Cover image for QuickBooks 2010: The Missing Manual

Book description

QuickBooks 2010 has impressive features, like financial and tax reporting, invoicing, payroll, time and mileage tracking, and online banking. So how do you avoid spending more time learning the software than using it? This Missing Manual takes you beyond QuickBooks' help resources: you not only learn how the program works, but why and when to use specific features. You also get basic accounting advice so that everything makes sense. QuickBooks can handle many of the financial tasks small companies face. QuickBooks 2010: The Missing Manual helps you handle QuickBooks with easy step-by-step instructions.

  • Set up your QuickBooks files and preferences to fit your company

  • Track inventory, control spending, run a payroll, and manage income

  • Follow the money all the way from customer invoices to year-end tasks

  • Export key snapshots in the convenient new Report Center

  • Streamline your workflow with the new Online Banking Center

  • Build and monitor budgets to keep your company financially fit

  • Share information with your accountant quickly and easily

Table of Contents

  1. Special Upgrade Offer
  2. A Note Regarding Supplemental Files
  3. Missing Credits
    1. About the Author
    2. About the Creative Team
    3. Acknowledgments
    4. The Missing Manual Series
  4. Introduction
    1. What’s New in QuickBooks 2010
    2. When QuickBooks May Not Be the Answer
    3. Choosing the Right QuickBooks Product
      1. The QuickBooks Premier Choices
    4. Accounting Basics—The Important Stuff
    5. About This Book
    6. About the Outline
    7. The Very Basics
    8. About → These → Arrows
    9. About MissingManuals.com
      1. Safari® Books Online
  5. I. Getting Started
    1. 1. Creating a Company File
      1. Opening QuickBooks
      2. About the EasyStep Interview
      3. Before You Create Your Company File
        1. Start Date
        2. Account Balances
        3. Other Important Information
      4. Starting the EasyStep Interview
        1. Company Information
        2. Creating Your Company File
        3. Customizing Your Company File
        4. Beginning to Use QuickBooks
      5. Modifying Company Information
      6. What’s Next?
      7. Opening an Existing Company File
        1. Opening a Recently Opened Company File
        2. Opening Any Company File
        3. Restoring a Backup File
        4. Opening a Portable Company File
      8. Converting from Another Program to QuickBooks
        1. Converting from Quicken Home & Business
        2. Converting from a Non-Intuit Program
    2. 2. Getting Around in QuickBooks
      1. Getting Around the QuickBooks Home Page
        1. Vendors
        2. Customers
        3. Employees
        4. Company Features
        5. Banking
        6. The QuickBooks Coach
      2. The Company Snapshot
      3. Using Menus and the Icon Bar
      4. Switching Between Open Windows
    3. 3. Setting Up a Chart of Accounts
      1. Acquiring a Chart of Accounts
        1. Using a QuickBooks Chart of Accounts
        2. Importing a Chart of Accounts
          1. Importing a Downloaded Chart of Accounts
      2. Account Naming and Numbering
        1. Setting Up Account Numbers
        2. Standardizing Account Names
      3. Creating Accounts and Subaccounts
        1. Creating an Account
        2. Viewing Account Names and Numbers
      4. Modifying Accounts
      5. Hiding and Deleting Accounts
        1. Hiding Accounts
        2. Deleting Accounts
      6. Merging Accounts
    4. 4. Setting Up Customers and Jobs
      1. Before You Create Customers and Jobs
        1. Categorizing Customers and Jobs
          1. Understanding customer types
          2. Creating a customer type
          3. Categorizing jobs
      2. Creating Customers in QuickBooks
        1. Creating a New Customer
          1. Entering address information
          2. Specifying additional customer information
          3. Designating payment information
      3. Customer Data Entry Shortcuts
        1. Importing Customer Information
        2. Exporting Customer Information
          1. Exporting to Excel
          2. Customized exports using the Contact List report
          3. Exporting a text file
        3. Adding and Editing Multiple Customer Records
          1. Selecting the list to work with
          2. Adding or editing list entries
          3. Saving changes
      4. Creating Jobs in QuickBooks
        1. Creating a New Job
      5. Modifying Customer and Job Information
      6. Adding Notes About Customers
      7. Merging Customer Records
      8. Hiding and Deleting Customers
        1. Deleting Customers
        2. Hiding and Restoring Customers
    5. 5. Setting Up Invoice Items
      1. What Items Do
      2. When You Don’t Need Items
      3. Should You Track Inventory with Items?
      4. Planning Your Items
        1. Generic or Specific?
        2. Naming Items
        3. Subitems
      5. Creating Items
      6. Service Items
      7. Product Items
        1. Inventory Part Fields
        2. Non-Inventory Part Fields
      8. Other Types of Items
        1. Other Charge
        2. Subtotal
        3. Group
        4. Discount
        5. Payment
      9. Setting Up Sales Tax
        1. Sales Tax Codes
          1. Assigning tax codes to customers
          2. Assigning tax codes to items
          3. Creating additional sales tax codes
        2. Sales Tax Items
      10. Modifying Items
      11. Hiding and Deleting Items
        1. Hiding Items
        2. Deleting Items
    6. 6. Setting Up Other QuickBooks Lists
      1. The Vendor List
        1. Entering Address Information
        2. Additional Info
        3. Importing Vendor Information
        4. Filling in Expense Accounts Automatically
      2. Categorizing with Classes
      3. Price Levels
        1. Creating a Price Level
        2. Applying a Price Level
      4. Customer and Vendor Profile Lists
        1. Sales Rep List
        2. Customer Type List
        3. Vendor Type List
        4. Job Type List
        5. Terms List
          1. Setting up terms using elapsed time
          2. Setting up date-driven terms
        6. Customer Message
        7. Payment Method List
        8. Ship Via List
        9. Vehicle List
      5. Fixed Asset Items
      6. Creating and Editing List Entries
        1. Creating Entries
        2. Editing Entries
      7. Merging List Entries
      8. Hiding and Deleting List Entries
        1. Hiding Entries
        2. Deleting Entries
        3. Finding List Entries in Transactions
      9. Sorting Lists
      10. Printing Lists
        1. Blasting Out a Quick List
        2. Customizing a Printed List
    7. 7. Managing QuickBooks Files
      1. Switching Between Multi-User and Single-User Mode
      2. Backing Up Files
        1. Choosing Standard Settings for Your Backups
        2. Backing Up to Your Computer Right Away
        3. Automated QuickBooks Backups
          1. Setting up automatic backups
          2. Scheduling backups for a single company file
      3. Restoring Backups
      4. Sending Company Files to Others
        1. Creating a Portable Company File
        2. Opening a Portable Company File
      5. Verifying Your QuickBooks Data
        1. Running the Verify Data Utility
        2. Reviewing Problems
        3. Running the Rebuild Data Utility
      6. Cleaning Up Data
        1. Running the Clean Up Company File Tool
      7. Cleaning Up After Deleting Files
  6. II. Bookkeeping
    1. 8. Tracking Time and Mileage
      1. Setting Up Time Tracking
        1. Turning on Time Tracking
        2. Setting Up the People Who Track Time
        3. Setting Up Items and Customers for Time Tracking
      2. Entering Time in Timesheets
        1. Filling in Weekly Timesheets
        2. Entering Time for One Activity
      3. Running Time Reports
      4. Tracking Mileage
        1. Adding a Vehicle
        2. Setting the Mileage Rate
        3. Recording Mileage Driven
      5. Generating Mileage Reports
    2. 9. Paying for Expenses
      1. When to Pay Expenses
      2. Entering Bills
      3. Automating Recurring Bills
        1. Memorizing a Bill
        2. Using a Memorized Bill
        3. Creating Memorized Groups of Bills
      4. Purchasing Inventory
        1. Creating Purchase Orders
        2. Receiving Inventory and Bills Simultaneously
        3. Receiving Inventory Before the Bill
      5. Handling Reimbursable Expenses
        1. Setting Up Reimbursements As Income
        2. Recording Reimbursable Expenses
      6. Paying Your Bills
        1. Selecting Bills to Pay
        2. Modifying Payment Amounts
        3. Applying Discounts and Credits to Payments
          1. Applying discounts manually
          2. Applying credits manually
        4. Setting the Payment Method and Account
        5. Pay Selected Bills
      7. Producing Checks
        1. Writing Checks by Hand
        2. Setting Up QuickBooks to Print Checks
        3. Printing Checks
      8. Writing Checks Without Entering Bills
        1. Using the Write Checks Window
        2. Adding Checks to an Account Register
      9. Paying with Cash
      10. Paying with Credit Cards
      11. Recording Vendor Credits
      12. Running Expense-Related Reports
        1. A/P Aging and Vendor Balance Reports
        2. Purchases Reports
      13. Paying Sales Tax
        1. Sales Tax Payment Preferences
        2. Producing Reports of the Sales Tax You Owe
        3. Remitting Sales Taxes
    3. 10. Invoicing
      1. Choosing the Right Type of Form
        1. Sales Receipts
        2. Statements
        3. Invoices
      2. Sales Forms and Accounts
      3. Creating Invoices
        1. Creating an Invoice
        2. Filling in Invoice Header Fields
          1. Choosing the customer or job
          2. Choosing an invoice template
          3. The other header fields
        3. Entering Invoice Line Items
          1. Inserting and deleting line items
        4. Applying Subtotals, Discounts, and Percentage Charges
        5. Adding a Message to the Customer
        6. Choosing How to Send the Invoice
        7. Adding a Memo to Yourself
      4. Invoicing for Billable Time and Costs
        1. Setting Up Invoicing for Time and Cost
        2. Adding Billable Time and Costs to Invoices
        3. Using the Invoice for Time and Expenses Command
        4. Selecting Billable Time and Costs
        5. Checking for Unbilled Costs
      5. Invoicing for Backordered Products
        1. Using Pending Invoices for Backorders
        2. Using Sales Orders for Backorders
      6. Estimating Jobs
        1. Creating an Estimate
        2. Creating Multiple Estimates
        3. Creating an Invoice from an Estimate
        4. Comparing Estimates to Actuals
      7. Creating Progress Invoices
        1. Progress Invoicing Options
        2. Fine-Tuning a Progress Invoice
      8. Handling Refunds and Credits
        1. Creating Credit Memos
        2. Creating Refund Checks
        3. Applying Credits to Existing Invoices
        4. Applying Credits to New Invoices
      9. Editing Invoices
      10. Voiding and Deleting Invoices
    4. 11. Producing Statements
      1. Producing Statements
        1. Creating Statement Charges
        2. Generating Customer Statements
          1. Choosing the date range
          2. Selecting customers
          3. Setting printing options
        3. Previewing Statements
        4. Generating Statements
    5. 12. Transaction Timesavers
      1. Printing Sales Forms
        1. Setting Print Options
        2. Aligning Forms and Paper
        3. Choosing a Print Method
        4. Printing One Form
        5. Printing in Batches
        6. Printing Mailing and Shipping Labels
        7. Printing Packing Slips
      2. Emailing Sales Forms
        1. Choosing a Send Method
        2. Emailing One Form
        3. Emailing in Batches
      3. Memorized Transactions
        1. Using a Memorized Transaction
        2. Editing a Memorized Transaction
      4. Finding Transactions
        1. Searching with Google Desktop
        2. Searching with QuickBooks Centers
        3. Finding Items
        4. Using the Find Command
          1. Finding made simple
          2. Advanced find methods
          3. Using search results
    6. 13. Managing Accounts Receivable
      1. The Aging of Receivables
        1. Accounts Receivable Aging Reports
        2. Customer & Job Reports
      2. Receiving Payments for Invoiced Income
      3. Applying Credits to Invoices
      4. Discounting for Early Payment
      5. Deposits, Down Payments, and Retainers
        1. Setting Up QuickBooks for Prepayments
        2. Recording Prepayments
        3. Applying a Deposit, Down Payment, or Retainer to an Invoice
        4. Refunding Prepayments
      6. Applying Finance Charges
        1. Finance Charge Preferences
        2. Assessing Finance Charges on Overdue Balances
      7. Cash Sales
        1. Creating Sales Receipts
        2. Editing Sales Receipts
        3. Voiding and Deleting Sales Receipts
        4. Memorizing a Batch Sales Transaction
        5. Reconciling Excess and Short Cash
      8. Making Deposits
        1. Choosing Payments to Deposit
        2. Recording Deposits
        3. Depositing Money from Merchant Card Accounts
    7. 14. Doing Payroll
      1. Adding Payroll Transactions from an Outside Service
      2. Choosing a Payroll Service
      3. Applying for a Payroll Service
      4. Setting Up Payroll
        1. Setting Up Compensation and Benefits
        2. Setting Up Employees
          1. Setting employee defaults
          2. Creating employee records
        3. Setting Up Payroll Taxes
      5. Entering Historical Payroll
      6. Running Payroll
        1. Printing Paychecks and Pay Stubs
      7. Paying Payroll Taxes
      8. Preparing Payroll Tax Forms
    8. 15. Bank Accounts, Credit Cards, and Petty Cash
      1. Entering Transactions in an Account Register
        1. Opening a Register Window
        2. Creating a Transaction in an Account Register
      2. Handling Bounced Checks
        1. Setting Up QuickBooks to Handle Bounced Checks
          1. Bounced check reimbursement item
          2. Service charges for bounced checks
        2. Recording Bank Charges
        3. Re-invoicing for Bounced Checks
      3. Transferring Funds
      4. Reconciling Accounts
        1. Preparing for the First Reconciliation
        2. Preparing for Every Reconciliation
        3. Starting a Reconciliation
        4. Reconciling Transactions
        5. Reconciliation Reports
        6. Modifying Transactions During Reconciliation
        7. Stopping and Restarting a Reconciliation
        8. Correcting Discrepancies
          1. The Discrepancy Report
          2. Other ways to find discrepancies
        9. Undoing the Last Reconciliation
        10. When Your Bank Makes a Mistake
      5. Managing Loans
        1. Setting Up a Loan
        2. Adding a Loan to Loan Manager
          1. Basic setup
          2. Payment information
          3. Interest rate information
        3. Modifying Loan Terms
        4. Setting Up Payments
        5. What-If Scenarios
      6. Tracking Petty Cash
        1. Recording ATM Withdrawals and Deposits to Petty Cash
        2. Recording Purchases Made with Petty Cash
    9. 16. Making Journal Entries
      1. Balancing Debit and Credit Amounts
      2. Some Reasons to Use Journal Entries
      3. Creating General Journal Entries
        1. Filling in General Journal Entry Fields
      4. Checking General Journal Entries
      5. Reclassifications and Corrections
        1. Reclassifying Accounts
        2. Reassigning Jobs
      6. Recording Depreciation with Journal Entries
      7. Recording Owners’ Contributions
    10. 17. Generating Financial Statements
      1. The Profit & Loss Report
        1. Understanding the Profit & Loss Report
        2. Generating a Profit & Loss Report
        3. Other Profit & Loss Reports
      2. The Balance Sheet
        1. Understanding the Balance Sheet
        2. Generating a Balance Sheet Report
      3. The Statement of Cash Flows
        1. Understanding the Statement of Cash Flows
        2. Generating a Statement of Cash Flows
      4. Other Helpful Financial Reports
    11. 18. Performing End-of-Year Tasks
      1. Checking for Problems
      2. Viewing the Trial Balance
      3. Generating Year-End Financial Reports
      4. Generating Tax Reports
      5. Sharing the Company File with Your Accountant
        1. Creating an Accountant’s Review Copy
        2. Sending a Copy Directly to Your Accountant
        3. Merging Accountant Changes into Your Company File
        4. Canceling an Accountant’s Review Copy
        5. Setting Up an External Accountant User
      6. 1099s
        1. Generating 1099 Reports
        2. Printing 1099-MISC Forms
      7. Closing the Books for the Year
  7. III. Managing Your Business
    1. 19. Managing Inventory
      1. The QuickBooks Inventory Process
        1. Setting Up Inventory Items
        2. Purchasing and Selling Inventory
      2. Running Inventory Reports
        1. Inventory Valuation: How Much Is Inventory Worth?
          1. Inventory Valuation Summary report
          2. Inventory Valuation Detail report
        2. Inventory Stock Status
        3. Viewing One Inventory Item
      3. Performing a Physical Inventory
      4. Adjusting Inventory in QuickBooks
        1. Adjusting Quantities
        2. Adjusting Quantities and Values
    2. 20. Budgeting and Planning
      1. Types of Budgets
      2. Ways to Build Budgets
      3. Creating Budgets in QuickBooks
      4. Filling in Budget Values
        1. Copy Across Columns
        2. Adjust Row Amounts
      5. Creating Additional Customer:Job or Class Budgets
      6. Copying Budgets and Creating What-if Budgets
      7. Running Budget Reports
        1. The Budget Overview Report
          1. Report layouts
        2. Budget vs. Actual Report
        3. Profit & Loss Budget Performance Report
        4. Budget vs. Actual Graph
    3. 21. Working with QuickBooks Reports
      1. Finding the Right Reports
        1. Reviewing Reports in the Report Center
        2. Working with Reports in the Report Center
        3. Finding Frequently-used Reports
      2. Running Reports
      3. Printing and Saving Reports
        1. Saving Reports to Files
      4. Customizing Reports
        1. Date Ranges
        2. Subtotals
        3. Customizing the Columns in Reports
          1. Adding and removing columns in summary reports
          2. Adding or removing columns in detail reports
          3. Resizing and moving columns
        4. Sorting Reports
        5. Filtering Reports
        6. Report Headers and Footers
        7. Fonts and Numbers
      5. Memorizing Reports
      6. Swapping Reports Between Company Files
        1. Exporting a Report
        2. Importing Report Templates
  8. IV. QuickBooks Power
    1. 22. Online Banking Services
      1. Setting Up Your Internet Connection
      2. Setting Up Your Accounts for Online Services
        1. Applying for Online Services
        2. Activating Online Services for Your QuickBooks Account
      3. An Introduction to Exchanging Data with Your Bank
        1. QuickBooks Online Banking Modes
        2. Downloading Statements with WebConnect
        3. Creating Online Items for Direct Connections
          1. Paying bills online
          2. Sending a message to your bank
          3. Transferring funds between accounts
      4. Online Banking Using Side-by-side Mode
        1. Sending and Receiving
        2. Matching Transactions
        3. Matching Unmatched Transactions
          1. Matching deposits
          2. Matching checks and expenses
        4. Adding Multiple Transactions
        5. Deleting Downloaded Transactions
      5. Online Banking Using Register Mode
        1. Sending and Receiving
        2. Working with Online Items
        3. Matching Transactions
          1. Unmatched checks
          2. Unmatched deposits
          3. Bank charges
        4. Adding Multiple Transactions
        5. Deleting Downloaded Transactions
    2. 23. Configuring Preferences to Fit Your Company
      1. An Introduction to Preferences
      2. Accounting
      3. Bills
      4. Checking
        1. Choosing the Bank Accounts You Use
        2. Setting the Way Company Checks Work
        3. Choosing Company-Wide Payroll Accounts
        4. Choosing the Online Banking Mode
      5. Desktop View
        1. Window Preferences
        2. Preferences for Saving the Desktop
        3. Choosing a Color Scheme
        4. Setting Up the QuickBooks Home Page
      6. Finance Charge
      7. General
        1. Tuning QuickBooks to Your Liking
        2. Company-Wide General Preferences
      8. Integrated Applications
      9. Items & Inventory
      10. Jobs & Estimates
      11. Multiple Currencies
      12. Payments
      13. Payroll & Employees
      14. Reminders
        1. Reminders on the My Preferences Tab
        2. Reminders for Everyone
      15. Reports and Graphs
        1. Preferences for the Reports You Generate
        2. Preferences That Apply to Every Company Report
      16. Sales & Customers
      17. Sales Tax
      18. Send Forms
      19. Spelling
      20. Tax: 1099
      21. Time & Expenses
    3. 24. Integrating QuickBooks with Other Programs
      1. Mail Merge to a Word Document
        1. Creating Letters and Envelopes in QuickBooks
      2. Synchronizing Contacts
        1. Using QuickBooks Contact Sync for Outlook
      3. Setting Up an Integrated Application
      4. Exporting QuickBooks Data
        1. Exporting Lists and Addresses
          1. Exporting lists to a text file
          2. Exporting addresses
        2. Exporting Reports
      5. Importing Data from Other Programs
        1. Importing an Excel Spreadsheet
        2. Importing a Delimited File
    4. 25. Customizing QuickBooks
      1. Customizing the Desktop
      2. Customizing the Home Page
      3. Fast Access to Favorite Commands
        1. Building Your Favorites Menu
        2. Customizing the Icon Bar
          1. Adding and removing icons
          2. Adding windows to the icon bar
          3. Changing icon appearance
          4. Changing the order of icons
      4. Customizing the Company Snapshot
      5. Customizing Forms
        1. Working with Form Designs
          1. Creating a form design
          2. Managing form designs
        2. Editing an Existing Form in QuickBooks
        3. Basic Customization
          1. Adding a logo
          2. Applying a color scheme
          3. Changing fonts
          4. Including basic company and transaction information
        4. Additional Customization
      6. Managing Templates
        1. Copying a Template
        2. Deleting a Template
        3. Hiding a Template (Making It Inactive)
        4. Exchanging Templates Between Company Files
    5. 26. Keeping Your QuickBooks Data Secure
      1. Setting Up the Administrator
        1. Assigning the Administrator User Name and Password
        2. Resetting the Administrator Password
        3. Complying with Credit Card Security Regulations
      2. Creating QuickBooks Users
        1. Adding New Users
        2. Resetting a User Password
      3. Restricting Access to Features and Data
        1. What the Access Areas Represent
        2. Setting Access Rights
      4. Audit Trails
  9. V. Appendixes
    1. A. Installing QuickBooks
      1. Before You Install
        1. Installing QuickBooks
        2. Running QuickBooks for the First Time
        3. Registering QuickBooks
        4. Setting Up QuickBooks on a Network
        5. Where to Store Your Company Files
          1. Storing company files on a network
    2. B. Help, Support, and Other Resources
      1. QuickBooks Help
      2. Live Community
      3. Other Kinds of Help
        1. The QuickBooks Community
      4. Other Help Resources
      5. QuickBooks Training
  10. Index
  11. About the Author
  12. Colophon
  13. Special Upgrade Offer
  14. Copyright