IntroductionWelcome| 00:00 | (Music playing.)
| | 00:03 | Hi! I'm Bonnie Biafore and I'd
like to welcome you to QuickBooks 2010
| | 00:08 | Essential Training.
| | 00:10 | In this course, I'll show you how to set
up and use QuickBooks 2010, to keep the
| | 00:15 | books for your small business.
| | 00:16 | I'll show you how to create accounts to
track the money you make and spend and
| | 00:21 | you'll also learn how to create
customer, vendor and item records, so you can
| | 00:25 | track how you earn and spend your
money and what you buy and sell.
| | 00:30 | I'll explain the difference between
invoices, sales receipts, and statements.
| | 00:34 | Then for the real fun, I'll walk you
through receiving the payments that
| | 00:38 | customer sends you and
depositing the cash in your bank account.
| | 00:41 | Whether you are new to QuickBooks,
bookkeeping or both, I'll get you
| | 00:46 | started with the basics.
| | 00:47 | So, let's get started with
QuickBooks 2010 Essential Training.
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| Editions of QuickBooks| 00:00 | Before you go to the trouble of
learning QuickBooks, it is a good idea to make
| | 00:04 | sure it can do what you want.
| | 00:06 | But once you've passed that hurdle,
your next decision is which edition of
| | 00:10 | QuickBooks is right for you.
| | 00:12 | QuickBooks can do a lot, but there are
some things it wasn't designed to handle.
| | 00:16 | It's meant to track small-
business finances, not personal finances.
| | 00:20 | It can't track investments like
stocks and bonds or the capital gains
| | 00:24 | and dividends they pay.
| | 00:25 | Quicken is Intuit's program
specifically for personal finances.
| | 00:30 | QuickBooks stores customer
information, but it isn't a customer
| | 00:34 | relationship management program.
| | 00:36 | You want to use a CRM database or other
programs to keep track of details like
| | 00:43 | event registrations, memberships,
sales status, or project progress.
| | 00:48 | QuickBooks has editions for the smallest
of small businesses to the biggest fish
| | 00:53 | in the small biz pond.
| | 00:55 | The Mac version is a lot
different than the Windows version.
| | 00:58 | This course covers only the Windows version.
| | 01:02 | QuickBooks Pro is the middle-
of-the-road workhorse edition.
| | 01:06 | It handles basics like paying bills,
printing checks, invoicing customers, and
| | 01:11 | tracking income, expenses,
time worked and inventory.
| | 01:16 | It handles budgeting, foreign
currencies, electronic bank transactions and
| | 01:21 | merchant credit cards.
| | 01:22 | You can email forms and import and export data.
| | 01:26 | However, only up to five people can
work in a file at the same time and you can
| | 01:32 | only store up to 14,500 names or have
up to 10,000 on other lists like your
| | 01:38 | chart of accounts and item list.
| | 01:40 | QuickBooks Premier is higher-end.
| | 01:43 | There are industry editions with
specialized features for accountants,
| | 01:47 | contractors, manufacturing and wholesale,
retail, professional services and nonprofits.
| | 01:55 | With inventory, you can
assemble it from components.
| | 01:58 | You can also create sales orders and set
up price levels, which are discounts or
| | 02:03 | markups on individual items.
| | 02:06 | You can create a business plan or
forecast your sales and expenses.
| | 02:10 | Like QuickBooks Pro, up to five people
can work in a file at the same time and
| | 02:15 | you can store up to 14,500
names or have 10,000 on other lists.
| | 02:21 | QuickBooks Enterprise Solutions is
for the largest of small businesses.
| | 02:25 | It has more powerful administrative
features like more user permission settings
| | 02:30 | and delegating functions to others.
| | 02:32 | It runs a lot faster too.
| | 02:34 | You can also track inventory in
multiple warehouses and use bar coding and
| | 02:38 | you can have up to thirty concurrent
users in the company file and you can
| | 02:42 | store up to a million names.
| | 02:45 | QuickBooks Online does less than
QuickBooks Pro and it costs more over the long run.
| | 02:50 | It doesn't have time tracking,
inventory, merchant credit cards, foreign
| | 02:55 | currencies or importing data.
| | 02:57 | But you can get to it anywhere
you can find an Internet connection.
| | 03:02 | QuickBooks Simple Start is very limited.
| | 03:05 | One user at a time can do basic
bookkeeping, no inventory, no time tracking,
| | 03:10 | and no online banking.
| | 03:13 | If you want to track business finances,
QuickBooks probably has an edition for you.
| | 03:18 | QuickBooks Pro works for a lot of small
companies, but another edition might be
| | 03:22 | just what you're looking for.
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| QuickBooks bookkeeping basics| 00:00 | QuickBooks makes it easy to get started
because it has a lot in common with
| | 00:04 | other programs you use, like dialog boxes,
windows, and choosing from dropdown lists.
| | 00:10 | However, to make bookkeeping in
QuickBooks or any other accounting program as
| | 00:15 | painless as possible, it helps to
understand a few basic accounting concepts.
| | 00:19 | Everything starts with what's
called double-entry accounting.
| | 00:23 | In every transaction, money comes
from somewhere and goes somewhere.
| | 00:29 | Think about when you pay your credit
card bill. The check you write takes money
| | 00:33 | from your checking account to pay the
balance on your credit card account.
| | 00:38 | In QuickBooks, accounts are how you
keep track of your company finances.
| | 00:42 | These accounts all live in what's
known as a Chart of Accounts, but not
| | 00:47 | just bank accounts.
| | 00:49 | Accounts come in different flavors:
income for the money you make, expense for
| | 00:54 | the money you spend and several other
types, which you'll learn about later.
| | 00:59 | Then there is cash
accounting and accrual accounting.
| | 01:02 | Here is a typical business scenario.
| | 01:05 | You hire a vendor to do billable
work from January 2nd to January 15th.
| | 01:10 | The vendor sends you a bill, which you
record in QuickBooks on January 31st.
| | 01:16 | You also invoice your customer on January 31st.
| | 01:20 | That's your big paperwork day.
| | 01:22 | You pay the vendor for this work here on
February 28th and finally your customer
| | 01:28 | pays you on April 6th.
| | 01:31 | Your books reflect income from the
customer and the vendor's expense differently
| | 01:36 | in cash and accrual accounting.
| | 01:38 | Cash accounting is easy.
| | 01:40 | Expense show up when you pay for
products or services here on February 28th
| | 01:46 | when you pay the vendor.
| | 01:48 | Income shows up when you receive payment
from a customer, in this example on April 6th.
| | 01:54 | Notice that the expanse occurs in the
first fiscal quarter, but the income
| | 01:59 | doesn't show up until second fiscal quarter.
| | 02:02 | Accrual accounting puts income and
corresponding expenses in the same period,
| | 02:07 | no matter when cash goes in or out.
| | 02:10 | That way it's easier to see profitability.
| | 02:12 | Expense occurs as soon as you enter a
bill, here January 31st, and that's no
| | 02:20 | matter when you pay the bill.
| | 02:22 | Income occurs when you record a
customer invoice, and that's January 31st.
| | 02:28 | It doesn't matter that your
customer pays in the next fiscal quarter.
| | 02:33 | In this example, the income and
expense appear during the same fiscal period.
| | 02:38 | Now that you understand how
QuickBooks uses accounts in cash or accrual
| | 02:42 | accounting, you can start
keeping your books in QuickBooks.
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| Using the exercise files| 00:00 | If you're a premium member of the lynda.
com Online Training Library or if you're
| | 00:05 | watching this tutorial on a disc, you
have access to the exercise files used
| | 00:10 | throughout this course.
| | 00:12 | The exercise files are in the Exercise Files
folder, which I have placed on the desktop.
| | 00:17 | But you can store it wherever you like.
| | 00:20 | There are files for most movies.
| | 00:22 | They reside in subfolders
named according to the chapters.
| | 00:27 | You don't have to use these files.
| | 00:28 | You can use files of your own.
| | 00:31 | If you're a monthly or annual
subscriber to lynda.com, you don't have access to
| | 00:35 | the exercise files, but you can
follow along with your own work.
| | 00:39 | Let's get started.
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| Disclaimer| 00:00 | This course, QuickBooks 2010, is
designed to be a guide to using QuickBooks for
| | 00:06 | accounting and bookkeeping, following the
accounting rules typically used in the United States.
| | 00:12 | Some of these rules might be
different in other parts of the world.
| | 00:16 | Nothing in this course should be
considered accounting or financial advice.
| | 00:21 | This course should not be considered
a substitute to consultation with a
| | 00:25 | certified public accountant.
| | 00:27 | If you would like small business
accounting or bookkeeping advice, please
| | 00:31 | consult an accountant who is
licensed in your jurisdiction.
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1. Touring QuickBooksOpening a company file| 00:01 | Your company file is the electronic
file where QuickBooks keeps your company's
| | 00:05 | financial life story:
| | 00:07 | company name and address, federal
tax ID, customers, vendors, employees,
| | 00:14 | financial transactions and more.
| | 00:17 | If you work on only one QuickBooks
company file, opening that file is easy.
| | 00:22 | Do it once and from then on,
QuickBooks opens the file for you whenever
| | 00:27 | you launch the program.
| | 00:29 | But if you work on several company
files or need to reopen your file for some
| | 00:33 | reason, QuickBooks has no
shortage of methods for opening a file.
| | 00:38 | If you worked on the file recently,
the File menu is the best place to start.
| | 00:43 | Point to Open Previous Company and then
choose the company file from the submenu.
| | 00:51 | If the file isn't on the
Previous Company's submenu, don't worry.
| | 00:56 | On the File menu, choose
Open or Restore Company instead.
| | 01:02 | Select the Open a company
file option and click Next.
| | 01:08 | The Open a company dialog box is like
every other Open File dialog box you've used.
| | 01:14 | Go to the folder that holds
the file you want to open.
| | 01:18 | The program automatically
selects the file type for you.
| | 01:23 | Click a file name in the
list and then click Open.
| | 01:29 | But what if no file is open?
| | 01:33 | In that case, you see
the No Company Open screen.
| | 01:36 | You can still choose Open or Restore
Company from the File menu or you can click
| | 01:43 | Open or restore an existing
company in the No Company Open screen.
| | 01:48 | Even easier, if the file you want appears
in the list, select it and then click Open.
| | 01:57 | Now, whether you work on one company
file or several, you know how to open any
| | 02:02 | company file you want.
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| Using the QuickBooks menus and home page| 00:01 | QuickBooks has several
convenient ways to launch its commands.
| | 00:05 | The horizontal menu bar along the top
of the QuickBooks main window is the
| | 00:09 | tried-and-true path to every
command the program has to offer.
| | 00:13 | Just below the menu bar, the icon bar
offers one click access to a small set of
| | 00:19 | the most popular commands.
| | 00:21 | But you also might grow fond of the
QuickBooks homepage, which is set up like
| | 00:25 | the workflow of bookkeeping tasks you perform.
| | 00:29 | The menu bar can get you to all of
QuickBooks commands and it's always visible.
| | 00:36 | In QuickBooks 2010, the menu bar
includes the Favorites entry, a menu
| | 00:41 | specifically for your favorite commands.
| | 00:45 | Click Customize Favorites to start
adding commands, reports and windows.
| | 00:52 | Select what you want to add to Favorites,
click Add to add them to the menu, and
| | 01:01 | then when you're done, click OK.
| | 01:06 | You can also launch commands by
clicking an icon in the icon bar.
| | 01:10 | For example, Invoice to open
the Create Invoices window.
| | 01:15 | If the icon bar doesn't show the
commands you want, you can customize the icon
| | 01:20 | bar to add your favorite
commands or remove ones you don't use.
| | 01:25 | The homepage has icons for the
tasks you perform all the time.
| | 01:30 | Because the homepage shows the typical
bookkeeping workflow, it's easy to see
| | 01:34 | which task is on deck.
| | 01:37 | As you set QuickBooks Preferences, it
adds the appropriate icons to the homepage.
| | 01:43 | The Vendors panel has icons for expense
related tasks, like entering bills and paying them.
| | 01:51 | If you sell products from inventory,
it has icons for those tasks too.
| | 01:57 | The Customers panel has icons for
invoices, sales receipts, receiving payments
| | 02:05 | and handling refunds and credits.
| | 02:08 | If you have employees, the Employees
panel has icons for tasks like entering
| | 02:13 | time or processing payroll.
| | 02:16 | The Company section on the right has
icons for other tasks like opening the
| | 02:21 | Chart of Accounts window
or opening the Item list.
| | 02:28 | The Banking section has all-time
favorites like writing checks, printing checks,
| | 02:34 | recording deposits, and the ever-
popular reconciling a bank account.
| | 02:39 | Remember, QuickBooks commands are
available in several places. Stick with the
| | 02:44 | method you prefer or choose a
command from the closest menu.
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| Touring the Customer, Vendor, and Employee Centers| 00:00 | The Customers button on the left side
of the QuickBooks homepage opens the
| | 00:05 | Customer Center, which is a one-stop
shop for setting up, editing, or checking
| | 00:10 | on customer records.
| | 00:12 | The Vendors button and Employees
button in turn open the Vendor Center
| | 00:16 | and Employee Center.
| | 00:18 | These centers are great for reviewing
status, like whether customer invoices are
| | 00:22 | overdue or vendor bills are paid.
| | 00:26 | But you can also create or edit
customers, vendors, and employees, or issue
| | 00:30 | commands like create invoices or enter bills.
| | 00:34 | To see the Customer Center,
click the Customers button.
| | 00:39 | All three centers work the way
the Customer Center does here.
| | 00:43 | The toolbar has commands for
creating a new customer or job, creating new
| | 00:48 | transactions, printing and so on,
all of which you'll learn later.
| | 00:54 | The panel on the left is
great for finding customers.
| | 00:58 | The Customers & Jobs tab
initially lists the Active Customers.
| | 01:03 | Click the down arrow to filter the list.
| | 01:06 | For example, Customers with Open
Balances shows only customers who owe you money.
| | 01:13 | If you have a lot of names, you can
search by typing a part of the name in the
| | 01:16 | Find box, and clicking the Find icon.
| | 01:19 | When you want to go back to the
full list, click All Customers in the
| | 01:23 | View dropdown list.
| | 01:26 | When you select a customer on the
Customers & Jobs tab, the Customer Information
| | 01:30 | section shows information about that customer.
| | 01:33 | Things like address, phone
number, e-mail address and terms.
| | 01:39 | If you see something you need to
change, click Edit Customer to open
| | 01:42 | the customer record.
| | 01:44 | The Open Balance link shows the
transactions that make up the customer's open balance.
| | 01:52 | The table shows the
transactions for the customer.
| | 01:56 | You can filter the list by the types
of transactions, such as invoices, sales
| | 02:01 | receipts, or received payments.
| | 02:04 | For each type of transaction you can
filter by status, such as Overdue Invoices,
| | 02:11 | or Open Invoices, or look at all of them.
| | 02:15 | You can also filter by date by
choosing a date range in the dropdown list.
| | 02:22 | The Vendor Center and Employee
Center show different information and have
| | 02:26 | different commands, but the features
work just like the ones in the Customer Center.
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| Navigating between QuickBooks windows| 00:01 | Whether you like to focus on one
thing at a time or jump from task to task,
| | 00:05 | QuickBooks can display
windows to suit your style.
| | 00:09 | To work on one thing, you can display
only one window at a time, or you can have
| | 00:14 | several windows open at once
and switch windows at any time.
| | 00:18 | Either way, QuickBooks has several ways
to choose the window you want to be active.
| | 00:23 | The first step is to set the
preference for how you want the desktop to look.
| | 00:28 | On the Edit menu, choose
Preferences. Click Desktop View.
| | 00:34 | To see one window at a time, select
the One Window option and click OK.
| | 00:40 | The current widow fills the screen.
| | 00:43 | If you open another window,
it takes over the entire screen.
| | 00:48 | To keep several windows open at once,
go back to the Preferences window, select
| | 00:54 | the Multiple Windows option, and click OK.
| | 00:58 | You can see different
windows overlapping one another.
| | 01:02 | Move them by dragging their title bars,
resize them by dragging edges or corners,
| | 01:09 | and bring them to the front by clicking.
| | 01:12 | If you can't see the window you want,
QuickBooks has two ways to make it active.
| | 01:16 | On the Window menu, choose the window you want.
| | 01:20 | The Open Windows List takes up some
screen space, but it's very convenient.
| | 01:26 | On the View menu, choose
Open Windows List to display it.
| | 01:31 | The Open Windows List contains all open windows.
| | 01:34 | To make a window active regardless of
how deep it's buried, just click its name.
| | 01:40 | Go ahead and pick your windows preference.
| | 01:43 | From then on, QuickBooks
serves up windows the way you want.
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2. Setting Up a Company FileGathering the information you need| 00:00 | If you've just started your company,
you can create a QuickBooks company file
| | 00:04 | with a clean slate.
| | 00:06 | But for a company that's been around
for a while, QuickBooks wants to know
| | 00:09 | several things about it before the
program can create your company file.
| | 00:13 | Gathering that information before you
sit down at the computer is the quickest
| | 00:17 | way to get the job done.
| | 00:20 | If your company is brand
new, the start date is easy.
| | 00:23 | Use the date you incorporated or
opened your business bank account.
| | 00:28 | If your business has been around for
a while, you don't have to start your
| | 00:32 | QuickBooks records at the very beginning.
| | 00:34 | The best start date is the last
date of your previous fiscal year.
| | 00:39 | That way, you'll have complete text
records for your current fiscal year.
| | 00:44 | Also your initial account balances are like
the ending balances on your bank statement.
| | 00:49 | You're ready to start the new fiscal
year fresh, and you'll have everything you
| | 00:53 | need at the end of the year.
| | 00:56 | In the middle of the year, you
could start at the beginning of a fiscal
| | 00:59 | quarter or fiscal month.
| | 01:02 | However, if you do that, gathering
records at tax time will be more difficult.
| | 01:07 | You also need account
balances as of your start date.
| | 01:11 | For each bank account, get the bank
statement with the statement date close to
| | 01:16 | but earlier than your start date.
| | 01:19 | Get copies of all your open customer
invoices or statements and gather up
| | 01:23 | all your unpaid bills.
| | 01:26 | For assets you own, you need the current value.
| | 01:29 | Your last tax return shows the
value and accumulated depreciation.
| | 01:36 | If you track inventory, you need the
number of items in stock as of your start date.
| | 01:41 | How much you paid for them and
how much you'll sell them for.
| | 01:46 | Your tax return has another
important number, your Federal Tax ID Number.
| | 01:52 | And if you do payroll, get
your most recent payroll reports.
| | 01:57 | After you have all this information at
your side, you're ready to create your
| | 02:01 | QuickBooks company file.
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| Creating a company file| 00:01 | Creating a company file is easy whether
you're new to QuickBooks or a seasoned veteran.
| | 00:06 | The Easy Step Interview steps you
through the basics of creating your company file,
| | 00:10 | and setting it up to suit your business.
| | 00:13 | If you don't want the handholding,
you can skip the interview and set the
| | 00:16 | company file up on your own.
| | 00:19 | To create a company file, on
the File menu choose New Company.
| | 00:24 | The Get Started window tells you it
takes about 30 minutes to set up your
| | 00:30 | company file and that's about right.
| | 00:32 | To use the Easy Step
Interview, click Start Interview.
| | 00:38 | The Enter your company information
screen asks for your company 411.
| | 00:43 | As you'll see later, you fill in
the same information if you create a
| | 00:47 | company file manually.
| | 00:49 | The only field you have to fill
in right now is the company name.
| | 00:53 | The legal name is the one you use
on tax returns and legal documents.
| | 00:58 | The only time the legal name is
different than the company name is for a sole
| | 01:02 | proprietorship, when the legal
name is the name of the person.
| | 01:07 | Fill in the rest of the boxes
if you want and then click Next.
| | 01:11 | When you select an industry, QuickBooks
sets up the chart of accounts list with
| | 01:16 | accounts typical for that industry.
| | 01:19 | But you can change the chart of
accounts later on if you want.
| | 01:22 | If you don't find an industry that
sounds right, you can pick General
| | 01:26 | Product-based Business or
General Services-based Business.
| | 01:30 | They are at the very
bottom of the list. Click Next.
| | 01:35 | Select the type of company you have and
QuickBooks assigns the correct tax form
| | 01:39 | for your company file.
| | 01:41 | Most small businesses use the calendar year.
| | 01:44 | In this case, leave January
in the box and click Next.
| | 01:49 | But if your fiscal year starts in a
different month, choose it from the dropdown list.
| | 01:56 | The administrator user can do anything in the
company file, so you don't want to skip this step.
| | 02:02 | Type the password you want in
both boxes. Then click Next.
| | 02:08 | To go ahead and create
your company file, click Next.
| | 02:13 | Choose the folder where you
want to create your company file.
| | 02:16 | If you're the only person who works on the
file, put it in a folder that you back up.
| | 02:23 | If several people work on the file, put it
somewhere they all can reach like a shared folder.
| | 02:29 | QuickBooks sets the file type, so you
can type the name for the file, if it's
| | 02:34 | different than the company name, and click Save.
| | 02:38 | It will take a couple of minutes
for QuickBooks to create the file.
| | 02:43 | After the file is created, you can start
to customize QuickBooks for your business.
| | 02:48 | Click Next to continue.
| | 02:50 | If you want to take a break, you can
always click Leave and come back later.
| | 02:55 | When you click Next, QuickBooks
asks a series of questions about how
| | 02:59 | your company works.
| | 03:00 | For example, choose an option to tell
QuickBooks what you sell and it sets up
| | 03:05 | income accounts for you.
| | 03:09 | If you don't want to accept an option
that QuickBooks offers, just select the
| | 03:14 | I don't option and click Next.
| | 03:19 | If you charge sales tax, select Yes and the
program turns on the preferences for sales tax.
| | 03:27 | Based on the industry you picked, the
wizard recommends settings for your business.
| | 03:32 | You can always change the preferences later.
| | 03:34 | So for the most part, you can
keep the choices the wizard makes.
| | 03:37 | I am going to accept several of the
options that QuickBooks recommends.
| | 03:49 | Multiple currencies is the
one you have to be careful with.
| | 03:54 | You can't turn multiple currencies off
once they are turned on, so if you
| | 03:59 | aren't sure whether you need multiple
currencies, be sure to leave No selected.
| | 04:07 | Remember the start date you learned
about in the video on gathering information?
| | 04:12 | Here is where you tell
QuickBooks your start date.
| | 04:16 | Click Next to continue.
| | 04:20 | You can review all the accounts that
QuickBooks setup for you, and if they
| | 04:23 | look right, click Next.
| | 04:26 | When you see the Congratulations
screen, your company setup is done.
| | 04:31 | Click Finish to open your company file.
| | 04:36 | You can register QuickBooks at this point or
click Remind Me Later to get on with your work.
| | 04:43 | Out of the box, QuickBooks turns on the
QuickBooks Coach, which can help you get
| | 04:47 | started using the program.
| | 04:49 | The QuickBooks Coach
panel opens up on the window.
| | 04:53 | When you click Start Working,
the Coach begins displaying tips.
| | 05:01 | It won't take long for the Coach to grow old.
| | 05:04 | To turn off the tips, click Hide Coach
Tips, or to turn them off permanently,
| | 05:13 | on the Edit menu, choose
Preferences. Click Desktop View.
| | 05:20 | Turn off the Show Coach window
and features check box, and click OK.
| | 05:26 | Now that your company file is opened
you can start recording transactions and
| | 05:30 | keeping your books with QuickBooks.
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| Converting from another program| 00:01 | If you started keeping your books with
Quicken Home and Business, Peachtree or
| | 00:05 | Microsoft's Small Business Accounting
and are ready to switch, QuickBooks can
| | 00:09 | convert those records into
a QuickBooks company file.
| | 00:13 | But before you do that, you have to
prepare your old records for the conversion
| | 00:17 | and that takes a little bit of effort.
| | 00:20 | Before you convert your data, be sure to
back it up and make a copy of it to work on.
| | 00:25 | Keep the backup in case you decide
QuickBooks isn't for you after all.
| | 00:31 | Because you have to clean up your
Quicken data before you convert, make the
| | 00:35 | changes to the copy of your data file.
| | 00:38 | And if something goes wrong, you can
delete that copy, make a new one and try again.
| | 00:45 | If you're converting from Quicken to
QuickBooks, read Intuit's conversion guide.
| | 00:50 | It'll tell you about a few things
you have to clean up in your Quicken
| | 00:53 | file before you convert.
| | 00:55 | Here is a quick summary of those steps.
| | 00:58 | First of all, delete any accounts you
don't want to convert, like personal
| | 01:02 | accounts or investment accounts.
| | 01:04 | You also want to clean up any online banking.
| | 01:07 | For example, send any online payments
that you have queued up and delete any
| | 01:12 | repeating online payments set up
with your bank through Quicken.
| | 01:16 | Be sure to record any overdue scheduled
transactions that you have in Quicken.
| | 01:22 | If you want to convert scheduled
transactions, assign them to a group, which is
| | 01:26 | described in Quicken Help.
| | 01:29 | You also want to check that each
customer in Quicken goes by only one name, so
| | 01:34 | invoices and payments are
recorded to customers correctly.
| | 01:37 | If you find any inconsistencies, edit the names.
| | 01:41 | To convert your Quicken file to
QuickBooks, on the File menu, point to
| | 01:46 | Utilities, then Convert and
finally choose From Quicken.
| | 01:54 | If you want to continue with
the conversion, click Convert.
| | 01:58 | In the Convert a Quicken File dialog box, you
can select the file to convert and click Open.
| | 02:03 | You'll have some time to get some
coffee or return phone calls while
| | 02:07 | QuickBooks converts your file.
| | 02:09 | In this case, I'm just going to Cancel.
| | 02:12 | To convert from Peachtree or Microsoft's
Small Business Accounting, you download
| | 02:17 | a conversion tool from the QuickBooks website.
| | 02:21 | Although the QuickBooks File menu
has a command that takes you online
| | 02:24 | to download the tool,
| | 02:26 | it's easier to download it yourself.
| | 02:29 | If you go to the Support database and
go to the topic, Converting data from
| | 02:33 | other programs using the QuickBooks
Conversion Tool, you simply click the
| | 02:38 | Download the QuickBooks Conversion Tool link.
| | 02:42 | The page that appears
describes what the tool does.
| | 02:47 | All you have to do is at the bottom of
the page, fill in your name, company name
| | 02:52 | and e-mail address, and click
Submit to start the download.
| | 02:57 | After you convert your file, you
might have some additional work to do in
| | 03:01 | QuickBooks, like re-creating recurring
invoices, editing scheduled transactions,
| | 03:06 | or setting up payroll.
| | 03:08 | But once you finish that, you're
ready to keep your books in QuickBooks.
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3. Setting Up a Chart of AccountsNaming and numbering accounts| 00:01 | In accounting and bookkeeping,
everything you do with money gets tracked with
| | 00:04 | things called accounts.
| | 00:06 | Money you earn goes into income
accounts and money you spent goes into
| | 00:10 | expense accounts, but there are several other
types of accounts that you're likely to use.
| | 00:15 | Before you create any accounts, it's a
good idea to get to know the different
| | 00:19 | types because you can't always
switch types if you pick the wrong one.
| | 00:24 | In QuickBooks, accounts can
go by both names and numbers.
| | 00:27 | The good news is you don't have to
develop your own naming and numbering schemes.
| | 00:31 | The accounting world already has some
standards for both account names and numbers.
| | 00:36 | The key is to pick a
standard and use it consistently.
| | 00:40 | Income is the money you make from your
business, selling services, products or both.
| | 00:46 | For nonprofits, income can come from
donations, grants and other sources.
| | 00:51 | Expense accounts are for money
you spend running your business.
| | 00:54 | Purchasing products to sell, paying
subcontractors, rent and telephone bills, and so on.
| | 01:01 | Fixed asset accounts track your major purchases.
| | 01:04 | Things like equipment or buildings, and
typically you depreciate these items to
| | 01:09 | show how their value decreases over time.
| | 01:12 | Bank accounts are easy.
| | 01:13 | They are the real-world bank accounts you
have, like checking, savings and money market.
| | 01:19 | If you borrow money, called a Current
Liability Account, you create a loan
| | 01:23 | account in QuickBooks for that.
| | 01:24 | Credit card accounts cover your real-
world credit card accounts that you have.
| | 01:30 | Equity represent the owner's
equity you have in the company and that
| | 01:34 | includes capital that invested at
the beginning and earnings that you've
| | 01:38 | retained over the years.
| | 01:39 | Accounts receivable represents
money that customers owe to you.
| | 01:44 | Accounts payable on the other hand
is the money that you owe to vendors.
| | 01:49 | And finally, cost of goods sold
represents the cost of the products that you sell.
| | 01:55 | The main rule for naming
accounts is to be consistent.
| | 01:58 | Besides using unique names, also
identify the account purpose in the name.
| | 02:03 | For example, telephone expense
represents your monthly phone bills, but
| | 02:08 | telephone equipment could be an asset
account for your office telephone system.
| | 02:12 | Most companies use ranges of
numbers for different types of accounts.
| | 02:16 | For example, a balance sheet
shows assets, liabilities and equity.
| | 02:20 | So the first three
ranges are reserved for those.
| | 02:23 | 1000 to 1999 for assets and that
includes bank accounts and accounts receivable.
| | 02:31 | 2000 to 2999 for liabilities including
credit cards, loans, and accounts payable.
| | 02:38 | 3000 to 3999 for your equity accounts.
| | 02:43 | 4000 to 4999 is for income, which is
the first thing that you see on an income
| | 02:50 | statement or profit and loss report,
but from 5000 on, the ranges vary.
| | 02:57 | From 5000 to 5999, you can use those
accounts for income, cost of goods sold or expenses.
| | 03:05 | Then from 6000 to 7999, you can use
those for expenses or income, depending on
| | 03:13 | which you have more of.
| | 03:14 | And then finally, from 8000 to 9999,
you can use those accounts for different
| | 03:20 | types of other expenses.
| | 03:23 | If you use the Easy Step Interview to
create your company file, QuickBooks
| | 03:27 | created a chart of accounts for you
and numbered accounts following a
| | 03:30 | standard similar to this.
| | 03:32 | So the new accounts you
create in future will fit right in.
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| Creating an account| 00:01 | Although, accounts come in several
different flavors, as you learned in previous
| | 00:04 | lesson, the steps for creating an
account are almost identical, no matter which
| | 00:09 | type of account you create.
| | 00:11 | To open the Chart of Accounts window,
go to the Company section of the homepage,
| | 00:15 | and click the Chart of Accounts link.
| | 00:18 | To open the Add New Account dialog box,
click Account at the bottom of the
| | 00:23 | window and then choose New.
| | 00:25 | You can also press Ctrl+N to open it.
| | 00:29 | The Add New Account dialog box displays
options for the most commonly used types of accounts.
| | 00:35 | If you want to create one of the other
types, select the Other Types option and
| | 00:40 | then choose the type that you
want from the dropdown list.
| | 00:44 | In this case, I'm going to create a
bank account, so I select the Bank option.
| | 00:49 | You can see on the right side that when
you select an option it shows you what
| | 00:52 | you can use those types for. Click Continue.
| | 00:56 | In the Number box, type the number for
the account that you wanted to create.
| | 01:02 | If you keep the Chart of Accounts
window visible, you can now see the other
| | 01:05 | account numbers you already have
and pick a number that's 5 or 10
| | 01:09 | different from those.
| | 01:11 | In this case, I'll type in 1005.
| | 01:15 | Then in the Account Name box,
type the name for the account.
| | 01:21 | I'll call this Checking2
for my second checking account.
| | 01:25 | If you want to create an account as a
sub-account, turn on the Subaccount of
| | 01:29 | checkbox and then you can choose the
parent account in the dropdown list.
| | 01:34 | For example, if you sell different
types of services, you might create income
| | 01:38 | accounts for those services under one
top-level account for service income.
| | 01:44 | If QuickBooks doesn't select the tax-
line for you, and that happens if you
| | 01:48 | don't choose a tax form,
| | 01:50 | choose the tax form and the tax-line
for the account. But you can see in this case,
| | 01:55 | QuickBooks can match up
most of the accounts that you create.
| | 01:59 | For a bank account, you can also enter
the bank account number, as I'll do here
| | 02:07 | and a routing number for the bank.
| | 02:10 | Then just click Save & Close.
| | 02:18 | As you can see here, the account takes
its place in the Chart of Accounts list,
| | 02:23 | ready for you to use in transactions.
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| Making an account inactive| 00:00 | The only time you'll delete an
account is if you create it by mistake,
| | 00:04 | haven't used it for any transactions, and simply
want to clean it out of your Chart of Accounts.
| | 00:10 | For any accounts you've used,
the better choice is to inactivate an account,
| | 00:15 | also known as hiding an account.
| | 00:17 | That way all your historical
transactions using that account are still there.
| | 00:22 | It just doesn't show up
in the Chart of Accounts.
| | 00:25 | For example, if you decide to stop
offering one of your services, you can
| | 00:29 | inactivate its income account to keep
your Chart of Accounts slim and trim.
| | 00:34 | If you reintroduce that service in the
future, you can reactivate the income
| | 00:38 | account and use it in new invoices.
| | 00:42 | The first step is to open
the Chart of Accounts window.
| | 00:45 | In the Company section, click Chart of Accounts.
| | 00:48 | To inactivate an account,
select the account in the list.
| | 00:52 | For example, Furniture and Equipment.
| | 00:55 | Then click Account at the bottom of the
window and choose Make Account Inactive.
| | 01:02 | The account promptly disappears from the list.
| | 01:05 | To reactivate an account,
you have to be able to see it.
| | 01:09 | Turn on the Include Inactive
checkbox at the bottom of the window.
| | 01:14 | All the inactivate accounts have
a gray X to the left of the name.
| | 01:19 | Click the gray X to reactivate the
account and have it rejoin the list.
| | 01:25 | If the account has sub-accounts,
the Activate Group dialog appears.
| | 01:29 | Click Yes to reactivate all the sub-accounts too.
| | 01:33 | If you do you want to delete an account
and it hasn't been used in any way,
| | 01:38 | you can right-click the account and
click Delete Account on the shortcut menu.
| | 01:46 | You must click OK to confirm
that you want to delete the account.
| | 01:50 | You can't actually delete an account if an
item, a transaction, or payroll setup uses it.
| | 01:56 | You also can't delete an account
if it has sub-accounts or a balance.
| | 02:01 | I'll click Cancel in this example.
| | 02:04 | In the future, before you create a new
account it's a good idea to turn on the
| | 02:09 | Include inactive checkbox in the Chart
of Accounts window to see if you already
| | 02:13 | have an account for the
purpose you have in mind.
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4. Setting Up Customers, Jobs, and VendorsCreating a customer profile| 00:01 | Your real-life customers are the
companies or people who buy from you,
| | 00:04 | like people who purchase products in your
store, patients you treat at your medical
| | 00:08 | office or donors who
contribute to your nonprofit.
| | 00:12 | In QuickBooks, you create a customer
record to keep track of the information
| | 00:16 | about one of your real-life customers.
| | 00:18 | QuickBooks uses that information to
fill out invoice fields, an e-mail for
| | 00:22 | sending a message, or a customer contact report.
| | 00:26 | You might also work on more
than one project for a customer.
| | 00:30 | Say you're an electrician who
installs the wiring in houses that a
| | 00:33 | general contractor builds.
| | 00:35 | In QuickBooks, you can create jobs and
associate them with QuickBooks customer records.
| | 00:40 | That way you can send invoices for
each job to a different address if
| | 00:44 | necessary, and keep track of how
much you earn, how much you spend and the
| | 00:48 | resulting profit for each job.
| | 00:51 | When you create a customer,
QuickBooks is hungry for information about that
| | 00:54 | customer, but you don't have to
fill in every box unless you want to.
| | 00:59 | The Customer Center is a
convenient place to create a customer.
| | 01:02 | On the homepage, click Customers
on the left side of the window.
| | 01:06 | On the toolbar, click New Customer
& Job and then choose New Customer.
| | 01:12 | The New Customer dialog box is chock
full of boxes, but the only one you have
| | 01:16 | to fill in is Customer Name.
| | 01:19 | The Customer Name really
is about identification.
| | 01:23 | You can use an alphanumeric code, an
abbreviation of the customer's name, or
| | 01:28 | the full customer name.
| | 01:30 | Customers appear in Customer
Name dropdown list alphabetically.
| | 01:34 | So the full name or an abbreviation makes
it easier to find the customer you want.
| | 01:40 | You can create generic customer names,
if you don't need detailed information.
| | 01:44 | For example, you might create a
customer called Cash Sale for every person who
| | 01:48 | buys papers at your newsstand.
| | 01:51 | The Company Name box is for a
company or person's actual name.
| | 01:55 | Although you can use the same name in the
Customer Name and Company Name boxes if you want.
| | 02:01 | Leave the Opening Balance box empty.
| | 02:04 | The best way to get a customer's
balance into QuickBooks is to create invoices
| | 02:08 | for the money they owe you.
| | 02:09 | That way, if they don't pay or if they
have questions, you have the paperwork
| | 02:14 | you need to follow up.
| | 02:16 | The rest of the boxes on the
Address Info tab are pretty easy.
| | 02:21 | Fill in your primary contact's name.
| | 02:25 | QuickBooks copies the Company Name
and Contact Name to the Address box.
| | 02:30 | Fill in the rest of the
address in the Address box.
| | 02:36 | To use the mailing address as
the shipping address, click Copy.
| | 02:41 | If the address you entered is
incomplete or unclear, QuickBooks opens the Add
| | 02:46 | Ship To Address Information dialog
box with fields for you to fill in.
| | 02:51 | When the address is complete, click OK.
| | 02:55 | You can also fill in the
person's contact information.
| | 02:58 | Phone, Fax, E-mail, an
Alternate Contact and so on.
| | 03:04 | If the customer has more than one
shipping address for example, the address for
| | 03:08 | several branch offices, click Add
New to add another shipping address.
| | 03:14 | Then when you create packing slips you
can choose the shipping address to use.
| | 03:18 | I'll just cancel this for now.
| | 03:20 | Click OK to add the
customer to the customer list.
| | 03:24 | If you want to add the rest of the
customer's information, you can always click
| | 03:27 | the Additional Info tab, which
you'll learn about later in this chapter.
| | 03:32 | If you're ready to save the customer,
just click OK and you'll see the customer
| | 03:36 | take its place in Customer list as it does here.
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| Adding customer information| 00:01 | Categorizing your customers is one way
to see what parts of your business are
| | 00:05 | doing better than others.
| | 00:07 | In QuickBooks you can create customer
types and assign a type to each customer.
| | 00:11 | Then you can run reports to see how
profitable different types of customers are
| | 00:16 | or how much business you do with each type.
| | 00:19 | In addition to customer type you can
tell QuickBooks a lot more about your
| | 00:23 | customers than the contact information.
Payment terms, sales taxes and how
| | 00:28 | they prefer to pay you are just a few of
the additional fields in the customer record.
| | 00:33 | To add more information about a
customer, go back to the Customers Center and
| | 00:38 | click Customers on the homepage.
| | 00:40 | In the previous video we filled in the
Address Info tab. In this lesson we're
| | 00:45 | going to work on the Additional Info tab.
| | 00:48 | To open the Edit dialog box, right-
click the customer you want to edit and
| | 00:52 | then choose Edit Customer Job on the
shortcut menu. Click the Additional Info tab.
| | 00:58 | The first box is Type, which is where
you assign a customer type to the customer.
| | 01:06 | QuickBooks adds a few choices out of
the box but you can create your own.
| | 01:11 | The Add New Entry, which appears in
the QuickBooks dropdown lists, lets you
| | 01:15 | digress to another dialog-box to
create an entry you want and then continue
| | 01:20 | with your original task.
| | 01:22 | So to create a type click Add New and
then in the New Customer Type, type what
| | 01:28 | you want for the customer and click OK.
In this case it adds it to the Type box for you.
| | 01:35 | The Terms box is for the
customer's payment terms.
| | 01:39 | QuickBooks also offers a few built-in
payment terms such as the common Net 30,
| | 01:45 | which means that the customer pays
within 30 days of receiving an invoice.
| | 01:50 | You can also create your own again by
choosing Add New in the dropdown list.
| | 01:55 | If you assign sales reps to
customers, you can assign one in the Rep
| | 01:59 | dropdown list. You can add any
employee you want to Rep list.
| | 02:06 | The Preferred Send Method is how
you prefer to send invoices or other
| | 02:11 | communications to the customer. You
can choose None if it doesn't matter or
| | 02:17 | you send e-mail sometimes and snail mail
other times or you can click E-mail or Mail.
| | 02:25 | If you charge sales tax, you can
choose the tax code and tax item to apply to
| | 02:30 | the customer's invoices. You'll learn
about sales tax in the chapter on setting
| | 02:34 | up to sell services and products.
| | 02:37 | You can also apply a
price level to the customer.
| | 02:40 | A price level is a markup or discount.
| | 02:43 | For example a 10% discount for
members of your loyal customers club.
| | 02:48 | If you apply a price level here, the
percentage applies to every item on every
| | 02:53 | one of the customer's invoices.
| | 02:55 | The Custom Fields area lets you define a
handful of your own fields that you can
| | 03:00 | apply to customers, vendors, or employees.
| | 03:03 | All you do is define the label.
| | 03:05 | When you fill in a custom field, you
have to type the text or the numbers.
| | 03:09 | The Payment Info tab has more fields
that have to do with how the customer pays.
| | 03:15 | If you assign an account number to a
customer type it in the Account Number box.
| | 03:22 | You can fill in a credit limit for a customer.
| | 03:25 | If you do you, QuickBooks warns you
when an invoice for the customer will put
| | 03:29 | them over their credit limit.
| | 03:31 | The Preferred Payment Method dropdown
list is for the payment method that the
| | 03:35 | customer typically uses. You can
choose a payment method there then when you
| | 03:42 | receive a payment from the customer,
QuickBooks automatically fills in the
| | 03:45 | payment type for you.
| | 03:47 | You can fill in credit card information
on the Payment Info tab but before you
| | 03:53 | do you make sure that your security
procedures are enough to protect your
| | 03:57 | customer's card info.
| | 03:59 | If you don't want to interrupt your
customer creation with creating list
| | 04:02 | entries, you can do that from the
QuickBooks menu bar, choose List and then
| | 04:06 | choose Customer Vendor Profile List
and you'll see lists, like Terms list
| | 04:11 | and Payment Type list.
| | 04:13 | The Job Info tab has boxes for
information about a job but you'll learn how to
| | 04:19 | create a job for a customer and fill
in its fields later in this chapter.
| | 04:24 | When you're ready to save the customer,
click OK and the edited customer record
| | 04:29 | is available the next time
you need it in a transaction.
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| Creating a job| 00:01 | Although the New Customer and Edit
Customer dialog boxes have a Job Info tab,
| | 00:06 | you don't want to use that when you
have several jobs for the same customer.
| | 00:11 | Instead, you should create a job
record for each job you do for a customer.
| | 00:16 | That way, you can fill in different
addresses for each job if necessary and
| | 00:21 | you can track the
profitability of each one separately.
| | 00:24 | Similar to sub-accounts,
jobs act like sub-customers.
| | 00:28 | When you create invoices, you
can create them for specific jobs.
| | 00:32 | When you receive payments, you
receive them against the corresponding jobs.
| | 00:38 | When you create a job, QuickBooks
pulls in the information from a customer record,
| | 00:42 | but you can change any values
that are different for the job, like the
| | 00:46 | billing address or the payment method.
| | 00:49 | To create a job, click
Customers on the homepage.
| | 00:53 | The easiest way to create a job is to
right-click the customer you want and then
| | 00:58 | choose Add Job from the shortcut menu.
| | 01:02 | The New Job dialog box contains fields
similar to the New Customer dialog box
| | 01:07 | and the only field you have
to fill in is the Job Name.
| | 01:12 | The fields on the Address Info,
Additional Info and Payment Info tabs are a
| | 01:17 | subset of the fields you see
in the New Customer dialog box.
| | 01:21 | QuickBooks fills them in automatically
with the values from the customer record.
| | 01:25 | If the job uses different information,
such as a different shipping address,
| | 01:30 | you can always change the value here.
| | 01:33 | The Job Info tab on the other hand has
several boxes specifically for jobs, like
| | 01:38 | Job Status, Start Date,
Projected End Date and so on.
| | 01:41 | But realistically, QuickBooks isn't
the right tool for managing jobs, so
| | 01:46 | you're better off keeping track of
job status in a project management or
| | 01:49 | construction management program.
| | 01:52 | The one field that is helpful is Job Type.
| | 01:55 | Similar to a Customer Type, you can
create job types to categorize your jobs and
| | 02:00 | analyze them in more detail.
| | 02:03 | That's all there is to it.
| | 02:04 | After you create a job, it appears indented
below the Customer Name in the Customer List.
| | 02:08 | When you're ready to save the job, click
OK and you can see the job added to the
| | 02:13 | list and highlighted, so you know that
it's ready for your next transaction.
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| Making customers inactive| 00:01 | Similar to accounts, you don't want
to delete a customer unless you created
| | 00:05 | the record by mistake.
| | 00:06 | You want to keep transactions for that
customer in your records, even if you
| | 00:10 | don't think the customer will
ever do business with you again.
| | 00:14 | If you make the customer inactive, you
won't see the customer name in lists and
| | 00:19 | dropdown menus, but you can reactivate
the customer record if they call you out
| | 00:23 | of the blue with a new order.
| | 00:26 | In the Customer Center window, to
inactivate a customer, right-click the name
| | 00:31 | and then choose Make CustomerJob Inactive.
| | 00:35 | The customer promptly disappears from the list.
| | 00:38 | To reactivate a customer,
you have to be able to see it.
| | 00:42 | In the View dropdown list, choose All Customers.
| | 00:47 | Inactive customers have a gray
X to the left of their names.
| | 00:51 | Click the gray X to reactivate the customer.
| | 00:55 | If you want to delete a customer record
and it hasn't been used in any way,
| | 01:00 | you can right-click the customer and choose
Delete CustomerJob on the shortcut menu.
| | 01:08 | You have to confirm that you want to
delete the customer by clicking OK.
| | 01:12 | You can't delete a customer record if a
transaction uses it or the customer has a balance.
| | 01:18 | In this case, I'm going to click Cancel.
| | 01:21 | In the future, before you create a new
customer, display all the customers in
| | 01:26 | the Customer Center, including the
inactive ones, to see if you already have a
| | 01:30 | customer record for that customer.
| | 01:33 | That way, you won't create
duplicate customers by mistake.
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| Creating a vendor| 00:01 | Vendors are the companies or people
you buy services and products from, like
| | 00:05 | your landlord, the office supply
store, or a computer repair technician.
| | 00:09 | In QuickBooks, you create a vendor
record to keep track of the information about
| | 00:13 | one of your real-life vendors.
| | 00:15 | QuickBooks uses that information to
fill out bills, vendor credits, and other
| | 00:20 | vendor-related transactions.
| | 00:22 | Just like with customers, the Vendor
Center is the best way to create a new vendor.
| | 00:28 | On the homepage, click the Vendors button.
| | 00:31 | Then in the Vendor Center, click New Vendor
and choose New Vendor on the dropdown menu.
| | 00:37 | In the New Vendor dialog box, the
Vendor Name is a field to identify a vendor.
| | 00:43 | You can type a code or the
full vendor name in the box.
| | 00:46 | You can use the same name in the Vendor
Name and Company Name box if you want.
| | 00:56 | Leave the Opening Balance box empty.
| | 00:59 | The best way to get a vendor's balance
into QuickBooks is to create bills for
| | 01:03 | the money that you owe.
| | 01:05 | Then you can fill in the rest of the
contact information on the Address Info tab,
| | 01:10 | just as you do for customers as
you learned earlier in this chapter.
| | 01:16 | On the Additional Info tab, the Account
Number box is for the account number the
| | 01:20 | vendor assigns to you.
| | 01:22 | You can usually find it somewhere
on the bills that the vendor sends.
| | 01:26 | You can categorize vendors with a Vendor Type.
| | 01:29 | QuickBooks provides several types out
of the box, but you can create your own
| | 01:33 | just like you do with customer types.
| | 01:37 | The Terms list is the same list of terms
that you see when you create a customer.
| | 01:42 | You can choose the terms or
create a new set of terms if you want.
| | 01:47 | The Credit Limit box is for the credit limit
that the vendor extends to you as a customer.
| | 01:54 | The Tax ID is the vendor's tax ID.
| | 01:58 | For example, if you have to fill out a
1099 for the vendor at the end of the year.
| | 02:03 | The Account Prefill tab has three
fields to help you fill in vendor bills.
| | 02:09 | If you make purchases, they go
to specific expense accounts.
| | 02:12 | You can choose up to
three accounts in these boxes.
| | 02:17 | For example, for your computer
technician, you might choose Repairs and
| | 02:21 | Maintenance in one and
Office Supplies in another.
| | 02:25 | Then when you create a bill for
the vendor, QuickBooks fills in those
| | 02:28 | accounts automatically.
| | 02:30 | When you're ready to save the vendor, click OK.
| | 02:34 | The vendor appears in the Vendor list
ready for you to choose when it's time to
| | 02:38 | record the bills you receive.
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|
|
5. Setting Up to Sell Services and ProductsWhy use QuickBooks items?| 00:01 | QuickBooks items help you fill out
purchase orders, bills, invoices and other
| | 00:06 | financial business forms.
| | 00:08 | Items can represent the services and
products you sell, so they are an important
| | 00:11 | part of filling out invoices
you send to your customers.
| | 00:15 | If you buy inventory to resell, you
use items to fill out purchase orders
| | 00:20 | and vendor bills too.
| | 00:22 | But items come in other flavors, like
discounts, other charges, sales taxes and
| | 00:27 | even payments that your customers send you.
| | 00:30 | Items you use reside in
the QuickBooks Item list.
| | 00:34 | On the homepage, you can click Items &
Services to open the window or on the
| | 00:39 | menu bar you can choose Lists
and then you choose Item List.
| | 00:45 | For most companies, the majority of items
represent services or products that you sell.
| | 00:50 | As you can see here.
| | 00:52 | But let's look at an
invoice to see how you use items.
| | 00:55 | Here is an invoice created by the Lynda
Construction Company, which sells both
| | 01:00 | services and products.
| | 01:02 | You can see that the first several lines
are for different construction services
| | 01:06 | like Demolition, Carpentry and Electrical Work.
| | 01:10 | A service item can represent fixed-price
services like snowplowing, services you
| | 01:15 | charge by the hour, or a
subscription, like a cable TV package.
| | 01:20 | The invoice also has a few items for
products needed for this small remodeling job.
| | 01:25 | Items for products can be
inventory or non-inventory parts.
| | 01:30 | The products that you keep in stock to
resell to customers are called inventory;
| | 01:34 | products you purchase special for a
customer or job are non-inventory parts.
| | 01:39 | Items can represent things other than
what you sell and the Other Charge item comes
| | 01:44 | in handy for shipping charges, bounced
check charges, finance charges and so on.
| | 01:50 | The Subtotal item adds up all the
amounts from the preceding lines in an
| | 01:54 | invoice, up to the previous
subtotal or the beginning of the invoice.
| | 01:59 | You can subtotal costs like the
services or the products on this invoice.
| | 02:05 | So you can apply a discount or
shipping charge to several items.
| | 02:10 | The Discount item lets you apply a
percentage or fixed-dollar amount to an invoice.
| | 02:15 | You'll learn more about all these types of
items and how to set them up later in this chapter.
| | 02:20 | Some organizations get by just fine
without using forms like bills and invoices.
| | 02:25 | If you keep track of sales in other
ways and simply deposit money into your
| | 02:29 | business checking account,
you don't have to create items at all.
| | 02:33 | For example, a consignment
shop sells other people's stuff.
| | 02:36 | The owner keeps track of consignment
goods in a spreadsheet and simply deposits
| | 02:41 | payments into her checking account.
| | 02:43 | She doesn't need items in QuickBooks.
| | 02:45 | Remember, if you do use forms like
invoices, bills, purchase orders or sales
| | 02:51 | receipts, you need
QuickBooks items to fill them in.
| | 02:54 | You'll learn how to create
different types of items in this chapter.
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| Creating a service item| 00:01 | Service items are aptly named because
they're great for the services you sell,
| | 00:05 | things like time and attorney bills by
the minute, the hours your construction
| | 00:09 | crew work on building, a monthly
subscription for Internet service or the
| | 00:13 | fixed-price you charge to clean a chimney.
| | 00:16 | You can set up a rate that you charge
for the service, whether it's taxable or not,
| | 00:20 | and the income account you want
to use to track the service's income.
| | 00:24 | If you hire someone else to perform a
service, you can also tell QuickBooks
| | 00:28 | how much you pay your subcontractors or
partners and the account to track those expenses.
| | 00:34 | To create a service item,
start in the Item List window.
| | 00:37 | On the homepage, click Items & Services.
| | 00:40 | Then click Item and choose
New on the dropdown menu.
| | 00:45 | QuickBooks automatically picks Service,
so you can click that and continue.
| | 00:50 | In the Item Name/Number box,
type a name for the service.
| | 00:55 | Keep the name short, but also
long enough to identify the service.
| | 01:01 | For example, Painting-interior for
painting the inside walls on a construction job.
| | 01:04 | You can use parent items and sub-
items to keep your item list organized.
| | 01:09 | To make an item a sub-item, turn
on the Subitem of the check box.
| | 01:14 | Then you can choose the parent item,
say Construction, from the dropdown menu.
| | 01:20 | For now, skip the check box for services
performed by a subcontractor or partner.
| | 01:25 | The next set of boxes tells QuickBooks
about the service you sell to customers.
| | 01:30 | In the Description box, type the
description that you want to appear on invoices.
| | 01:35 | Describe the service in terms
your customers will understand.
| | 01:38 | In the Rate box, type how
much you charge for the service.
| | 01:42 | The rate can be a flat fee like $200
to clean a chimney, or a time-based fee
| | 01:47 | like $39.95 you pay for a
month's Internet service.
| | 01:51 | You can also charge based on the
amount of time someone works, providing a service,
| | 01:54 | like the $4 a minute if
you're a lawyer, $10,000 a month as a
| | 01:58 | contractor, or in this construction
example, $60 an hour for painting.
| | 02:03 | When you use a time-based service item
on an invoice, you enter the quantity of
| | 02:07 | time in the Quantity field and
QuickBooks multiplies the rate times the quantity
| | 02:12 | to calculate the total charge.
| | 02:15 | Here you see the Tax Code box.
| | 02:17 | This box appears only if you
turn on the Sales Tax feature.
| | 02:21 | Most service items are nontaxable,
so be sure to choose Non in the Tax
| | 02:26 | Code dropdown menu.
| | 02:28 | In the Account dropdown list, choose the
account for tracking the income for the
| | 02:32 | service, for example, Services Income.
| | 02:36 | If you're done, click OK to
add the item to the Item list.
| | 02:41 | But suppose you hire a subcontractor to
do work for you or you pay partners in
| | 02:45 | your company for their work.
| | 02:47 | You charge the customer a rate for
painting but you also have to pay a
| | 02:50 | subcontractor or partner too.
| | 02:53 | This is when you turn on the This
service is used in assemblies or is performed
| | 02:57 | by a subcontractor or partner check box.
| | 03:01 | The dialog box displays a set of boxes to
define the purchase side of the service.
| | 03:06 | In the Description on Purchase
Transactions box, type the description that you
| | 03:11 | want to appear on purchase
orders to your subcontractors.
| | 03:14 | In the Cost box, type what you pay for
the service, say $40 for an hour from
| | 03:19 | your painting subcontractor.
| | 03:23 | If you charge by time unit, make sure
the Cost box and the Sales Price boxes
| | 03:29 | have values for the same unit of time.
| | 03:32 | Like the account for income, you choose
the expense account you want to use to
| | 03:36 | track what you pay your subcontractor.
| | 03:39 | If you don't see the expense account
that you want, scroll to the top of the
| | 03:44 | menu and click Add New.
| | 03:46 | Then you can create a new expense account.
| | 03:50 | Name the account. You can add a
description or a note and a tax-line mapping if
| | 03:55 | you want and then click Save
& Close to add the account.
| | 04:01 | If you choose a vendor in the
Preferred Vendor dropdown list, QuickBooks
| | 04:04 | automatically fills in a purchase order
for this service item with that vendor.
| | 04:09 | If you want to create
another item, just click Next.
| | 04:13 | To close the dialog box
and save the item, click OK.
| | 04:18 | Now that you've created this service
item, you can add it to an invoice or if
| | 04:22 | you use a subcontractor, a purchase order.
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| Setting up time tracking| 00:01 | If you charge customers for time,
QuickBooks can keep track of the minutes and
| | 00:05 | hours everyone works and then drop
those hours into invoices for you.
| | 00:10 | There is a little upfront setup to
gain this convenience though, which is
| | 00:13 | explained in the chapter,
Managing Your Company File.
| | 00:17 | Then you tell QuickBooks whose time
you want to track and who can track their
| | 00:22 | own time in the program.
| | 00:25 | To turn on time tracking, on
the Edit menu, choose Preferences.
| | 00:30 | In the Preferences dialog
box, click Time & Expenses.
| | 00:35 | Click the Company Preferences tab,
because time tracking applies to everyone who
| | 00:39 | uses the company file.
| | 00:41 | In the Do you track time? section,
select the Yes option and click OK.
| | 00:47 | You can track time for anyone you add
to the QuickBooks vendor list, which you
| | 00:51 | learned about in the chapter,
Setting Up Customers, Jobs and Vendors.
| | 00:56 | Also, people on the employee list,
those are the people you pay through
| | 01:00 | QuickBooks Payroll features, or the
Other Names List, which is usually reserved
| | 01:05 | for owners, partners or people paid
outside the QuickBooks payroll process.
| | 01:10 | If you want to add someone to the
Other Names list, on the List menu,
| | 01:14 | choose Other Names List.
| | 01:17 | In the window, click Other Names and choose New.
| | 01:20 | Fill in the Name box and any other
contact information you want and click OK.
| | 01:26 | I'll cancel in this example.
| | 01:28 | In addition, people have to have
permission to track their own time in QuickBooks.
| | 01:32 | If you have administrator privileges,
on the Company menu, choose Set Up Users
| | 01:38 | and Passwords and then choose Set Up Users.
| | 01:42 | Select the user who will track
their own time and click Edit User.
| | 01:46 | Click Next and on this screen make sure
that Selected areas of QuickBooks is selected.
| | 01:53 | Then click Next until you get to Time Tracking.
| | 01:56 | Select the Full Access
option and then click Finish.
| | 02:01 | Now Ted Timer is set up to
track his own time using QuickBooks.
| | 02:05 | QuickBooks also has a stand-alone timer
program you can send to people, so they
| | 02:10 | can track their time outside of the program.
| | 02:12 | Intuit also offers an online time tracker.
| | 02:17 | The cost for one user is $10 per month.
| | 02:21 | You can learn more on
the Intuit QuickBooks site.
| | 02:24 | Choose QuickBooks > Products & Services,
and then click More Products & Services.
| | 02:31 | Click the Learn More button under QuickBooks
Time Tracker to find out what it can do for you.
| | 02:37 | There is no additional setup for items,
because QuickBooks can track time for
| | 02:41 | any service item you create.
| | 02:43 | Once you have Time Tracking turned
on and users set up to track their time,
| | 02:47 | you're ready to track the
time that people work and add it to
| | 02:50 | invoices in QuickBooks.
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| Entering time| 00:01 | If you give users permission to enter
their time directly in QuickBooks, as you
| | 00:05 | learned earlier in this chapter, you
can fill in a timesheet in QuickBooks,
| | 00:09 | enter time for a single activity or
use the built-in timer to keep track of
| | 00:13 | time while they work.
| | 00:15 | If you enter time for other people,
filling in a timesheet is the easiest option.
| | 00:20 | To enter time for one activity, on the
homepage, click Enter Time and then choose
| | 00:26 | Time/Enter Single Activity.
| | 00:29 | The dialog box sets the date to today.
To choose a different day, click the
| | 00:34 | Calendar icon and then click the date.
You can also type the date in the box.
| | 00:41 | The Name dropdown list contains
names on the Vendor list, Employee list,
| | 00:46 | and Other Names list.
| | 00:49 | Choose the person who perform the work,
then choose the customer or job that the
| | 00:55 | work was performed for.
| | 00:57 | QuickBooks automatically turns on the
Billable checkbox, which tells the program
| | 01:01 | that you plan to add this
time to an invoice later on.
| | 01:05 | If you want to track time without adding it
to an invoice, turn off the Billable checkbox.
| | 01:10 | For instance, you can turn off the
checkbox if you want to see how many hours
| | 01:14 | someone works on a job, but you charged
the customer a fixed price for the work.
| | 01:19 | The next step is to choose
the Service item for the work.
| | 01:23 | If you want to add notes to describe
the work completed, fill in the Notes box.
| | 01:29 | These notes will appear in the
weekly timesheet and also on invoices you
| | 01:33 | generate from time worked.
| | 01:36 | If the person already performed the work,
type the amount of time in the Duration box.
| | 01:41 | You can enter time as hours and
minutes by typing a colon between them.
| | 01:46 | For example 4:30 for four and half hours,
but you can also type a number with a
| | 01:51 | decimal point like 4.5.
| | 01:54 | QuickBooks converts the
decimal number to hours and minutes.
| | 01:58 | If you track time for yourself,
you can use the Stopwatch feature.
| | 02:02 | However, the date does have to be set to today.
| | 02:06 | Click Start to start the stopwatch.
| | 02:12 | The seconds that pass appear
to the right of the Time box.
| | 02:15 | If you want to pause the timer to take
a break for example, click Pause,
| | 02:21 | then you can click Start to restart
timing or click Stop to stop the timing.
| | 02:28 | You can restart timing later in the
day by reopening this activity and
| | 02:33 | clicking Start again.
| | 02:35 | Click Save & Close to save the time entry.
| | 02:40 | To enter time in a weekly timesheet, click
Enter Time and choose Use Weekly Timesheet.
| | 02:47 | The fields you fill in are almost
identical to the single activity but they're
| | 02:51 | arranged differently.
| | 02:53 | Choose the name of the person at the
top of the timesheet, choose the Week by
| | 02:59 | clicking the Calendar icon,
and picking a day during that week.
| | 03:05 | Then in one row of the timesheet you
can choose the customer job, the service
| | 03:10 | item, and fill in any notes.
| | 03:13 | This one has the single
activity that we've just recorded.
| | 03:17 | The Weekly Timesheet totals the hours
for that Service item for the week and
| | 03:22 | it also totals the times for each day of the week.
| | 03:26 | If the time is billable,
leave the Billable checkbox on.
| | 03:30 | You have to fill in a separate row for each
combination of customer, job and service item.
| | 03:38 | If the worker performs work for the
same customers and service items, you can
| | 03:42 | quickly copy a previous timesheet so you
don't have to fill in all those fields.
| | 03:47 | Display the week you want to
fill in and click Copy Last Sheet.
| | 03:53 | You can replace the current timesheet
entries by clicking Yes or if you want to
| | 03:58 | add the entries from the
previous timesheet click No.
| | 04:04 | When you're done click Save & New to
enter another weekly timesheet or click
| | 04:08 | Save & Close to save the
timesheet and close the dialog box.
| | 04:12 | These time records then wait in
QuickBooks until you're ready to add them to
| | 04:16 | invoices or display them in time reports.
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| Tracking mileage| 00:00 | In addition to time worked, you
might charge your customers for mileage.
| | 00:05 | If your vendors charge you for mileage,
you simply make those charges billable
| | 00:09 | to a customer when you enter the
vendor's bill in QuickBooks, as you'll learn in
| | 00:13 | the chapter Paying for Expenses.
| | 00:15 | If you pay employees for their expenses,
you can make mileage driven billable to
| | 00:19 | a customer when you write
the employee an expense check.
| | 00:23 | But QuickBooks also has a feature for
tracking mileage driven with company cars.
| | 00:28 | You have to set up company vehicles in
QuickBooks and then to track mileage for
| | 00:33 | tax purposes, you define a
mileage rate and its effective date.
| | 00:38 | The IRS usually adjusts the
mileage rate on January 1st but sometimes
| | 00:42 | changes the rate midyear.
| | 00:44 | To charge customers for mileage, you
also create an other charge item for
| | 00:49 | mileage. When you add mileage driven,
QuickBooks can track your mileage for
| | 00:54 | taxes and add mileage charges to invoices,
which is described in the chapter, Invoicing.
| | 01:00 | The first step is adding a company vehicle.
| | 01:03 | On the Lists menu, choose
Customer & Vendor Profile Lists and then
| | 01:09 | choose Vehicle List.
| | 01:11 | In the Vehicle List window
click Vehicle and choose New.
| | 01:15 | Fill in the Vehicle box with
a name or ID for the vehicle.
| | 01:20 | For example, you might use the make,
model and license number or just the name.
| | 01:26 | You can also add a description to
make the vehicle easier to identify.
| | 01:31 | When you're done, click OK to
add the vehicle to the list.
| | 01:35 | To create a mileage rate for tax
purposes you have to open the Enter
| | 01:39 | Vehicle Mileage dialog box.
| | 01:42 | On the Company menu choose Enter Vehicle
Mileage. In the toolbar click Mileage Rates.
| | 01:50 | To add a Mileage Rate, click the first
blank cell in the Effective Date column.
| | 01:55 | You might have to scroll to get to it.
| | 01:58 | Type the date such as 1/1/2010.
| | 02:02 | In the Rate cell type a
decimal number for the IRS rate.
| | 02:08 | For example, 0.50 for the
50 cent rate for 2010. Click Close.
| | 02:13 | Now to create an item to charge
customers for mileage, on the Homepage
| | 02:19 | click Items & Services.
| | 02:21 | Click Item and choose New.
| | 02:25 | In the New Item dialog box, choose
Other Charge in the Type dropdown list.
| | 02:33 | In the Item Name/Number box,
type a name like Billable Mileage.
| | 02:38 | In the Description box type the description
that you want to appear on invoices.
| | 02:43 | In the Amount or % box type the decimal
number for your charge per mile, such as
| | 02:49 | 0.55 to charge 55 cents a mile.
| | 02:52 | In the Account dropdown list choose
the account for tracking reimbursable
| | 02:56 | mileage, such as Miscellanies Income.
| | 02:59 | Choose Non, so you don't
charge sales tax for mileage.
| | 03:05 | To close the dialog box, click OK.
| | 03:07 | Now that you have an item,
you can record mileage.
| | 03:11 | On the Company menu
choose Enter Vehicle Mileage.
| | 03:16 | Choose the Vehicle that you want to
track mileage for, choose the Start Date for the trip,
| | 03:21 | choose the End Date for the trip.
| | 03:28 | If you type the Odometer Mileage at
the start and end of the trip, QuickBooks
| | 03:32 | calculates the total miles for you.
| | 03:35 | You can also type a number in the
Total Miles box but then you won't have the
| | 03:38 | odometer reading as the IRS requires.
| | 03:43 | To make notes about the mileage
driven, type them in the Notes box.
| | 03:47 | These notes appear when you
add the miles to an invoice.
| | 03:50 | To flag the miles as billable to a
customer, turn on the Billable checkbox.
| | 03:57 | Choose the Customer or Job.
| | 03:58 | Choose the mileage item
you've created for Billable Mileage.
| | 04:05 | Click Save & New if you want to enter
more mileage or click Save & Close to save
| | 04:10 | the mileage and close the dialog box.
| | 04:14 | Remember, to track mileage for taxes or
charging customers, you create a Vehicle,
| | 04:19 | a Mileage Rate and an Other Charge
item in QuickBooks. Then you can use the
| | 04:25 | mileage you track to show a mileage
expense on your company tax return or charge
| | 04:30 | customers for miles you
drive when you work for them.
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| Creating an inventory item| 00:01 | If you sell products, you can
treat them as inventory or not.
| | 00:05 | Inventory is what you call products that
you keep in stock to resell to your customers.
| | 00:09 | The way retail stores,
wholesalers, and distributors do.
| | 00:13 | This video starts with how money moves
between accounts as you buy and sell Inventory.
| | 00:19 | But you'll also learn how
to create an inventory item.
| | 00:22 | On the other hand if you purchase
products specifically for work,you are doing
| | 00:26 | for a customer, you don't need inventory.
| | 00:29 | You'll learn how to create a non-
inventory part item later in this chapter.
| | 00:34 | The money associated with inventory
moves from account to account as you buy
| | 00:38 | inventory, hold it in stock, and then sell it.
| | 00:42 | All these moves are the reason why you
have to tell QuickBooks so much about the
| | 00:46 | inventory items you create.
| | 00:48 | When you buy inventory, money, say $500, comes
out of checking account to pay for the inventory.
| | 00:55 | That's a credit in the checking account.
| | 00:59 | The money you spent on inventory
shows up in the inventory asset account,
| | 01:03 | because you still own an asset worth $500.
| | 01:07 | This is a debit in the inventory asset account.
| | 01:10 | Then when you sell inventory, an income
account gets a credit for the amount you
| | 01:16 | sold the inventory for, say $1000.
| | 01:20 | The customer owes you money, so your
accounts receivable account gets a debit
| | 01:25 | for the sell amount, also $1000.
| | 01:27 | Because you've sold some of the inventory,
you have to reduce the amount in your
| | 01:31 | inventory asset account.
| | 01:33 | So you credit that account
for the cost of the inventory.
| | 01:36 | That's the $500 you paid for it in this example.
| | 01:40 | That brings the balance in the
inventory account to zero, because you've
| | 01:44 | sold all your inventory.
| | 01:46 | You have to take the cost of the sold
inventory into account, so you debit the
| | 01:51 | cost of goods sold account for the
value of the inventory you sold, also $500.
| | 01:57 | To create an inventory item and tell
QuickBooks what it needs to know, you start
| | 02:02 | in the Item List window.
Click Item and choose New.
| | 02:08 | In the New Item dialog box, click
Inventory Part in the Type dropdown list.
| | 02:15 | In the Item Name/Number box,
type a name for the inventory item.
| | 02:21 | If you keep a lot of products in stock,
numbers or codes take fewer characters
| | 02:25 | to identify a product then spelled out names.
| | 02:28 | You can use parent items and sub-
items to keep your item list organized.
| | 02:32 | To make an item a sub-item, turn on
this Subitem of checkbox, and then
| | 02:37 | choose the parent item.
| | 02:39 | You can choose Add New to add a new parent.
| | 02:44 | In this case, I'll create a
new parent for inventory items.
| | 02:49 | I don't have to fill out anything, but the
Item Name/Number box and an Income Account.
| | 02:56 | If you create purchase orders for
inventory, you can fill in the Manufacturer's
| | 03:00 | Part Number box to help the vendor
identify the product you're ordering.
| | 03:05 | The Description on Purchase Transactions
box is where you type the description you
| | 03:09 | want to appear on purchase orders or bills.
| | 03:12 | This lets you describe the
product in terms the vendor uses.
| | 03:16 | In the Description on Sales
Transaction box, you can type a more customer
| | 03:21 | friendly description, which appears
on invoices or sales receipts that
| | 03:24 | your customers see.
| | 03:27 | QuickBooks automatically copies what
you type in the Description on Purchase
| | 03:31 | Transactions into the
Description on Sales Transactions.
| | 03:35 | The Cost box is how much you
pay for one of the product.
| | 03:40 | A single six panel interior door, a
pound of nails, a gallon of paint, or one
| | 03:45 | door lock in this case.
| | 03:47 | Even if you buy inventory in larger
quantities, you still have to fill in the
| | 03:51 | cost with the amount you pay for one unit.
| | 03:54 | QuickBooks compares the Cost field and
the Sales Price field to figure out your
| | 03:58 | profit on each unit.
| | 04:01 | The Cost of Goods Sold Account is the
account that tracks the product cost when
| | 04:05 | you sell the product.
| | 04:07 | QuickBooks calculates gross profit on
products by subtracting the cost of goods
| | 04:11 | sold from the income earned.
| | 04:14 | If you don't have a cost of goods sold
account, QuickBooks creates one when you
| | 04:18 | create your first inventory item.
| | 04:21 | You don't have to fill in the Preferred Vendor.
| | 04:23 | This tells QuickBooks the vendor to fill in
when you create a purchase order for this item.
| | 04:28 | The Sales Price field is how much
you charge for one unit of the product.
| | 04:32 | That's the same unit you used in the cost field.
| | 04:36 | If you collect sales tax, choose Tax in the
Tax Code dropdown if the product is taxable.
| | 04:43 | The Income Account is the account you
used to track the income from selling one
| | 04:47 | of these items, Product Income in this example.
| | 04:51 | When you purchase inventory, those
products sitting in Inventory are an
| | 04:55 | asset that you own.
| | 04:56 | The asset account keeps track of the
value of your inventory until you sell it.
| | 05:01 | In this case, it's an Inventory Asset.
| | 05:04 | If you want to reorder or reminder when
you're running low, fill in the Reorder
| | 05:09 | Point box with a number that
you want to trigger the reminder.
| | 05:14 | A lower reorder point works when your
vendor ship products quickly, plus you
| | 05:18 | have less money tied up in inventory.
| | 05:21 | When you create a new inventory item,
you can fill in the On Hand field to tell
| | 05:25 | QuickBooks how many you already have in stock.
| | 05:29 | The Total Value field tells QuickBooks how
much the ones you have on hand are worth.
| | 05:35 | QuickBooks adds that total value
to your inventory asset account.
| | 05:39 | The As of field tells QuickBooks the
date for the addition of the inventory to
| | 05:44 | your inventory asset account.
| | 05:46 | If you want to create another item, click Next.
| | 05:49 | To save this item and
close the dialog box, click OK.
| | 05:55 | After you've told QuickBooks everything
about the inventory item, you can add it
| | 05:58 | to a purchase order, bill, invoice or
sales receipt, and QuickBooks can keep
| | 06:04 | track of the money every step of the way.
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| Creating a non-inventory item| 00:01 | If you purchase products specifically
for work you're doing for a customer or to
| | 00:04 | stock up your supply closet,
you don't need inventory.
| | 00:08 | You purchase those products and use them
without ever tracking how many you have on hand.
| | 00:13 | If you buy products specifically for a customer,
you can make them billable to your customer.
| | 00:18 | When you invoice the customer,
QuickBooks can figure out your profit based on
| | 00:22 | what you paid for the
items and what you charged.
| | 00:25 | For products you buy to run your
business, the items show up only as an
| | 00:29 | expense to your company.
| | 00:31 | The money trail for non-inventory is
simpler than the one for inventory, because
| | 00:35 | you don't keep these products on hand.
| | 00:38 | When you buy products, the money, say
$500, comes out of your checking account
| | 00:44 | and that's a credit in the checking account.
| | 00:47 | The money you spent on inventory shows up in an
expense account, because it is a cost you incur.
| | 00:53 | That's a debit in the expense account.
| | 00:56 | Then when you sell products, an income
account gets a credit for what you charge
| | 01:00 | the customer, say $1,000.
| | 01:04 | The customer owes you money so your
accounts receivable account gets a debit for
| | 01:09 | the sell amount, the same $1,000.
| | 01:12 | QuickBooks calculates your profit by
subtracting the product expense from
| | 01:16 | the income you earned.
| | 01:18 | To create a non-inventory part item, open
the Item List and then click Item > New.
| | 01:26 | In the New Item dialog box, choose Non
-inventory Part in the dropdown list.
| | 01:32 | In the Item Name/Number box,
type a name for the product.
| | 01:37 | You can create sub-items to organize
your items just like you do with services
| | 01:41 | or inventory by turning
on the Subitem of checkbox.
| | 01:46 | If you don't buy the product for a
customer, leave the This item is used in
| | 01:50 | assemblies or is purchased for a
specific customer job checkbox turned off.
| | 01:57 | All you have to do is tell
QuickBooks about the purchase of the product.
| | 02:01 | You fill in the description, which
will appear on purchase orders or bills.
| | 02:06 | The price is what you pay for the item.
| | 02:10 | The tax code tells QuickBooks whether
you pay sales tax on it, and the account
| | 02:15 | is the account you used to track the expense.
| | 02:18 | But if you buy the products for customer
work, turn on that This item is used in
| | 02:23 | assemblies or is purchased for a
specific customer job checkbox.
| | 02:28 | Like you did with the service item, you tell
QuickBooks about purchase info and sales info.
| | 02:35 | In this case, the expense side might be
Office Supplies, but the Income Account
| | 02:42 | will be Product Income.
| | 02:45 | If you sell an item to a customer,
the cost is what you pay for the item;
| | 02:50 | the sales price is what you charge the
customer for one unit of the product.
| | 02:55 | If you choose a vendor in the
Preferred Vendor dropdown list, QuickBooks
| | 02:59 | automatically fills in a purchase
order for this item with that vendor.
| | 03:04 | On the sales side, you see the Tax Code box
only if you turn on the sales tax feature.
| | 03:09 | Make sure to choose Tax in the Tax Code
dropdown list, if the product is taxable.
| | 03:15 | If you want to create another item,
click Next, or to save this item and close
| | 03:19 | the dialog box, click OK.
| | 03:23 | After you create a non-inventory item,
you can edit to a purchase order, bill,
| | 03:28 | invoice or sales receipt.
| | 03:30 | QuickBooks tracks the money trail
just like it does for inventory.
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| Setting up sales tax| 00:01 | If you sell only services, you
typically don't have to collect sales tax and
| | 00:05 | you can skip this section completely.
| | 00:08 | But if you have to charge sales tax
and send it to tax agencies, you also have
| | 00:13 | to setup QuickBooks to track sales tax.
| | 00:16 | QuickBooks has sales tax
codes and sales tax items.
| | 00:20 | Tax codes simply tell the program
whether something is taxable or not.
| | 00:25 | Some customers don't have to pay sales
taxes, for example, like non-profits.
| | 00:30 | You can use the sales tax code to set a
customer or an item as tax exempt or not.
| | 00:36 | Then when you create an invoice or
sales receipt for a customer, the program
| | 00:41 | uses the customer's tax code and item tax
code to figure out how much sales tax to charge.
| | 00:47 | On the other hand, sales tax items are
what you used to define the sales taxes
| | 00:51 | you do charge, like states sales taxes
for each day you sell in or different
| | 00:56 | types of local sales taxes.
| | 00:58 | To turn on Sales Tax on the
Edit menu choose Preferences.
| | 01:03 | In the Preferences dialog box, click Sales Tax.
| | 01:08 | Click the Company Preferences tab,
because sales tax applies to everyone who
| | 01:12 | uses the company file.
| | 01:14 | In the Do you charge sales tax
section, select the Yes option.
| | 01:19 | If you already have a sales tax item
setup, you can choose the sales tax item
| | 01:23 | you charge most often.
| | 01:25 | QuickBooks automatically assigns that
item to customers, although you can change
| | 01:29 | it in a customer's record.
| | 01:32 | QuickBooks has two sales codes built-
in, Tax and Non, for taxable status
| | 01:37 | and non-taxable status.
| | 01:39 | The program automatically applies
them as the standard taxable and
| | 01:43 | non-taxable sales codes.
| | 01:45 | Most of the time these two
sales tax codes are all you need.
| | 01:50 | Depending on whether you use cash or
accrual accounting, which you learned about
| | 01:54 | in the introduction, you owe sales
taxes to tax agencies at different times.
| | 01:59 | If you use accrual accounting, you
owe taxes when you create an invoice
| | 02:04 | that charges sales tax.
| | 02:06 | If you cash accounting, you owe
them when the customer pays you.
| | 02:10 | QuickBooks automatically selects monthly for
how often you pay sales tax to tax agencies.
| | 02:17 | If your company doesn't collect
much sales tax, you might have to pay
| | 02:21 | quarterly or even yearly.
| | 02:23 | Here select the most frequent
period you are required to pay.
| | 02:28 | Then click OK to save
your sales tax preferences.
| | 02:32 | If you need additional sales tax codes,
for example, to classify customers by
| | 02:36 | type of tax exemption, on the
List menu choose Sales Tax Code List.
| | 02:45 | Click Sales Tax Code > New, then type
in up to three characters for the code.
| | 02:52 | For example, GOV for a government tax exemption.
| | 02:57 | If you want, type a description to make up
for the limited three character code name.
| | 03:02 | Select Taxable or Non-Taxable and then click OK.
| | 03:06 | To setup a sales tax item, open the Item List.
| | 03:12 | On the homepage, click Items
& Services. Click Item > New.
| | 03:19 | In the New Item dialog box,
choose Sales Tax Item.
| | 03:24 | In the Sales Tax Name box, type
a name like California State Tax.
| | 03:31 | In the Description box, type a
description that you want to appear on invoices.
| | 03:35 | In the Tax Rate % box, type the
decimal number for the tax rate.
| | 03:40 | 8.25 for California State Sales Tax.
| | 03:45 | QuickBooks fills in the percent for you.
| | 03:48 | In the Tax Agency dropdown list, choose
the vendor you set up for this sales tax.
| | 03:55 | If you haven't set up the tax agency as
a vendor yet, you can choose Add New to
| | 03:59 | open the New Vendor dialog box and
create the tax agency right then in there.
| | 04:05 | If you have to apply several
sales taxes to a customers invoice.
| | 04:08 | For example, state tax, county tax, and
city tax, you can create a sales tax group.
| | 04:15 | Create a new item and choose Sales Tax Group.
| | 04:21 | Name the group. For example, Sacramento.
| | 04:24 | In the table, add each sales tax
item you have to charge for this group.
| | 04:31 | Here I'll add a Sacramento city tax, and
then click OK to save the sales tax group.
| | 04:40 | Since I have already
created this one, I'll cancel.
| | 04:45 | If you have to apply several sales
taxes to a customer's invoice, for example,
| | 04:50 | state tax, county tax, and city tax,
you can create a sales tax group.
| | 04:57 | Create a new item and choose Sales Tax Group.
| | 05:02 | Name the group. For
example, Sacramento Tax Group.
| | 05:07 | In the table, add each sales tax
item you have to charge for this group.
| | 05:13 | QuickBooks applies the total percentage
to taxable items on invoices, but tracks
| | 05:18 | the sales taxes separately, so you
can pay each tax agency what you owe.
| | 05:22 | Click OK to save this sales tax group.
| | 05:26 | To set a customers tax status and the
sales tax they pay, open the customer's record.
| | 05:32 | On the homepage, click Customers.
| | 05:35 | Then right-click the customer
and choose Edit Customer Job.
| | 05:41 | Click the Additional Info tab.
| | 05:43 | QuickBooks automatically
sets the sales tax code to Tax.
| | 05:47 | To assign the sales tax item that
applies to the customer, choose it in the
| | 05:52 | Tax Item dropdown list.
| | 05:56 | If the customer is tax exempt, choose
Non or another non-taxable sales tax
| | 06:01 | code you have created.
| | 06:03 | When customers buy products to resell,
they don't pay sales tax, because then
| | 06:09 | the products would be taxed twice.
| | 06:12 | In this case, type the customer's
resale number in the Resale Number box.
| | 06:17 | After you have added the tax
information to the customer, click OK to save
| | 06:22 | the customer record.
| | 06:24 | To make an item taxable or
non-taxable, edit the item.
| | 06:28 | In the Item List, right-click
the item and choose Edit Item.
| | 06:34 | In the Edit Item dialog box, in the Tax
Code dropdown menu, simply choose Tax or Non,
| | 06:41 | and then click OK to save the item.
| | 06:44 | After you set up customers and items
to be taxable or non-taxable, QuickBooks
| | 06:50 | takes care of adding sales tax to
invoices or sales receipts and can track the
| | 06:55 | sales tax you owe to the different tax agencies.
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| Setting up discounts and charges| 00:01 | A couple of QuickBooks item types help
you add charges or deduct discounts by a
| | 00:06 | dollar amount or a percentage.
| | 00:08 | You can use a discount item to
deduct 20% off a price for your monthly
| | 00:12 | special or you can create a
discount item that subtracts $50 to thank a
| | 00:16 | customer for a referral.
| | 00:18 | The other charge item works almost like
a discount except that you use it to add
| | 00:22 | charges to invoices such as
shipping charges or finance charges.
| | 00:26 | To create a discount item, start in
the Item List window. Click Item > New.
| | 00:33 | Choose Discount on the dropdown list.
| | 00:36 | In the Item Name/Number box,
type a name for the discount.
| | 00:41 | If you want to make an item a sub-
item for example, to organize all your
| | 00:45 | discounts under one parent,
turn on the Subitem of checkbox.
| | 00:49 | Then choose the parent
item from the dropdown list.
| | 00:53 | In the Description box, type the
description that you want to appear on invoices.
| | 00:58 | In the Amount or % box,
type the discount to use.
| | 01:03 | If you type a number like 50, the
discount item deducts $50 from an invoice.
| | 01:09 | If you type a percentage, say 20%,
the discount item calculates 20% of the
| | 01:15 | previous line on an invoice and puts the
value in the invoice as a negative number.
| | 01:20 | In the Account dropdown list, choose
the account for tracking the discount.
| | 01:26 | If you choose an Income account, the
discounts appear as negative numbers to
| | 01:31 | reduce the income you earned.
| | 01:33 | If you choose an expense account,
the discount is a positive number.
| | 01:38 | Either way, your net profit, that's
income minus expense, is the same.
| | 01:44 | If you charge sales tax, choose Tax if you
want the discount applied before sales tax.
| | 01:50 | That makes sense if
you're discounting a product.
| | 01:52 | You want the discount to
apply to the product price only.
| | 01:56 | To save the item and close
the dialog box. Click OK.
| | 02:01 | The Other Charge item works
almost exactly the same way.
| | 02:07 | I'll edit the Shipping Other
Charge to show how this works.
| | 02:13 | The item name, the Subitem of checkbox, the
description and the Amount or % box are identical.
| | 02:21 | If you use the Other Charge for something you
sell, you might choose Tax for the Tax Code.
| | 02:27 | For shipping charges or
finance charges, choose Non.
| | 02:32 | In the Account dropdown list, choose
the Account for tracking the charge,
| | 02:36 | in this case, Miscellaneous Income.
| | 02:40 | If you want to set up the Other Charge
item for reimbursable costs turn on the
| | 02:46 | This is used in assemblies or is
a reimbursable charge checkbox.
| | 02:51 | Then you can set information for
what you pay for the charge and what you
| | 02:56 | charge to the customer.
| | 02:58 | As you do for services and inventory
items, you can fill in the Description,
| | 03:03 | Cost, and Account for the purchase
transaction like a purchase order or a bill,
| | 03:08 | and the Description, Sales Price, and
Account for the sales transaction, when you
| | 03:13 | add the item to an invoice for a customer.
| | 03:17 | In this case shipping isn't a reimbursable
charge, so I'll turn the checkbox back off.
| | 03:22 | Now that I'm ready to
save the item, I'll click OK.
| | 03:26 | When you apply a percentage discount
or Other Charge item to an invoice,
| | 03:31 | QuickBooks multiplies the value on
the previous line by the percentage to
| | 03:35 | calculate the discount or charge.
| | 03:38 | If you use a dollar amount, it simply
subtracts or adds that dollar amount
| | 03:44 | to your invoice.
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| Creating a group of items| 00:01 | Group items can save a ton of time
when you sell the same sets of services
| | 00:05 | and/or products at the same time.
| | 00:08 | For example, the remodeling special,
which includes Demolition, Carpentry,
| | 00:12 | Electrical Work, Plumbing and Cleanup.
| | 00:16 | If you add several items to a group
item, you could add the group item to an
| | 00:20 | invoice and QuickBooks takes care of
adding all the individual items you need.
| | 00:25 | A group item offers an additional benefit.
| | 00:28 | You can also tell QuickBooks to hide the
individual items on an invoice, so only
| | 00:33 | the group item appears.
| | 00:35 | You do see all the individual items
when you create the invoice, so you can
| | 00:39 | enter quantities, rates, or amounts.
| | 00:42 | To create a group item, start in the
Item List window, click Item and choose New
| | 00:49 | and then choose Group in the dropdown list.
| | 00:53 | In the Group Name/Number box,
type a name for the group.
| | 00:57 | In this case, Remodeling Special.
| | 01:01 | In the Description box, type the
description that you want to appear on invoices.
| | 01:07 | If you want to see the individual
items on an invoice, turn on the Print
| | 01:11 | items in group checkbox.
| | 01:14 | Leave the checkbox empty if you
want to show only the group item.
| | 01:18 | For example, if you're
doing a fixed-price contract.
| | 01:22 | In the first Item cell,
choose an item to add to the group.
| | 01:27 | If you want to include a specific
quantity, type the number in the Qty cell.
| | 01:32 | For example, if the special
includes 8 hours of demolition, type 8.
| | 01:37 | If the quantity varies,
leave the Qty cell blank.
| | 01:39 | You can enter the quantities when
you add the group item to an invoice.
| | 01:45 | Continue to add the other
items that you want in the group.
| | 01:50 | If you want to save the group and
create another item, click Next, but if you
| | 01:55 | want to save the group and
close the dialog box click OK.
| | 02:00 | After you create a group item and add
it to an invoice, QuickBooks adds all the
| | 02:05 | individual items and
quantities to the invoice automatically.
| | 02:09 | Remember you can edit the quantities,
rates, or amounts once the items are
| | 02:14 | on the invoice.
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| Making items inactive| 00:01 | If you've already used an item in
a transaction, you can't delete it.
| | 00:05 | In reality, you don't want to.
| | 00:07 | If you've sold an item in the past,
you might sell it again in the future.
| | 00:12 | For instance, when you sell ski gear
in the winter and cycling clothes and
| | 00:15 | bathing suits in the summer. You can hide
items in the Item list if you aren't using them.
| | 00:20 | Then when you do start using
them again, you can reactivate them.
| | 00:26 | In the Item List window, to inactivate
an item, select the item in the list,
| | 00:32 | Right-click the item and choose Make
Item Inactive on the shortcut menu.
| | 00:39 | The item promptly disappears from list.
| | 00:42 | In order to reactivate an item,
you have to be able to see it.
| | 00:47 | To do that, turn on the
Include inactive checkbox.
| | 00:52 | Inactive items have a gray X
to the left of their names.
| | 00:56 | Click the gray X to reactivate the item.
| | 01:00 | If you do want to delete an item record
and it hasn't been used in any way,
| | 01:05 | you can right-click the item and
choose Delete Item on the shortcut menu.
| | 01:12 | If the item has been used in a
transaction, you'll see an error message that you
| | 01:16 | can't delete it and it'll give you a
choice to click Make Inactive to hide it or
| | 01:22 | Cancel to leave it in the list.
| | 01:24 | If it hasn't been used, you'll also
have to click OK to confirm that you want
| | 01:28 | to delete the item.
| | 01:30 | If you inactivate items, in the future
before you create a new one, turn on
| | 01:36 | the Include inactive checkbox to see
if you already have an item for the same purpose.
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|
|
6. Paying for ExpensesCreating a purchase order| 00:00 | If you want to order inventory from
your vendors and make sure you get what you
| | 00:04 | order, a purchase order is the form for you.
| | 00:08 | You create a purchase order in
QuickBooks, which spells out which products you
| | 00:12 | ordered, how many of each one and the price.
| | 00:15 | Then when you receive inventory from
the vendor, you can compare what you got
| | 00:20 | to what you ordered.
| | 00:22 | Purchase orders are called non-posting
transactions because they don't move any
| | 00:26 | money around in your account.
| | 00:28 | Money gets involved only when you
enter a bill or record receiving inventory
| | 00:33 | in your company file.
| | 00:35 | The Purchase Orders icon on the
homepage and all inventory related commands are
| | 00:40 | visible only if you turn on inventory.
| | 00:43 | If inventory isn't turned on, on the Edit
menu click Preferences. Click Items & Inventory.
| | 00:51 | Click the Company Preferences tab,
because inventory applies to everyone who
| | 00:55 | works in the company file.
| | 00:57 | Turn on the Inventory and purchase
orders are active checkbox and then click OK.
| | 01:03 | To create a purchase order on the
homepage, click Purchase Orders.
| | 01:09 | In the Create Purchase Orders window,
QuickBooks fills in the date with today's
| | 01:13 | date, which is just what you want.
| | 01:15 | It'll also increments the Purchase Order
Number from the last when you created.
| | 01:20 | In the Vendor dropdown list, choose
the vendor you're ordering products from.
| | 01:25 | QuickBooks fills in the Vendor box
with the vendor's name and the address if
| | 01:29 | you've added one to the vendor record.
| | 01:31 | The program also fills in the Ship
To box with your company's address.
| | 01:37 | If you want to ship the products to a
different address, choose an alternate
| | 01:41 | address in the Ship To dropdown list.
| | 01:43 | For example, if you purchased the
product specifically for a customer, you can
| | 01:47 | choose the customer's address.
| | 01:50 | In the first Item cell, choose
the first product you want to order.
| | 01:56 | QuickBooks fills in the
Description from the item's information.
| | 02:01 | In the Quantity cell, type
how many you want to order.
| | 02:04 | QuickBooks fills in the rate from the
item record and calculates the total
| | 02:08 | Amount for that product.
| | 02:10 | If you're ordering the product
specifically for a customer job, choose that in
| | 02:15 | the Customer dropdown list.
| | 02:18 | Fill in additional lines
with more products if you want.
| | 02:22 | If you want QuickBooks to add the
purchase order to a print queue, turn on the
| | 02:26 | To be printed checkbox.
| | 02:28 | If you going all electronic, you can
turn on the To be e-mailed checkbox instead
| | 02:34 | to e-mail the form to your vendor.
| | 02:36 | You have to add the vendor's e-mail
address to the vendor's record as described
| | 02:40 | in the chapters Setting Up
Customers, Jobs and Vendors.
| | 02:45 | When you're done, click Save & New
to save the purchase order and create
| | 02:49 | another one, or to save the purchase order
and close the dialog box, click Save & Close.
| | 02:56 | When you receive your order from the
Vendor and enter the bill you receive,
| | 03:00 | you can select the PO to fill in the bill field.
| | 03:03 | You'll learn how to use the PO
on a bill later in this chapter.
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| Entering a bill| 00:00 | When you get a bill for expenses in the
mail, you can write a check right away
| | 00:04 | and be done with it, but if your
vendors don't expect payment right away,
| | 00:08 | you can enter a bill in
QuickBooks and then pay it later.
| | 00:12 | If you purchase services or products
for a customer or job, you can flag what
| | 00:16 | you bought as billable to that customer or job.
| | 00:18 | You'll also tell the program the
payment terms the vendor requests.
| | 00:23 | So QuickBooks knows when the bill is due
and if there is a discount, if you pay early.
| | 00:28 | QuickBooks has two commands for entering bills.
| | 00:31 | One is for inventory you buy.
| | 00:32 | The other is for other bills you
receive like rent or the telephone bill.
| | 00:37 | This video shows you how to enter a
bill for things other than inventory.
| | 00:42 | To create a bill, on the
homepage click Enter Bills.
| | 00:47 | In the Enter Bills window, in the Vendor
dropdown list, choose the vendor who sent the bill.
| | 00:54 | QuickBooks fills in the Vendor box with the
vendor's name and address from the vendor record.
| | 01:00 | QuickBooks also fills in the Date with
today's date, and the Terms box with the
| | 01:05 | terms from the vendor record.
| | 01:07 | If the vendor's bill shows a different
date, type that date in the box or click
| | 01:13 | the Calendar icon to
choose it from the calendar.
| | 01:16 | That way QuickBooks can calculate the
bill due date based on the vendor's terms.
| | 01:21 | For example, if the bill is dated
02/03/2010 and the terms include Net 30,
| | 01:29 | the due date is 30 days after
the bill date or March 5th.
| | 01:34 | If the terms include a discount for
early payment, the 2% 10 here, QuickBooks
| | 01:40 | fills in the Discount Date with that date.
| | 01:43 | If you want to record the vendor's
invoice number or another ID for the bill,
| | 01:48 | type it in the Ref Number box.
| | 01:50 | In the Amount Due box, type
the total amount for the bill.
| | 01:55 | The Enter Bills window has two tabs.
| | 01:58 | The Expenses tab is for
services you purchase from a vendor.
| | 02:01 | For example, the painting
services you get from a subcontractor or
| | 02:05 | your telephone bill.
| | 02:07 | The Items tab is for non-
inventory products you purchase.
| | 02:11 | On the Expenses tab, in the first
Account cell, choose the expense account for
| | 02:17 | tracking what you bought.
| | 02:20 | In the Amount cell, type
the amount the vendor charged.
| | 02:24 | If the expense isn't billable to a
customer, that's all you have to do.
| | 02:29 | You can add another expense on the next line.
| | 02:32 | If the expense is billable to a
customer, fill in the Memo cell with the
| | 02:36 | description of the expense.
| | 02:40 | QuickBooks uses the text from the Memo
cell to fill in the billable expenses
| | 02:44 | description on an invoice.
| | 02:46 | For billable expenses, choose the
customer or job in the Customer Job cell.
| | 02:52 | QuickBooks automatically
turns on the Billable checkbox.
| | 02:57 | When you move to the next line,
QuickBooks calculates how much of the bill's
| | 03:00 | total amount due is remaining.
| | 03:03 | In this case, I'm going to use
that $100 for non-inventory items.
| | 03:07 | So I'll remove it from here.
| | 03:10 | If the bill includes charges for non-
inventory items you purchase, click the Items tab.
| | 03:16 | In the first Item cell,
choose the item you bought.
| | 03:21 | QuickBooks fills the
description in from the item description.
| | 03:25 | In the Quantity cell, type how many you
bought, and if necessary fill in the cost.
| | 03:33 | If you change a value, QuickBooks asks if you
want to save that change to the item record.
| | 03:39 | Click Yes to update the record.
| | 03:41 | Click No to use the changed value,
but leave the item record as it is.
| | 03:48 | QuickBooks automatically
calculates the total amount for that item.
| | 03:53 | If you're ordering the product specifically
for a customer job, choose that in the Customer:
| | 03:57 | Job dropdown list.
| | 04:00 | QuickBooks turns on the
Billable checkbox for you.
| | 04:03 | Fill in additional lines
with more products if you want.
| | 04:07 | If the total in the table doesn't match
the bill amount due, click Recalculate.
| | 04:12 | QuickBooks removes the
unassigned amount in the table.
| | 04:16 | When you're done click Save & New to
save the bill and create another one or
| | 04:21 | click Save & Close to save the
bill and close the dialog box.
| | 04:26 | After you enter bills, QuickBooks
keeps track of when they're due.
| | 04:31 | At that time, you can write a check
to pay them, as you'll learn later in this chapter.
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| Recording inventory you receive| 00:00 | Inventory requires more care and
feeding than other types of things that you sell,
| | 00:04 | because you have to keep track of
it from the time you buy it to when your
| | 00:07 | customers pay for the inventory you've sold.
| | 00:10 | Even the initial purchase of inventory
is more complicated than buying office
| | 00:14 | supplies or services.
| | 00:16 | Although bills usually come with a
shipment of the inventory, you might receive
| | 00:20 | the bill before or after the inventory arrives.
| | 00:24 | QuickBooks has commands for recording
bills and inventory shipments regardless
| | 00:28 | of when they do arrive.
| | 00:30 | A bill accompanying a shipment of
inventory is the most common situation and
| | 00:35 | QuickBooks has a command that handles
both of these tasks at the same time.
| | 00:39 | On the homepage click Receive Inventory
and then choose Receive Inventory with
| | 00:45 | Bill on the shortcut menu.
| | 00:48 | The Enter Bills window opens because
you're going to enter a bill for the
| | 00:51 | inventory that arrived.
| | 00:54 | In the Vendor dropdown list choose
the vendor who sent the bill. QuickBooks
| | 00:59 | fills in the Vendor box with the vendor's name.
| | 01:02 | If you don't have a purchase order for
the shipment, you'll have to fill in the
| | 01:05 | bill's fields the way you
would with a regular bill.
| | 01:09 | However, if you have unfilled purchase
orders for that vendor, a message box
| | 01:13 | asks if you want to receive the
inventory against one of them.
| | 01:17 | The great thing about using an open
purchase order is that it fills in the
| | 01:21 | bill's fields for you.
| | 01:22 | In the message box click Yes.
| | 01:25 | The Open Purchase Orders dialog box
opens with a list of the POs for that vendor.
| | 01:30 | You can also open the Open Purchase
Orders dialog box by clicking Select
| | 01:35 | PO below the table.
| | 01:38 | Click the PO you want to use to
turn on its checkbox and then click OK.
| | 01:44 | QuickBooks uses the purchase order to
fill in the Amount Due in all the fields
| | 01:49 | for the items on the purchase order.
| | 01:51 | If the date QuickBooks fills in doesn't
match the bill, choose the correct date.
| | 01:56 | When you move to another field
QuickBooks calculates the bill due date based
| | 02:00 | on the vendor's terms.
| | 02:01 | If you want to record the vendor's
invoice number or another ID for the bill type
| | 02:06 | it in the Ref Number box.
| | 02:08 | Sometimes the shipment you receive
doesn't exactly match what you ordered, say
| | 02:13 | the quantities are short or the vendor
cut you a deal on some of the prices.
| | 02:17 | Because the purchase order doesn't
post any numbers to your accounts, you can
| | 02:20 | change quantities and prices on the bill,
even change the items, before you save
| | 02:25 | the bill and add the inventory to your records.
| | 02:28 | When you're done click Save and New to
save the bill and receive the inventory
| | 02:32 | and create another bill or to just
save the bill and close the dialog box,
| | 02:37 | click Save and Close.
| | 02:39 | To see the results of receiving
inventory, look at the item list.
| | 02:44 | The On Hand column shows the number
you have on hand for each inventory
| | 02:49 | item that you receive.
| | 02:51 | The value of the inventory goes
into the inventory asset account.
| | 02:55 | In the Chart Of Accounts window double-
click Inventory Asset and you can see the
| | 03:01 | value of that inventory that you received.
| | 03:05 | If you receive the inventory without a
bill, the easiest thing to do is to use
| | 03:09 | the Receive Inventory with Bill command.
| | 03:14 | When you receive the bill, you can edit
the one in QuickBooks to match the one
| | 03:17 | the vendor sends, or you can click
Receive Inventory and choose Receive
| | 03:23 | Inventory Without Bill. Then when the
bill comes, you click Enter Bills Against
| | 03:29 | Inventory to record the bill for the
inventory you already have. Either way the
| | 03:33 | results are the same.
| | 03:36 | Whether or not you receive bills and
inventory at the same time, you pay
| | 03:40 | inventory bills just like you do other bills.
| | 03:43 | You'll learn how to do
that later in this chapter.
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| Paying bills| 00:00 | When you enter bills in
QuickBooks, you aren't quite done.
| | 00:03 | You still have to pay them.
| | 00:05 | After you enter your bills in QuickBooks,
you can choose the bills that you want to pay.
| | 00:10 | If cash is short you can choose how
much to pay on each bill and whether you're
| | 00:14 | going to write a check or use a credit card.
| | 00:16 | And if you pay early to get a discount,
you can take that into account too.
| | 00:22 | To start paying bills, on
the homepage click Pay Bills.
| | 00:26 | The Pay Bills window starts by showing all
the bills you've entered but haven't paid.
| | 00:32 | If you want to see just the bills that
are due before a day, select the Due On
| | 00:37 | or Before option and then choose a date.
| | 00:41 | QuickBooks makes it easy to see
the bills that are due the soonest by
| | 00:44 | automatically setting the
Sort By box to Due Date.
| | 00:48 | The bills are listed from the most
recent due date to the one furthest in the
| | 00:52 | future, here in the Date Due column.
| | 00:56 | If you want to see bills you can pay
early to get a discount, you can choose
| | 01:00 | Discount Date in the Sort By box.
| | 01:04 | Then it lists the bills based on
the discount date in ascending order.
| | 01:10 | You can show only the bills for one vendor
by choosing the vendor in the Filter By list.
| | 01:16 | To pay all the bills listed, below
the table click Select All Bills.
| | 01:22 | QuickBooks adds a check mark in the
first column for all the displayed bills.
| | 01:27 | If you pay some bills by check and
some by credit card, you can turn on the
| | 01:31 | check marks for the bills you
pay by a specific payment method.
| | 01:35 | Click a check mark box to
toggle the check mark on and off.
| | 01:41 | QuickBooks automatically fills in the
Amount To Pay cells with the full bill amounts.
| | 01:46 | If you're short on cash and want to
pay less than the full amount, type the
| | 01:50 | amount you want to pay in a
bill's Amount To Pay cell.
| | 01:55 | If a bill has an early payment
discount that is still good, you'll see the
| | 02:00 | discount value to the left of
the Suggested Discount label.
| | 02:03 | You can add the discount
by clicking Set Discount.
| | 02:08 | In the Discount and Credits dialog box
QuickBooks fills in the discount amount
| | 02:12 | with the early payment discount.
| | 02:14 | In this example the amount is zero
because the Early Payment Discount is invalid.
| | 02:19 | But if you were going to do a discount,
you'd choose the account you want to
| | 02:23 | use for the discount.
| | 02:24 | For example of the expense account
for what you're paying for. Click Done.
| | 02:30 | You'll learn how to apply a
vendor credit later in this chapter.
| | 02:34 | Back in the Pay Bills window, in the
Payment Date box, choose the date when you
| | 02:39 | want to pay the bills.
| | 02:41 | QuickBooks will create the
transactions using that date.
| | 02:45 | Then choose the payment method you want
to use for the selected bills, in this
| | 02:49 | case check or credit card.
| | 02:52 | If you choose Check, you can tell
QuickBooks to print the checks or you can
| | 02:56 | assign numbers in QuickBooks
for the checks you write by hand.
| | 03:01 | QuickBooks automatically fills in the
account box with your default checking account.
| | 03:06 | If you want to pay from a different
account, choose it in the dropdown list.
| | 03:11 | The program shows the ending
balance in your account after you pay the
| | 03:15 | bills you've selected.
| | 03:17 | If that number is negative you have to
put more money in the account or your
| | 03:21 | payments will bounce.
| | 03:23 | When you're ready, click Pay Selected Bills.
| | 03:26 | You can have QuickBooks assign the
check numbers for you, starting with the
| | 03:30 | next available check number in the register,
or you can type the check numbers yourself.
| | 03:35 | Click OK to create the transactions.
| | 03:39 | QuickBooks creates the payment
transactions in your checking account or credit
| | 03:42 | card account, but you still have to
send the checks to the vendors or make your
| | 03:46 | credit card payment outside
of QuickBooks. Click Done.
| | 03:52 | If you want to pay other bills using
another payment method, just repeat these
| | 03:57 | steps and choose the other payment method.
| | 04:00 | When you're done paying bills,
close the Pay Bill windows.
| | 04:03 | That's all you have to do.
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| Handling a credit from a vendor| 00:00 | Say one of your vendors sends you the
wrong products or the right ones arrive
| | 00:04 | but they are damaged.
| | 00:06 | You call your vendor who issues you a credit.
You have to record that credit in QuickBooks.
| | 00:12 | Once you do, you can then apply that
credit to a bill from that vendor to reduce
| | 00:17 | what you have to pay.
| | 00:19 | Recording a credit is almost
identical to entering a bill.
| | 00:22 | In fact, you use the
Enter Bills window to do it.
| | 00:26 | On the homepage click Enter Bills.
| | 00:30 | QuickBooks automatically selects the Bill
option, which sets up the window to enter a bill.
| | 00:36 | Because you want to record a
credit select the Credit option instead.
| | 00:40 | The window heading changes to Credit and
the Amount label changes to Credit Amount.
| | 00:46 | In the Vendor dropdown list choose
the vendor who issued you the credit.
| | 00:51 | Choose the date that the vendor
issued the credit in the Date box.
| | 00:56 | If you want to record the vendor's ID
for the credit, type it in the Ref Number box,
| | 01:00 | then in the Credit Amount box,
type the amount of the credit. Similar to
| | 01:07 | when you enter a bill you fill in lines
on the Expenses tab or the Items tab to
| | 01:12 | identify what you're getting credit for.
| | 01:15 | In this case, choose the Office
Supplies account on the Expenses tab.
| | 01:21 | Even though you're getting a credit,
which means you owe less money, you still
| | 01:24 | fill in the amount of the
credit with a positive number.
| | 01:27 | QuickBooks takes care of tracking
whether to add or subtract numbers. Fill in
| | 01:32 | the Memo cell with info about the credit.
| | 01:41 | If the expense was billable to a customer,
you can choose the customer or job in
| | 01:46 | the Customer:Job cell to remove the
amount from what the customer owes.
| | 01:51 | When you're done, click Save
and Close to close the dialog box.
| | 01:56 | When you have credits available,
they reduce the balance you owe in your
| | 01:59 | accounts payable account.
| | 02:01 | The vendor credit waits until you go to
pay a bill from that vendor. To see the
| | 02:06 | credit, open the Chart Of Accounts
window and double-click Accounts Payable to
| | 02:10 | open the register. You can see
the credit to coffee service here.
| | 02:20 | When you go to pay bills, QuickBooks
shows the bills waiting to be paid, but
| | 02:25 | there's no sign of the vendor credit just yet.
| | 02:28 | If you turn on the check box for a
bill from the vendor who issued a credit,
| | 02:33 | like Coffee Service shown here,
QuickBooks shows the available credit in the
| | 02:38 | Discount and Credit information section.
| | 02:41 | QuickBooks automatically fills in the Amount
| | 02:44 | To Pay cells with the full bill
amount and the credits used is still zero.
| | 02:49 | So, to apply the available
credit to the bill, click Set Credits.
| | 02:57 | In the Discount and Credit dialog box,
the Credits tab opens and QuickBooks
| | 03:02 | automatically selects the available credit.
| | 03:06 | The Credits Used value shows how
much credit you applied and the Amount
| | 03:11 | To Pay shows how much of the bill you still owe.
| | 03:15 | You can edit the amount of the credit
if you want to, but if it's set up the way
| | 03:19 | you want, click Done to
apply the credit to the bill.
| | 03:25 | Back in the Pay Bills window, the
Credits Used cell for the bill shows how much
| | 03:29 | credit you applied and the Amount
| | 03:32 | To Pay cell shows the
remaining balance on the bill.
| | 03:36 | As you do for regular bills, choose the
Payment Date, the Payment Method and the
| | 03:41 | Payment Account before you
click Pay Selected Bills.
| | 03:45 | As you learned in the video Paying Bills,
you can assign check numbers or tell
| | 03:50 | QuickBooks to do that for you.
| | 03:51 | Then when you're done, click
Done to finish paying your bills.
| | 03:58 | If you tend to forget about things
like credits and discounts, you can tell
| | 04:01 | QuickBooks to apply them to bills automatically.
| | 04:04 | To do this on the Edit menu, choose
Preferences, click Bills and then click
| | 04:12 | Company Preferences.
| | 04:14 | Turn on the Automatically use
discounts and credits check box.
| | 04:18 | For discounts choose the account you
want to use to track discounts from
| | 04:22 | vendors, such as Vendor Discounts.
| | 04:28 | Click OK to save your preferences.
| | 04:31 | With this preference set, when you
pay a bill for a vendor who has issued a
| | 04:35 | credit or offers an early payment
discount you qualify for, QuickBooks
| | 04:39 | automatically applies the
credit and discounts to the bill.
| | 04:43 | If you don't want to use them you can
click Set Credit or Set Discount to change
| | 04:47 | the amount of credit or discount applied.
| | 04:49 | You can keep credits around for as long
as you want, but it's a good idea to use
| | 04:55 | them sooner than later, before the
purchasing power of your money goes down or
| | 05:00 | the vendor goes out of business.
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| Writing a check for expenses| 00:00 | If you use the Pay Bills command in
QuickBooks and choose the Check Payment
| | 00:04 | method, QuickBooks creates
check transactions for you.
| | 00:08 | But you can also record checks that
you write that don't go with the bill.
| | 00:12 | For example, the check you write to the plant
lady who takes care of your plants every week.
| | 00:16 | To write a check like this, on the homepage
click Write Checks in the Banking section.
| | 00:22 | The Write Checks window makes it easy to
fill in check fields by making the form
| | 00:26 | look just like a paper check.
| | 00:29 | QuickBooks fills in the Bank
Account box with your default bank account
| | 00:32 | for writing checks.
| | 00:34 | If you want to pay from a different
account, choose it in the dropdown list.
| | 00:39 | QuickBooks automatically fills in the
Number box with a number one higher than
| | 00:43 | the last check you wrote.
| | 00:44 | If the number isn't
correct, type the one you want.
| | 00:48 | And if the date isn't set to the date
you want for the check, click the Calendar
| | 00:51 | icon and choose the date.
| | 00:55 | In the Pay to the Order of list, choose
who you want to make the check out to.
| | 01:01 | You can choose customers, vendors,
employees or people on the Other Names list.
| | 01:06 | QuickBooks fills in the address from
the record for the name you selected.
| | 01:10 | That is if you added an address to that record.
| | 01:13 | Then type the amount for the check.
| | 01:17 | QuickBooks fills in the
written amount on the check line.
| | 01:19 | The Write Checks window has two tabs,
just like the window for entering bills.
| | 01:26 | The Expenses tab is for services you
purchase from a vendor, and the Items tab
| | 01:31 | is for non-inventory products you purchase.
| | 01:33 | For example, when you go
to the local hardware store.
| | 01:37 | On the Expenses tab, in the first
account cell, choose the expense account for
| | 01:40 | tracking what you bought.
| | 01:42 | In the Amount cell, type
the amount the vendor charged.
| | 01:47 | If the expense isn't billable to a
customer that's all you have to do. You can
| | 01:51 | add another expense to the next line.
| | 01:54 | On that line, choose an
account for the next amount.
| | 01:57 | You can also fill in
additional lines, if necessary.
| | 02:01 | When you move to the next line,
QuickBooks calculates how much of the bill's
| | 02:04 | total amount is still remaining.
| | 02:07 | If the check includes charges for non-
inventory items you purchase, you can
| | 02:11 | click the Items tab and fill it
out just the way you do for bills.
| | 02:16 | If the total in the table doesn't
match the check amount, click Recalculate.
| | 02:22 | QuickBooks removes any unassigned
amounts in the table to make the numbers match.
| | 02:28 | If you want QuickBooks to print a check
for you, turn on the To be printed check box.
| | 02:33 | You'll learn how to print checks in
the chapter Printing and E-Mailing Forms.
| | 02:39 | The Online Payment check box is
for making a payment using an online
| | 02:42 | vendor payment service.
| | 02:45 | When you're done click Save &
Close to save the check transaction.
| | 02:50 | If you have more than one checking
account, you can tell QuickBooks which
| | 02:53 | account to choose when you write checks.
| | 02:56 | To do this, on the Edit, choose
Preferences, then click Checking, turn on
| | 03:02 | the Open the Write Checks checkbox
and choose the account that you want to
| | 03:07 | use in the dropdown list. Then click OK.
| | 03:09 | Whether you write checks by hand or
have QuickBooks print them, don't forget to
| | 03:14 | put them in envelopes and mail them out.
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| Paying with a credit card| 00:00 | If you swipe your credit card at a
store or use it to buy something on a
| | 00:04 | website, you have to record the
credit card transaction in QuickBooks too.
| | 00:08 | Filling out the fields for a credit card
charge is almost identical to writing a check.
| | 00:14 | To enter a credit card charge on the
homepage, click Enter Credit Card Charges
| | 00:19 | in the Banking section just like Write Checks.
| | 00:22 | In the Enter Credit Card Charges window,
QuickBooks fills in the Credit Card box
| | 00:27 | with your default credit card account.
| | 00:29 | If you want to charge to a different
account, choose it in the dropdown list.
| | 00:34 | QuickBooks automatically selects the
Purchase/Charge option. However if you
| | 00:39 | receive a refund or a credit, you can
select the Refund/Credit option as well.
| | 00:45 | If the Date box isn't set to the
date you want for the charge, click the
| | 00:49 | Calendar icon and choose the date.
| | 00:52 | In the Purchased From list
choose the vendor for the charge.
| | 00:56 | If you want to add a reference number, like
a transaction number, type in the Ref Number box.
| | 01:02 | In the Amount box, type
the amount of the charge.
| | 01:07 | Just as you do for checks, bills
and other forms, you fill out what you
| | 01:11 | purchased on either the
Expenses tab or the Items tab.
| | 01:16 | If the expense is billable to a
customer, you can choose the customer or job
| | 01:20 | in the dropdown list, and QuickBooks
automatically turns on the Billable cell for you.
| | 01:26 | When you're done, click Save
& Close to record the charge.
| | 01:30 | When you record credit card charges, the
balance in your credit card account increases.
| | 01:35 | Later, when you pay your credit
card bill, you reduce your balance.
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| Paying with cash| 00:00 | Petty cash is company cash you use
for the occasional purchase you make
| | 00:05 | with cold hard cash.
| | 00:07 | Some companies keep money
in a drawer in the office.
| | 00:09 | When employees need cash for a
purchase, the person in charge of petty
| | 00:13 | cash doles it out.
| | 00:14 | If you are a company of one person, you might
carry some company cash around in your wallet.
| | 00:19 | Either way, you have to record
transactions for putting money into the petty
| | 00:23 | cash kitty and then other
transactions for what you spend petty cash on.
| | 00:29 | If you don't have an account set up
for petty cash, create a bank account
| | 00:32 | in QuickBooks for it.
| | 00:33 | You've learned how to create accounts in
the chapter Setting Up a Chart of Accounts.
| | 00:38 | That way it appears at the top of
your Chart of Accounts with other asset
| | 00:42 | accounts, like the Petty Cash account here.
| | 00:46 | When you put money into your petty cash
account, you usually take money out of
| | 00:50 | your checking account.
| | 00:51 | Because of that, a transfer is the
easiest way to record the transaction.
| | 00:56 | On the Banking menu, choose Transfer Funds.
| | 01:01 | In the Transfer Funds Between Accounts
window, choose the date for the transfer.
| | 01:06 | In the Transfer Funds From list,
choose your checking account.
| | 01:11 | In the Transfer Funds To
list, choose Petty Cash.
| | 01:16 | Then in the Transfer Amount box, type the
amount that you're transferring to Petty Cash.
| | 01:23 | Click Save & Close to save the
transfer and close the dialog box.
| | 01:27 | When you or someone else spends money
from the petty cash account, you have to
| | 01:31 | record the expense transaction.
| | 01:33 | Recording these transactions in the petty
account register is the easiest way to do this.
| | 01:38 | In the Chart of Accounts window, double-
click Petty Cash to open the register window.
| | 01:44 | QuickBooks automatically selects the
first blank transaction in the register.
| | 01:48 | If the Date box isn't set to the date
you want for the transaction, click the
| | 01:53 | Calendar icon and choose the date.
| | 01:55 | You can skip the Number cell.
QuickBooks increments the number each time you
| | 01:59 | record a transaction.
| | 02:00 | So you don't have to do anything.
| | 02:03 | You can choose the payee if you want.
| | 02:05 | But for Petty Cash transactions
you can also leave the payee blank.
| | 02:09 | Then you can type text in the Memo
cell to describe what you bought.
| | 02:14 | Click the Payment cell and type the
amount of the purchase. In the Account cell,
| | 02:20 | choose the account for the purchase.
| | 02:22 | If the petty cash purchase covers more
than one type of expense, you can click
| | 02:27 | Splits to fill in each account and amount.
| | 02:32 | When you're done entering other
accounts and amounts, click Close.
| | 02:36 | Then click Record to record the transaction.
| | 02:40 | The balance in the petty cash account
should match what you have in your wallet
| | 02:43 | or the petty xash drawer.
| | 02:45 | If it doesn't, you forgot to
record a petty cash transaction.
| | 02:49 | Go back through your receipts and
make sure you've entered them all.
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| Paying sales tax| 00:00 | After you set up sales tax in QuickBooks,
the program automatically calculates
| | 00:05 | and adds it to the invoices
and sales receipts you create.
| | 00:09 | It keeps track of the sales taxes you
collect from your customers and knows how
| | 00:13 | much you owe to each tax agency.
| | 00:16 | The Pay Sales Tax command lets you
select the tax payments you have to make and
| | 00:21 | write the checks to pay them.
| | 00:23 | On the Vendors menu choose
Sales Tax then Pay Sales Tax.
| | 00:30 | In the Pay Sales Tax window, QuickBooks
fills in the Pay From Account box with
| | 00:34 | your checking account.
| | 00:36 | If you want to pay from a different
account, choose it in the dropdown list.
| | 00:42 | The program fills in the Show
sales tax due through date based on how
| | 00:46 | frequently you pay sales tax.
| | 00:49 | If you have to pay monthly the program
fills in the last day of the previous month.
| | 00:55 | The sales taxes you owe also
depend on whether you use accrual or cash
| | 00:59 | accounting, as you learned in
the video on setting up sales tax.
| | 01:04 | To pay all the sales taxes listed,
below the table click Pay All Tax.
| | 01:10 | QuickBooks adds a checkmark in the
Pay cells for all the displayed taxes.
| | 01:15 | QuickBooks turns on the Pay
checkmarks and fills in the Amount
| | 01:18 | Paid cells with the Amount Due.
| | 01:21 | Click a Pay cell to
toggle a checkmark on and off.
| | 01:26 | If you need to adjust how much you pay,
for example, because you pay on time and
| | 01:30 | get a discount, click Adjust.
| | 01:35 | The Sales Tax Adjustment dialog box
lets you change the sales tax you owe to a
| | 01:39 | tax agency by a dollar amount.
| | 01:42 | You have to choose the account for the
adjustment, such as sales tax payable account.
| | 01:48 | If you want to print the checks,
turn on the To be printed checkbox.
| | 01:53 | The Starting Check Number box shows
the next check number for the account.
| | 01:58 | If you turn on the To be printed
checkbox, it'll say To Print. Click OK.
| | 02:04 | QuickBooks creates a check
transaction in your checking account.
| | 02:08 | Remember even on the transactions are
in QuickBooks, you still have to write or
| | 02:13 | print the checks and send
them to the tax agencies.
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7. InvoicingUnderstanding invoices, statements, and sales receipts| 00:00 | QuickBooks offers the three kinds of
sales forms businesses typically use.
| | 00:05 | Invoices, sales receipts and statements.
| | 00:09 | Each one has its purpose but it turns
out that an invoice can do everything a
| | 00:13 | sales receipt or statement can do.
| | 00:15 | So if you aren't sure which form
you need, just create an invoice.
| | 00:19 | A sales receipt is designed to record
sales when your customer pays in full at
| | 00:24 | the time of the sale.
| | 00:27 | When you create a sales receipt,
QuickBooks immediately posts the payment into
| | 00:30 | your bank account or the undeposited
funds account, which is where money sits
| | 00:35 | until you record a bank deposit.
| | 00:38 | A sales receipt can't keep
track of a customer balance.
| | 00:41 | It doesn't accept payments in advance,
and you can't stockpile customer charges
| | 00:46 | until you're ready to create the receipt.
| | 00:49 | But you can add up numerous
charges on one sales receipt,
| | 00:53 | use group items to add what you sell,
subtotal items, apply sales tax, apply
| | 00:58 | discounts and include custom
fields or a message to the customer.
| | 01:04 | An invoice can do everything
the sales receipt does and more.
| | 01:08 | An invoice can start from a customer's
balance, deduct payments the customer
| | 01:13 | made, add new charges and
figure out the new balance.
| | 01:18 | If the customer pays in advance,
you can create an invoice with items
| | 01:21 | specifically for recording a prepayment
and create a credit for the customer.
| | 01:26 | You can also assign time and expenses
as billable to a customer and add them to
| | 01:31 | an invoice later on.
| | 01:33 | Statements are set up to summarize an
account, just like your bank statement does.
| | 01:38 | When you create a statement in
QuickBooks, the program finds all the
| | 01:41 | transactions that affect the customer's
balance, invoices, statement charges and
| | 01:47 | payments, and adds them to the statement.
| | 01:50 | The statement shows the starting balance,
payments made, new charges added and
| | 01:55 | the resulting ending balance.
| | 01:57 | You can't use group items or
subtotals and you can't apply sales tax or
| | 02:02 | discounts to statements.
| | 02:04 | You also can't use custom
fields or add a customer message.
| | 02:08 | Now that you know the difference between
the types of sales forms, you are ready
| | 02:11 | to choose the right form for the job.
| | 02:14 | You will learn how to create
invoices and statements in this chapter.
| | 02:18 | The chapter Receiving Payments
shows you how to create a sales receipt.
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| Creating an invoice and filling in header fields| 00:00 | When you first create an invoice for
a customer, the Create Invoices window
| | 00:05 | looks like you have a lot fill in.
| | 00:07 | But QuickBooks can actually pull
information from your customer's record
| | 00:11 | like the customers address, the
payment terms you've given them and the
| | 00:15 | sales tax they have to pay.
| | 00:17 | It also gets info from item
records to fill in the invoice table too.
| | 00:21 | To get started, we're going to learn
how to create an invoice, filling in the
| | 00:25 | fields at the top of the
form and then saving it.
| | 00:28 | To create an invoice, on the
homepage, click Create Invoices.
| | 00:33 | If you use QuickBooks Premier, and
turn on Time Tracking, the Create
| | 00:37 | Invoices icon actually displays two
commands, Create Invoices and Invoice
| | 00:42 | for Time and Expenses.
| | 00:44 | Here we just click Create Invoices.
| | 00:47 | In the Customer Job dropdown list,
choose the customer or job that you're
| | 00:51 | invoicing, Bill Bond in this example.
| | 00:55 | QuickBooks fills in the Bill To box
with the customer's name and address from
| | 01:00 | the customer record.
| | 01:02 | QuickBooks fills in the date with today's
date or the last date you used for a new invoice.
| | 01:09 | If you want to change the date, click the
Calendar icon and choose the date that you want.
| | 01:14 | QuickBooks calculates when the invoice
is due based on the customer's terms.
| | 01:19 | The program also increments the
previous invoice number by one to get the
| | 01:23 | new invoice number.
| | 01:25 | QuickBooks has several
built-in invoice templates.
| | 01:29 | Each one includes different fields and
some times places fields in different
| | 01:33 | positions in the Form.
| | 01:34 | You can choose a different template
at any time without losing any of the
| | 01:38 | information you've already added.
| | 01:39 | If you choose an invoice template for
products, like the Intuit Product Invoice,
| | 01:45 | the invoice header displays
several additional fields for shipping.
| | 01:49 | For example, you can choose an
address other than the Bill To address for
| | 01:53 | shipping the products.
| | 01:54 | You can also choose how you are going to
ship products in the Via dropdown list.
| | 01:59 | F.O.B stands for Free On Board and
it's the physical location where the
| | 02:06 | customer becomes responsible for the
shipment, in case of damage or loss.
| | 02:10 | If you assign the sales rep in the
customer record, the rep shows up in the Rep box.
| | 02:15 | You can also choose a rep for
this invoice from the dropdown list.
| | 02:20 | Although this video covers just the
header information, you can't actually
| | 02:24 | save a blank invoice.
| | 02:26 | So for now I'm going to type Quantity,
and pick an item to add to the invoice.
| | 02:33 | Then to save the invoice and close the
dialog box, click Save & Close to save it.
| | 02:38 | When you save the invoice it appears
as an Open Invoice for the customer.
| | 02:43 | It also increases the balance for your
accounts receivable account, which is
| | 02:47 | money that customers owe you.
| | 02:49 | Now you can see how invoices fit into
the money trail in your company books.
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| Adding items to an invoice| 00:00 | After you fill in the header of an
invoice, it's time to do the serious lifting.
| | 00:05 | Filling in all the items
that make up the invoice.
| | 00:08 | As you learned in the chapter Setting
Up to Sell Services and Products, items
| | 00:13 | can represent the things you sell to customers.
| | 00:15 | But they can also be subtotals,
discounts, and other charges.
| | 00:20 | The good news is that QuickBooks pulls
information from item records to fill
| | 00:24 | in some of the fields.
| | 00:25 | So adding items to the
invoice table and footer is easy.
| | 00:29 | To work on an invoice,
on the homepage click Customers.
| | 00:34 | In the Customer list select the
customer whose invoice you want to edit.
| | 00:38 | Bill Bond in this case. Then to edit the
invoice double-click the invoice, here the number 7.
| | 00:46 | The Create Invoices window opens
just like it does when you create an
| | 00:50 | invoice from scratch.
| | 00:52 | If you think about it, the invoices that
you sent to your customers are the same
| | 00:55 | as the invoices or bills
that your vendors send to you.
| | 00:59 | So it make sense that the fields you
fill in within an invoice table are similar
| | 01:03 | to the fields you fill in
when you enter a vendor's bill.
| | 01:07 | The main difference is that the
Create Invoices window doesn't have an
| | 01:10 | Expenses tab and Items tab.
| | 01:13 | You add the products and services and
any other type of item to the same table
| | 01:17 | in the Create Invoices window.
| | 01:20 | The order of the columns in the table
depends on the invoice template you use.
| | 01:25 | In the Intuit Product Invoice,
the first column is Quantity.
| | 01:29 | If you use the Intuit Services
Invoice the first column is the item.
| | 01:34 | Fill in the Quantity cell with the quantity
for the item you're adding. In this case, 4.
| | 01:40 | If you don't add a quantity, QuickBooks
acts as if you add just one of the item.
| | 01:44 | In the Item Code cell
choose the item you want to add.
| | 01:48 | For example an interior door.
| | 01:52 | QuickBooks fills in the description
and the cost for one of the item in the
| | 01:57 | Description and Price Each cells.
| | 02:00 | On the Services Invoice,
the Price column is labeled Rate.
| | 02:04 | QuickBooks also calculates the total
for the quantity you added, and puts that
| | 02:08 | amount in the Amount cell.
| | 02:10 | In this case, the doors are $100
each, so the total for 4 is $400.
| | 02:16 | QuickBooks also fills in the Tax cell
with the tax code you assigned to the item.
| | 02:22 | Tax tells the program that the item is taxable.
| | 02:25 | Non tells QuickBooks to skip the item
when it calculates the sales tax code owed.
| | 02:30 | To add another item to the invoice
click the first cell in the next row.
| | 02:35 | Fill in the quantity and the item.
| | 02:37 | For example, 2 and then exterior doors
and you can see the QuickBooks fills in
| | 02:45 | the Description and the Price Each and
calculates the total amount based on the quantity.
| | 02:51 | In the next line choose
Miscellaneous under the Construction parent item.
| | 02:57 | This item comes with a generic description,
Miscellaneous services, with no price defined.
| | 03:04 | You can edit any item description on an
invoice so the customer knows what it is.
| | 03:08 | For example, you can change this
generic description to Install doors.
| | 03:14 | You can also change the price of an item
on the invoice, whether the item record
| | 03:20 | contains a sales price or not.
| | 03:25 | You don't have to fill in the Quantity cell.
| | 03:27 | Initially QuickBooks copies the value from the
Price Each or Rate cell into the Amount cell.
| | 03:33 | But you can also simply type a value
into the Amount cell, which makes sense for
| | 03:37 | a service you provide for a fixed price.
| | 03:40 | Below the invoice table
are a few additional fields.
| | 03:44 | As you add items to the invoice,
QuickBooks totals the amounts and shows the
| | 03:48 | total below the table where it says Balance Due.
| | 03:51 | You can add a message to your customer
by choosing one from the dropdown list,
| | 03:56 | or you can create a new message.
| | 03:59 | These messages get added to the
Customer Message list, so they aren't the place
| | 04:03 | for messages that change with each invoice.
| | 04:06 | QuickBooks automatically fills in the
Tax box with a sales tax item from the
| | 04:11 | customer's record, and the
Customer Tax Code box too.
| | 04:15 | If you want to add the invoice to a
queue of invoices to be printed for mailing
| | 04:19 | or sent via e-mail, turn on the To be
printed or To be e-mailed checkboxes.
| | 04:25 | You'll learn about the Add Time/Costs
button and Apply Credits buttons in videos
| | 04:31 | later in this chapter.
| | 04:33 | Finally, you can type a memo
to yourself in the Memo box.
| | 04:36 | This text doesn't appear on the
invoice that you send to the customer.
| | 04:40 | When you're done, click Save & Close to
save the invoice and close the dialog box.
| | 04:48 | Click Yes to confirm that you want
to change this edited transaction.
| | 04:52 | You can add lots of items to an invoice.
| | 04:55 | In fact, if you add more lines than fit
in the window you can scroll to see all
| | 04:59 | the lines, then when you print the
invoice QuickBooks uses as many pages as
| | 05:05 | necessary to print it out.
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| Adding billable time and cost to an invoice| 00:00 | In earlier videos, you learned how to
track billable time and flag different
| | 00:05 | types of expenses is billable to your customers.
| | 00:08 | If you recorded those billable items
in QuickBooks, you want to make sure
| | 00:12 | that you invoice your customers for
them or you won't make as much money as
| | 00:16 | you are supposed to.
| | 00:18 | QuickBooks makes it easy to add billable
time and costs to the invoices you create.
| | 00:23 | In fact, when you choose a customer job
with outstanding billable time and costs,
| | 00:27 | it reminds you that those items are out there.
| | 00:30 | If you use QuickBooks Premier and turn
on Time Tracking, clicking the Create
| | 00:34 | Invoices icon displays a
shortcut menu with two commands.
| | 00:39 | The Invoice for Time and Cost command
takes you to invoicing for billable items
| | 00:43 | more directly, but the Create Invoices
command opens the Create Invoices window
| | 00:48 | where you can still add time and costs.
| | 00:51 | Here on the homepage click Create Invoices
to go directly to the Create Invoices window.
| | 00:57 | In the Customer:Job dropdown list, select the
customer invoice, Water Way Homes in this example.
| | 01:04 | If you have outstanding
billable time and/or cost, the Billable
| | 01:09 | Time/Costs dialog box appears.
| | 01:12 | QuickBooks selects the Select outstanding
billable time and cost to add to the invoice option.
| | 01:19 | So you can click OK to continue to
add billable items to the invoice.
| | 01:24 | If you want to skip the billable stuff
for now, just select the other option and
| | 01:28 | click OK. The Choose Billable
Time and Costs dialog box opens.
| | 01:35 | This dialog box has tabs for
each type of billable cost:
| | 01:39 | Time, Expenses, Mileage and Items
that you buy for a customer or job.
| | 01:47 | The Time tab is the one you see first.
| | 01:49 | If you have billable time for the
customer or job, each timed activity
| | 01:53 | appears in the table.
| | 01:56 | If you want to add all the
billable time, just click Select All.
| | 02:01 | QuickBooks turns on all the
checkmarks for the Time entries.
| | 02:04 | You can also click a checkmark
cell to toggle a line on or off.
| | 02:09 | You can't change the amount of
Time or the Rate in this dialog box.
| | 02:13 | You have to wait until you add
the time to the invoice to do that.
| | 02:17 | You can tell QuickBooks how you
want the time to appear on the invoice.
| | 02:22 | To do that, click Options.
| | 02:25 | In the Options for Transferring Billable
Time dialog box, QuickBooks selects the
| | 02:30 | option that puts each activity on a
separate line, which is great when your
| | 02:34 | customer wants to know the nitty
-gritty of the work performed.
| | 02:38 | Select one of the sub-options to tell
QuickBooks to show item descriptions,
| | 02:43 | the notes you added about
the work performed, or both.
| | 02:47 | On the other hand if you want to keep
the invoice more concise you can select
| | 02:52 | the Combine activities with
the same service items option.
| | 02:55 | So each service item
appears on the invoice only once.
| | 02:59 | Then click OK to close that dialog box.
| | 03:03 | To add billable expenses such as work
performed by a subcontractor or telephone
| | 03:08 | calls click the Expenses tab. Click
Select All to add all the billable expenses.
| | 03:16 | If you pass expenses through at cost, you
don't have to worry about the markup fields.
| | 03:21 | However, if you add a little extra on to
billable expenses you can type a dollar
| | 03:26 | amount or percentage in
the Markup Amount or % box.
| | 03:31 | For example, to add a 10% markup, type 10%.
| | 03:38 | Choose the account you use to track
| | 03:40 | markup, an income account
called something like Markup Income.
| | 03:45 | The Amount shows the
original amount for the charge.
| | 03:49 | The Total expenses with markup
number shows the total of all the expenses
| | 03:53 | with the markup added.
| | 03:56 | If the expenses are taxable, turn on
the Selected expense are taxable checkbox.
| | 04:01 | If you charge for mileage,
click the Mileage tab.
| | 04:05 | As you do on the other tabs, you can click
Select All to add all the billable mileage.
| | 04:09 | The Option button lets you show each
mileage entry separately or combined as you
| | 04:14 | can do with time entries.
In case there's no mileage to add.
| | 04:19 | For products that you buy for a
customer or job, click the Items tab.
| | 04:23 | Click Select All to add all the items or
click checkmark cells to toggle an item on or off.
| | 04:31 | QuickBooks fills in the Rate and Amount
from the item records. Regardless of which
| | 04:36 | tab you display, the total billable
time and cost value is the total of
| | 04:42 | everything you select on all the tabs.
| | 04:45 | If you want to add everything as one
single line on the invoice, turn on the
| | 04:50 | Print selected time and costs
as one invoice item checkbox.
| | 04:56 | You'll separate entries in the Create
Invoices window, so you can make sure
| | 05:00 | everything is correct.
| | 05:01 | But the printed or e-mailed
invoice will have only one line.
| | 05:06 | Click OK to add the expenses to the invoice.
| | 05:09 | After you add the Billable Time and
Expenses to the invoice, you can still add
| | 05:13 | additional lines to the invoice if necessary.
| | 05:17 | QuickBooks calculates the
sales tax for any taxable items.
| | 05:22 | When you're done click Save & Close to
save the invoice and close the dialog box.
| | 05:29 | To make sure that you don't forget any
billable costs, run the Unbilled Costs by Job
| | 05:35 | report from time-to-time.
| | 05:38 | On the Reports menu, point to
Customers & Receivables and then choose
| | 05:43 | Unbilled Costs by Job.
| | 05:47 | The invoices that you create with
Billable Time and Costs are just like
| | 05:51 | the others you create.
| | 05:53 | You still have to print them or
e-mail them to your customers.
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| Using subtotals, discounts, and other charges| 00:00 | When you add a subtotal item or a
percentage discount or other charge to an
| | 00:05 | invoice, those items interact with
other items in the invoice table.
| | 00:10 | A subtotal item simply adds up all the
previous lines up to the last subtotal or
| | 00:16 | the top of the table.
| | 00:18 | A discount or other charge item that
is setup as a percentage, applies that
| | 00:22 | percentage to the value on the
previous line, which means you have to add
| | 00:27 | subtotals and percentage items to the
invoice in the right place, or they won't
| | 00:32 | do what do you want.
| | 00:33 | To see how this works, on the
homepage click Create Invoices.
| | 00:38 | In the Customer List select a customer.
| | 00:40 | In the Item Code cell,
choose the items you want to add.
| | 00:45 | Let's says some demolition
work and some carpentry work.
| | 00:51 | Suppose you want to discount what
you charge for both of these services.
| | 00:55 | If you add a percentage discount item
after the carpentry item, QuickBooks
| | 01:00 | applies the discount only to the
previous line, which is the carpentry work.
| | 01:04 | So you have to add a subtotal.
| | 01:09 | The subtotal adds up the amount for the
lines up to the top of the table in this case.
| | 01:15 | Now you can add the percentage
discount item, 10% discount in this example.
| | 01:23 | QuickBooks calculates the discount
as a percentage of the previous line.
| | 01:28 | Now suppose the customer also orders some
products from you and wants you to ship them.
| | 01:32 | We'll add a few products to this invoice.
I'll add a second line of products to this invoice.
| | 01:41 | You want to calculate shipping as
a percentage of the product cost.
| | 01:45 | You'll need another Subtotal item
to add up all of the product prices.
| | 01:49 | The subtotal adds up the
totals up to the previous subtotal.
| | 01:54 | In this case the discount line.
| | 01:58 | Now you can apply a Shipping Other
Charge item to calculate the shipping.
| | 02:04 | If you hadn't added the subtotal and
discount for services to the invoice,
| | 02:08 | this Subtotal below the products would add
up all the prices for services and products.
| | 02:14 | Because the order of these items
matters, you might worry about forgetting an
| | 02:18 | item in the invoice.
| | 02:20 | But you don't have to start over if you
forget an item or add one in the wrong place.
| | 02:25 | To insert a line somewhere in the
invoice table, right-click the line below the
| | 02:30 | position you want to add, then
choose Insert Line on the shortcut menu.
| | 02:35 | QuickBooks inserts a blank line.
| | 02:38 | On the other hand if you've added an
item in the wrong place, right-click the
| | 02:42 | line and choose Delete Line.
| | 02:46 | Then you can insert a blank line
where you want it and fill in the fields
| | 02:49 | again. When you're done click Save & Close
to save the invoice and close the dialog box.
| | 02:56 | Discount and other charges that are
setup as dollar amounts don't affect
| | 03:00 | their neighbors the way the
percentage based items do. You can add them
| | 03:04 | wherever you want.
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| Creating an estimate| 00:00 | Quite often, customers ask you to
prepare an estimate for them, so they know
| | 00:04 | what they are going to get
and how much it's going to cost.
| | 00:07 | Sometimes you might have to
prepare more than one estimate.
| | 00:10 | If the customer thinks the first
proposal is too expensive or maybe not
| | 00:14 | impressive enough. You can create
one or more estimates for a customer in
| | 00:18 | QuickBooks, and then when the
customer gives you the go ahead based on an
| | 00:22 | estimate, you can generate your
invoices right from the estimate.
| | 00:27 | To create an estimate, on
the homepage click Estimates.
| | 00:31 | The Create Estimates window looks almost
identical to the Create Invoices window.
| | 00:36 | You choose the customer or job
in the Customer:Job dropdown list.
| | 00:41 | QuickBooks turns on the Estimate
Active checkbox, which means that you can
| | 00:46 | choose that estimate later on
when you want to create an invoice.
| | 00:50 | QuickBooks fills in the Name and
Address box with the information from
| | 00:54 | the customer's record.
| | 00:56 | It also fills in the Date and
increments the previous estimate number by one.
| | 01:01 | As you do for an invoice, you build an
estimate by adding items to the table.
| | 01:06 | Depending on the estimate template
you use, you will see different columns.
| | 01:10 | In the Retail Estimate template, the
first column is Item. Choose the item.
| | 01:16 | Fill in the quantity.
| | 01:19 | QuickBooks fills in the description,
the cost, and the tax status from the item
| | 01:24 | record, and calculates the total for that item.
| | 01:28 | To add another item to the invoice,
click the first Cell in the next row, and
| | 01:32 | fill in the item, and continue
as you did in the previous step.
| | 01:36 | Like an invoice, QuickBooks totals the
amounts and shows the Total below the table.
| | 01:41 | It calculates the sales tax for
the taxable items on the estimate.
| | 01:45 | Click Save & Close to save the
estimate and close the dialog box.
| | 01:49 | You can create another estimate
for the customer simply by repeating
| | 01:54 | the previous steps.
| | 01:55 | QuickBooks keeps all the estimates
active so you can play What-If games with
| | 01:59 | the ones you create.
| | 02:01 | When the customer picks one to go with,
you can edit the other estimates and
| | 02:04 | turn off the Estimate Active checkbox.
| | 02:07 | To create an invoice from an
estimate, click Create Invoices.
| | 02:12 | Choose the customer or job.
| | 02:15 | If estimates exist for the customer,
the Available Estimates dialog box opens.
| | 02:21 | To use an estimate, select it
in the table and then click OK.
| | 02:27 | QuickBooks creates a new invoice
using the information from that estimate.
| | 02:31 | If the estimate has everything on it,
you can just click Save & Close and
| | 02:35 | you are done, or you can add more to
the invoice before you save it.
| | 02:41 | Because estimates don't move money
around in your accounts, you can make them
| | 02:45 | inactive or delete the ones
you don't want at any time.
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| Handling a customer credit| 00:00 | If a customer complains about an order
or sends products back, you can either
| | 00:04 | issue a credit to the customer toward
their next order, or refund their money.
| | 00:09 | To record a customer credit in QuickBooks,
you create what's called a code memo.
| | 00:14 | Once you do, you can apply that credit
to a future invoice to reduce what the
| | 00:18 | customer has to pay or you
can issue a refund check.
| | 00:21 | To get started, on the
homepage click Refunds & Credits.
| | 00:27 | The Create Credit Memos/
Refunds window should look familiar.
| | 00:31 | It looks almost exactly like
the Create Invoices window.
| | 00:34 | And if you look carefully, you will
notice that QuickBooks assigns the next
| | 00:38 | invoice number as the credit memo number.
| | 00:42 | In the Customer:Job dropdown list,
choose the customer you are giving the credit
| | 00:45 | or refund to, Condo Coop in this example.
| | 00:50 | Choose the Date in the Date box if
it isn't the one you want already.
| | 00:54 | Like when you create an invoice, you
fill in lines in the table for what you
| | 00:58 | are giving credit for.
| | 00:59 | For example, if you are giving credit
for services or products you sold,
| | 01:03 | you fill in the item in the
Quantity but as positive numbers.
| | 01:07 | For example, this refund is going to
refund Brushed Nickel Door Knobs, 3 of them.
| | 01:16 | QuickBooks fills in the description
and the rate from the item record and
| | 01:20 | calculates the amount of the credit.
| | 01:23 | It also calculates the sales tax to refund too.
| | 01:26 | If you want to record a memo to yourself
about the credit, fill in the Memo field.
| | 01:32 | Then when you are done, click Save & Close
to save the memo and close the dialog box.
| | 01:39 | The Available Credit dialog box opens
with three options for handling a credit.
| | 01:44 | To keep the credit around to use
later, leave the Retain as an available
| | 01:48 | credit option as it is.
| | 01:50 | This is a good choice if you don't
have an open invoice for the customer, and
| | 01:54 | the customer hasn't asked for a refund check.
| | 01:57 | If you want to write a refund check,
you can do that right away by selecting
| | 02:02 | Give a refund and then clicking OK.
| | 02:06 | The Issue a Refund dialog box opens.
| | 02:09 | QuickBooks has all the fields filled in
so you can click OK to print the check.
| | 02:13 | If you want to change the date,
the payment method or the account, do
| | 02:17 | that before clicking OK.
| | 02:20 | If you decide to write a refund
check later, open the Create Credit
| | 02:23 | Memos/Refunds window later on.
| | 02:28 | Go back to the credit memo.
| | 02:30 | In the toolbar, click the icon of
a dollar bill with a hand above it.
| | 02:36 | The Available Credit dialog box opens again.
| | 02:39 | If you have an open invoice for the customer,
you can apply the credit to that invoice.
| | 02:44 | Select Apply to an invoice to open
the Apply Credit to Invoices dialog box.
| | 02:50 | Suppose you do not have an open invoice
so you keep the credit around to apply
| | 02:54 | to an invoice later on.
| | 02:56 | When you are ready to apply the
credit, you don't have to do that in the
| | 02:59 | Create Invoices window.
| | 03:02 | You actually use the Receive Payments command.
| | 03:05 | If you think about it, applying a
credit to an invoice is like the customer
| | 03:09 | sending you a payment.
| | 03:12 | On the homepage, click Receive Payments.
| | 03:16 | Choose the customer with the credit
in the Received From dropdown menu.
| | 03:21 | Select the invoice that you want to
apply the credit to by clicking anywhere in
| | 03:26 | the invoice line except the first column.
| | 03:30 | Clicking the checkmark column selects
the invoice for a real payment. Then
| | 03:35 | click Discount & Credits.
| | 03:38 | In the Discount & Credits dialog box,
QuickBooks automatically applies the credit.
| | 03:43 | Click Done to get back to
the Received Payments window.
| | 03:46 | You will see the Credits column in
the table with the credit applied.
| | 03:51 | Click Save & Close to save the
invoice with the credit applied.
| | 03:57 | There is one other way to apply a
credit to a new invoice you create.
| | 04:03 | So create a new invoice for the
customer and add some items to it.
| | 04:10 | When you do, the Apply
Credits button comes to life.
| | 04:14 | To add a credit, click Apply Credits.
| | 04:17 | Click Yes to record the
transaction before continuing.
| | 04:22 | The Apply Credits dialog box opens,
which looks a lot like the Discount &
| | 04:26 | Credits dialog box.
| | 04:28 | Turn on the checkmark for
the credit and click Done.
| | 04:32 | You will see the credit applied to the
invoice and the balance reduced by that amount.
| | 04:41 | Click Save & Close to save the invoice.
| | 04:45 | The easiest way to handle credits is to
apply them to an invoice right away or
| | 04:50 | to write a refund check.
| | 04:52 | But you can keep credits in place and
apply them whenever the customer asks you to.
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| Creating a statement charge| 00:00 | The statements you generate in
QuickBooks are like a summary of everything
| | 00:03 | that's happened in a customer's
account since the last statement.
| | 00:07 | Just like a bank or credit card
statement, one you generate starts with the
| | 00:12 | previous balance, then shows new
charges and payments, and finally the ending
| | 00:16 | balance that a customer still owes.
| | 00:19 | You can also record new charges for
the customer called statement charges
| | 00:23 | without putting them on an invoice.
| | 00:25 | You do not create statement charges in
a form the way you do with an invoice.
| | 00:29 | You create them directly in
the Accounts Receivable register.
| | 00:33 | To create a statement charge, on
the homepage, click Statement Charges.
| | 00:37 | You will see that the
Accounts Receivable dialog box opens.
| | 00:42 | In the Customer:Job list, select the
customer you want to create a statement
| | 00:46 | charge for, DIY Construction in this case.
| | 00:51 | The Accounts Receivable register shows
all the transactions for that customer,
| | 00:56 | and the effect on the customer's balance.
| | 00:58 | For example, invoices, which have a
type INV, increase what the customer owes,
| | 01:05 | while payments with a type
PMT decrease the balance.
| | 01:10 | The register also shows
the status of transactions.
| | 01:14 | The Due Date field says Paid
if an invoice is already paid.
| | 01:19 | But it shows the due date
if the invoice isn't paid.
| | 01:22 | When you create a statement, QuickBooks
grabs these transactions along with any
| | 01:26 | statement charges you create.
| | 01:29 | To create a statement charge, click the
Date cell for the first blank row in the
| | 01:33 | register and type the date for the charge.
| | 01:37 | Or you can choose it from the
calendar. 01/25/2010 in this example.
| | 01:43 | Because you define a date range for
a statement, QuickBooks pulls only
| | 01:47 | transactions within the
date range onto the statement.
| | 01:50 | In the Item dropdown list,
choose the item for the charge.
| | 01:54 | The Item list contains only Services,
Inventory, Non-inventory, and Other Charge items.
| | 02:00 | I will choose Cleanup in this example.
| | 02:04 | QuickBooks changes the Transaction Type
to Statement Charge to show that you are
| | 02:09 | creating a statement charge.
| | 02:10 | Fill in the Quantity cell with the
quantity for the item you are adding, say two.
| | 02:17 | Just like on an invoice, QuickBooks
multiplies the quantity by the rate to
| | 02:21 | calculate the total charge.
| | 02:23 | Click Record to save the
charge or you can just press Enter.
| | 02:28 | To add another statement charge, move to
the next blank row and repeat these steps.
| | 02:33 | If you want to add billable time
and costs as statement charges in the
| | 02:37 | toolbar, click Time/Costs.
| | 02:40 | The Choose Billable Time and Costs
dialog box that you learned about earlier in
| | 02:44 | this chapter opens up.
| | 02:46 | You can select the billable items
you want to add, as you learned in that
| | 02:50 | video, and then click OK.
| | 02:53 | Because you record each statement
charge as you complete it, you do not have
| | 02:57 | to save anything else.
| | 02:59 | When you are done entering statement
charges, you can close the Accounts
| | 03:02 | Receivable window or simply
move on to your next task.
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| Producing a statement| 00:00 | Whether you create statement
charges for customers or use statements to
| | 00:04 | summarize a customer's account, you have to
generate the statements you want to send out.
| | 00:10 | The Create Statements window lets you
tell QuickBooks everything it needs to
| | 00:13 | know about the statements.
| | 00:15 | The statement period, the statement
date, the customers you want to send
| | 00:20 | statements to, and how you
want the statements to look.
| | 00:23 | When you're ready to generate
statements on the homepage, click Statements.
| | 00:29 | QuickBooks fills in the statement date,
but you can choose the date that you
| | 00:32 | want to appear on the statement.
| | 00:35 | Common dates are the last day of the
statement period or the first business day
| | 00:40 | after the end of the statement period.
| | 00:42 | In this example, choose 01/31/2010.
| | 00:47 | Then you have to define
the statement date range.
| | 00:51 | Choose the starting and ending
dates in the From and To date boxes.
| | 00:56 | In this example, I'll pick
01/01/2010 to 01/31/2010.
| | 01:04 | On the other hand if you've fallen
behind on statements, you can get caught
| | 01:09 | up in one fell swoop.
| | 01:11 | Select the All open transactions as of
Statement Date option and QuickBooks adds
| | 01:16 | all transactions up to the statement
date to the set of statements it creates.
| | 01:21 | In the Select Customers section, you
can choose the customers you want to
| | 01:25 | send statements to.
| | 01:27 | QuickBooks selects All Customers,
which is perfect if statements are your
| | 01:30 | primary way of billing customers.
| | 01:33 | If you send statements only when
customers are late or you need to re-create a
| | 01:37 | statement for a single customer,
you can select other options.
| | 01:42 | Select One Customer and choose the
name in the dropdown list that appears or
| | 01:48 | select Multiple Customers,
and then you can click Choose.
| | 01:53 | Click each customer or drag over
several names to turn on the checkboxes.
| | 02:00 | The Customers of Type option creates
statements for all the customers with the
| | 02:04 | customer type you choose, or you can
send statements based on whether the
| | 02:09 | customer prefers e-mail or snail mail.
| | 02:13 | To make sure you've got the customers
you want, click View Selected Customers.
| | 02:18 | When you're sure you've got the right
customers, click OK to close the dialog box.
| | 02:24 | QuickBooks selects its
built-in statement template.
| | 02:27 | If you customize one, you can
choose it in the dropdown list.
| | 02:32 | The Create One Statement box is
set to Per Customer, which means that
| | 02:37 | QuickBooks creates one statement for
each customer, no matter how many jobs you
| | 02:41 | do for that customer.
| | 02:43 | If you want to send a statement to each
job, choose Per Job in the dropdown list.
| | 02:48 | Leave the Show Invoice Item
Details checkbox turned off.
| | 02:53 | That way QuickBooks simply lists
the invoice total on the statement.
| | 02:57 | Your customers already have
copies of the invoices for the details.
| | 03:02 | If you have a bulk mail permit, which
has you bundle your mail by zip code, turn
| | 03:07 | on the Print Statements by
billing address zip code.
| | 03:10 | QuickBooks automatically turns on
the Print due date on transactions
| | 03:14 | so the customer can see the due date
for every transaction on the statement.
| | 03:18 | You can also save paper, postage and
time by choosing when you don't want
| | 03:23 | to create statements.
| | 03:25 | For example, you can skip statements
with zero balances because the customers
| | 03:30 | don't owe you anything, or you can
set an amount like $5, so you don't spend
| | 03:35 | money on stamps and envelopes to remind
customers of small balances, or you can
| | 03:40 | turn on with no account activity to
skip statements when the customer has no
| | 03:45 | transactions at all.
| | 03:47 | If you want to add finance charges now,
you can click Assess Finance Charges.
| | 03:52 | However, it's easier to keep things
straight by adding finance charges to
| | 03:57 | customer accounts before you start
the process of generating statements.
| | 04:00 | You'll learn how in the
chapter Receiving Payments.
| | 04:04 | To generate print statements, click Print.
| | 04:08 | The Print Statement(s) dialog box opens.
| | 04:11 | Choose the printer you want and the
types of paper and then click Print.
| | 04:17 | To e-mail the statements to the e-
mail addresses you save in QuickBooks,
| | 04:21 | click E-mail instead.
| | 04:23 | If you use Outlook, the program
launches and fills in the customer's e-mail
| | 04:27 | addresses and a standard message and
attaches the statement to the e-mail.
| | 04:32 | When you're done producing
your statements, click Close.
| | 04:36 | If you print statements, the only
thing that's left is collecting the printed
| | 04:40 | statements from the printer and
mailing them to your customers.
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|
|
8. Printing and Emailing FormsSetting up print options| 00:00 | When you create invoices and other
forms in QuickBooks, you can choose whether
| | 00:04 | to print or email them,
and when you want to do that.
| | 00:08 | If you print forms, checks, and
other QuickBooks documents, you can make
| | 00:12 | printing even easier by setting up
your print options ahead of time.
| | 00:17 | You've probably seen print options in
other programs like a word processing
| | 00:21 | program, but in QuickBooks you can set
up different print options for different
| | 00:26 | types of QuickBooks forms.
| | 00:27 | For example, you can send reports to a
printer stocked with plain paper, but send
| | 00:33 | checks to the printer that holds your
preprinted checks or customer letters to a
| | 00:37 | printer with your company letterhead.
| | 00:39 | To set up print options, on the
File menu choose Printer Setup.
| | 00:47 | In the Form Name dropdown list
choose the form you want to set up, say
| | 00:52 | Invoice in this example.
| | 00:55 | The first two choices are the
same no matter what form you pick.
| | 00:59 | In the Printer name dropdown list,
choose the printer you want to print to.
| | 01:05 | QuickBooks automatically fills in
the printer type based on the printer you choose.
| | 01:09 | For example, if you choose a printer
that feeds single sheet of paper, it sets
| | 01:14 | the type to Page-oriented (Single sheets).
| | 01:18 | If you choose the printer that
feeds rolls of paper, it selects
| | 01:22 | Continuous (Perforated Edge).
| | 01:25 | For invoices, bills and several other
types of forms, the Print on section
| | 01:31 | has three options.
| | 01:33 | Intuit Preprinted forms are for when
you purchase forms directly from Intuit.
| | 01:38 | The Blank paper option is great when a
simple printout is good enough, or you
| | 01:43 | customize your invoices to include
your company logo and other information.
| | 01:49 | When you choose Letterhead,
QuickBooks omits your logo and company
| | 01:52 | information from the printout.
| | 01:55 | If you like a cleaner look to what you
print, keep the Do not print lines around
| | 01:59 | each field checkbox turned on.
| | 02:03 | To make it clear which fields
are which, turn off this checkbox.
| | 02:07 | Click OK to save the setup.
| | 02:11 | When you choose to setup reports,
the options are more like print options
| | 02:14 | in other programs.
| | 02:17 | You can choose Portrait or Landscape,
how many pages to fit the report onto, and
| | 02:22 | whether to print in color.
| | 02:24 | For reports, which usually span
several pages, you can tell QuickBooks where
| | 02:29 | to place page breaks.
| | 02:32 | Setup for the checks you print is a
little different because you choose the
| | 02:36 | style of checks you print to.
| | 02:38 | Preprinted checks come in three basic styles.
| | 02:41 | A voucher check takes up
a single piece of paper.
| | 02:44 | The page contains the check, which has
a perforation so you can tear it off and
| | 02:49 | a stub that contains information about
the check, probably like the paychecks
| | 02:53 | you've received at some point in your life.
| | 02:56 | A standard check style textile has three
business size checks on one page, and a
| | 03:01 | wallet check style also has three
checks on a page, but since wallet checks are
| | 03:06 | smaller, this style has a stub on
the left side for info about the check.
| | 03:12 | You can also tell
QuickBooks what to print on checks.
| | 03:15 | The Print company name and address
check box tells QuickBooks to print that
| | 03:20 | information, if you don't have
it preprinted on your checks.
| | 03:23 | You can also turn on the Use logo
checkbox to print the logo, if you didn't pay
| | 03:28 | to have your logo preprinted on your checks.
| | 03:31 | Print Signature Image adds an
electronic signature to the check, so you don't
| | 03:36 | even have to sign them.
| | 03:38 | Check settings have one more important option.
| | 03:40 | What to do with partial pages of checks.
| | 03:43 | When your last check run didn't use
all the checks on a page, you want to
| | 03:47 | print those checks first.
| | 03:49 | Click the Partial Page tab.
| | 03:51 | Then select an option for how you
feed the Partial Page into the envelope
| | 03:55 | feed on your printer.
| | 03:57 | The pictures show what each option represents.
| | 04:01 | When you're done, click OK to save the settings.
| | 04:05 | Now that you've seen how to set print
options for a few types of forms, you can
| | 04:09 | set the options for any
other forms that you want.
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| Aligning forms with printer paper| 00:00 | If you print a letterhead or any type
of preprinted form, the information that
| | 00:05 | QuickBooks prints has to go
in certain places on the page.
| | 00:09 | Otherwise, your forms look
unprofessional or in the case of checks, don't have
| | 00:14 | the labels and information next to each other.
| | 00:16 | Since preprinted paper cost money, you
don't want to waste sheets by reprinting
| | 00:21 | misaligned documents.
| | 00:22 | Align your forms to your
printer before you print a big batch.
| | 00:27 | On the File menu, point to Print Forms
and then choose the type of form that you
| | 00:31 | want to align, Invoices in this example.
| | 00:36 | The Select Invoices to Print dialog box opens.
| | 00:39 | If you choose to print other types of
forms, a similar dialog box opens for
| | 00:43 | selecting the forms
you want to print. Click OK.
| | 00:48 | In the Print dialog box, click Align.
| | 00:54 | Choose the template you want to align.
| | 00:56 | For example, the Intuit
Service Invoice, and click OK.
| | 01:01 | For page-oriented printers, the
Fine Alignment dialog box opens
| | 01:05 | so you can adjust the
vertical and horizontal positioning.
| | 01:09 | Click Print Sample to print a test
form to see what the alignment looks like.
| | 01:14 | To move the printed fields up on
the page, type a positive number in
| | 01:19 | the Vertical box.
| | 01:22 | Positive numbers in the Horizontal box
move the printed field to the right on a page.
| | 01:28 | The numbers represent 1/100th of an inch.
| | 01:31 | Click Print Sample again to see
what the alignment looks like now.
| | 01:36 | Repeat these steps until
everything lines up perfectly.
| | 01:40 | Then go ahead and click OK.
| | 01:43 | If you print to a continuous feed printer,
QuickBooks gives you a chance to make
| | 01:49 | bigger adjustments first.
| | 01:51 | Click Align.
| | 01:53 | Select the template that you
want to align and then click OK.
| | 01:57 | If you know that the
alignment is way off, click Coarse.
| | 02:01 | Don't move the paper in the printer.
| | 02:03 | Just click OK to print a sample form.
| | 02:12 | The printed sample has text
that shows a pointer line.
| | 02:15 | Continuous feed paper has numbers
in the margin that aren't visible in
| | 02:19 | this example.
| | 02:22 | In the Pointer Line Position box, type
the number of the line printed in the
| | 02:26 | margin where the pointer is and
then click OK to print another sample.
| | 02:36 | If the alignment is correct, click Close.
| | 02:40 | If you need to do a fine alignment
as well, you can click Fine Align.
| | 02:45 | Otherwise just click OK.
| | 02:48 | After you have aligned your form to
the printer, you're ready to print.
| | 02:52 | Remember if you align a continuous
feed printer, don't move the paper in the
| | 02:56 | printer or you'll have to
realign your forms again.
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| Printing one or more forms| 00:00 | QuickBooks gives you several ways to
get forms to your customers and vendors.
| | 00:04 | If you create a form like an invoice,
you can print it or email it right then
| | 00:08 | and there in the Create Invoices or
corresponding window, or you can add it to a
| | 00:14 | queue of other documents
to print or email later.
| | 00:17 | If you opt to print documents and
you're ready to print, you can do that from
| | 00:22 | within a window like Create
Invoices or from the File menu.
| | 00:27 | You can also print packing slips to go
with invoices, or shipping labels for
| | 00:31 | any kind of form.
| | 00:33 | If you create a form like an
invoice, you can print it right away.
| | 00:36 | To see how this works, click Create
Invoices to open the Create Invoices window.
| | 00:43 | Display an existing invoice.
| | 00:46 | In the Create Invoices window toolbar,
click the icon that looks like a printer.
| | 00:52 | You might see a message
about printing shipping labels.
| | 00:55 | If you do, just click OK.
| | 00:57 | The Print One Invoice dialog box opens
with the print settings you've set up
| | 01:01 | for invoices.
| | 01:03 | If you want to change any of the
settings, go ahead and do that now.
| | 01:06 | You can pick a different printer or
change the type of paper you print to.
| | 01:10 | And if you want to print more than
one copy, type the number of copies in the box.
| | 01:15 | When you're ready to print, click Print.
| | 01:19 | QuickBooks saves the form before it prints.
| | 01:26 | If you print a form in the window you
opened to create the form, you can also
| | 01:30 | print a packing slip or
shipping label to go with it.
| | 01:34 | Actually, you can print packing slips
only from the Create Invoices window.
| | 01:39 | Click the down-arrow to the
right of the Printer icon.
| | 01:42 | Choose Print Packing Slip
or Print Shipping Label.
| | 01:48 | Click OK.
| | 01:49 | And then in the Print Packing Slip
dialog box, you can change settings as you do
| | 01:54 | with any other form, and when
you're ready to print, click Print.
| | 01:59 | To print a shipping label, you have
to have a shipping address on the form.
| | 02:04 | If you want to add a form to a queue to
print later, be sure to turn on the To
| | 02:09 | be printed checkbox.
| | 02:11 | The checkbox is usually right below
the left end of the form table.
| | 02:16 | When you add several forms to a queue,
you can print the batch with one command.
| | 02:21 | If a window like Create Invoices is open,
click the down arrow to the right of
| | 02:26 | the Printer icon, and choose Print Batch.
| | 02:30 | The Select Invoices to Print dialog box
opens, or the corresponding dialog box,
| | 02:35 | if you're printing a different form.
| | 02:36 | You can also open this
dialog box from the File menu.
| | 02:41 | On the File menu, point to Print
Forms and then choose the type of form you
| | 02:46 | want to print.
| | 02:49 | QuickBooks automatically
selects all the forms in the queue.
| | 02:52 | If you don't want to print one of
the forms, click its check mark cell to
| | 02:56 | turn the check mark off.
| | 02:58 | QuickBooks can print labels for the
forms you've selected, which is great
| | 03:02 | if you want labels to attach to envelops.
| | 03:05 | But you have to print the
labels before you print the forms.
| | 03:09 | So to print labels, select the
forms you want to print, and then click
| | 03:14 | Print Labels.
| | 03:16 | The Select Labels to Print dialog box opens.
| | 03:20 | You can choose whether to Sort by Name
or Zip Code, and Print Ship To addresses
| | 03:24 | if they are present.
| | 03:26 | When you're ready to print, click OK.
| | 03:27 | Whether you print labels or not, from
the Select Invoices to Print dialog box,
| | 03:33 | click OK to start printing the selected forms.
| | 03:38 | The Print Invoices dialog box opens.
Change the settings if you want or click
| | 03:43 | Print to start printing.
| | 03:52 | After the forms print, QuickBooks
displays the Print Invoices - Confirmation
| | 03:56 | dialog box, asking if the forms printed okay.
| | 04:00 | If any forms didn't print or didn't
print correctly, click the Reprint cell to
| | 04:06 | turn on the check mark.
| | 04:07 | If they were all bad, click Select All.
| | 04:12 | Click OK to either reprint or
simply close the dialog box.
| | 04:18 | After you print forms in a batch,
QuickBooks removes them from the queue.
| | 04:22 | If you want to reprint a single form,
just edit it and print it from within
| | 04:27 | its dialog box.
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| Emailing a sales form| 00:00 | QuickBooks can email forms for you
using Microsoft Outlook, Outlook Express
| | 00:05 | or Windows Mail.
| | 00:07 | QuickBooks opens email messages in
your email program and you can edit them
| | 00:11 | before you send them.
| | 00:13 | If you use an email program other than
these three, you can still email forms
| | 00:17 | with QuickBooks Email, a free service.
| | 00:21 | To email forms to your customers and
vendors, you have to add their email
| | 00:25 | addresses to their records in QuickBooks.
| | 00:27 | Otherwise, you'll waste time tying
in email addresses each time you send a message.
| | 00:33 | Just like printing, you can email one
form at a time or send them in batches.
| | 00:39 | To see how this works, click Create
Invoices to open the Create Invoices window
| | 00:45 | and display an existing invoice.
| | 00:47 | In the Create Invoices window toolbar,
click the down arrow to the right of the
| | 00:51 | envelope icon, which also
has a green right arrow.
| | 00:55 | If you use Outlook, Outlook Express
or Windows Mail, choose E-mail Invoice.
| | 01:02 | Your email program opens a new message
window with a standard message filled in
| | 01:07 | and the form attached to it.
| | 01:09 | You can change the email address,
the subject, or edit the content of the message.
| | 01:15 | Then send the message as
you would any other email.
| | 01:20 | If you want to use QuickBooks Email
service, on the dropdown menu choose
| | 01:25 | Mail Invoice.
| | 01:27 | You have to sign-up for this service.
| | 01:29 | All you have to do is register
your email address with QuickBooks.
| | 01:35 | To add a form to a queue to email
later, be sure to turn on the To be
| | 01:39 | e-mailed checkbox.
| | 01:40 | The checkbox is usually below
the left end of the form table.
| | 01:45 | When you add several forms to a queue,
you can email the batch with one command.
| | 01:50 | If a window like Create Invoices is open,
click the down-arrow to the right of
| | 01:54 | the email icon and choose Send Batch.
| | 01:58 | The Select Forms To Send dialog box opens.
| | 02:02 | You can also open this
dialog box from the File menu.
| | 02:08 | On the File menu, choose Send Forms.
| | 02:11 | QuickBooks automatically
selects all the forms in the queue.
| | 02:15 | If you don't want to email one of the
forms, click its checkmark cell to turn
| | 02:19 | the checkmark off, or click
Select All or Select None.
| | 02:25 | QuickBooks creates
standard messages for the emails.
| | 02:29 | The program attaches PDF files of
the forms to the emails it generates.
| | 02:34 | If you want to edit the message that
goes with the form, select the form in the
| | 02:38 | table, then click Edit E-mail.
| | 02:42 | Make the changes you want and click
OK to get back to the Select Forms To
| | 02:46 | Send dialog box.
| | 02:49 | You have to edit each email separately.
| | 02:52 | When you're ready to send
the emails, click Send Now.
| | 02:55 | Your email program takes care of
sending all the messages to the recipients.
| | 03:00 | That's all you have to do.
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9. Receiving PaymentsReceiving a payment| 00:00 | When you send customers' invoices
or statements, you receive their
| | 00:04 | payments some time later.
| | 00:06 | For these payments you use the
QuickBooks Receive Payments command, which can
| | 00:10 | handle full and partial payments.
| | 00:13 | As you learned in the video handling
a customer credit, it takes care of
| | 00:16 | applying credits and
discounts to a customers balance too.
| | 00:20 | On the homepage click Receive Payments.
| | 00:24 | Then in the Received From dropdown
list choose the customer who sent in
| | 00:28 | a payment.
| | 00:30 | In the Amount box type the amount you
received from the customer, say $2,400.
| | 00:37 | In the Date box choose the date you
received the payment, if it's different than
| | 00:40 | the date the QuickBooks fills in.
| | 00:43 | If you filled in a preferred Payment
Method in the customer's record, QuickBooks
| | 00:47 | automatically fills in the
payment method box for you.
| | 00:50 | Otherwise, you can choose how the customer paid.
| | 00:54 | If the customer paid by check, you can
type the check number in the Check# box.
| | 01:00 | As soon as you move away from the
Amount box, QuickBooks automatically selects
| | 01:04 | an invoice or more to apply the payment to.
| | 01:09 | If the payment matches the amount of
an invoice, QuickBooks chooses that
| | 01:13 | invoice, Number 11 in this example.
| | 01:16 | It turns on the checkmark
cells for the invoices it selects.
| | 01:21 | If the customer sends a different
amount, QuickBooks start selecting the
| | 01:24 | oldest invoices first.
| | 01:25 | For example, change the amount to 3,400.
| | 01:31 | In this example QuickBooks pays the
one invoice for 2,400 and applies the
| | 01:36 | remaining 1,000 to the more recent invoice.
| | 01:39 | You can choose the invoices that you
want to apply the payment to by turning
| | 01:43 | invoice checkmarks on or off.
| | 01:46 | You can also type the amount you
want to apply to an invoice in the Payment cell.
| | 01:51 | If the payment and the invoice amount
match, QuickBooks is happy and you can
| | 01:56 | record the payment by clicking Save & Close.
| | 01:58 | Let's say the payment is an odd amount
that doesn't exactly match the customer's
| | 02:03 | invoices, like the $3,400 entered here.
| | 02:06 | QuickBooks displays an
underpayment or overpayment message in the
| | 02:10 | Receive Payments window.
| | 02:12 | If it's an underpayment, you can select
Leave this as an underpayment, so that
| | 02:17 | the balance remains until the
customer sends another payment.
| | 02:20 | If you don't expect to see any more
money from this customer, you can select
| | 02:24 | Write off the extra amount.
| | 02:27 | You'll have to tell QuickBooks which
account to use for the bad debt you
| | 02:30 | are writing off.
| | 02:32 | When you are done choosing which
invoices the payment applies to, click Save &
| | 02:36 | Close to record the payment.
| | 02:40 | If you receive a payment from a
customer and have an invoice for them that you
| | 02:44 | haven't sent, you can add the
payment to the open invoice.
| | 02:49 | On the homepage click Create Invoices.
Select the open invoice, Number 12 in this example.
| | 02:57 | Click the Item cell in the first
blank line. Select a payment item.
| | 03:05 | If you don't have one, you can
choose Add New and create it right then
| | 03:08 | and there.
| | 03:09 | In the amount cell, type
the amount of the payment.
| | 03:13 | Whether you type a negative or
positive number, QuickBooks makes the number
| | 03:17 | negative, because the payment
reduces the invoice balance.
| | 03:22 | Be aware that this approach applies
the payment to that invoice even if the
| | 03:26 | payment was sent to pay a different invoice.
| | 03:28 | If you see a message about
recording the transaction click Yes.
| | 03:34 | When you record a payment that you
received, QuickBooks is set up initially to
| | 03:38 | put the money into an account called
Undeposited Funds, because the check is
| | 03:42 | still in your hand, not at the bank.
| | 03:45 | You'll learn how to record bank
deposits later in this chapter.
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| Assessing finance charges| 00:00 | Finance charges are additional charges
you add to what your customers owe when
| | 00:05 | they don't pay on time.
| | 00:06 | They are a small incentives to keep
your customers from falling behind
| | 00:10 | on payments.
| | 00:11 | You have to tell QuickBooks about your
finance charges, like the interest rate
| | 00:15 | you charge and when you want
finance charges to kick in.
| | 00:18 | But you can also tell QuickBooks to skip
finance charges on a customer's overdue
| | 00:23 | balance, if you decide to
give them a little more time.
| | 00:27 | Before you can add finance charges to
what your customers owe, you have to set
| | 00:31 | up QuickBooks finance charge preferences.
| | 00:34 | On the Edit menu choose Preferences.
| | 00:38 | Then in the Preferences window,
click Finance Charge and then click the
| | 00:43 | Company Preferences tab.
| | 00:45 | You have to have administrator
privileges to set up finance
| | 00:48 | charge preferences.
| | 00:50 | The preferences apply to
everyone who works in the company file.
| | 00:54 | In the Annual Interest Rate box,
type the interest rate for the entire year.
| | 00:59 | Many companies make the rate
quite high, 15%, 18% or more.
| | 01:05 | QuickBooks prorates the charges based
on the number of days that balance is overdue.
| | 01:10 | If you charge a minimum finance charge
regardless of the balance, to cover the
| | 01:15 | effort and cost of sending out
additional invoices, for example, type the
| | 01:19 | minimum amount in the
Minimum Finance Charge box.
| | 01:23 | The Grace Period box is for the number
of days you give a customer past a due
| | 01:27 | date before you consider a payment late.
| | 01:31 | In the Finance Charge Account
dropdown list, choose the account you use to
| | 01:36 | track finance charges.
| | 01:38 | You can create an income account
specifically for our finance charges.
| | 01:42 | QuickBooks leaves the Assess finance
charge on overdue finance charges check
| | 01:47 | box turned off.
| | 01:49 | That's because it's illegal in
some places to add finance charges to
| | 01:53 | late finance charges.
| | 01:54 | So be sure to check your local
regulations before you turn this check box on.
| | 02:00 | QuickBooks selects the
Calculate charges from due date option.
| | 02:05 | This is more common and starts charging
finance charges only from the due date on,
| | 02:10 | when a balance is actually late.
| | 02:13 | To be tougher on your customers,
you can select invoice/billed date.
| | 02:17 | Finance charges won't kick
in until a balance is overdue.
| | 02:22 | However, with this option QuickBooks
calculates the finance charges from the
| | 02:26 | invoice day, which could be
many days earlier than the due day.
| | 02:30 | To tell QuickBooks to add finance
charge invoices to a print queue, turn on the
| | 02:36 | Mark finance charge
invoices "To be printed" check box.
| | 02:40 | After you've set your finance charge
preferences, click OK to close the dialog box.
| | 02:45 | To assess finance charges on the
homepage click Finance Charges.
| | 02:50 | You can also assess finance charges
while you're preparing statements, by
| | 02:55 | clicking Assess Finance Charges
in the Create Statements window.
| | 03:00 | In the Assessment Date box choose the
day when you plan to send statements or
| | 03:05 | finance charge invoices.
| | 03:06 | For example if you generate
statements for the end of the month choose the
| | 03:11 | last day of the month.
| | 03:15 | QuickBooks selects all the overdue
balances as of that assessment date.
| | 03:20 | To skip finance charges for a
customer, turn off the check mark cell for
| | 03:24 | their balance.
| | 03:25 | For example you might skip finance
charges if a customer has a credit that you
| | 03:30 | haven't yet applied to the balance.
| | 03:33 | You can click Mark All or Unmark All
to turn all overdue balances on or off.
| | 03:42 | To add the finance charge invoices
to a queue to print, turn on the Mark
| | 03:46 | Invoices "To be printed" check box.
| | 03:49 | Then when you're ready to create
the finance charge invoices, click
| | 03:53 | Assess Charges.
| | 03:57 | After you create finance charge invoices,
you can send them to your customers on
| | 04:01 | their own or bundled with other
invoices or you can add them to a statement,
| | 04:06 | as you learned in the chapter Invoicing.
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| Creating a sales receipt for a cash sale| 00:00 | When a customer comes into your store
or office and pays for a purchase right away,
| | 00:05 | that's called a cash sale,
| | 00:07 | although the customer might pay
with cash, check or credit card.
| | 00:11 | You create a sales receipt in
QuickBooks to record the purchase.
| | 00:15 | Because you receive a payment in a
sales transaction like this, a sales
| | 00:19 | receipt in QuickBooks takes care of
recording what the customer bought and the
| | 00:23 | payment you received.
| | 00:25 | In reality, you might write out a
paper sales receipt to give to the customer
| | 00:29 | and record sales receipts in
QuickBooks later on,when you have more time.
| | 00:34 | If you do lots of cash sales with
lots of people, you don't have to create
| | 00:38 | separate sales receipt
for each sale in QuickBooks.
| | 00:40 | You can create a single cash sale for a
day's business that summarizes what you
| | 00:45 | sold and how much money you brought in.
| | 00:48 | To create a sales receipt, on the
homepage click Create Sales Receipts.
| | 00:53 | In the Customer Job dropdown list,
choose the customer who made a cash sale.
| | 00:59 | If you want to record a summary
sales receipt for a day, you can create a
| | 01:03 | customer called something like
Cash Sales and choose that customer.
| | 01:08 | In the Date box, choose the date for
the sale if it's different than the date
| | 01:12 | that QuickBooks fills in.
| | 01:14 | if you filled in a preferred payment
method in the customer's record, QuickBooks
| | 01:18 | fills in the Payment Method box for you.
| | 01:21 | Otherwise select how the customer paid.
| | 01:24 | Add the items the customer purchased
in the item table just as you do for
| | 01:29 | an invoice.
| | 01:32 | QuickBooks fills in the description and
the rate or cost from the item record.
| | 01:36 | QuickBooks also calculates the total
for the quantity you added and puts that
| | 01:40 | amount in the Amount cell.
| | 01:42 | QuickBooks fills in the Tax cell with
the tax code you assigned to the item.
| | 01:48 | As you can with an invoice, you can add
a message to your customer by choosing
| | 01:51 | one from the dropdown list.
| | 01:54 | QuickBooks automatically fills in the
Tax box with the Sales Tax item from
| | 01:57 | the customer's record.
| | 02:00 | If you want to add the sales receipt
to a queue to be printed, or send via
| | 02:04 | email, turn on the To be printed
check box or the To be e-mailed check box.
| | 02:10 | You can also type a memo
to yourself in the Memo box.
| | 02:14 | This text doesn't appear on the sales
receipt that you send to the customer.
| | 02:19 | When you are done entering the sales
receipt, click Save & Close to save the
| | 02:22 | receipt and close the dialog box.
| | 02:26 | QuickBooks initially records the
money for the sale into an account called
| | 02:30 | Un-deposited Funds because the
cash or check isn't in the bank yet.
| | 02:34 | You'll learn how to record bank
deposits later in this chapter.
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| Depositing payments| 00:00 | Whether your customers pay at the time
of purchase or send in a payment later,
| | 00:04 | you have to record the deposit in
QuickBooks and deposit the money in the bank.
| | 00:09 | Initially, QuickBooks is set up to
store payments you receive in a QuickBooks
| | 00:14 | account called un-deposited funds,
because that's what they are.
| | 00:18 | Payments you haven't deposited yet.
| | 00:20 | The final step in QuickBooks is making deposits.
| | 00:23 | Although you might think that you want
to deposit all your payments at the same time,
| | 00:28 | you can choose which
payments you want to deposit.
| | 00:31 | For example, you can deposit checks
and cash in your checking account, while
| | 00:35 | credit card payments get deposited
to your merchant credit card account.
| | 00:39 | On the homepage, click Record
Deposits, which is in the Banking section.
| | 00:45 | QuickBooks opens both the Make
Deposits window and the Payments to
| | 00:49 | Deposit window.
| | 00:50 | Your first stop though is Payments to Deposit.
| | 00:54 | If you stash all your money in your
checking account, leave All type selected in
| | 00:59 | the View payment method type box.
| | 01:01 | To filter the deposits by payment method,
choose the type you want to deposit.
| | 01:06 | To select all the payments, click Select All.
| | 01:09 | You can turn payments on and off by
clicking a payment's check mark cell.
| | 01:14 | For example, if a customer send a check,
but asked that you hold onto it for a
| | 01:20 | couple of days, you can
turn off the check mark cell.
| | 01:23 | Another reason to choose Payments to
Deposit is to match the way your bank shows
| | 01:29 | the deposits you make.
| | 01:30 | For example, if your bank shows each
check you deposit separately, select one
| | 01:36 | check at a time and save the deposit.
| | 01:39 | But if your bank totals all the
checks in one deposit, select them all and
| | 01:44 | then save the deposit.
| | 01:45 | Click OK to move the selected
payments over to the Make Deposits window.
| | 01:51 | QuickBooks automatically fills in
all the fields for the payments you
| | 01:55 | selected to deposit.
| | 01:57 | Who you received a payment from, the
account, the amount, the check number
| | 02:04 | and the payment method.
| | 02:05 | In the Deposit To dropdown list,
choose the account for the deposits.
| | 02:13 | In the Date box, choose the date for the
deposit if it's different than the date
| | 02:18 | that QuickBooks fills in.
| | 02:21 | If you receive payments other than the
ones from your customers, a refund check
| | 02:25 | or claim payment from insurance
policy, you can add them to the table.
| | 02:30 | In a blank Received From cell,
choose who sent you the payment.
| | 02:36 | In the From Account, choose the
account you want to use to track the money.
| | 02:40 | If you got a refund check for
office supplies, choose your office
| | 02:44 | supplies expense account.
| | 02:47 | Fill in the payment method, check
number if you have one, and the amount.
| | 02:56 | Below the table is a Cash back goes to box.
| | 03:00 | If you take some money out of the
deposit, for example for petty cash, choose
| | 03:05 | the account for that money.
| | 03:06 | Fill in a memo and the amount.
| | 03:10 | When you are done setting up the
deposits, click Save & Close to save the
| | 03:14 | deposit and close the dialog box.
| | 03:18 | When you make a deposit, QuickBooks
moves the money from the undeposited funds
| | 03:22 | account to your bank account.
| | 03:24 | Now, all you have to do is deposit the
money in your real-world bank account
| | 03:29 | and you are done.
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10. Reconciling a Bank AccountPreparing to reconcile a bank account| 00:00 | Reconciling a paper check register to
a bank statement can be troublesome.
| | 00:05 | Reconciling in QuickBooks is much
easier as long as you remember to record all
| | 00:09 | your transactions in QuickBooks
and you get all the numbers right.
| | 00:13 | So before you start reconciling a
bank account in QuickBooks, you can
| | 00:16 | save yourself potential time and
aggravation by making sure you're ready to reconcile.
| | 00:22 | The first time you reconcile you do
you have a few extra steps to prepare.
| | 00:27 | You can add transactions during
reconciliation, but it's much simpler to record
| | 00:32 | all your transactions
before you start to reconcile.
| | 00:35 | Record all the bills
you've paid with the account.
| | 00:38 | For example, if you wrote a check to
pay a bill, but forgot to record the bill
| | 00:43 | payment in QuickBooks,
record other checks you wrote.
| | 00:48 | If you wrote checks for expenses without
entering a bill, make sure those checks
| | 00:52 | are recorded in QuickBooks too.
| | 00:55 | Record any transfers either
into or out of the account.
| | 01:00 | Don't forget to record the
deposits into the account.
| | 01:05 | The first time you reconcile,
you have to catch QuickBooks up with where
| | 01:08 | your bank account is.
| | 01:11 | If you finish your first reconciliation
and the amounts don't match, QuickBooks
| | 01:15 | can add a transaction to adjust your
account's opening balance to match the
| | 01:19 | opening balance on your bank statement.
| | 01:22 | This solution is easy.
| | 01:24 | QuickBooks puts the dollar amount
of the adjustment in your opening
| | 01:27 | balance equity account.
| | 01:29 | If your accountant wants that money in
a different account, you can create a
| | 01:33 | journal entry to move the money to
the account your accountant requests.
| | 01:38 | You'll learn how to create journal entries
in the chapter Working with Journal Entries.
| | 01:42 | Once you do this prep work and
have all your transactions recorded in
| | 01:46 | QuickBooks, you'll be able to
reconcile your account in no time.
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| Reconciling transactions to your bank statement| 00:00 | Reconciling a QuickBooks bank account
to a bank statement is often as simple as
| | 00:04 | telling QuickBooks what your bank
account's starting and ending balances are,
| | 00:09 | and then turning on a few checkmarks in
the QuickBooks Reconciliation windows.
| | 00:14 | When the cleared balance in
QuickBooks matches the numbers on your bank
| | 00:17 | statement, you are done.
| | 00:18 | That is until the next bank statement comes in.
| | 00:22 | To start reconciling your bank
account, on the homepage click Reconcile.
| | 00:28 | QuickBooks opens the Begin
Reconciliation dialog box.
| | 00:31 | This is where you tell QuickBooks
about the bank statement you are
| | 00:34 | reconciling against.
| | 00:36 | In the Account dropdown list,
choose the account you want to reconcile.
| | 00:41 | In the Statement Date box, choose the
statement date from your bank statement.
| | 00:47 | QuickBooks shows the beginning balance
from the last reconciliation you did,
| | 00:52 | which should be the same as the
beginning balance on your bank statement.
| | 00:56 | If this is your first reconciliation,
the value might be 0 or the opening
| | 01:01 | balance for your account in QuickBooks.
| | 01:03 | In the Ending Balance box, type the
ending balance from your bank statement.
| | 01:08 | In this example, it's $9951.69.
| | 01:14 | If you bank has added a service charge,
you can record that in this window.
| | 01:19 | In the Service Charge box, type the
amount, choose the date that the bank levied
| | 01:23 | the charge, and choose the account for
the charge, such as Bank Service Charges.
| | 01:30 | If your account pays interest, you can
record the interest payment the same way.
| | 01:34 | When you are ready to reconcile, click Continue.
| | 01:38 | The Reconcile window that opens lists
checks and other payments you made on the
| | 01:43 | left side of the window.
| | 01:45 | Deposits and other credits are
on the right side of the window.
| | 01:49 | As you reconcile transactions on your
bank statement to the ones in QuickBooks,
| | 01:53 | you turn on the
QuickBooks' transaction checkmarks.
| | 01:56 | You can click a single checkmark, but
you can also drag down the checkmark cells
| | 02:02 | to select transactions one after the other.
| | 02:06 | QuickBooks shows the totals
for the items you cleared.
| | 02:10 | On the right side of the window,
QuickBooks shows the ending balance you typed
| | 02:14 | for your bank statement.
| | 02:16 | The cleared balance is the balance in
QuickBooks based on all the transactions
| | 02:20 | you cleared during the reconciliation.
| | 02:23 | If the two don't match, the difference
value will not be 0. But if it is 0, as
| | 02:30 | you see here, you are done.
| | 02:32 | Click Reconcile Now.
| | 02:36 | The Select Reconciliation
Report dialog box appears.
| | 02:40 | You can display reports, print them,
or just to continue, click Close.
| | 02:46 | QuickBooks adds a clear checkmark to the
reconciled transactions in your account register.
| | 02:52 | To see them, click Chart of Accounts,
and then open the check register for
| | 02:58 | your checking account.
| | 03:00 | These checkmarks show that
the transactions are reconciled.
| | 03:04 | Remember, the next time you
reconcile the account, QuickBooks uses the
| | 03:08 | ending balance from the last reconciliation
as the starting balance for the current one.
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| Correcting discrepancies| 00:00 | If your QuickBooks account and bank
statement aren't playing well together,
| | 00:04 | the problem could be
transactions that you forgot to record.
| | 00:08 | In that case, it's easy to add those
transactions during reconciliation.
| | 00:13 | On the other hand, if the cleared
balance and QuickBooks refuses to match the
| | 00:17 | ending balance on your bank statement,
you might have recorded a transaction
| | 00:21 | incorrectly, or your bank
could have made a mistake.
| | 00:26 | You have to track down those
discrepancies and correct them in QuickBooks or
| | 00:30 | work with your bank.
| | 00:32 | On the right side of the Reconcile
window, QuickBooks shows the ending balance
| | 00:37 | you type for your bank
statement, $9760.99 in this example.
| | 00:44 | The cleared balance is the balance in
QuickBooks based on all the transactions
| | 00:48 | you cleared during the reconciliation.
| | 00:51 | If the two don't match, the difference value
will not be zero, like the number shown here.
| | 00:57 | If you forgot to record some
transactions that you need to reconcile, you can do
| | 01:01 | that in one of two ways.
| | 01:03 | If you can see your bank account
register at the same time as the Reconcile
| | 01:07 | dialog box, you can switch to the
Register window and add your transactions
| | 01:11 | there without leaving the reconciliation.
| | 01:14 | For example, say you took out
$100 for the petty cash account.
| | 01:18 | On the Banking menu, choose Transfer
Funds and record the $100 transfer.
| | 01:23 | I have just filled out the
transfer for $100 to petty cash.
| | 01:31 | When you go back to the Reconcile window,
the $100 ATM withdrawal is there. Select it.
| | 01:38 | QuickBooks turns on the
checkmark cell to show it is cleared.
| | 01:41 | The other way to record
forgotten transactions is to click Leave.
| | 01:46 | Record the transactions you forgot,
then on the homepage click Reconcile.
| | 01:52 | In the Begin Reconciliation
dialog box, click Continue.
| | 01:57 | You can select the new transactions
and go on with your reconciliation.
| | 02:02 | Another mistake to look for is
transactions that you cleared or uncleared by mistake.
| | 02:07 | For example, this reconciliation
has an end date of 01/31/2010 but the
| | 02:14 | transaction on February 2nd is cleared.
| | 02:17 | Click the checkmark cell to
toggle the checkmark off in this case.
| | 02:22 | When the checkmark is on,
you have cleared the transaction
| | 02:25 | during reconciliation.
| | 02:28 | When it's off, the transaction is
not included in the reconciliation.
| | 02:32 | If the difference still isn't
zero, another culprit could be
| | 02:36 | duplicate transactions.
| | 02:38 | For example, you might pay a bill for
an expense but also write a check for the
| | 02:43 | same expense, or if you use online
banking, you might download a transaction and
| | 02:49 | not match it to the one you already recorded.
| | 02:52 | If you find a duplicate, you can go
back to your bank account and void the
| | 02:56 | duplicate transaction.
| | 02:58 | For example, there are two payments
to Speedy Messenger Service for $52.50.
| | 03:04 | One has a check number and one doesn't.
| | 03:07 | Turn off the checkmark for
the one without a check number.
| | 03:11 | Then back in the checking account
register, you can void the transaction.
| | 03:17 | To do that, right-click the
transaction and choose Void Check.
| | 03:23 | Click Record to complete the void transaction.
| | 03:30 | Back in the Reconcile window,
there is one last problem.
| | 03:34 | The difference is $1,000.
| | 03:37 | If you record deposit as a payment or
vice-versa, you end up with a difference
| | 03:42 | that is twice the amount of the transaction.
| | 03:45 | For example, if you record a payment of
$500, you reduce the balance by $500 but
| | 03:52 | you meant to record a deposit of $500,
which increases the balances by $500.
| | 03:59 | That's why the difference in the
balance is $1,000, twice the transaction value.
| | 04:04 | Check 107 to insurance is for $500.
| | 04:09 | It turns out that was supposed
to be a deposit of a claim check.
| | 04:13 | Go to the checking
register and void the payment.
| | 04:21 | Click Record to complete the void.
| | 04:27 | Now you can record the
deposit of the claim check.
| | 04:35 | Back in the Reconcile
window, select the deposit.
| | 04:39 | Finally, the difference is zero.
| | 04:42 | You can click Reconcile Now.
| | 04:45 | Once again you can display reconciliation
report, print them or just close the dialog box.
| | 04:51 | There is one other source of discrepancy.
| | 04:54 | You might have transposed numbers
when you recorded a transaction.
| | 04:57 | For example, say you type
$12.34 but meant to type $21.34.
| | 05:07 | If you clear the transaction,
it's hard to spot this kind of mistake.
| | 05:12 | If you looked for all the other issues
and still have a discrepancy, compare the
| | 05:16 | numbers in QuickBooks very carefully
with the numbers on your bank statement.
| | 05:21 | When you finish the reconciliation,
all the reconciled transactions in your
| | 05:25 | check register have checkmarks in the
checkmark column, which is the Cleared
| | 05:29 | Status column, and you are all
ready to go on keeping your books.
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11. Running ReportsUsing the Report Center to find reports| 00:00 | After you record financial transactions,
you run reports to see how your company
| | 00:05 | is doing to work on making it better or
because you need reports to send to the
| | 00:10 | IRS, shareholders, or anybody else.
| | 00:13 | QuickBooks comes with a lot of built in
reports and if you are really energetic,
| | 00:17 | you can create more of your own.
| | 00:19 | Either way, the QuickBooks Report
Center offers several features that help you
| | 00:23 | find the reports you want.
| | 00:26 | To open the Report Center, on the
Reports menu, choose Report Center.
| | 00:32 | The Report Center has
three ways to display reports.
| | 00:35 | The one that QuickBooks starts
with out of the box is carousel view.
| | 00:40 | A sample report, not one that uses your
data, appears in the center of the window.
| | 00:47 | The report title is in big letters with
the question the report answers just below.
| | 00:53 | Other reports in the category are
waiting on either side so you can look at
| | 00:57 | another report by clicking
one of these angled samples.
| | 01:02 | You can change the date for the
report by choosing a date range along the
| | 01:06 | bottom of the window.
| | 01:09 | The List view is a fast and concise
way to find a report, click the List View
| | 01:15 | icon, which is three horizontal bars.
| | 01:19 | You don't see a thumbnail but you can
see a lot more of the available reports.
| | 01:24 | Each report has a title,
and the question it answers.
| | 01:29 | You can choose the date range for the
report such as this fiscal year to date.
| | 01:35 | To see a sample, click the icon that
looks like a report with a magnifying glass.
| | 01:39 | To run the report, click
the Display Report icon.
| | 01:44 | To view the reports in a specific
report category, click the category on the
| | 01:49 | left side of the window.
| | 01:51 | You can also scroll on the window
to see reports category-by-category.
| | 01:58 | If you run the same report again and again,
you can make it one of your favorites.
| | 02:04 | Click the star next to the
report name, which turns it yellow.
| | 02:08 | In the grid view and carousel view,
the star is below the thumbnail.
| | 02:13 | Along the top of the Report Center window
are tabs for finding reports more quickly.
| | 02:17 | For example, if you mark some
reports as favorites, you can see all your
| | 02:22 | favorites by clicking the Favorites tab.
Or to rerun a report you used recently,
| | 02:27 | click the Recent tab.
| | 02:29 | If you memorized reports to save them
after you have modified or customized them,
| | 02:34 | click the Memorized tab.
| | 02:36 | If you don't know which report you need,
in the search box, type one or more keywords.
| | 02:42 | In this case, I will type
receivables and click the Search button.
| | 02:48 | QuickBooks lists reports that have
something to do with the keyword you type.
| | 02:53 | After you find the report you want,
you can tweak it to show exactly what you want,
| | 02:57 | as you will learn later in this chapter.
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| Running a report| 00:00 | Running a report is easy.
| | 00:02 | QuickBooks has ways to run reports in
dozens of places within the program.
| | 00:06 | You can run reports from the Report
Center, the Reports menu, the icon bar,
| | 00:11 | the Customer Center and other
centers and many more places besides.
| | 00:16 | But the Report Center and the Reports
menu are the two places where you can find
| | 00:20 | all the reports that QuickBooks offers.
| | 00:23 | Then once you run a report, chances
are you want to modify it in some way,
| | 00:28 | a different date range, or to show the
results for specific customers for example.
| | 00:33 | You can run reports from the
Report Center or from the Reports menu.
| | 00:38 | On the Reports menu, point to the
category that the report is in, such as
| | 00:43 | Company & Financial.
| | 00:45 | Then choose the report you want,
Profit & Loss Standard for example.
| | 00:53 | To run reports from the Report Center,
on the Reports menu, choose Report Center.
| | 01:00 | No matter which view you use in the
Report Center, the icon for running
| | 01:04 | the report is the same.
| | 01:06 | It looks like a piece of paper with text on it.
| | 01:09 | The tooltip says Display Report.
| | 01:14 | If you want to set a Date Range
choose it in the dropdown list.
| | 01:21 | Then click the Display Report icon and
QuickBooks opens a window for the report.
| | 01:28 | The toolbar in the Report window has
a few tools for tweaking the report.
| | 01:32 | If the date range still isn't what you
want, you can choose a new date range in
| | 01:36 | the dropdown list or you can
type dates in the From and To boxes.
| | 01:42 | For some reports you can
adjust the columns that you see.
| | 01:44 | For example, in the Profit & Loss
report you can switch to showing values for
| | 01:49 | each fiscal quarter.
| | 01:53 | If I change this report to This
Fiscal Year, you'll see columns for each
| | 01:58 | quarter of the year.
| | 02:00 | To make more in-depth
changes, click Modify Report.
| | 02:04 | In the Modify Report window, you
can change what you see in the report,
| | 02:09 | filter it to show exactly what you want,
change the information that appears in
| | 02:14 | the header and footer or
format the text and numbers.
| | 02:18 | When the report is the way you want,
you can memorize it so you can run
| | 02:22 | it again and again.
| | 02:24 | In the Report window toolbar, click Memorize.
| | 02:29 | Type a name for the report that identifies
what it does, like Profit & Loss This Year.
| | 02:37 | Click OK to memorize the report.
| | 02:41 | After you memorize a report, it shows up in
the Report Center and on the Reports menu.
| | 02:46 | On the Reports menu, choose Memorized Reports.
| | 02:50 | If the report is in a
group, point to that group.
| | 02:54 | Otherwise, it's right on
the Memorized Reports sub-menu.
| | 02:59 | In the Report Center, click the Memorized tab.
| | 03:03 | Click the group you added the report to,
but if it isn't in a group, click the
| | 03:08 | Uncategorized group.
| | 03:10 | There is one more slick trick
for making a report easy to get to.
| | 03:16 | While the Report window is open, on the View
menu, choose Add (report name) to Icon Bar.
| | 03:27 | Then the icon bar has an icon for that
report always ready for you to click.
| | 03:33 | Memorizing reports makes it easy to rerun a
report that is set up exactly the way you want.
| | 03:39 | If you decide to change the report later on,
you can always make the changes and
| | 03:43 | re-memorize the report.
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| Printing or saving a report| 00:00 | Looking at a report in QuickBooks is
great, but often you also need a hard copy
| | 00:05 | of the report to pass out at a
meeting or to include with your tax return.
| | 00:09 | At other times you need a copy of
the report as a file on your computer.
| | 00:14 | Perhaps the budget report in an Excel
file so you can what-if games with your
| | 00:18 | budget for next year or a PDF
copy to send to your accountant.
| | 00:23 | In QuickBooks, you can print a report,
save it as a file, or export it to a file
| | 00:29 | format right from within the Report window.
| | 00:32 | On the Reports menu, point to the
category that the report is in, such as
| | 00:36 | Company & Financial, and then
choose the report you want, Profit & Loss
| | 00:41 | Standard for example.
| | 00:44 | Choose a date range for the report.
| | 00:47 | To print a report, in the
Report window toolbar click Print.
| | 00:53 | The Print Reports dialog box opens.
| | 00:56 | QuickBooks automatically
selects the Printer option.
| | 00:59 | So to print the report, just
leave that option selected.
| | 01:03 | If you want to print to a different
printer, choose it in the dropdown list.
| | 01:08 | Similar to printing in other programs,
you can choose whether to use Portrait or
| | 01:12 | Landscape Orientation.
| | 01:15 | You can choose the pages to
print and the number of copies.
| | 01:19 | Turn on the Page break after each
major grouping, if you want to split the
| | 01:23 | report when it gets to a major heading.
| | 01:26 | For example, like assets or
liabilities in a balance sheet report.
| | 01:31 | When you're ready, click
Print to print the report.
| | 01:36 | To save the report as a PDF file,
on the File menu, choose Save As PDF.
| | 01:43 | The Save document as PDF dialog box
opens, so you can name the file and choose
| | 01:49 | the folder to save it in. Then click Save.
| | 01:54 | To save the report to a spreadsheet,
in the Report toolbar click Export.
| | 02:00 | The Export Report dialog box opens.
| | 02:03 | If you want to create a new Excel
workbook, you can leave the new Excel workbook
| | 02:09 | option selected. Just click Export.
| | 02:13 | To add the report to an existing file,
select an existing Excel workbook option.
| | 02:19 | You can choose a workbook that you
want to put the report in and you can even
| | 02:23 | export the report to an existing
worksheet within that Excel file.
| | 02:27 | Whether you create a new workbook or
use an existing one, the Advanced tab has
| | 02:34 | lots of check boxes and options, but in most
cases QuickBooks sets these the way you want.
| | 02:39 | So when you're ready, click Export.
| | 02:46 | Excel starts up and displays the report.
| | 02:50 | You can work on it in Excel as much as
you want and save it when you're ready,
| | 02:54 | as you would in any other Excel workbook.
| | 02:56 | Whether you save a report as a file or a
PDF, you can also print that file using
| | 03:02 | the Print function within
your computer's operating system.
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12. Working with Journal EntriesWhy use journal entries?| 00:00 | For many kinds of transactions,
QuickBooks takes care of moving money from
| | 00:04 | account to account in your Chart of Accounts.
| | 00:07 | When you write a check, the program
moves money from your QuickBooks bank
| | 00:10 | account to the expense account you give it.
| | 00:13 | But there are other times that you have to
take over and move money between accounts.
| | 00:18 | Recording depreciation, owner
contributions or correcting the accounts you
| | 00:22 | assigned originally are all examples.
| | 00:25 | To accomplish these kinds of movements,
you use something called the journal entry.
| | 00:30 | The name comes from the old paper-
based accounting days when accountants
| | 00:33 | recorded transactions in a paper journal.
| | 00:37 | For example, if you decide that you
need more income accounts than the one
| | 00:41 | called sales, you might want to re-
categorize income in the sales account to the
| | 00:46 | new income accounts you create.
| | 00:49 | To make this happen, you have to
credit one account and debit another and
| | 00:53 | that's exactly what journal entries do.
| | 00:55 | In the Company menu, choose
Make General Journal Entries.
| | 01:01 | Let's look at journal entry 1.
| | 01:03 | Here is an example of moving dollars
from one income account to another.
| | 01:08 | For income accounts, a debit decreases the
balance and a credit increases the balance.
| | 01:15 | So you want to debit the current
account to reduce its balance and credit the
| | 01:21 | new account to increase its balance.
| | 01:24 | In this case, I've re-categorized
income from sales to Construction Services.
| | 01:30 | The Make General Journal Entries
window has a column for account and columns
| | 01:35 | for debits and credits.
| | 01:37 | All you have to do is choose the account
and then put the amount of money in the
| | 01:41 | debit or credit cell.
| | 01:43 | If you move money between several
accounts, you have to make sure that the total
| | 01:47 | in the debit column is equal to
the total in the credit column.
| | 01:51 | You have to add that up for yourself because
QuickBooks Pro and Premier don't do it for you.
| | 01:57 | Depreciation is another
common use of journal entries.
| | 02:02 | The value of assets you use in
your business decrease over time.
| | 02:06 | To reflect this decrease, you decrease
the value in the asset account and assign
| | 02:11 | the money as an expense.
| | 02:13 | Journal entry 2 shows how to do this.
| | 02:17 | The decrease in asset value is a debit to
the Furniture and Equipment asset account.
| | 02:23 | The Depreciation Expense is a credit
to the depreciation expense account.
| | 02:28 | If you have a home office, you can
record money you spend on home office
| | 02:32 | expenses as contributions
of money to your company.
| | 02:37 | This journal entry shows how to do this.
| | 02:39 | The increase in the equity in the
company is a credit to the Owner's
| | 02:43 | Contribution equity account.
| | 02:46 | The expenses are debits to the
appropriate expense accounts, Utilities and
| | 02:51 | Repairs and Maintenance in this example.
| | 02:54 | After you fill in the journal entry and
save it, QuickBooks shuffles the money
| | 03:00 | around to the correct accounts for you.
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| Creating a general journal entry| 00:00 | Now that you've seen some examples of
journal entries, the steps for creating a
| | 00:04 | journal entry are easy.
| | 00:06 | The challenge initially is putting the
numbers in the debit and credit columns correctly.
| | 00:11 | You can also use journal entries to record
transactions that are billable to customers.
| | 00:16 | To create a general journal entry,
on the Company menu choose Make
| | 00:21 | General Journal Entries.
| | 00:24 | In the Date box, choose the
date for the journal entry.
| | 00:27 | For example, if you want to record end
of year entries choose December 31st.
| | 00:34 | QuickBooks automatically numbers
journal entries by incrementing the last
| | 00:38 | one you've created.
| | 00:39 | If you want to differentiate journal
entries, you can type a prefix like your
| | 00:44 | initials and then the number, so you can
see which entries you make versus those
| | 00:49 | from your accountant.
| | 00:51 | In the first Account cell
choose one of the accounts.
| | 00:55 | To recategorize expenses choose the
Utilities account in this example.
| | 01:01 | To decrease the dollars in the Utilities
account type the dollar value in the credit cell.
| | 01:07 | In the Memo cell type the
purpose of the journal entry.
| | 01:11 | Recategorize expenses in this example.
| | 01:15 | In the next row choose the other
account. Telephone Expense in this example.
| | 01:23 | QuickBooks automatically fills in the Debit
cell with the amount you've typed in the first row.
| | 01:29 | To record an expense that's billable
to a customer choose the customer in the
| | 01:34 | Name cell and be sure to
turn on the Billable cell.
| | 01:38 | If your journal entry uses
only two accounts, you're done.
| | 01:42 | You can click Save & Close
to save the journal entry.
| | 01:47 | If you have trouble remembering
debits and credits, but you already have a
| | 01:51 | journal entry that does what
you want, you can memorize it.
| | 01:55 | Open the Make General Journal Entries
window and click Next or Previous until
| | 02:00 | you see the journal entry you want to copy.
| | 02:04 | On the Edit menu choose Memorize
General Journal, name the entry.
| | 02:11 | Owners Contribution in this example.
| | 02:15 | If you don't want to be reminded, select the
Don't Remind Me option and simply click OK.
| | 02:22 | To use this entry, on the List menu
choose Memorized Transaction List.
| | 02:31 | Select the entry and click Enter Transaction.
| | 02:35 | QuickBooks automatically sets the
date to today's date and increments the
| | 02:40 | entry number for you.
| | 02:42 | Change the date and the
entry number if you want.
| | 02:46 | Then go in and change any values that
you need to change and click Save & Close
| | 02:52 | to save the new entry.
| | 02:55 | Remember, if you don't find a
QuickBooks command for the transaction you want
| | 02:59 | to record, you can always use a journal
entry to move money around between accounts.
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13. Managing Your Company FileCreating a new user| 00:00 | When you have several people working on
your company file, you want to be able
| | 00:04 | to tell which user does what in your books.
| | 00:07 | That makes it easier to spot someone
playing games with your company finances or
| | 00:12 | a user who needs some
additional training on QuickBooks.
| | 00:16 | You can also restrict what different
users can do, so you can give some people
| | 00:20 | access to almost every QuickBooks
feature, while limiting data entry people to
| | 00:25 | writing checks or recording
invoices and other sales transactions.
| | 00:29 | To create a new user on the Company
menu, point to Set Up Users and Passwords
| | 00:36 | and then choose Set Up Users.
| | 00:39 | If the QuickBooks Log In dialog
box opens, type your password.
| | 00:44 | That's an extra precaution to prevent
someone from creating users in your company file.
| | 00:49 | It appears if you haven't logged in recently.
| | 00:53 | The User List dialog box shows
all the users that currently exist.
| | 00:58 | The user that's logged in to this session
has the words "logged on" after the user name.
| | 01:04 | To create a new user click Add User.
| | 01:07 | The Set up user password and access
dialog box opens, on the first screen,
| | 01:14 | fill in the username and password
for the new user. Be sure to type the
| | 01:21 | password in the Confirm Password box.
Don't copy and paste the password from
| | 01:26 | one box to the other or you might copy
a typo. Click Next to start setting the
| | 01:32 | user's permissions.
| | 01:34 | To set this user up as an all-powerful
administrator level user, select the All
| | 01:40 | areas of QuickBooks option. Remember
the administrator user can do anything in
| | 01:45 | the company file, so you don't
want to give this to just anyone.
| | 01:49 | To set up a user with some
privileges, keep the Selected areas of
| | 01:54 | QuickBooks option selected.
| | 01:56 | The External Accountant user is
especially user you can create so your accountant
| | 02:01 | can log into your company file and get
to absolutely everything except sensitive
| | 02:06 | customer information.
| | 02:08 | To set the specific areas click Next.
| | 02:11 | The Sales and Accounts Receivable
permission covers things like invoices,
| | 02:17 | sales-receipts and receiving payments.
| | 02:20 | You can give someone No Access at all,
Full Access or limit them to creating
| | 02:27 | transactions, creating and printing
transactions, or creating transactions and reports.
| | 02:34 | A checkbox lets you give the user
permission to see a customer's full credit
| | 02:38 | card number. Click Next
to move to the next area.
| | 02:43 | Purchases and Accounts Payable
relates to bills, credit card charges and
| | 02:47 | purchase orders. Checking in credit
cards lets the user work with banking tasks
| | 02:53 | like writing checks, making
deposits, and recording credit card charges.
| | 02:59 | Inventory lets the user do things like
enter purchase orders, receive items, and
| | 03:03 | adjust the quantity or value of inventory.
| | 03:07 | Time Tracking relates to entering time
or importing and exporting time data.
| | 03:13 | Payroll and Employees covers creating
paychecks, printing payroll tax forms, and
| | 03:18 | paying payroll taxes.
| | 03:21 | Sensitive Accounting Activities
includes making journal entries and
| | 03:25 | performing online banking.
| | 03:28 | Sensitive Financial Reporting gives
someone access to all QuickBooks reports.
| | 03:33 | Changing or Deleting Transactions
lets the user change or delete the
| | 03:37 | transactions that they can access.
This is good for trainees or to
| | 03:42 | protect against embezzling.
| | 03:45 | The last screen shows the
access you've set up for the user.
| | 03:49 | If you want to change any of these
settings click Back and make the changes.
| | 03:54 | When the user is set up the way you
want, click Finish to add the user.
| | 04:00 | To edit an existing user, select the
user in the list and then click Edit User.
| | 04:08 | Follow the steps you've just
learned to change that user.
| | 04:13 | Any user can change the
password for his or her user account.
| | 04:19 | On the Company menu, choose Set Up
Users and Passwords and then choose
| | 04:24 | Change Your Password.
| | 04:26 | When you change your password, you
can set up a challenge question and
| | 04:30 | provide the answer to it.
| | 04:36 | That way if you forget your password,
you can reset it by answering the
| | 04:40 | challenge question. Click
OK to complete the change.
| | 04:49 | Remember, by setting up different users
and telling QuickBooks what they can do,
| | 04:54 | you keep your financial records safe and secure.
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| Backing up your company file| 00:00 | If you back up all the data on your
computer regularly, you might not need
| | 00:04 | QuickBooks' backup feature.
| | 00:07 | If your hard disk crashes or you delete
a file by mistake you can restore your
| | 00:11 | company file from your regular backup.
| | 00:14 | But QuickBooks backup is great, when you
want to try something you are unsure of
| | 00:18 | in your QuickBooks file or you want
to save hours of work that you've done
| | 00:22 | without waiting for your next full-blown backup.
| | 00:25 | You can set options for how you want
to backup your company file and where,
| | 00:30 | so QuickBooks knows what to do for the
backups it creates, and in QuickBooks
| | 00:35 | you can create a backup immediately
or you can setup a schedule so that
| | 00:39 | QuickBooks creates backups for you.
Regardless whether you want to set up
| | 00:44 | backup options or create backups,
| | 00:47 | on the File menu choose Save Copy or Backup.
The Save Copy or Backup dialog box opens.
| | 00:55 | QuickBooks selects the Backup Copy option,
so leave that as it is and click Next.
| | 01:03 | To set the backup options you want
QuickBooks to use, click Options.
| | 01:08 | In the Backup Options dialog box,
click Browse to pick the folder you want to
| | 01:13 | use to store backups.
| | 01:16 | If you backup your company file as an
intermediate precaution, you can choose a
| | 01:20 | folder on one of your hard disks.
| | 01:23 | But you can also choose a CD or DVD drive
if you want to make a backup to take off-site.
| | 01:29 | QuickBooks automatically turns on the Add
the date and time of the backup checkbox.
| | 01:35 | That way each backup file has a unique
name even if you make backups within a
| | 01:40 | few minutes of one another.
| | 01:42 | To limit the amount of disk space you
chew through with backup files, you can
| | 01:46 | limit how many backups QuickBooks keeps.
| | 01:50 | It's set to 3 initially, but you can
increase the number to 99 to keep more copies.
| | 01:55 | Turn on the Remind me to back up when I
close my company file check box and then
| | 02:01 | add a number to the box.
| | 02:03 | That way QuickBooks reminds you
to create a backup every so often.
| | 02:08 | QuickBooks automatically selects the
Complete verification option, which
| | 02:12 | verifies the backup file.
| | 02:15 | It's a good idea to keep this setting
even though it takes a little longer.
| | 02:19 | QuickBooks make sure that the backup
file isn't corrupt so you don't find out
| | 02:23 | that it doesn't work when you try to restore it.
| | 02:27 | When you've selected all your options, click OK.
| | 02:31 | QuickBooks reminds you if you've
chosen a location on your hard disk but if
| | 02:35 | that's what you want, click Use this location.
| | 02:39 | Back in the Save Copy or Backup dialog
box, you can continue to create a backup.
| | 02:45 | To save the backup on your computer, select
the Local backup option and then click Next.
| | 02:52 | To save the back up right away, leave the
Save it now option selected and click Finish.
| | 03:00 | When you see the message
"the backup is complete," click OK.
| | 03:07 | You can also schedule a backup
to occur at a regular interval.
| | 03:11 | To do this, in the Save Copy or
Backup dialog box, select the Backup copy
| | 03:16 | option and click Next.
| | 03:19 | Select Local backup and click Next.
| | 03:23 | Then select Only schedule future backups.
| | 03:27 | If you want to create one backup
immediately and schedule future backups,
| | 03:31 | you can select the Save it now
and schedule future backups option.
| | 03:36 | To create the schedule, click Next.
| | 03:41 | On the screen for scheduling backups,
the top section is Back up automatically.
| | 03:46 | You can tell QuickBooks to create a
backup behind the scenes without any action
| | 03:51 | on your part whatsoever.
| | 03:53 | It's a great precaution.
| | 03:55 | Turn on the checkbox and type the
number of times you want to close the company
| | 03:59 | file before the program creates the backup.
| | 04:02 | It's set to 3 initially, which is usually fine.
| | 04:06 | QuickBooks includes the letters ABU in
the file name so you know that the backup
| | 04:11 | is one that the program made automatically.
| | 04:14 | It stands for Automatic Backup.
| | 04:17 | To setup a scheduled backup, click New.
| | 04:21 | The Scheduled Backup dialog box opens.
| | 04:24 | Type a description for the backup, such
as weekly, click Browse to select the
| | 04:29 | folder you want to use, and click OK.
| | 04:36 | To keep a specific number of scheduled
backups, turn on the Number of backups
| | 04:41 | check box and type the number.
| | 04:43 | QuickBooks sets the number to 3
initially which is usually fine.
| | 04:48 | A lower number means you don't use up
as much disk space; a higher number gives
| | 04:52 | you more protection.
| | 04:54 | Select the time of day you
want to create the backup.
| | 04:58 | Late at night when people
aren't working is a good time.
| | 05:01 | Remember 12 AM is midnight.
| | 05:03 | So to avoid any confusion,
choose a time like 1 AM so it's clear.
| | 05:09 | To run a backup every day, keep 1 and
then Run this task every weeks on box.
| | 05:17 | Turn on the checkboxes for the days of the week.
| | 05:20 | For a weekly backup, turn on Friday for example.
| | 05:24 | To back up the file every other Friday, type 2
in the box, or choose it from the dropdown list.
| | 05:33 | To run the backup when you aren't
around, you can click Store Password.
| | 05:38 | Then you type in your Windows username and
password so QuickBooks can run the backup.
| | 05:43 | When you've got the schedule set,
click OK to save the schedule. Type it in.
| | 05:52 | QuickBooks takes over and creates
the backup for you when you tell it to.
| | 05:57 | Click Finish to save the Backup
Schedule and click OK to confirm.
| | 06:04 | Remember, by creating backups, you can
restore your company file if you ever
| | 06:08 | run into any trouble.
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| Restoring a company file| 00:00 | If you realize that you deleted a
company file by mistake, or you made a
| | 00:04 | terrible mistake within your company
file, you can restore a backup copy.
| | 00:10 | Restoring a backup copy is easy.
| | 00:12 | The hardest part is deciding
which backup copy you want to restore.
| | 00:17 | If you know you've just made a mistake,
you simply restore the most recent copy,
| | 00:22 | but if the problem occurred in the past,
restore the most recent backup that you
| | 00:26 | made before the problem.
| | 00:29 | To restore a backup copy, on the File
menu choose Open or Restore Company.
| | 00:36 | The Open or Restore Company dialog box opens.
| | 00:41 | Select the Restore a backup
copy option and click Next.
| | 00:46 | Before you go any further, if the backup
copy is on a CD, DVD, or other external
| | 00:51 | media, be sure to insert
the media into your computer.
| | 00:55 | QuickBooks selects the Local backup
option. Leave that option as it is if
| | 01:00 | the backup is on your computer or
on an external media attached to your
| | 01:05 | computer. Click Next.
| | 01:08 | QuickBooks automatically opens the
folder where you store your backups.
| | 01:13 | Select the backup file you
want and then click Open.
| | 01:19 | The next screen you see gives you some
background on where to restore the file.
| | 01:23 | The important point is whether you want
to overwrite your existing file or not.
| | 01:29 | If your existing file is
useless, overwriting is just fine.
| | 01:34 | But if you want to keep the existing
file, you want to restore your backup to a
| | 01:38 | file with a different name.
| | 01:41 | Click Next to get on to restoring.
| | 01:44 | In the Save Company File as dialog box,
leave the file name as it is if you want
| | 01:49 | to overwrite your current company file.
| | 01:53 | If you don't want to overwrite it,
add something to the name like restored.
| | 01:56 | Click Save.
| | 02:02 | If you decided to overwrite the file
QuickBooks will ask you to confirm that.
| | 02:07 | You have to click Yes if you do want
to overwrite the file or click No to go
| | 02:11 | back to the Save Company File as dialog box.
| | 02:15 | After you restore the file, the Login
appears just as if you are opening the
| | 02:20 | company file from scratch.
| | 02:22 | All you have to do you is login to your
company file as usual and re-create any
| | 02:27 | transactions that you created
since you've made the backup.
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ConclusionGoodbye| 00:00 | Now you know the basics for
creating a QuickBooks company file.
| | 00:04 | You've learned how to set up
accounts, customers, vendors, and items in
| | 00:09 | QuickBooks and you know how to
record transactions like checks, bills,
| | 00:14 | invoices, and credits.
| | 00:16 | You've learned how to create journal
entries and reports and how to backup and
| | 00:21 | restore your company file.
| | 00:22 | You're all set to start keeping
your company books in QuickBooks.
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