QuickBooks Complete For QuickBooks Pro, Premier and Accountant 2018

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1 QuickBooks Complete 2018 For QuickBooks Pro, Premier and Accountant 2018 Copyright 2018

2 Product Name QuickBooks Complete - Version 2018 ISBN: Trademarks Intuit, the Intuit logo, QuickBooks, QuickBooks Pro, QuickBase, Quicken, TurboTax, ProSeries, Lacerte, EasyStep, and QuickZoom, among others, are registered trademarks and/or registered service marks of Intuit Inc. in the United States and other countries. QuickBooks ProAdvisor is a trademark and/or service mark of Intuit Inc. in the United States and other countries. Other parties trademarks or service marks are the property of their respective owners and should be treated as such. Copyright 2018 Questiva Consultants All rights reserved Published by Questiva Consultants Disclaimer This material is intended as a learning aid for QuickBooks software users. Under no circumstances shall the author or publisher be liable for any damages, including any lost profits, lost data or other indirect damages arising out of anything written in this document or expressed directly or indirectly by the author or publisher. Developed and Written By Douglas Sleeter Deborah Pembrook Contributing Authors, Testers, and Reviewers Pat Carson Tricia Lippincott Ellen Orr Questiva Consultants 1501 Dry Creek Road, San Jose, CA Phone: Fax : Questiva Consultants is the publisher and supplier of QuickBooks Accounting Textbooks to students, community colleges and business/trade schools. These textbooks were originally developed by the Sleeter Group.

3 Preface... xi QuickBooks 2018 Versions... xi Using QuickBooks 2018 Student Trial... xi Using This Book... xi Integrating QuickBooks with other products... xii About the exercise files... xii Installing the exercise files... xii Certification...xiii Acknowledgements...xiii Chapter 1 Introducing QuickBooks... 1 Topics... 1 The QuickBooks Product Line... 1 QuickBooks Desktop vs. QuickBooks Online... 1 QuickBooks Editions... 1 QuickBooks Releases... 2 Accounting Accounting s Focus... 2 Accounts, Accounts, Everywhere Accounts... 2 Account Types and Financial Reports... 3 Double-Entry Accounting... 3 Accounting Behind the Scenes... 4 Accounting for the Future: Cash or Accrual?... 4 Academy Photography... 5 QuickBooks Files... 5 Creating a New File... 6 Opening a QuickBooks Sample File... 6 Opening Other QuickBooks Data Files... 7 Closing QuickBooks Files... 9 Opening Multiple Files... 9 Closing the QuickBooks Program... 9 Opening Portable Company Files... 9 Creating Portable Company Files Restoring Backup Files Backing up Your Data File Restoring a Backup File QuickBooks User Interface Features Home Page Centers Snapshots Income Tracker Icon Bar Calendar Entering Transactions in QuickBooks Forms Lists Accounts Registers Items QuickBooks Help Support Resources Certified QuickBooks ProAdvisors Review Questions Comprehension Questions Multiple Choice Completion Statements Introduction Problem Introduction Problem 2 (Advanced)... 28

4 Chapter 2 The Sales Process Topics Tracking Company Sales Setting Up Customers Job Costing Recording Sales Entering Sales Receipts Undeposited Funds Creating Invoices Open Invoices Report Receiving Payments from Customers Receiving Payments by Check Handling Partial Payments Receiving Payments by Credit Card Where Do the Payments Go? Preferences for Applying Payments Recording Customer Discounts Making Bank Deposits Depositing Checks and Cash Holding Cash Back from Deposits Printing Deposit Slips Depositing Credit Card Payments Income Tracker Review Questions Comprehension Questions Multiple Choice Completion Statements Sales Problem Sales Problem 2 (Advanced) Chapter 3 Additional Customer Transactions Topics Recording Customer Returns and Credits Refunding Customers Writing Off a Bad Debt Applying the Bad Debt Credit Memo to an Open Invoice Create Batch Invoices Creating Customer Statements Assessing Finance Charges Collecting Sales Tax Setting up Sales Tax Sales Tax Codes Calculating Sales Tax on Sales Forms Creating Sales Reports Customer Open Balance Report Sales by Customer Summary Report Sales by Item Report Review Questions Comprehension Questions Multiple Choice Completion Statements Customers Problem Customers Problem 2 (Advanced) Chapter 4 Managing Expenses Topics Entering Expenses in QuickBooks The Process of Entering Expenses in QuickBooks Setting Up Vendors Activating Class Tracking Tracking Job Costs...119

5 Paying Vendors Using Registers Using Write Checks Without Using Accounts Payable Managing Accounts Payable Printing Checks Voiding Checks Applying Vendor Credits Handling Deposits and Refunds from Vendors Vendor Deposits When You Use Accounts Payable Vendor Refunds When You Use Accounts Payable Vendor Refunds When You Directly Expensed Payment Tracking Petty Cash Tracking Company Credit Cards Entering Credit Card Charges Paying the Credit Card Bill Paying Sales Tax Paying Sales Tax Accounts Payable Reports Vendor Balance Detail Transaction List by Vendor Sales Tax Liability Tracking Loans using the Loan Manager Setting up a Loan in the Loan Manager Making Loan Payments using the Loan Manager Bill Tracker Review Questions Comprehension Questions Multiple Choice Completion Statements Expenses Problem Expenses Problem 2 (Advanced) Chapter 5 Bank Reconciliation and Bank Transactions Topics Reconciling Bank Accounts Bank Reconciliation Reports Finding Errors During Bank Reconciliation Step 1: Review the Beginning Balance Field Step 2: Locate and Edit Incorrectly Recorded Transactions When QuickBooks Automatically Adjusts your Balance Handling Bounced Checks When Your Customer s Check Bounces Receiving and Depositing the Replacement Check If Your Check Bounces Reconciling Credit Card Accounts and Paying the Bill Bank Feeds Bank Feed Setup Processing Online Transactions Opening the Sample File Downloaded Transactions Review Questions Comprehension Questions Multiple Choice Completion Statements Bank Reconciliation Problem Bank Reconciliation Problem 2 (Advanced) Chapter 6 Reports Topics Types of Reports Cash Versus Accrual Reports

6 Accounting Reports Profit & Loss Profit & Loss by Class Report Profit & Loss by Job Report Balance Sheet Statement of Cash Flows General Ledger Trial Balance Voided/Deleted Transactions Reports Business Management Reports Customer Phone List Vendor Contact List Item Price List Check Detail Report Accounts Receivable and Accounts Payable Reports QuickBooks Graphs Building Custom Reports Memorizing Reports Viewing Memorized Reports Contributed Reports Processing Multiple Reports Printing Reports Finding Transactions Using the Find Button Using the Search Command QuickReports Using QuickZoom Exporting Reports to Spreadsheets Exporting a Report to Microsoft Excel Review Questions Comprehension Questions Multiple Choice Completion Statements Reports Problem Reports Problem 2 (Advanced) Chapter 7 Customizing QuickBooks Topics QuickBooks Preferences Setting User Preferences Customizing QuickBooks Menus and Windows Favorites Menu QuickBooks Icon Bar Customizing the Icon Bar Open Windows List QuickBooks Items and Other Lists QuickBooks Items Printing the Item List The Terms List Price Levels Custom Fields Adding Custom Field Data to Customer Records Modifying Sales Form Templates Review Questions Comprehension Questions Multiple Choice Completion Statements Customizing Problem Customizing Problem 2 (Advanced) Chapter 8 Inventory

7 Topics QuickBooks Tools for Tracking Inventory Tracking Inventory with QuickBooks Activating the Inventory Function Setting up Inventory Parts Items Calculating Average Cost of Inventory Invoicing for Inventory Items Selling Inventory Items Using an Invoice Form Creating a Transaction Journal Report Using Reminders for Inventory Purchasing Inventory Purchasing Inventory at a Retail Store with Check or Credit Card Purchase Orders Creating a Purchase Order Receiving Shipments Against Purchase Orders Creating Open Purchase Orders Reports Checking Purchase Order Status Entering the Final Shipment Entering Bills for Received Inventory Converting an Item Receipt into a Bill Handling Overshipments Handling Vendor Overcharges Adjusting Inventory Adjusting the Quantity of Inventory on Hand Adjusting the Value of Inventory Setting up Group Items Inventory Reports Inventory Item QuickReport Inventory Stock Status by Item Report Inventory Stock Status by Vendor Report Inventory Valuation Summary Unit of Measure Turning on Unit of Measure Single U/M Applying Unit of Measure to Items Inventory Assemblies Review Questions Comprehension Questions Multiple Choice Completion Statements Inventory Problem Inventory Problem 2 (Advanced) Chapter 9 Time and Billing Topics Reimbursable (Billable) Expenses Using Two-Sided Items Tracking Custom Orders Using Service Items to Track Subcontracted Labor Unbilled Costs by Job Report Billable Time Activating Time Tracking in QuickBooks Entering Time on Timesheets Printing Timesheets Invoicing Customers for Time Tracking an Owner s or Partner s Time Time Reports Time by Name Report Time by Job Detail Report Time by Item Report Vehicle Mileage Tracking

8 Multiple Pass-Throughs on One Invoice Review Questions Comprehension Questions Multiple Choice Completion Statements Time and Billing Problem Time and Billing Problem 2 (Advanced) Chapter 10 Payroll Setup Topics Checklist for Setting Up Payroll Payroll Accounts Payroll Items The Payroll Setup Interview Setting Up Compensation and Benefits Payroll Items Medical Insurance Deduction (k) Employee Deduction and Company Match Items Paid Time Off Payroll Items Setting Up Employees Payroll Tax Item Setup Scheduling Your Tax Payments Setting Up Year-to-Date Payroll Amounts Finishing Up the Payroll Setup Interview Custom Fields for Payroll Setting Up Employee Defaults Default settings for taxes Default Settings for Sick/Vacation Time Changing Employee Payroll Information The Accounting Behind the Scenes Payroll Items Calculated Items Based on Quantity Based on Hours Adding Payroll Items from the Payroll Item List Adding a Wage (Compensation) Item Editing Payroll Items Editing the Federal Withholding Payroll item Editing the Federal Unemployment item Editing the Medicare and Social Security items Editing the State Withholding item Editing the State Disability item Editing the State Unemployment item Editing Other Tax items Releasing Employees Deactivating and Reactivating Employees The Employee Contact List report Review Questions Comprehension Questions Multiple Choice Completion Statements Payroll Setup Problem Payroll Setup Problem 2 (Advanced) Chapter 11 Payroll Processing Topics Payroll Processing Checklists Every Payday Every Tax Deposit Due Date (monthly or semi-weekly) Every Quarter (after the end of the quarter) Every January Using the Employee Center Payroll Center Payroll Tax Tables...409

9 Paying Employees Selecting the Employees to Pay Printing Paychecks Printing Pay Stubs Editing Paychecks Replacing Lost or Stolen Checks Voiding Paychecks Deleting Paychecks Paying Payroll Liabilities Editing a Liability Payment Adjusting Payroll Liabilities Creating Payroll Reports Payroll Summary Report Sales Rep Commissions Payroll Liability Balance Report Preparing Payroll Taxes Review Questions Comprehension Questions Multiple Choice Completion Statements Payroll Processing Problem Payroll Processing Problem 2 (Advanced) Chapter 12 Company File Setup Topics Choosing a Start Date Step Creating the Company File Step Express Start Detailed Start Setting Up the Chart of Accounts and Other Lists Step Setting Up the Chart of Accounts Setting Up Other Lists Add/Edit Multiple List Entries Setting Up Opening Balances Step Gathering Your Information Opening Balances for Accounts Understanding Opening Bal Equity Entering Open Items Step Entering Outstanding Checks and Deposits Entering Open Bills (Accounts Payable) Entering Open Invoices (Accounts Receivable) Entering Open Purchase Orders Entering Open Estimates and Sales Orders Entering Year-to-Date Income and Expenses Step Adjusting Opening Balance for Sales Tax Payable Step Adjusting Inventory and Setting up Fixed Assets Step Adjusting Inventory for Actual Counts Setting up Fixed Assets Setting up Loans Setup Payroll and YTD Payroll Information Step Verifying your Trial Balance Step Closing Opening Bal Equity Step Setting the Closing Date - Backing up the File Step Setting the Closing Date to Protect your Setup Balances Users and Passwords Setting Up Users in the Company File Multi-User and Single-User Modes Review Questions Comprehension Questions Multiple Choice

10 Completion Statements Setup Problem Setup Problem 2 (Advanced) Chapter 13 Estimates Topics Creating Estimates Creating Invoices from Estimates Progress Invoicing Creating Purchase Orders from Estimates Viewing and Tracking Estimates Viewing Estimates Tracking Estimates Sales Orders Review Questions Comprehension Questions Multiple Choice Completion Statements Estimates-Problem Estimates-Problem Chapter 14 Adjustments and Year-End Procedures Topics General Journal Entries Creating a General Journal Entry Adjusting Expense Accounts Associated with Items (Zero-Dollar Checks) Editing, Voiding, and Deleting Transactions Editing Transactions Voiding and Deleting Transactions Deleting All Transactions Memorized Transactions Memorizing a Transaction Deleting, Rescheduling, and Editing Memorized Transactions Tracking Fixed Assets Using the Fixed Asset List Calculating and Recording Depreciation Processing 1099s The 1099 Wizard Editing 1099 Information in Vendor Records Closing the Year Closing the Accounting Period Recording Closing Entries for Sole Proprietorships and Partnerships Distributing Net Income to Partners Setting the Closing Date to Lock Transactions Review Questions Comprehension Questions Multiple Choice Completion Statements Adjustments Problem Adjustments Problem 2 (Advanced) Chapter 15 Walker Graphic Design Business Scenario Description of Company Goals Company Set Up Instructions Business Transactions May Analysis Questions Chapter 16 Horizon Financial Planning Business Scenario Description of Company Company Set Up...547

11 Instructions Business Transactions October November Analysis Questions Appendix Keyboard Shortcuts Answer Key for End of Chapter Questions Introducing QuickBooks The Sales Process Additional Customer Transactions Managing Expenses Bank Reconciliation Reports and Graphs Customizing QuickBooks Inventory Time and Billing Payroll Setup Payroll Processing Company File Setup and Maintenance Estimates Adjustments and Year-End Procedures Walker and Horizon Business Scenarios Index