QuickBooks 2010

677 Pages·2010·12.979 MB·English

by  Bonnie Biafore

QuickBooks 2010
THE
MISSING
MANUAL
®
Bonnie Biafore
Beijing • Cambridge • Farnham • Köln • Sebastopol • Taipei • Tokyo
QuickBooks 2010: The Missing Manual
by Bonnie Biafore
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October 2009: First Edition.
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herein.
ISBN: 978-0-596-80402-2
[CS]
Table of Contents
The Missing Credits................................................................................xvii
Introduction.................................................................................................1
Part One: Getting Started
Chapter 1:Creating a Company File.......................................................15
Opening QuickBooks...............................................................................................................................15
About the EasyStep Interview.................................................................................................................16
Before You Create Your Company File .................................................................................................18
Start Date ............................................................................................................................................18
Account Balances...............................................................................................................................19
Other Important Information...........................................................................................................20
Starting the EasyStep Interview..............................................................................................................21
Company Information.......................................................................................................................21
Creating Your Company File............................................................................................................23
Customizing Your Company File .....................................................................................................24
Beginning to Use QuickBooks..........................................................................................................26
Modifying Company Information ..........................................................................................................28
What’s Next? .............................................................................................................................................28
Opening an Existing Company File........................................................................................................30
Opening a Recently Opened Company File...................................................................................30
Opening Any Company File .............................................................................................................30
Restoring a Backup File.....................................................................................................................31
Opening a Portable Company File ..................................................................................................32
Converting from Another Program to QuickBooks .............................................................................33
Converting from Quicken Home & Business .................................................................................33
Converting from a Non-Intuit Program ..........................................................................................34
Chapter 2:Getting Around in QuickBooks.............................................35
Getting Around the QuickBooks Home Page .......................................................................................35
Vendors ...............................................................................................................................................36
Customers...........................................................................................................................................38
Employees...........................................................................................................................................40
Company Features.............................................................................................................................40
Banking................................................................................................................................................40
The QuickBooks Coach .....................................................................................................................41
The Company Snapshot ..........................................................................................................................41
Using Menus and the Icon Bar...............................................................................................................41
Switching Between Open Windows.......................................................................................................43
Chapter 3:Setting Up a Chart of Accounts.............................................45
Acquiring a Chart of Accounts................................................................................................................46
Using a QuickBooks Chart of Accounts ..........................................................................................46
Importing a Chart of Accounts.........................................................................................................46
Account Naming and Numbering..........................................................................................................48
Setting Up Account Numbers...........................................................................................................49
Standardizing Account Names.........................................................................................................50
Creating Accounts and Subaccounts .....................................................................................................51
Creating an Account ..........................................................................................................................53
Viewing Account Names and Numbers..........................................................................................58
Modifying Accounts .................................................................................................................................58
Hiding and Deleting Accounts ................................................................................................................59
Hiding Accounts .................................................................................................................................60
Deleting Accounts ..............................................................................................................................61
Merging Accounts.....................................................................................................................................62
Chapter 4:Setting Up Customers and Jobs............................................65
Before You Create Customers and Jobs ...............................................................................................66
Categorizing Customers and Jobs ...................................................................................................67
Creating Customers in QuickBooks .......................................................................................................71
Creating a New Customer ................................................................................................................72
Customer Data Entry Shortcuts..............................................................................................................79
Importing Customer Information ....................................................................................................80
Exporting Customer Information.....................................................................................................83
Adding and Editing Multiple Customer Records ...........................................................................86
Creating Jobs in QuickBooks ..................................................................................................................89
Creating a New Job............................................................................................................................90
Modifying Customer and Job Information ...........................................................................................92
Adding Notes About Customers.............................................................................................................92
Merging Customer Records ....................................................................................................................94
Hiding and Deleting Customers.............................................................................................................95
Deleting Customers...........................................................................................................................96
Hiding and Restoring Customers.....................................................................................................97
Chapter 5:Setting Up Invoice Items.......................................................99
What Items Do..........................................................................................................................................99
When You Don’t Need Items................................................................................................................100
Should You Track Inventory with Items? ............................................................................................101
Planning Your Items ..............................................................................................................................103
Generic or Specific?.........................................................................................................................103
Naming Items...................................................................................................................................104
Subitems ...........................................................................................................................................105
Creating Items ........................................................................................................................................106
Service Items...........................................................................................................................................109
Product Items..........................................................................................................................................112
Inventory Part Fields .......................................................................................................................115
Non-Inventory Part Fields...............................................................................................................118
Other Types of Items .............................................................................................................................118
Other Charge....................................................................................................................................119
Subtotal .............................................................................................................................................119
Group ................................................................................................................................................120
Discount ............................................................................................................................................121
Payment ............................................................................................................................................123
Setting Up Sales Tax...............................................................................................................................124
Sales Tax Codes ...............................................................................................................................124
Sales Tax Items.................................................................................................................................126
Modifying Items......................................................................................................................................127
Hiding and Deleting Items ....................................................................................................................129
Hiding Items .....................................................................................................................................130
Deleting Items ..................................................................................................................................130
Chapter 6:Setting Up Other QuickBooks Lists....................................133
The Vendor List.......................................................................................................................................134
Entering Address Information........................................................................................................135
Additional Info .................................................................................................................................135
Importing Vendor Information ......................................................................................................136
Filling in Expense Accounts Automatically ...................................................................................138
Categorizing with Classes .....................................................................................................................138
Price Levels .............................................................................................................................................141
Creating a Price Level......................................................................................................................141
Applying a Price Level.....................................................................................................................143
Customer and Vendor Profile Lists......................................................................................................144
Sales Rep List....................................................................................................................................144
Customer Type List..........................................................................................................................145
Vendor Type List ..............................................................................................................................147
Job Type List.....................................................................................................................................147
Terms List..........................................................................................................................................147
Customer Message ..........................................................................................................................149
Payment Method List.......................................................................................................................149
Ship Via List.......................................................................................................................................149
Vehicle List ........................................................................................................................................150
Fixed Asset Items....................................................................................................................................150
Creating and Editing List Entries ..........................................................................................................152
Creating Entries................................................................................................................................152
Editing Entries...................................................................................................................................153
Merging List Entries................................................................................................................................154
Hiding and Deleting List Entries ...........................................................................................................155
Hiding Entries ...................................................................................................................................155
Deleting Entries ................................................................................................................................156
Finding List Entries in Transactions ...............................................................................................156
Sorting Lists.............................................................................................................................................157
Printing Lists............................................................................................................................................157
Blasting Out a Quick List.................................................................................................................158
Customizing a Printed List ..............................................................................................................158
Chapter 7:Managing QuickBooks Files................................................161
Switching Between Multi-User and Single-User Mode .....................................................................161
Backing Up Files .....................................................................................................................................163
Choosing Standard Settings for Your Backups ............................................................................164
Backing Up to Your Computer Right Away ..................................................................................167
Automated QuickBooks Backups...................................................................................................168
Restoring Backups..................................................................................................................................172
Sending Company Files to Others .......................................................................................................176
Creating a Portable Company File.................................................................................................176
Opening a Portable Company File ................................................................................................177
Verifying Your QuickBooks Data..........................................................................................................178
Running the Verify Data Utility.......................................................................................................179
Reviewing Problems ........................................................................................................................179
Running the Rebuild Data Utility ...................................................................................................180
Cleaning Up Data ...................................................................................................................................181
Running the Clean Up Company File Tool...................................................................................182
Cleaning Up After Deleting Files ..........................................................................................................184
Part Two: Bookkeeping
Chapter 8:Tracking Time and Mileage.................................................187
Setting Up Time Tracking ......................................................................................................................188
Turning on Time Tracking...............................................................................................................188
Setting Up the People Who Track Time........................................................................................189
Setting Up Items and Customers for Time Tracking ...................................................................190
Entering Time in Timesheets ................................................................................................................191
Filling in Weekly Timesheets..........................................................................................................191
Entering Time for One Activity.......................................................................................................194
Running Time Reports...........................................................................................................................197
Tracking Mileage ....................................................................................................................................198
Adding a Vehicle ..............................................................................................................................199
Setting the Mileage Rate.................................................................................................................200
Recording Mileage Driven ..............................................................................................................200
Generating Mileage Reports.................................................................................................................203
Chapter 9:Paying for Expenses.............................................................205
When to Pay Expenses ..........................................................................................................................206
Entering Bills ...........................................................................................................................................206
Automating Recurring Bills ...................................................................................................................211
Memorizing a Bill.............................................................................................................................211
Using a Memorized Bill...................................................................................................................212
Creating Memorized Groups of Bills.............................................................................................213
Purchasing Inventory.............................................................................................................................214
Creating Purchase Orders ..............................................................................................................215
Receiving Inventory and Bills Simultaneously .............................................................................218
Receiving Inventory Before the Bill ...............................................................................................220
Handling Reimbursable Expenses .......................................................................................................223
Setting Up Reimbursements As Income .......................................................................................224
4940 Reimbursed TravelRecording Reimbursable Expenses ....................................................225
Paying Your Bills.....................................................................................................................................226
Selecting Bills to Pay........................................................................................................................226
Modifying Payment Amounts ........................................................................................................227
Applying Discounts and Credits to Payments..............................................................................228
Setting the Payment Method and Account ..................................................................................231
Pay Selected Bills .............................................................................................................................232
Producing Checks...................................................................................................................................232
Writing Checks by Hand .................................................................................................................232
Setting Up QuickBooks to Print Checks........................................................................................233
Printing Checks ................................................................................................................................236
Writing Checks Without Entering Bills.................................................................................................237
Using the Write Checks Window ...................................................................................................238
Adding Checks to an Account Register.........................................................................................240
Paying with Cash....................................................................................................................................241
Paying with Credit Cards.......................................................................................................................241
Recording Vendor Credits.....................................................................................................................242
Running Expense-Related Reports.......................................................................................................243
A/P Aging and Vendor Balance Reports .......................................................................................243
Purchases Reports ...........................................................................................................................244
Paying Sales Tax .....................................................................................................................................244
Sales Tax Payment Preferences .....................................................................................................245
Producing Reports of the Sales Tax You Owe..............................................................................246
Remitting Sales Taxes......................................................................................................................246
Chapter 10:Invoicing..............................................................................249
Choosing the Right Type of Form ........................................................................................................250
Sales Receipts ...................................................................................................................................250
Statements ........................................................................................................................................251
Invoices..............................................................................................................................................252
Sales Forms and Accounts ....................................................................................................................252
Creating Invoices ....................................................................................................................................253
Creating an Invoice..........................................................................................................................255
Filling in Invoice Header Fields ......................................................................................................256
Entering Invoice Line Items ............................................................................................................261
Applying Subtotals, Discounts, and Percentage Charges...........................................................265
Adding a Message to the Customer ..............................................................................................266
Choosing How to Send the Invoice ...............................................................................................267
Adding a Memo to Yourself ...........................................................................................................268
Invoicing for Billable Time and Costs ..................................................................................................269
Setting Up Invoicing for Time and Cost ........................................................................................270
Adding Billable Time and Costs to Invoices .................................................................................270
Using the Invoice for Time and Expenses Command.................................................................271
Selecting Billable Time and Costs..................................................................................................273
Checking for Unbilled Costs ...........................................................................................................274
Invoicing for Backordered Products ....................................................................................................274
Using Pending Invoices for Backorders ........................................................................................276
Using Sales Orders for Backorders................................................................................................276
Estimating Jobs .......................................................................................................................................279
Creating an Estimate .......................................................................................................................280
Creating Multiple Estimates............................................................................................................281
Creating an Invoice from an Estimate...........................................................................................284
Comparing Estimates to Actuals ....................................................................................................284
Creating Progress Invoices....................................................................................................................285
Progress Invoicing Options.............................................................................................................285
Fine-Tuning a Progress Invoice......................................................................................................286
Handling Refunds and Credits..............................................................................................................288
Creating Credit Memos...................................................................................................................288
Creating Refund Checks..................................................................................................................289
Applying Credits to Existing Invoices.............................................................................................290
Applying Credits to New Invoices..................................................................................................292
Editing Invoices.......................................................................................................................................292
Voiding and Deleting Invoices ..............................................................................................................293
Chapter 11:Producing Statements........................................................295
Producing Statements............................................................................................................................295
Creating Statement Charges...........................................................................................................296
Generating Customer Statements .................................................................................................299
Previewing Statements....................................................................................................................302
Generating Statements....................................................................................................................302
Chapter 12:Transaction Timesavers.....................................................305
Printing Sales Forms ..............................................................................................................................306
Setting Print Options .......................................................................................................................306
Aligning Forms and Paper..............................................................................................................309
Choosing a Print Method................................................................................................................310
Printing One Form...........................................................................................................................311
Printing in Batches...........................................................................................................................311
Printing Mailing and Shipping Labels ...........................................................................................312
Printing Packing Slips ......................................................................................................................314
Emailing Sales Forms.............................................................................................................................315
Choosing a Send Method ...............................................................................................................315
Emailing One Form .........................................................................................................................316
Emailing in Batches .........................................................................................................................316
Memorized Transactions.......................................................................................................................317
Using a Memorized Transaction....................................................................................................319
Editing a Memorized Transaction..................................................................................................320
Finding Transactions..............................................................................................................................320
Searching with Google Desktop ....................................................................................................320
Searching with QuickBooks Centers .............................................................................................322
Finding Items....................................................................................................................................323
Using the Find Command...............................................................................................................324
Chapter 13:Managing Accounts Receivable........................................327
The Aging of Receivables ......................................................................................................................328
Accounts Receivable Aging Reports ..............................................................................................328
Customer & Job Reports .................................................................................................................331
Receiving Payments for Invoiced Income...........................................................................................332
Applying Credits to Invoices .................................................................................................................335
Discounting for Early Payment.............................................................................................................337
Deposits, Down Payments, and Retainers..........................................................................................340
Setting Up QuickBooks for Prepayments .....................................................................................342
Recording Prepayments..................................................................................................................342
Applying a Deposit, Down Payment, or Retainer to an Invoice................................................343
Refunding Prepayments .................................................................................................................344
Applying Finance Charges ....................................................................................................................346
Finance Charge Preferences ..........................................................................................................346
Assessing Finance Charges on Overdue Balances......................................................................347
Cash Sales ...............................................................................................................................................348
Creating Sales Receipts...................................................................................................................349
Editing Sales Receipts......................................................................................................................349
Voiding and Deleting Sales Receipts.............................................................................................350
Memorizing a Batch Sales Transaction.........................................................................................351
Reconciling Excess and Short Cash ...............................................................................................352
Making Deposits.....................................................................................................................................353
Choosing Payments to Deposit......................................................................................................354
Recording Deposits..........................................................................................................................354
Depositing Money from Merchant Card Accounts......................................................................356
Chapter 14:Doing Payroll......................................................................359
Adding Payroll Transactions from an Outside Service......................................................................360
Choosing a Payroll Service....................................................................................................................361
Applying for a Payroll Service ..............................................................................................................362
Setting Up Payroll...................................................................................................................................363
Setting Up Compensation and Benefits........................................................................................364
Setting Up Employees .....................................................................................................................366
Setting Up Payroll Taxes .................................................................................................................371
Entering Historical Payroll.....................................................................................................................372
Running Payroll ......................................................................................................................................373
Printing Paychecks and Pay Stubs .................................................................................................376
Paying Payroll Taxes ..............................................................................................................................378
Preparing Payroll Tax Forms.................................................................................................................381
Chapter 15:Bank Accounts, Credit Cards, and Petty Cash.................383
Entering Transactions in an Account Register....................................................................................384
Opening a Register Window...........................................................................................................384
Creating a Transaction in an Account Register............................................................................384
Handling Bounced Checks ....................................................................................................................388
Setting Up QuickBooks to Handle Bounced Checks ...................................................................389
Recording Bank Charges.................................................................................................................390
Re-invoicing for Bounced Checks ..................................................................................................391
Transferring Funds .................................................................................................................................393
Reconciling Accounts .............................................................................................................................395
Preparing for the First Reconciliation............................................................................................395
Preparing for Every Reconciliation ................................................................................................396
Starting a Reconciliation .................................................................................................................396
Reconciling Transactions.................................................................................................................399
Reconciliation Reports.....................................................................................................................400
Modifying Transactions During Reconciliation ............................................................................400
Stopping and Restarting a Reconciliation.....................................................................................402
Correcting Discrepancies ................................................................................................................402
Undoing the Last Reconciliation ....................................................................................................404
When Your Bank Makes a Mistake................................................................................................405
Managing Loans .....................................................................................................................................405
Setting Up a Loan.............................................................................................................................406
Adding a Loan to Loan Manager...................................................................................................407
Modifying Loan Terms ....................................................................................................................411
Setting Up Payments .......................................................................................................................411
What-If Scenarios.............................................................................................................................413