QuickBooks 2010 Solutions Guide for Business Owners and Accountants

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Author: Laura Madeira

ISBN-10: 0789743221

ISBN-13: 9780789743220

Category: General Accounting

This is the definitive, must-have QuickBooks 2010 reference for every business owner and accounting professional. Not a beginner's guide, this is a high-productivity resource for solving the problems that intermediate-to-advanced QuickBooks users encounter most often. Author Laura Madeira is well-qualified to write this book: she has 20 years experience training professionals on Intuit products, and has been selected by Intuit to introduce its new releases to accountants and business...

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This is the definitive, must-have QuickBooks 2010 reference for every business owner and accounting professional. Not a beginner's guide, this is a high-productivity resource for solving the problems that intermediate-to-advanced QuickBooks users encounter most often. Author Laura Madeira is well-qualified to write this book: she has 20 years experience training professionals on Intuit products, and has been selected by Intuit to introduce its new releases to accountants and business entrepreneurs. Here, she offers real solutions for every QuickBooks accounting module, helping you achieve their true goal for QuickBooks: a clear, up-to-date understanding of where the business stands, and where it's headed. Madeira's expert consulting advice covers: data files, banking; A/R, undeposited funds, employee advances, inventory, A/P, sales tax, payroll, reporting, sharing data with accountants, and much more.Offers expert solutions, processes, and QuickBooks troubleshooting help users can't find in any other book Shows how to fix errors and problems wherever they occur, from A/R and A/P to sales tax and payroll

IntroductionHow This Book Is Organized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Conventions Used in This Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Creating a New QuickBooks File . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5EasyStep Interview–Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6Converting from Other Accounting Software to QuickBooks . . . . . . . . . . . . . . . . . . . .15Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting . . . . . . . . . . . .222 Reviewing the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37Understanding the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38Importing a Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40Preferences That Affect the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48Accounts That QuickBooks Creates Automatically . . . . . . . . . . . . . . . . . . . . . . . . . . . .50Methods to Troubleshoot and Correct Chart of Account Issues . . . . . . . . . . . . . . . . . .513 Reviewing the Items List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61Differences Between the Chart of Accounts, Items, Classes, and Customer Types . . . . .62Using Item Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66Finding Item Errors in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69Fixing Item Errors in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74Creating Items as Subitems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .814 Easily Review Your QuickBooks Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83Client Data Review–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84Choosing a Reporting Basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85Reviewing the Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86Additional Data Reviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .965 Power Reports For Reviewing Your Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101How Can These Power Reports Help Me? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102Troubleshoot Account Balances–Improved for QuickBooks 2010! . . . . . . . . . . . . . . .103The Working Trial Balance Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103Tracking Changes to Closed Accounting Periods . . . . . . . . . . . . . . . . . . . . . . . . . . . .105Using the Audit Trail Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110Using the Credit Card Audit Trail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111Using the Voided/Deleted Transactions Summary or Detail Report . . . . . . . . . . . . . . .114Creating the Retained Earnings QuickReport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115Using the Ctrl+Y Keyboard Shortcut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117Running the Transaction List by Date Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .118Documenting Changes Made to a Data File . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1206 Reviewing Your Bank Reconciliations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123The Importance of Correct Bank Balances in Your QuickBooks Data . . . . . . . . . . . . . .124Reconciling a Bank Account for the First Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124Troubleshooting an Incorrectly Reconciled Bank Account . . . . . . . . . . . . . . . . . . . . . .130Reconciling with an Adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1397 Reviewing Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141Accounts Receivable Forms and Workflow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142Preferences That Affect Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144Reports to Review When Troubleshooting Accounts Receivable Errors . . . . . . . . . . . .157Correcting Accounts Receivable Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165Unique Customer Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1868 Reviewing Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193The Purpose of the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .194Preference Settings That Affect Undeposited Funds . . . . . . . . . . . . . . . . . . . . . . . . . .194Reviewing the Balance in the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . .197Fixing Errors with the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . .2049 Handling Current Asset Accounts Correctly . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213Defining an Other Current Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214Reviewing the Other Current Asset Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214Troubleshooting and Creating Unique Other Current Asset Account Transactions . . . .21910 Reviewing Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229Overview of the Accounting for Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230Preferences That Affect Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232Inventory Processes and Forms and Their Effect on Accounting . . . . . . . . . . . . . . . . .236Reviewing and Troubleshooting Inventory Balances . . . . . . . . . . . . . . . . . . . . . . . . . .238Correcting Inventory Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249How QuickBooks Handles Negative Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25311 Reviewing Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261Accounts Payable Forms and Workflow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262Preferences That Affect Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268Reports to Review When Troubleshooting Accounts Payable Errors . . . . . . . . . . . . . .275Correcting Accounts Payable Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .290Unique Accounts Payable Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30112 Reviewing Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .313Preferences That Affect Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .314Sales Tax Items, Groups, and Codes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .318Assigning Sales Tax Codes to Products or Services . . . . . . . . . . . . . . . . . . . . . . . . . . .322Assigning Sales Tax Codes and Sales Tax Items to Customers . . . . . . . . . . . . . . . . . . .323Reports to Review When Troubleshooting Sales Tax Errors . . . . . . . . . . . . . . . . . . . . .324Properly Paying Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331Correcting Sales Tax Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335Unique Sales Tax Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .34113 Reviewing Opening Balance Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .347Purpose of the Opening Bal Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .348Transactions in the Opening Bal Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .348Reports to Review and Troubleshoot the Opening Bal Equity Account . . . . . . . . . . . .358Closing Opening Bal Equity into Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . .360Setting a Closing Date and Password . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36314 Reviewing Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .365Payroll Service Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .366Payroll and Employees Preference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .368Payroll Forms and Workflow in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .370Using the Payroll Setup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .373Using the Run Payroll Checkup Diagnostic Tool . . . . . . . . . . . . . . . . . . . . . . . . . . . . .375Reports to Review When Troubleshooting Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . .382Adjusting Payroll Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .389Unique Payroll Transactions and Processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39315 Sharing Data with Your Accountant or Your Client . . . . . . . . . . . . . . . . . . . . . . . .411Sharing QuickBooks Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .412QuickBooks File Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .413Data Sharing for the Business Owner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .418Data Sharing for the Accountant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43216 Reporting Tips and Tricks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .449Intuit Statement Writer–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .450Company Snapshot–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .484Newly Redesigned Report Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .487Reporting Preferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .490Modifying Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .493Report Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .495Memorized Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .500Exporting and Importing Report Templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .501Exporting Reports to a .CSV File or to Excel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .503Emailing Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50417 Detecting and Correcting with the Client Data Review FeatureOnline only at: www.informit.com/title/9780789743220Introduction: Features and BenefitsStarting a Client Data ReviewCustomizing the Client Data Review CenterAccount BalancesReview List ChangesAccounts ReceivableAccounts PayableSales TaxInventoryPayrollBank ReconciliationMiscellaneousFinishing a Client Data ReviewReopening a Client Data ReviewReporting on Review ActivityCreating an External Accountant UserIndex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .507