Brief Contents. Preface... ix Chapter 1 QuickBooks 2013 Overview, Open a Company File, Create Backup Copy, and Restore a Backup Copy...

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1 Brief Preface... ix Chapter 1 QuickBooks 2013 Overview, Open a Company File, Create Backup Copy, and Restore a Backup Copy Chapter 2 Vendors Enter Bills, Pay Bills, and Cash Payments Chapter 3 Customers Create Invoices, Receive Payments, Enter Sales Receipts, and Make Deposits Chapter 4 Period-End Procedures Make General Journal Entries Chapter 5 Inventory Receive Items, Sell Items, Process Sales Discounts, Adjust Quantity/Value on Hand, and Pay Sales Tax Chapter 6 New Company Setup Detailed Start EasyStep Interview and QuickBooks Setup Chapter 7 New Company Setup Express Start Set Up Company Preferences Chapter 8 Payroll Setup Custom Setup Chapter 9 Payroll Processing Pay Employees, Pay Payroll Liabilities, and Process Payroll Forms Chapter 10 Banking Transfer Funds, Reconcile Accounts, and Enter Credit Card Charges Chapter 11 Jobs and Time Tracking Record Job Income, Record Job Payroll Expenses, Track Time for Employees and Jobs, and Create Customer Statements Chapter 12 Customizing Your Company File Desktop, Invoices, Letters, Memorized Transactions, Graphs, and Fiscal Year Appendices A J... A-1 Index... I-1 iii

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3 Preface... ix Chapter 1 QuickBooks 2013 Overview, Open a Company File, Create Backup Copy, and Restore a Backup Copy Introduction Accounting with QuickBooks versus Manual and Other Computerized Accounting Systems Four Levels of Operation Installing the Student Trial Edition of QuickBooks Installing the Company Files Needed for This Text Opening QuickBooks Using Drop-Down Menus and Dialog Boxes QuickBooks QuickBooks Editions Opening a Company File Multi-User and Single-User Mode Backing Up a Company File Why Backing Up a File Is Important Naming Backup Files Restoring a Company File QuickBooks Updates Exiting QuickBooks Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 2 Vendors Enter Bills, Pay Bills, and Cash Payments Introduction Vendor Transactions System Default Accounts Chapter Problem The Vendor Center Adding a Vendor Deleting a Vendor Editing a Vendor The Enter Bills Window Entering a Bill Updating the Vendor Center While in an Activities Window Correcting Errors Processing a Credit Memo The Pay Bills Window Paying a Bill in Full Making a Partial Payment of a Bill The Write Checks Window Debit Card Payments Vendor Reports and Accounting Reports Vendor Reports Drilling Down to a Transaction Window Accounting Reports Exiting QuickBooks Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 3 Customers Create Invoices, Receive Payments, Enter Sales Receipts, and Make Deposits Introduction Customer Transactions System Default Accounts Chapter Problem The Customer Center Adding a Customer Deleting a Customer Editing a Customer The Create Invoices Window Items Creating an Invoice The Receive Payments Window Receiving a Payment in Full Entering a Partial Payment of an Invoice Receiving Payment for More Than One Invoice The Enter Sales Receipts Window The Make Deposits Window Customer Reports and Accounting Reports Customer Reports Accounting Reports Exiting QuickBooks Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems v

4 Chapter 4 Period-End Procedures Make General Journal Entries Introduction General Journal Entries Chapter Problem The Chart of Accounts List Adding an Account Deleting an Account Editing an Account The Trial Balance The Make General Journal Entries Window Period-End Accounting Reports and Financial Statements Accounting Reports Financial Statements Registers Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 5 Inventory Receive Items, Sell Items, Process Sales Discounts, Adjust Quantity/Value on Hand, and Pay Sales Tax Introduction Inventory Transactions Accounting for Inventory Transactions Chapter Problem The Item List Adding an Item Deleting an Item Editing an Item Inventory Center Purchasing Inventory Recording Inventory Purchases Using the Enter Bills Window Recording a Purchase and Receipt of an Inventory Item on Account Recording Inventory Purchases Using the Write Checks Window Recording a Purchase and Receipt of an Inventory Item for Cash Sales Tax Sale of Inventory Inventory Sales on Account in the Create Invoices Window Recording a Sale of an Inventory Item on Account Inventory Sales for Cash in the Enter Sales Receipts Window Recording a Sale of an Inventory Item for Cash Sales Discounts The Adjust Quantity/Value on Hand Window The Pay Sales Tax Window Make Deposits Inventory Reports, Accounting Reports, and Financial Statements Inventory Reports from the Reports Menu Inventory Reports from the Lists Menu Accounting Reports and Financial Statements Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 6 New Company Setup Detailed Start EasyStep Interview and QuickBooks Setup Introduction New Company Setup Chapter Problem Detailed Start and EasyStep Interview Window QuickBooks Setup Window Setting Up the Customer Center Setting Up the Vendor Center Adding to the Item List Reviewing EasyStep Interview and QuickBooks Setup Information Chart of Accounts List Item List Customer Center Vendor Center Journal Report Trial Balance Profit & Loss Standard (Income Statement) Report Balance Sheet Standard Report Customizing the New Company File Customizing the Chart of Accounts List Customizing System Default Accounts Customizing Payment Terms Updating Lists/Centers Updating the Chart of Accounts List Updating the Item List Updating the Customer Center and Vendor Center Adjusting for the Accrual Basis of Accounting Accrual Basis of Accounting versus Cash Basis of Accounting Completing New Company Setup Using the Accrual Basis of Accounting vi

5 Entering Opening Balances Reversing Uncategorized Income Account Reversing the Uncategorized Expenses Account Accounting Reports and Financial Statements Accounting Reports Financial Statements Backing Up the New Company File Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 7 New Company Setup Express Start Set Up Company Preferences Introduction New Company Setup Chapter Problem Express Start Establishing Preferences Account Numbers Inventory Sales Tax Payroll Updating the Chart of Accounts List Customizing the New Company File Customizing System Default Accounts Customizing Payment Terms Updating the Lists and Centers Updating the Item List Updating the Customer Center Updating the Vendor Center Interim Review of New Company Setup Journal Report Profit & Loss Standard (Income Statement) Report Balance Sheet Standard Report Adjusting for the Accrual Basis of Accounting Accrual Basis of Accounting versus Cash Basis of Accounting Completing New Company Setup Using the Accrual Basis of Accounting Entering Opening Balances Reversing Uncategorized Income Account Reversing the Uncategorized Expenses Account Accounting Reports and Financial Statements Accounting Reports Financial Statements Hybrid Method of New Company Setup and QuickBooks Setup Window Backing Up the New Company File Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 8 Payroll Setup Custom Setup Introduction Payroll Payroll Definitions and Terms Employee Payroll Information Gross Pay FICA Tax (Social Security) and Medicare Tax Federal Income Tax (FIT) State Income Tax (SIT) Federal Unemployment Tax Act (FUTA) State Unemployment Insurance (SUI) State Disability Insurance (SDI) Company Deductions Net Pay United States Treasury Chapter Problem Payroll Setup Updating the Chart of Accounts List for Payroll Customize the Payroll System Default Accounts Adding Payroll Accounts QuickBooks Payroll Services versus Calculating Payroll Manually The Payroll Item List Customizing the Payroll Item List Customizing a Payroll Item Updating the Payroll Item List Adding a Salary and Wage Payroll Item Adding a Payroll Withholding Payroll Item Payroll Reports Payroll Item Listing Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 9 Payroll Processing Pay Employees, Pay Payroll Liabilities, and Process Payroll Forms Introduction Payroll Transactions Accounting for Payroll Transactions Chapter Problem The Employee Center Employee Center The Pay Employees Windows Paying an Employee Correcting an Error in a Paycheck vii

6 Additional Payroll Journal Entries The Pay Liabilities Window Payroll Reports, Accounting Reports, and Financial Statements Payroll Management Reports Payroll Government Compliance Reports Accounting Reports and Financial Statements Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 10 Banking Transfer Funds, Reconcile Accounts, and Enter Credit Card Charges Introduction Banking Transfer Funds Bank Reconciliation Credit Card Charges Chapter Problem Updating the Chart of Accounts List The Transfer Funds Window The Reconcile Windows The Enter Credit Card Charges Window Entering a Credit Card Charge Paying a Credit Card Charge Banking Reports, Accounting Reports, and Financial Statements Banking Reports from the Reports Menu Banking Reports from the Lists Menu Accounting Reports and Financial Statements Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 11 Jobs and Time Tracking Record Job Income, Record Job Payroll Expenses, Track Time for Employees and Jobs, and Create Customer Statements Introduction Jobs and Time Tracking Chapter Problem The Customer Center Moving Entries The Item List Allocating Payroll Expenses to a Job Creating an Invoice for a Job Setting Up Time Tracking The Weekly Timesheet Window Paying an Employee and Allocating Payroll Expense to a Job Creating an Invoice with Time Tracking Creating a Customer Statement Job and Time Tracking Reports, Accounting Reports, and Financial Statements Job and Time Tracking Reports Accounting Reports and Financial Statements Reconciliation of Data to Reports Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems Chapter 12 Customizing Your Company File Desktop, Invoices, Letters, Memorized Transactions, Graphs, and Fiscal Year Introduction Chapter Problem Customize the Desktop Home Page Icon Bars Customize Subaccounts Presentation Chart of Accounts List Window Presentation Lists and Activities Windows Presentation Merge Entries Create Custom Fields Customize Activities Windows and Printed Documents QuickBooks Letters Memorized Transactions Customize the Appearance of Reports Customize Report Button Memorize Button Collapse/Expand Button Share Template Button Excel Button Process Multiple Reports Set Default Settings in Reports Graphs Fiscal Year Fiscal Year Closing Set Closing Date New Fiscal Year Chapter Review and Assessment Procedure Review Key Concepts Procedure Check Case Problems viii

7 Appendices Appendix A Open or Restore a Company File...A-2 Appendix B Manual Accounting versus QuickBooks...A-4 Appendix C Journal Report Types...A-5 Appendix D Purchase Orders...A-6 Appendix E Customer Credits and Bad Debt Write-offs...A-9 Appendix F New Company Setup Methods...A-16 Appendix G QuickBooks Payroll Setup Window...A-18 Appendix H Sick and Vacation Paid Time...A-33 Appendix I Setting Up QuickBooks for Multiple Users...A-38 Appendix J Setting Up Passwords and Users...A-40 Index... I-1 ix