QuickBooks 2008 Solutions Guide for Business Owners and Accountants

by Madeira, Laura

• ISBN13: 9780789737113
• ISBN10: 0789737116
• Edition: 1st
• Format: Paperback
• Copyright: 2007-11-27
• Publisher: Que Pub

Summary

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 Intuitrs"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 Intuitrs"s QuickBooks software (Intuitrs"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 accountantrs"s bookshelf" -Rich Walker, CPA, Intuit Accountant Relations

Author Biography

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.

Table of Contents

Introduction

Creating a New Quick

Books Data File Easy

Step Interview

Overview

Select a Start Date

Enter Bank Account Information

Review Income and Expense Accounts

Converting from Other Accounting Software to Quick

Books

Converting from Quicken to Quick

Books

Converting from Peachtree, Small Business Accounting, or Office Accounting to Quick

Books

Converting from Quick

Books for Windows to Quick

Books Online Edition

Converting from Quick

Books Pro for MAC to Quick

Books for Windows Setting Up a Quick

Books 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 Checks Creating a Quick

Books Data File Checklist

Reviewing the Quick

Books Chart of Accounts Understanding the Chart of Accounts

Assets

Liabilities

Equity

Income

Cost of Goods Sold

Expense Importing a Chart of Accounts

Importing from an Excel File Format

Importing from an Intuit Interchange Format (IIF) File Preferences That Affect the Chart of Accounts Accounts That Quick

Books Creates Automatically Methods 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 Relationship Chart of Accounts Chapter Checklist

Reviewing and Correcting Item

List Errors Understanding the Differences

Between the Chart of Accounts, Items, Classes, and Customer Types

Chart of Accounts

Items

Classes

Customer Types Using Item Types in Quick

Books Finding Item Errors in Quick

Books

Reviewing Accounts Assigned to Items

Item Listing Report

Profit & Loss Summary Report Fixing Item Errors in Quick

Books

Correcting One-Sided Items

Making an Item Inactive

Merging Items Creating Items as Subitems Item List Review Checklist

Easily Review Your Quick

Books Data Choosing a Reporting Basis Reviewing 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

Equity Additional 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 Payable

Power Reports for Troubleshooting Beginning Balance Differences

How Can These Power Reports Help Me?

The Working Trial Balance Window Tracking Changes to Closed Accounting Periods

Setting a Closing Date and Password

Setting User-Specific Security

Creating the Closing Date Exception

Report Using the Audit Trail

Report Using the Credit Card Audit Trail Using the Voided/Deleted Transactions Summary or Detail

Report Creating the Retained Earnings Quick

Report Using the Ctrl+Y Keyboard Shortcut Running the Transaction List by Date

Report Documenting Changes Made to a Data File

Bank Account Balance or Reconciliation Errors The Importance of Correct Bank Balances in Your Quick

B

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