuickBooks Database Corruption 664

Common Causes of Corruption 664

Signs of Data Corruption 665

The QBWin.log File 665

Repairing List Corruptions 668

Reducing Database File Fragments 669

Rebuilding Your Company File 670

Using the QuickBooks File Doctor 671

Resolving QuickBooks Program File Corruption Issues 673

18 Using Other Planning and Management Tools 675

Planning and Budgeting 675

Create a Budget 676

Edit a Budget 678

Print Budget Reports 679

Delete a Budget 681

QuickBooks Loan Manager 681

Information to Collect 682

Getting QuickBooks Ready 682

Setting Up a New Loan 682

Setting Up a Loan Payment 684

Using the Year-End Guide 685

Synchronizing QuickBooks Lists with Microsoft Outlook 686

Using the QuickBooks Timer 690

Installing the QuickBooks Timer 691

Tracking Time with the Timer 691

Exporting Timer Activities 692

Importing Timer Activities into QuickBooks 693

A Client Data Review 695

B QuickBooks Statement Writer 753

C QuickBooks Enterprise Solutions Features 783

D QuickBooks Shortcuts 835

TOC, 9780789752635, 3/5/2014
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About Laura Madeira

Laura Madeira is the owner of ACS, Inc., a software sales and consulting firm located in the greater Dallas, Texas, area. She is one of the original members of the elite Intuit Trainer/Writer Network and a guest speaker for Intuit-she shares "What's New for QuickBooks" each fall. Laura was also a founding member of the Intuit Customer Advisory Council and a recent member of the Intuit Solution Provider Council. She is an Advanced QuickBooks Certified ProAdvisor, Enterprise and Point of Sale Certified, and is also a Sage Certified Consultant representing Sage 100 Contractor (formerly Master Builder).

Laura is the author of QuickBooks 2013 and 2012 In Depth , a reference and training guide. She is also the author of QuickBooks Solutions Guide , QuickBooks Essentials: For All QuickBooks Users , self-paced video instruction, and the co-author of QuickBooks on Demand -all offered by Que Publishing.

For more than 25 years, Laura has worked with companies of all sizes and from many industries. Her focus has been to help growing businesses become more successful by automating their internal accounting processes and improving their overall business financial reporting.

Additionally, Laura is a guest speaker for Intuit, providing training to thousands of consultants and accountants nationwide at numerous events. She is also a respected author for Intuit; she has written technical training materials and presentations, and has documented and reviewed

competing software.

Laura earned her accounting degree from Florida Atlantic University. She enjoys photography, art, and camping with her family. When Laura is not writing, she enjoys reading a good book or two.

For more information, visit her website, www.quick-training.com , or email her at info@quick-training.com .
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