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QuickBooks 2015: The Best Guide for Small Business

Book Description

Set up QuickBooks 2015 to work the way your business does! QuickBooks ProAdvisors reveal best practices for customizing and using the #1 small business financial software

QuickBooks: The Best Guide for Small Business takes the guesswork out of setting up and running a business with QuickBooks. Our QuickBooks ProAdvisors have worked one-on-one with thousands of small business owners—and they are here to help you!

This book explains what’s new in QuickBooks 2015, how to choose the right edition, best practices from other users, and how to avoid common mistakes. Learn proven methods for managing your business finances, processing invoices, tracking inventory, monitoring sales, and administering payroll. Maximize the software’s capabilities and run your small business efficiently using the time-saving techniques packed inside this practical resource.

  • Helps you quickly identify which features you need to know to run your business
  • Topics organized logically so you can get to mission critical tasks in the order you need them
  • Easy-to-follow examples of best practices employed by other QuickBooks users
  • Includes valuable tips on accounting, inventory management, payroll, budgets, business reports, tax preparation, and more

Table of Contents

  1. Cover
  2. Title Page
  3. Copyright Page
  4. Dedication
  5. Contents at a Glance
  6. Contents
  7. Acknowledgments
  8. Introduction
  9. Part One Getting Started Using QuickBooks
    1. Chapter 1 • Preparing Your QuickBooks Company
      1. What to Do Ahead of Time
        1. Choose Your Version
        2. Gather Information
        3. Decide on the Start Date
        4. Gather Additional Information
      2. Install and Launch the Software
        1. Create Your Company File
        2. Using Express Start
        3. Using Advanced Setup
        4. The QuickBooks Setup Wizard
      3. Navigate in QuickBooks
        1. Home Page
        2. QuickBooks Centers
        3. Customize the Icon Bar
        4. The Favorites Menu
        5. Closing QuickBooks
      4. Setting Up Users and Permissions
        1. Working with User Names and Passwords
        2. Working with QuickBooks Users
        3. Setting User Permissions
      5. Create Your Company’s Chart of Accounts
        1. Use Account Numbers
        2. Create Accounts
        3. Use Subaccounts
    2. Chapter 2 • Entering Customers and Vendors
      1. Build Your Customer List
        1. Customer Information
        2. Payment Settings
        3. Sales Tax Settings
        4. Additional Info
        5. Job Info Tab
        6. Adding Multiple Customer Records
      2. The Customer Center
        1. Customizing the Customers & Jobs List
        2. Working in the Customer Information Pane
        3. Use Jobs
      3. Use Custom Fields
        1. Adding a Custom Field
      4. Secure Customer Credit Card Information
        1. QuickBooks Customer Credit Card Protection
        2. User Permissions for Viewing Credit Card Information
      5. Create Your Vendors List
        1. Vendor Information
        2. Payment Settings
        3. Tax Settings
        4. Account Settings
        5. Additional Info
        6. Adding and Editing Multiple Vendor Records
      6. The Vendor Center
        1. Customizing the Vendors List
        2. Working in the Vendor Information Pane
        3. Edit Vendor Information
        4. Use Custom Fields in Vendor Records
        5. Adding a Custom Field for Vendors
      7. Create 1099 Vendors
    3. Chapter 3 • Creating Items, Other Lists, and Your Beginning Balances
      1. Understand How Items Are Used
        1. Understand Item Types
      2. Build Your Item List
        1. Create a Service Item
        2. Changing Item Prices
        3. Using Sales Tax Items
        4. Sales Tax Payments
        5. Create and Use Tax Groups
        6. Assigning Sales Tax Codes and Items to Customers
      3. Use the Other QuickBooks Lists
        1. Fixed Asset Item List
        2. Price Level List
        3. Currency List
      4. Work with Classes
        1. Create a Class
        2. Creating a Subclass
        3. Other Names List
        4. Customer & Vendor Profile Lists
        5. Templates List
        6. Memorized Transaction List
      5. Your Beginning Balances
        1. What Is an Opening Trial Balance?
        2. Steps to an Accurate Opening Trial Balance
  10. Part Two Daily Operations Using QuickBooks
    1. Chapter 4 • Invoicing and Other Sales Transactions
      1. Create Invoices
        1. Entering Basic Information in the Invoice Header
        2. Entering Line Items
        3. Using Subtotals
        4. The Footer Section
      2. Edit an Invoice
        1. Mark an Invoice as Pending
        2. Void and Delete Invoices
      3. Print Packing Slips
        1. Changing the Default Packing Slip
      4. Batch and Memorize Invoices
        1. Use Memorized Invoices
      5. Issue Credits and Refunds
        1. Creating a Credit Memo Against an Invoice
        2. Creating a Credit Memo Without a Previous Invoice
        3. Applying Credit Memos
        4. Using Estimates
      6. Create Progress Billing Invoices
        1. Choosing the Estimated Job
        2. Entering Progress Invoice Line Items
      7. Invoice Customers for Reimbursable Expenses
        1. Configuring Reimbursement Settings
      8. QuickBooks Printer Setup
        1. Choose Form Printing Settings
        2. Printer Settings vs. Printer Options
        3. Ways to Print Transaction Forms
        4. Printing Transaction Forms in Batches
    2. Chapter 5 • Managing Accounts Receivable
      1. Your Options for Receiving Customer Payments
        1. Recording the Payment
        2. Calculating the Payment and Applying to Invoices
        3. Depositing Payments into Your Bank Account
        4. Handling Underpayments
        5. Applying Credits to Invoices
        6. Applying Discounts for Payments
      2. Handling Cash Sales
      3. Tracking Your Cash Drawer in QuickBooks
      4. Recording Bank Deposits
        1. The Payments to Deposit Window
        2. Working in the Make Deposits Window
      5. Keeping Track of Accounts Receivable
        1. Getting the Most from the Customer Center
      6. Running Accounts Receivable Reports
        1. A/R Aging Reports
        2. Customizing Aging Reports
        3. Finance Charges
      7. Sending Statements
        1. Creating Statements
    3. Chapter 6 • Recording and Paying Your Bills
      1. Record Vendor Bills
        1. Filling in the Details
        2. Splitting Expenses Among Multiple Accounts
      2. Use Purchase Orders
        1. Create a Purchase Order
        2. Purchase Inventory Items
        3. Use Recurring Bills
      3. Reimbursable Expenses
        1. Options for Managing Reimbursable Expenses
      4. Pay Your Bills
        1. Viewing Your Unpaid Bills
        2. Check Writing Without Entering a Bill
        3. Using QuickBooks to Print Checks
      5. Track and Pay Sales Tax
        1. Managing Sales Tax
        2. Running Sales Tax Reports
        3. Pay the Sales Tax
        4. Adjusting Sales Tax Amounts
    4. Chapter 7 • Working with Bank and Credit Card Accounts
      1. Deposit Money That Isn’t from Customers
        1. Using the Account Register for Deposits
        2. Using the Make Deposits Window
        3. Transfer Funds Between Accounts
        4. Handle a Returned Check
        5. Recording a Returned Cash Receipt Payment
        6. Void a Check
      2. Track Cash Disbursements
        1. Keeping a Petty Cash Box
        2. Tracking Other Cash Withdrawals
      3. Manage Credit Card Transactions
        1. Create a Credit Card Account
        2. Treat the Credit Card as a Bill
      4. Reconcile in QuickBooks
        1. The Begin Reconciliation Window
        2. Entering Interest Income and Service Charges
        3. Working in the Reconcile Window
        4. Clearing Transactions
        5. Adding Transactions During Reconciliation
        6. Voiding or Deleting Transactions During Reconciliation
        7. Editing Transactions During Reconciliation
        8. Resolving Missing Check Numbers
        9. Finishing the Reconciliation
        10. Printing the Reconciliation Report
        11. Viewing the Last Reconciliation Report
      5. If You Don’t Balance
        1. Finding and Correcting Problems
        2. Making an Adjusting Entry
        3. Troubleshooting Differences in the Beginning Balance
        4. Undoing the Last Reconciliation
    5. Chapter 8 • Using Bank Feeds
      1. Set Up Bank Feeds
        1. Enabling Bank Feeds Using Direct Connect
        2. Enabling Bank Feeds Using Web Connect (Manual Import)
      2. Work with Bank Feeds Center Transactions
        1. Viewing the Downloaded Transactions
        2. Adding Transactions to the Account Register in QuickBooks
      3. Use QuickBooks to Pay Your Bills Online
      4. Using the QuickBooks Bill Pay Service
      5. Transfer Money Between Accounts Online
  11. Part Three Payroll
    1. Chapter 9 • Establishing QuickBooks Payroll
      1. Set Up Time Tracking
        1. Adding Time Trackers
        2. Adding the Tasks
      2. Working with Timesheets
        1. Setting the Format for Displaying Time
        2. Tracking a Single Activity
        3. Using Weekly Timesheets
      3. Reporting Timesheet Information
        1. Running Timesheet Reports
        2. Editing Entries in a Report
        3. Printing Weekly Timesheets
        4. Invoicing Customers for Time
      4. Tracking Mileage
        1. Entering Mileage Rates
        2. Creating a Mileage Item
        3. Entering Mileage
        4. Creating Mileage Reports
      5. Payroll Setup
        1. QuickBooks Payroll Services
        2. Enabling a QuickBooks Payroll Service
        3. Processing Your Payroll Manually in QuickBooks
        4. Setting Up Your Payroll
        5. Adding Payroll Items
      6. Setting Up Employees
        1. Creating an Employee Template
        2. Creating Employees
    2. Chapter 10 • Paying Employees and Payroll Taxes and Creating Forms
      1. Handle Year-to-Date Payroll Data
        1. Entering Year-to-Date Totals
        2. Manually Entering Payroll History in Batches
        3. Choosing the Correct Dates when Entering Year-to-Date Payroll
      2. Use the QuickBooks Payroll Setup Wizard
        1. Company Setup Section
        2. Setting Up Employees in the Wizard
      3. Payroll Schedules
        1. Creating a Payroll Schedule
        2. Special Payroll Runs
      4. Run Payroll
        1. Changing Paycheck Data
        2. Reviewing the Payroll Run
      5. The Employee Center
        1. Employees Tab
        2. Transactions Tab
        3. Payroll Tab
        4. Customizing the Employee Center
      6. Tracking and Remitting Payroll Liabilities
        1. Confirm Payroll Payment Schedules
        2. Report and Remit Payroll Tax Liabilities
        3. Nontax Payroll Liabilities
        4. Workers Comp
      7. Prepare W-2 Forms
      8. Tax Form Worksheets in Excel
  12. Part Four Using QuickBooks Reports, Planning Tools, and Budgets
    1. Chapter 11 • Useful QuickBooks Reports and Analysis Tools
      1. Start with the Report Center
      2. Standard Financial Reports
        1. Profit & Loss Report
        2. Balance Sheet
        3. Trial Balance
        4. Cash Flow Reports
        5. Other Useful Reports
        6. Reporting by Class
        7. Accountant & Taxes Reports
      3. Company Snapshot and the Insights Tab
      4. External Accountant
        1. Client Data Review
      5. Customizing Reports
        1. The Display Tab
        2. The Filters Tab
        3. Customize Report Headers and Footers
        4. Customize Report Fonts and Numbers
      6. Comment on Reports
      7. Memorize Customized Reports
        1. Using a Memorized Report
        2. Using Memorized Report Groups
        3. Sharing Reports You’ve Customized
        4. Exporting Your Report Data to Excel
    2. Chapter 12 • Using the QuickBooks Budget and Planning Tools
      1. How QuickBooks Handles Budgets
        1. Types of Budgets
        2. Budget Data Is Saved Automatically
        3. Understanding the Budget Window
        4. Tasks to Perform Before You Start Your Budget
      2. Profit & Loss Budgets
        1. Enter Budget Amounts
        2. Creating a Budget from Last Year’s Data
        3. Customer:Job Budgets
        4. Class Budgets
        5. Balance Sheet Budgets
      3. Budget Reports
        1. Budget Overview
        2. Budget vs. Actual
        3. Profit & Loss Budget Performance
        4. Budget vs. Actual Graph
      4. Work with Budget Data Outside of QuickBooks
        1. Exporting a Budget Report to Excel
        2. Exporting Budgets to Delimited Text Files
        3. Importing Budgets Back into QuickBooks
      5. Project Cash Flow
  13. Part Five Work with Inventory and Personalize QuickBooks
    1. Chapter 13 • Manage Inventory in QuickBooks
      1. What Is an Inventory Item?
      2. Set Up QuickBooks for Inventory Tracking
        1. Accounts Required for Inventory Are Automatically Created
        2. Create Inventory Items
      3. Use Subitems
        1. Creating the Parent Item for a Subitem
        2. Creating Subitems
      4. Count Inventory
        1. Printing the Physical Inventory Worksheet
        2. Making Inventory Adjustments
        3. Understanding the Effects of an Adjustment
        4. Run Inventory Reports
    2. Chapter 14 • Customizing QuickBooks for Your Company
      1. Customize Settings and Options
        1. Accounting Preferences
        2. Bills Preferences
        3. Calendar Preferences
        4. Checking Preferences
        5. Desktop View Preferences
        6. Finance Charge Preferences
        7. General Preferences
        8. Integrated Applications Preferences
        9. Items & Inventory Preferences
        10. Jobs & Estimates Preferences
        11. Multiple Currencies Preferences
        12. Payments Preferences
        13. Payroll & Employees Preferences
        14. Reminders Preferences
        15. Reports & Graphs Preferences
        16. Sales & Customers Preferences
        17. Sales Tax Preferences
        18. Search Preferences
        19. Send Forms Preferences
        20. Service Connection Preferences
        21. Spelling Preferences
        22. Tax:1099 Preferences
        23. Time & Expenses Preferences
      2. Customize Transaction Templates
        1. Basic Customization of Templates
        2. Additional Customization of Templates
      3. Document Management
        1. The Doc Center
        2. Using the Attach File Feature
      4. E-mail Forms and Reports
        1. Setting Up E-mail
        2. Sending E-mail
  14. Part Six Additional Tasks in QuickBooks
    1. Chapter 15 • Keeping Your QuickBooks Data Secure and Healthy
      1. Delete Company Files
        1. How QuickBooks Loads Company Files
        2. Deleting the File
        3. Eliminating Deleted Files from the Company File List
      2. Back Up and Restore Files
        1. Backing Up
        2. Scheduling Backups
        3. Restoring a Backup
      3. The Portable Company File
        1. Creating a Portable Company File
      4. Verify and Rebuild a Company File
      5. Condense Your Data
        1. Understanding the Condense Data Process
        2. Choosing a Date
        3. Run the Condense Data Utility
        4. Removing All Transactions
      6. Update QuickBooks
        1. Configuring the QuickBooks Update Service
    2. Chapter 16 • Understanding General Journal Entries and Other Special Tasks
      1. The QuickBooks Journal Entries Window
        1. Create Journal Entries for Depreciation
        2. Use Journal Entries to Post to Outside Payroll Services
      2. Set Up and Configure Multiple Currencies
        1. Creating a Special Backup
        2. Enabling Multiple Currencies
        3. Selecting Currencies
        4. Tracking Exchange Rates
        5. Manage Customers and Vendors with Foreign Currencies
        6. Viewing Currency Data in Customer and Vendor Centers
        7. Create Transactions in Other Currencies
        8. Create Reports on Multiple Currency Transactions
      3. Installing QuickBooks on a Network
        1. License Requirements for a Multi-user Installation
        2. Multi-user Installation Options
        3. Installing QuickBooks on a Peer-to-Peer Network
        4. Installing QuickBooks on a Client-Server Network
    3. Chapter 17 • Posting at Year’s End and Sending Year-End Accountant’s Copy
      1. The Year-End To-Do List
        1. Reconciling All Bank, Cash, and Credit Card Accounts
        2. Inventory Stock Status
        3. Fixed Assets
        4. Payroll
      2. Run Year-End Financial Reports
        1. Profit & Loss Reports
        2. Year-End Balance Sheet
      3. Issue 1099 Forms
        1. Checking the 1099 Setup
        2. Using the 1099 Wizard
        3. Printing 1099s
      4. Make Year-End Journal Entries
        1. Getting Ready for Taxes
        2. Checking Tax-Line Information
        3. Calculating Other Important Tax Information
        4. Using TurboTax
      5. Close Your Books
        1. Closing the Year by Setting a Closing Date
        2. Create a Year-End Backup
      6. Understanding the Accountant’s Copy
        1. Creating an Accountant’s Copy
        2. Saving the Accountant’s Copy
        3. Sending an Accountant’s Copy to an Online Server
        4. Choosing the Dividing Date
        5. Merge the Accountant’s Changes into Your File
        6. Cancel the Accountant’s Copy
    4. Chapter 18 • Fixing Common Problems
      1. Version Comparisons
      2. Data Entry Issues
        1. List Entries
        2. QuickBooks Maximum File Sizes
        3. General Data Entry Tips
      3. Back Up, Back Up, Back Up
        1. General Backup Tips
      4. Printer Issues
        1. The New Printer Won’t Print
        2. Check Printing Isn’t Working
      5. Banking Issues
        1. Bank Reconciliation Issues and Tips
        2. General Banking Tips
      6. Payroll Issues
        1. Paying Payroll Tax Liabilities
        2. General Payroll Tips
      7. Account Receivable Issues
        1. Prepayments and Customer Deposits
        2. Making Deposits to the Bank
        3. Undeposited Funds Balance Increases, or Accounts Receivable Aging Shows Old, Paid Invoices
        4. Customer Balance Is Zero but Shows Open Invoices
        5. General Accounts Receivable Tips
      8. Accounts Payable Issues
        1. Old Paid Bills Show in Bills to Pay
        2. Using the Loan Manager to Fix Balance Sheet Issues
        3. General Accounts Payable Tips
      9. Sales Tax Issues
        1. Sales Tax on Discounted Items
        2. When the Pay Sales Tax Window and the Sales Tax Liability Report Totals Don’t Match
      10. Create Reports to Find Problems
        1. Five (or More) Year Profit & Loss Comparison
        2. Balance Sheet Reports
        3. Customer and Receivables Reports
        4. Accounts Payable Reports
        5. Using the Audit Trail
      11. Track Inventory Issues
        1. Negative Inventory
        2. Item Mistakes
      12. QuickBooks Advisors
  15. Index