IntroductionWelcome| 00:04 | Hi! I'm Bonnie Biafore and I'd like
to welcome you to QuickBooks 2012
| | 00:09 | Essential Training.
| | 00:11 | In this course, I'll show you how to
set up and use QuickBooks 2012 to keep the
| | 00:15 | books for your business.
| | 00:17 | I'll show you how to create accounts
to track the money you make and spend.
| | 00:22 | And you'll also learn how to create
customer, vendor, and item records so you
| | 00:27 | can track how you earn income, where you
spend your money, and what you buy and sell.
| | 00:33 | I'll explain the difference between
different types of transactions like bills,
| | 00:37 | invoices, and journal entries.
| | 00:40 | Then for the real fun, I'll walk you
through receiving the payments that
| | 00:44 | customers send to you and
depositing the cash in your bank account.
| | 00:49 | You'll also learn how to work with
your credit cards and petty cash.
| | 00:53 | So let's get started with
QuickBooks 2012 Essential Training.
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| Choosing the right QuickBooks edition| 00:00 | Before you go to the trouble of
learning QuickBooks, it's a good idea to make
| | 00:03 | sure it can do what you want.
| | 00:05 | But once you've passed that hurdle,
your next decision is which edition of
| | 00:09 | QuickBooks is right for you.
| | 00:11 | QuickBooks can do a lot, but here are
some things it wasn't designed to handle.
| | 00:15 | 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.
| | 00:26 | Quicken is Intuit's program
specifically for personal finances.
| | 00:32 | QuickBooks stores customer
information, but it isn't a Customer
| | 00:36 | Relationship Management program.
| | 00:38 | 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.
| | 00:49 | QuickBooks has editions for the smallest
of small businesses to the biggest fish
| | 00:54 | in the small biz pond.
| | 00:55 | The Mac version is a lot
different than the Windows version.
| | 00:59 | 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
| | 01:31 | only store up to 14,500 names or have
up to 10,000 on other lists like your chart
| | 01:38 | of accounts and item list.
| | 01:40 | QuickBooks Premier is higher-end.
| | 01:41 | There are industry editions with
specialized features for accountants,
| | 01:45 | contractors, manufacturing, and wholesale,
retail, professional services, and nonprofits.
| | 01:53 | With inventory, you can
assemble it from components.
| | 01:56 | You can also create sales orders and
set up price levels which are discounts or
| | 02:00 | markups on individual items.
| | 02:02 | You can create a business plan or
forecast your sales and expenses.
| | 02:06 | Like QuickBooks Pro, up to five
people can work in a file at the same time.
| | 02:11 | And you can store up to 14,500
names or have 10,000 on other lists.
| | 02:16 | QuickBooks Enterprise Solutions is
for the largest of small businesses.
| | 02:21 | It has more powerful administrative
features like more user permission settings
| | 02:26 | and delegating functions to others.
| | 02:28 | It runs a lot faster too.
| | 02:30 | You can also track inventory in
multiple warehouses and use bar-coding.
| | 02:34 | You can have up to 30 concurrent users
in the company file and you can store
| | 02:39 | up to a million names.
| | 02:40 | QuickBooks Online does less than
QuickBooks Pro and it costs more over the long-run.
| | 02:46 | It doesn't have time-tracking, inventory,
foreign currencies, or importing data.
| | 02:52 | But you can get to it anywhere
you can find an Internet connection.
| | 02:56 | If you want to track business finances,
QuickBooks probably has an edition for you.
| | 03:00 | QuickBooks Pro works for a lot of small
companies, but another edition might be
| | 03:05 | just what you're looking for.
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| Learning the basics of bookkeeping with QuickBooks| 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
| | 00:14 | 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.
| | 00:27 | Think about when you pay your credit card bill.
| | 00:30 | The check you write takes money from
your checking account to pay the balance on
| | 00:35 | your credit card account.
| | 00:36 | Here, the $575.49 check pays off the
balance in the credit card account.
| | 00:43 | In QuickBooks, accounts are how you
keep track of your company finances, and
| | 00:48 | not just bank accounts.
| | 00:50 | These accounts all live in
what's known as a Chart of Accounts.
| | 00:54 | Accounts come in different flavors.
| | 00:56 | Income for the money you make,
Expense for the money you spend, and several
| | 01:02 | other types, all of which
you'll learn about later.
| | 01:05 | Then there's cash
accounting and accrual accounting.
| | 01:08 | Here is a typical business scenario.
| | 01:11 | You hire a vendor to do billable
work from January 2 to January 15.
| | 01:16 | The vendor sends you a bill which
you record in QuickBooks on January 31.
| | 01:22 | You also invoice your customer on January 31.
| | 01:25 | That's your big paperwork day.
| | 01:27 | You pay the vendor for this work on February 28.
| | 01:31 | And finally, your customer pays you on April 6.
| | 01:36 | Your books reflect income from the
customer and the vendor's expense differently
| | 01:40 | in cash and accrual accounting.
| | 01:42 | Cash accounting is easy.
| | 01:44 | Expenses show up when you pay for
products or services here on February 28
| | 01:49 | when you pay the vendor.
| | 01:50 | Income shows up when you receive payment
from a customer--in this example, on April 6.
| | 01:56 | Notice that the expense occurs in the
first fiscal quarter, but the income
| | 02:01 | doesn't show up until second fiscal quarter.
| | 02:04 | Accrual accounting puts income and
corresponding expenses in the same period, no
| | 02:09 | matter when cash goes in or out.
| | 02:12 | That way it's easier to see profitability.
| | 02:15 | Expense occurs as soon as you enter a bill--
here, January 31--no matter when you pay it.
| | 02:21 | Income occurs when you record a
customer invoice, and that's January 31.
| | 02:27 | It doesn't matter that your
customer pays in the next fiscal quarter.
| | 02:31 | In this example, the income and
expense appear during the same fiscal period.
| | 02:36 | Now that you understand how
QuickBooks uses accounts in cash or accrual
| | 02:40 | 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
| | 00:04 | you're watching this tutorial on a disk,
you have access to the exercise files
| | 00:09 | used throughout this course.
| | 00:11 | The exercise files are in the Exercise
Files folder, which I have placed on the
| | 00:15 | Desktop, but you can store it wherever you like.
| | 00:18 | There are files for most movies.
| | 00:21 | They reside in subfolders
named according to the chapters.
| | 00:24 | You don't have to use these files;
| | 00:26 | you can use files of your own.
| | 00:28 | If you're a monthly or annual
subscriber to lynda.com, you don't have access
| | 00:33 | to the exercise files.
| | 00:34 | But you can follow along with your own work.
| | 00:37 | In addition, there are two folders of
exercise files within the Exercise Files folder.
| | 00:43 | The files in the Portable Files folder
follow Intuit's recommended approach for
| | 00:48 | copying files to another location.
| | 00:50 | Here's how you restore a portable file
to a company file that QuickBooks can use.
| | 00:55 | On the QuickBooks File menu,
choose Open or Restore Company.
| | 01:01 | Select the Restore a
portable file option and click Next.
| | 01:06 |
| | 01:07 | In the Open Portable File dialog box,
navigate to the Chapter folder you want,
| | 01:15 | in this case, Chapter_00.
| | 01:17 | Select the Portable file and click Open.
| | 01:21 | On the next screen, click Next.
| | 01:24 | In the Save Company File as dialog box,
select the folder where you want to save the file.
| | 01:30 | In this case, I'm going to choose
the Desktop, and then click Save.
| | 01:36 | A working message box shows the
progress of restoring the file.
| | 01:40 | When you see the message that the
portable company file has been opened, click OK.
| | 01:47 | And then the full-blown company file opens.
| | 01:50 | On the other hand, the original
folder of exercise files contains company
| | 01:55 | files that you can open directly in
QuickBooks or even double-click in Windows Explorer.
| | 02:01 | Because copying company files isn't
the process that Intuit recommends, you
| | 02:06 | might see an error numbered -6000 or
-80 when you first try to open the file.
| | 02:13 | The error is due to the existence of other
files in the folder with incorrect links.
| | 02:18 | However, if you dismiss the error
message and try to open the company file a
| | 02:22 | second or third time, the file
usually opens without the error.
| | 02:27 | Now that you know how to restore
the exercise files, let's get started.
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1. Touring QuickBooksOpening a company file| 00:00 | Your company file is the electronic
file where QuickBooks keeps your company's
| | 00:04 | financial life story:
| | 00:05 | company name and address, Federal
tax ID, customers, vendors, employees,
| | 00:11 | financial transactions and more.
| | 00:14 | If you work on only one QuickBooks
company file opening that file is easy.
| | 00:18 | Do it once and from then on
QuickBooks opens the file for you whenever
| | 00:23 | you launch the program.
| | 00:24 | But if you work on several company
files or need to reopen your file for some
| | 00:29 | reason, QuickBooks has no
shortage of methods for opening a file.
| | 00:33 | If you worked on the file recently, the
File menu is the best place to start.
| | 00:38 | Point to Open Previous Company and then
choose the file that you want to open.
| | 00:43 | If the file isn't on the
Previous Company submenu, don't worry.
| | 00:47 | On the File menu choose Open
or Restore Company instead.
| | 00:55 | Select the Open a company
file option and click Next.
| | 01:01 | The Open a Company dialog box is like
every other Open file dialog box you've used.
| | 01:07 | Go to the folder that holds the file you
want to open. The program automatically
| | 01:12 | selects the file type for you.
| | 01:14 | Click a file name in the
list and then click Open.
| | 01:19 | But what if no file is open?
| | 01:21 | I'm going to close this
company file just as an example.
| | 01:25 | When no company is open, you
see the No Company Open screen.
| | 01:29 | You can still choose Open or Restore
Company from the File menu, but even easier,
| | 01:34 | if the file you want appears in
the list select it and click Open.
| | 01:40 | Now whether you work on one company
file or several, you can open any file
| | 01:45 | you want.
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| Using the menus and home page| 00:00 | QuickBooks has several
convenient ways to launch its commands.
| | 00:03 | The horizontal menu bar along the top of
the QuickBooks main window is the tried
| | 00:08 | and true path to every
command the program has to offer.
| | 00:11 | Just below the menu bar, the Icon bar
offers one click access to a small set of
| | 00:17 | the most popular commands.
| | 00:19 | But you might grow fond of the
QuickBooks homepage, which is set up like the
| | 00:22 | workflow of bookkeeping tasks you perform.
| | 00:25 | The menu bar has a couple of big advantages.
| | 00:29 | It can get you to all of the
QuickBooks commands and it's always visible.
| | 00:33 | The menu bar also includes a Favorites entry,
a menu dedicated to your favorite commands.
| | 00:40 | Click Customize Favorites to get started.
| | 00:45 | The list you can choose from
includes every command, window, and report
| | 00:49 | available, even reports you create.
So select what you want on the
| | 00:54 | Favorites menu and click Add.
| | 00:56 | I'm going to add three commands to
the Favorites menu: Chart of Accounts,
| | 01:01 | Customer Type List, and Calendar.
| | 01:04 | Then once you have some things on the
Favorites menu you can click Move Up or
| | 01:09 | Move Down to rearrange your favorites.
| | 01:12 | When you're done just click OK and those
commands now appear on the Favorites menu.
| | 01:18 | You can also launch commands by
clicking an icon in the Icon Bar.
| | 01:22 | For example, click Invoice to
open the Create Invoices window.
| | 01:27 | If the Icon bar doesn't show the
commands you want, you can customize the Icon
| | 01:31 | bar to add your favorite commands
or remove the ones you don't use.
| | 01:36 | Just click the on the chevron at
the right end of the Icon bar and
| | 01:40 | click Customize Icon Bar.
| | 01:43 | The Home page has icons for the
tasks you perform all the time.
| | 01:48 | Because the homepage shows the typical
bookkeeping workflow, it's easy to see
| | 01:52 | which task is on deck.
| | 01:55 | If you don't see the homepage, click
Home in the Icon bar or click Company on
| | 02:01 | the menu bar, and then choose Home Page.
| | 02:04 | As you set QuickBooks preferences,
which you'll learn about in a later movie, the
| | 02:09 | program adds the
appropriate icons to the Home page.
| | 02:13 | The Vendors panel has icons for the
expense-related tasks like entering
| | 02:18 | bills and paying them.
| | 02:20 | If you sell products from
inventory it has icons for those tasks too.
| | 02:25 | The Customers panel has icons for
invoices, sales receipts, receiving payments,
| | 02:31 | and handling refunds and credits.
| | 02:33 | If you have employees, the Employees
panel has icons for tasks like entering time
| | 02:40 | or processing payroll.
| | 02:43 | The Company section on the right has
icons for other tasks like opening the
| | 02:48 | chart of accounts or
opening the Item List window.
| | 02:52 | The Banking section has all-time
favorites like writing checks, printing checks,
| | 02:57 | recording deposits, and the ever-
popular reconciling a bank account.
| | 03:03 | Remember, QuickBooks commands
are available in several places.
| | 03:06 | You can stick with the method you
prefer or choose a command from the
| | 03:10 | closest menu.
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| Touring the centers and other features| 00:00 | The Customers button on the left side
of the QuickBooks homepage opens the
| | 00:04 | Customer Center, which is a one-stop
shop for setting up, editing, or checking
| | 00:08 | on customer records.
| | 00:10 | The Vendors button and Employees
button, in turn, open the Vendor Center
| | 00:15 | and Employee Center.
| | 00:16 | These centers, along with the Inventory
Center, are great for reviewing status,
| | 00:21 | like whether customer invoices are
overdue, vendor bills are paid, or
| | 00:25 | inventory is in stock.
| | 00:27 | But you can also create or edit
records or issue commands like Create
| | 00:31 | Invoices or Enter Bills.
| | 00:33 | To see the Customer Center,
click the Customers button.
| | 00:37 | The customer, vendor, employee and
inventory Centers work the way the
| | 00:42 | Customer Center does here.
| | 00:44 | The toolbar has commands for
creating a new customer or job, creating new
| | 00:49 | transactions, printing, and so on,
all of which you'll learn later.
| | 00:54 | The panel on the left is
great for finding customers.
| | 00:57 | The Customers & Jobs tab
initially lists the Active Customers.
| | 01:02 | Click the down arrow to filter the list.
| | 01:04 | For example, customers with open
balances shows only customers who owe you money.
| | 01:11 | If you have a lot of names, you can
search by typing part of the name in the Find
| | 01:15 | box and then clicking the Find icon.
| | 01:21 | When you want to go back to the
full list, click All Customers.
| | 01:25 | When you select a customer on the
Customers & Jobs tab, the Customer Information
| | 01:30 | Section shows information about that customer--
| | 01:34 | things like address, phone
number, email address and terms.
| | 01:39 | If you see something you need to
change, click Edit Customer to open
| | 01:43 | the customer record.
| | 01:44 | I'm going to cancel it in this case.
| | 01:48 | The Open Balance link shows the
transactions that make up the customer's open balance.
| | 01:54 | That's the balance total in
the Customers & Jobs list.
| | 01:59 | Then the table shows the
transactions for the customer.
| | 02:03 | You can filter the list by the types
of transactions such as Invoices, Sales
| | 02:09 | Receipts, or Received Payments.
| | 02:12 | For each type of transaction you can
filter by Status, such as Overdue Invoices
| | 02:18 | or Open Invoices or look at all of them.
| | 02:21 | You can also filter by Date by
choosing a date range in the dropdown list.
| | 02:27 | The New Transactions icon is a shortcut
to creating transactions like Invoices
| | 02:33 | or Sales Receipts for the selected customer.
| | 02:39 | The Vendor Center and Employee Center
show different information and have
| | 02:43 | different commands, but the features
work like the ones in the Customer Center.
| | 02:48 | The Inventory Center is new in
QuickBooks 2012, Premier and Enterprise editions.
| | 02:54 | It's not available in QuickBooks Pro.
| | 02:57 | To open it, click Vendors on the main
menu, point to Inventory Activities, and
| | 03:03 | choose Inventory Center.
| | 03:06 | The Inventory Center focuses on items
you keep in inventory, but the features
| | 03:11 | work like the ones in the Customer Center.
| | 03:13 | Whether you want to see what's going on
with your Customers, Vendors, Employees,
| | 03:17 | or Inventory or create new transactions,
the corresponding QuickBooks Center puts
| | 03:22 | everything you need in one place.
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| Navigating between windows| 00:00 | Whether you like to focus on one
thing at a time or jump from task to task,
| | 00:04 | QuickBooks can display
windows to suit your style.
| | 00:07 | To work on one thing, you can display
only one window at a time, or you can have
| | 00:12 | several windows open at once
and switch windows at any time.
| | 00:16 | Either way, QuickBooks has several ways to
choose the window you want to be active.
| | 00:21 | On the Edit menu, choose
Preferences. Then click Desktop View.
| | 00:27 | To see one window at a time, select
the One Window option and click OK.
| | 00:34 | The current window fills the screen.
| | 00:37 | If you open another window it
takes over the entire screen.
| | 00:42 | To keep several windows open at once,
go back to the Preferences window. Select
| | 00:48 | the Multiple Windows option and click OK.
| | 00:52 | You can see windows overlapping each other.
| | 00:55 | Move them by dragging their title bars.
| | 00:58 | Resize them by dragging edges or corners
and bring them to the front by clicking.
| | 01:10 | If you can't see the window you want,
QuickBooks has two ways to make it active.
| | 01:15 | On the Window menu, choose the window you want.
| | 01:19 | The Open Windows List takes up some
screen space, but it's convenient.
| | 01:24 | To see it, on the View menu choose Open
Windows List; the check mark says it's visible.
| | 01:31 | The Open Windows List
contains all the open windows.
| | 01:35 | 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 information| 00:00 | If you've just started your company,
you can create a QuickBooks company
| | 00:03 | file with a clean slate.
| | 00:05 | But for a company that's been around
for awhile, QuickBooks wants to know
| | 00:09 | several things about it before
the program can create your file.
| | 00:12 | Gathering that information before you
sit down at the computer is the quickest
| | 00:16 | way to get the job done.
| | 00:18 | If your company is brand
new, the start date is easy.
| | 00:22 | Use the date you incorporated or
opened your business bank account.
| | 00:26 | If your business has been around for
awhile, you don't have to start your
| | 00:29 | QuickBooks records at the very beginning.
| | 00:32 | The best start date is the last
day of your previous fiscal year.
| | 00:36 | That way you'll have complete text
records for your current fiscal year.
| | 00:40 | Also, your initial account balances are like
the ending balances on your bank statement.
| | 00:46 | You're ready to start the new fiscal
year fresh and you'll have everything you
| | 00:50 | need at the end of the year.
| | 00:52 | In the middle of the year, you
could start at the beginning of a fiscal
| | 00:55 | quarter or fiscal month.
| | 00:57 | However, if you do that, gathering
records at task time will be more difficult.
| | 01:03 | You also need Account
Balances, as of your start date.
| | 01:06 | For each bank account, get the bank
statement with the statement date close to
| | 01:11 | but earlier than your start date.
| | 01:14 | Get copies of all your open customer
invoices or statements and gather up
| | 01:18 | all your unpaid bills.
| | 01:20 | For assets you own, you need the current value.
| | 01:24 | Your last tax return shows the
value and accumulated depreciation.
| | 01:29 | If you track inventory, you need the
number of items in stock as of your start date.
| | 01:34 | How much you paid for them and
how much you will sell them for.
| | 01:39 | Your tax return has another
important number, your federal tax ID number.
| | 01:44 | If you do payroll, you get
your most recent payroll reports.
| | 01:49 | After you have all your information at
your side, you're ready to create your
| | 01:53 | QuickBooks company file.
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| Creating a company file| 00:00 | Creating a company file is easy, whether
you're new to QuickBooks or a seasoned veteran.
| | 00:04 | QuickBooks Setup has Express Start,
which steps you through the basics of
| | 00:09 | creating your company file but
without much chance of customizing.
| | 00:13 | On the File menu, choose New Company.
| | 00:16 | The QuickBooks Setup window opens with
several options for creating your company file.
| | 00:21 | In this case, click
Express Start to get started.
| | 00:25 | The Tell us about your business
screen asks for your basic company 411.
| | 00:30 | Type the name of your
business in the Company Name box.
| | 00:36 | Then start typing the
Industry your business is in.
| | 00:40 | If you want to help selecting an
industry, click Help me choose.
| | 00:45 | Look through the list for your
industry and if you see it, click it.
| | 00:51 | When you select an industry,
QuickBooks selects accounts typical for that
| | 00:55 | industry for your chart of accounts.
| | 00:57 | But you can change the chart of
accounts later on if you want.
| | 01:00 | If you don't find an industry that
sounds right, you can pick General
| | 01:05 | Product-based Business or General Service-
based Business at the bottom of the list.
| | 01:11 | Then click OK.
| | 01:14 | Select the type of company you have.
| | 01:17 | That way QuickBooks assigns the
correct tax form for your company file.
| | 01:21 | Next, type in your Tax ID number, which
is your employer ID number that you get
| | 01:27 | from the federal government, or your
Social Security number. Click Continue.
| | 01:35 | You don't have to fill in your contact
information at this point, but if you do,
| | 01:40 | you can quickly start sending forms
to your customers and vendors once your
| | 01:44 | company file is created.
| | 01:46 | To go ahead and create your file, click
Create Company File. It'll take a couple
| | 01:51 | of minutes for QuickBooks to create the file.
| | 01:54 | The program creates it in the
folder you used most recently.
| | 01:58 | QuickBooks chooses settings for you
based on the ones typically used by other
| | 02:02 | companies in your industry.
| | 02:04 | You can change those
settings as you will learn later on.
| | 02:08 | The next screen offers a quick
way to enter information about your
| | 02:11 | customers, vendors, and employees,
the products and services you sell, and
| | 02:17 | your bank accounts.
| | 02:18 | For example, to add information about
customers, click the first Add button.
| | 02:24 | You can import customer contact information
from Microsoft Outlook or a Yahoo or Gmail account.
| | 02:30 | If you have data in a spreadsheet you can
paste it in, or you can just type it manually.
| | 02:36 | Click Continue to display the entry form.
| | 02:39 | It's as easy as selecting an option for
the type of contact and filling in the cells.
| | 02:45 | If you don't want to enter data now,
click Continue and click Continue again.
| | 02:50 | To go ahead and start working,
click the Start Working button.
| | 02:55 | You can go back to add more
information by clicking Return to Add Info in
| | 03:00 | the Quick Start Center.
| | 03:02 | If the Quick Start Center isn't
visible, click Quick Start Center in the
| | 03:07 | Getting Started panel.
| | 03:10 | If you want to add your company's legal
name or when your fiscal year starts, on
| | 03:15 | the Company menu, click Company Information.
| | 03:19 | The legal name is the one you use
on tax returns and legal documents.
| | 03:23 | The only time the legal name is
different than the company name is for a sole
| | 03:27 | proprietorship, when the legal
name is the name of the person.
| | 03:31 | Most small businesses use the calendar year.
| | 03:34 | In this case, leave January in the box.
| | 03:37 | If your Fiscal Year starts in a different
month, choose it from the dropdown list.
| | 03:42 | Now that your company file is open,
you can choose other settings, record
| | 03:47 | transactions, and keep
your books with QuickBooks.
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| Customizing your company file| 00:00 | The EasyStep Interview is another option
for creating a company file, which lets
| | 00:04 | you choose settings to suit your business.
| | 00:07 | It asks for the same basic
information as Express Start, although in a
| | 00:11 | slightly different order.
| | 00:13 | But then it asks you a series of
questions and uses your answers to set
| | 00:17 | QuickBooks' preferences.
| | 00:18 | On the File menu, choose New Company.
| | 00:23 | In the QuickBooks Setup window,
click Advanced Setup to get started.
| | 00:28 | The Enter your company information screen
asks for information about your company.
| | 00:33 | The only field you have to fill
in right now is the Company name.
| | 00:41 | The Legal name is the one you use
on tax returns and legal documents.
| | 00:45 | And it's only different when the
company name is for a sole proprietorship, and
| | 00:49 | then you use the name of the person.
| | 00:51 | Fill in the rest of the
boxes if you want and click Next.
| | 00:56 | When you select an Industry, QuickBooks
sets up the chart of accounts list with
| | 01:00 | accounts typical for that industry.
| | 01:02 | But you can change them later on if you want.
| | 01:06 | If you don't find an industry that
sounds right, choose General Product-based
| | 01:10 | Business or General Service-based Business
at the bottom of the list and click Next.
| | 01:17 | Select the type of company you have so
QuickBooks can assign the correct tax
| | 01:21 | form for your company file. Click Next.
| | 01:26 | Then choose the month
that your fiscal year starts.
| | 01:29 | In most cases, it will be
January. And click Next once more.
| | 01:34 | The administrator user can do anything in the
company file, so you don't want to skip this step.
| | 01:40 | Type the password you want
in both boxes and click Next.
| | 01:49 | On the Create your
company file screen, click Next.
| | 01:54 | Choose the folder where you
want to create your company file.
| | 01:57 | If you're the only person who works on the
file, put it in a folder that you back up.
| | 02:04 | If several people work on the file, put it
somewhere they can all reach like a shared folder.
| | 02:09 | QuickBooks sets the file
type. And then click Open.
| | 02:13 | Type the name for the file if it's
different than the company name, and click Save.
| | 02:19 | It will take a couple of minutes
for QuickBooks to create the file.
| | 02:24 | After the file is created, you can start
to Customize QuickBooks for your business.
| | 02:29 | Click Next to continue.
| | 02:31 | If you want to take a break you can
always click Leave and come back later,
| | 02:35 | because now your company file exists.
| | 02:38 | When you click Next, QuickBooks
asks a series of questions about how
| | 02:42 | your company works.
| | 02:43 | For example, choose an option to tell
QuickBooks what you sell and it sets up
| | 02:49 | income accounts for you. And then click Next.
| | 02:53 | If you charge sales tax, select Yes and the
program turns on the preferences for sales tax.
| | 02:59 | You can see that QuickBooks tells you if a
setting is recommended for your business.
| | 03:05 | For the most part, you can
keep the choices the wizard makes.
| | 03:08 | I'm going to accept several of the
options that QuickBooks recommends.
| | 03:17 | Remember the start date you
learned about in the video on
| | 03:19 | gathering information?
| | 03:21 | Here is where you tell
QuickBooks your start date.
| | 03:25 | After you select the option,
click Next to continue.
| | 03:29 | You can Review all the accounts that
QuickBooks set up for you, and if they
| | 03:32 | look right, click Next.
| | 03:35 | When you see the Congratulations
screen, your company setup is done.
| | 03:39 | Click Go to Setup to start adding
information about customers, vendors, what you
| | 03:45 | sell, and your bank accounts.
| | 03:47 | If you want to dive into recording
transactions, click Start Working.
| | 03:53 | The Quick Start Center window opens--
| | 03:55 |
yet another handholding
step you might want to use.
| | 03:58 | But to get straight to bookkeeping,
close it and you'll see the Homepage.
| | 04:03 | Now your company file is ready for
you to start recording transactions and
| | 04:06 | keeping your books with QuickBooks.
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| Setting essential preferences| 00:00 | QuickBooks comes with hundreds of
preferences that you can set to make the
| | 00:04 | program work the way you want.
| | 00:05 | Some preferences control the features
you can use, like sales tax, estimates,
| | 00:10 | progress invoicing, and inventory.
| | 00:13 | Others tell QuickBooks how to
behave or how you want things to look.
| | 00:17 | To get to QuickBooks preferences, on
the Edit menu choose Preferences.
| | 00:22 | The Preferences dialog box opens.
| | 00:25 | Preference categories are
listed in the panel on the left.
| | 00:29 | In the center of the
dialog box, you see two tabs.
| | 00:33 | The My Preferences tab is for
settings in the current category that apply
| | 00:37 | only to your login.
| | 00:39 | In many categories, My Preferences is empty
because there are no user-specific settings.
| | 00:45 | The Company Preferences tab has settings
that apply to everyone who accesses the
| | 00:50 | company file that's open.
| | 00:52 | The dialog box initially shows the last
category you selected, or General if it's a new file.
| | 01:01 | You can see that the My Preferences tab in
the General category has a lot of options.
| | 01:06 | For example, one change you might want
to make is in the Automatically recall
| | 01:11 | information section.
| | 01:13 | Select the Automatically recall
last transaction for this name option.
| | 01:18 | That tells the program to fill in the
value such as accounts or dollar amounts
| | 01:23 | from the previous
transaction for a vendor or customer.
| | 01:26 | Another change is to turn on the
checkbox with the label Turn off pop-up
| | 01:31 | messages for products and services.
| | 01:34 | That tells QuickBooks not to
bug you with sales pitches.
| | 01:38 | You can also choose the Default Date to Use--
| | 01:41 | Either today's date or the last date
you entered, which is helpful if you like
| | 01:46 | to create transactions over several days that
are all dated, say, on the last day of the month.
| | 01:52 | If you make changes and click another
category like Desktop View, the Save
| | 01:58 | Changes message box appears.
| | 02:01 | Click Yes to save the changes you've
made and move to the next category.
| | 02:05 | The Desktop View has a couple of
handy settings on the My Preferences tab.
| | 02:10 | If you would like to jump between
Windows, select the Multiple Windows option.
| | 02:14 | The One Window option shows
one maximized window at a time.
| | 02:18 | The Home Page is a great way to choose commands,
| | 02:20 | so keep the Show Home Page checkbox turned on.
| | 02:24 | The Company Preferences tab is where you
control the features that QuickBooks offers.
| | 02:30 | You can turn on checkboxes for things
like Invoices, Sales Receipts, and Statements.
| | 02:35 | And then you'll see them in the Home Page.
| | 02:38 | On the bottom of the dialog box, click
links to go to the category that controls
| | 02:42 | other features like Sales Tax and Inventory.
| | 02:46 | For example, say you want
to change Time Tracking.
| | 02:50 | Click the Time Tracking link and the
program jumps to the Time & Expenses category.
| | 02:55 | And then you can make your changes.
| | 02:57 | Another important preference is whether
you use cash or accrual accounting, which
| | 03:02 | you learned about in an earlier movie.
| | 03:05 | To set this, click the Reports and
Graphs category and click the Company
| | 03:10 | Preferences tab if necessary.
| | 03:12 | In the Summary Reports Basis
section, select either Accrual or Cash.
| | 03:18 | There is one other setting.
| | 03:20 | In the Payments category, click
Company Preferences if necessary.
| | 03:25 | Turn off the
Automatically apply payments checkbox.
| | 03:30 | You want to do this so that you have to
choose which invoice a payment applies to.
| | 03:35 | If you let QuickBooks choose, you
might not notice that it selected the wrong
| | 03:40 | one or that an earlier invoice is actually late.
| | 03:42 | I am going to click OK to save those settings.
| | 03:47 | If you open the Receive Payments
window by clicking Receive Payments on the
| | 03:51 | Homepage, you see an Accept Payments panel with
buttons for accepting credit cards and eChecks.
| | 03:58 | If you don't accept these types of
payments, click the Close Toolbar button.
| | 04:04 | The program reminds you that you can
restore the panel if you change your mind.
| | 04:08 | Go ahead and click OK.
| | 04:09 | And you can see that the panel has gone away.
| | 04:13 | Back in the Preferences dialog box,
you can see the checkbox for Show Payment
| | 04:20 | Toolbar has been turned off, and if you want
to turn it back on, just turn on the checkbox.
| | 04:26 | For now, it makes sense to use
QuickBooks for a while to see what other settings
| | 04:30 | you might want to change.
| | 04:32 | For example, after spending some
time with the program, you might decide
| | 04:35 | to tweak how the program works with
bills, your checking accounts, or other
| | 04:39 | behaviors.
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| Converting from another program| 00:00 | If you started keeping your books with
Quicken Home & Business, Peachtree, or
| | 00:04 | Microsoft Small Business Accounting
and are ready to switch, QuickBooks can
| | 00:08 | convert those records into
a QuickBooks company file.
| | 00:12 | Before you convert your data, be sure to
back it up and make a copy of it to work on.
| | 00:17 | Keep the backup in case you
decide QuickBooks isn't for you after all.
| | 00:22 | Because you have to clean up your
Quicken data before you convert, make the
| | 00:25 | changes to the copy of your data file.
| | 00:28 | And if something goes wrong, you can delete
that copy, make a new copy, and try again.
| | 00:34 | If you're converting from Quicken to
QuickBooks, Read Intuit's conversion guide.
| | 00:39 | It will tell you about a few things
you have to clean up in your Quicken
| | 00:43 | file before you convert.
| | 00:44 | Here is a quick summary of those steps.
| | 00:47 | First of all, delete any accounts
you don't want to convert, like personal
| | 00:51 | accounts or investment accounts.
| | 00:54 | You also want to check that each
customer in Quicken goes by only one name so
| | 00:59 | invoices and payments are
recorded to customers correctly.
| | 01:02 | If you find any inconsistencies, edit the names.
| | 01:06 | Be sure to record any overdue scheduled
transactions that you have in Quicken.
| | 01:11 | If you want to convert scheduled
transactions, assign them to a group, which is
| | 01:15 | described in Quicken help.
| | 01:17 | You also want to clean up any online
banking. For example, send any online
| | 01:22 | payments that you have queued up and
delete any repeating online payments set up
| | 01:27 | with your bank through Quicken.
| | 01:29 | To convert your Quicken file to
QuickBooks, on the File menu, choose New Company.
| | 01:35 | In the QuickBooks Setup window,
click Other Options and then choose
| | 01:41 | Convert Quicken Data.
| | 01:44 | If you want to continue with
the conversion, click Convert.
| | 01:48 | In the Convert a Quicken File dialog box you
can select the file to convert and click Open.
| | 01:54 | You will have some time to get some
coffee or return phone calls while
| | 01:57 | QuickBooks converts your file.
| | 01:59 | In this case, I am just going to cancel.
| | 02:02 | To convert from Peachtree or Microsoft
Small Business Accounting, you download a
| | 02:07 | conversion tool from the QuickBooks web site.
| | 02:09 | On the File menu, choose New Company.
| | 02:13 | Click Other Options and choose
Convert Other Accounting Software Data.
| | 02:23 | The page that appears
describes what the tool does.
| | 02:26 | All you have to do is go to the bottom
of the page, fill in your name, company
| | 02:33 | name, and email address, and click
Submit to start the download of the tool.
| | 02:39 | After you convert your file, you
might have some additional work to do in
| | 02:42 | QuickBooks like re-creating recurring
invoices, editing scheduled transactions,
| | 02:47 | or setting up payroll.
| | 02:49 | But once you have finished that, you're
ready to keep your books in QuickBooks.
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| Creating a new user| 00:00 | If you use Express Start to create your
company file, you have an administrator
| | 00:04 | user but there's no password for that
user, which is something you really want
| | 00:09 | for the user who can do
anything to your company file.
| | 00:12 | After that's taken care of, you might
need additional users if several people
| | 00:16 | work on your company file.
| | 00:17 | That way you can tell which user does
what in your books and you can restrict
| | 00:22 | what different users can do.
| | 00:24 | To edit your administrator user, or
any other user for that matter, on the
| | 00:29 | Company menu, point to Set Up Users and
Passwords and then choose Set Up Users.
| | 00:38 | In the User List, you'll see the Admin user.
| | 00:41 | Click Admin and then click Edit User.
| | 00:45 | To set the password, type it in the
Password box and then type it in the
| | 00:50 | Confirm Password box.
| | 00:52 | Select a Challenge Question from
the list and provide your answer.
| | 01:00 | That helps you reset your
password if you forget it.
| | 01:06 | You can also change the
administrator user's user name if you want.
| | 01:13 | Click Next and then click Finish.
| | 01:16 | If you change the Admin user's name,
you see Admin in parenthesis after
| | 01:21 | the user name like this.
| | 01:24 | Click Close to close the dialog box.
| | 01:26 | Say the unthinkable has happened
and you can't remember your password.
| | 01:30 | I'm going to close this file and reopen it.
| | 01:38 | When you log in to the file and the
QuickBooks Login window appears, click the I
| | 01:43 | forgot my password link.
| | 01:46 | The Challenge Question appears.
| | 01:48 | Type your answer in the box.
| | 01:51 | By the away if you can't remember the answer,
you can click the I forgot my answer link.
| | 01:57 | If you do this, you have to jump
through several hoops like filling in your
| | 02:01 | registration information, getting a
reset code by email from Intuit, and pasting
| | 02:06 | it into the Reset QuickBooks
Administrator Password dialog box.
| | 02:10 | So the short answer is,
don't forget your answer.
| | 02:14 | When you click OK, you'll see a message
that your password, challenge question,
| | 02:19 | and answer have been removed.
| | 02:22 | Click Close and you're ready to set up a
new password, challenge question, and answer.
| | 02:35 | Then click OK to dismiss this
last box and you're ready to go.
| | 02:40 | To create a new user, open the User List
dialog box like you did for the Admin user.
| | 02:46 | On the Company menu, point to Set Up
Users and Passwords and choose Set Up Users.
| | 02:52 | If you have to type in your
password, type it in and click OK.
| | 02:57 | That's just an extra precaution to prevent
someone from creating users in your company file.
| | 03:03 | The User List shows all the existing users.
| | 03:07 | The user that's logged in to this session
has the words logged on after the username.
| | 03:12 | To create a new user, click Add User.
| | 03:16 | The Set up user password
and access dialog box opens.
| | 03:20 | On the first screen, fill in the
username and password for the new user.
| | 03:28 | Be sure to type the password
in the Confirm Password box.
| | 03:32 | Don't copy and paste the password from one
box to the other, or you might copy a typo.
| | 03:38 | If users work on the company file one
at a time, leave the Add this user to my
| | 03:43 | QuickBooks license checkbox turned off.
| | 03:46 | However, if users work concurrently,
turn the checkbox on to allocate one of
| | 03:51 | your QuickBooks licenses to the user.
| | 03:54 | Click Next to start
setting the user's permissions.
| | 03:57 | To set this user up as an all-
powerful administrator, select the All areas
| | 04:03 | of QuickBooks option.
| | 04:04 | Remember, the administrator user can
do anything in the company file, so you
| | 04:08 | don't want to give just anyone these privileges.
| | 04:11 | Most of the time, you'll pick the
Selected areas of QuickBooks option so you can
| | 04:16 | choose what the user can do.
| | 04:18 | The External Accountant user is a
special user you can create, so your
| | 04:22 | accountant can log in to your
company file and get to everything except
| | 04:26 | sensitive customer information.
| | 04:29 | I'll leave Selected
areas of QuickBooks selected.
| | 04:33 | To set the specific areas, click Next.
| | 04:36 | The Sales and Accounts Receivable
permission covers things like invoices, sales
| | 04:41 | receipts, and receiving payments.
| | 04:43 | You can give someone No Access at all,
Full Access, or limit them to creating
| | 04:49 | transactions, creating and printing
transactions, or creating transactions and reports.
| | 04:55 | A checkbox lets you give the user
permission to see a customer's full
| | 04:59 | credit card number.
| | 05:01 | Click Next to move to the next area.
| | 05:03 | Purchases and Accounts Payable
relates to bills, credit card charges,
| | 05:08 | and purchase orders.
| | 05:10 | Checking and Credit Cards lets a user
work with banking tasks like writing
| | 05:13 | checks, making deposits, and
recording credit card charges.
| | 05:18 | Inventory lets a user do things like
enter purchase orders, receive items, and
| | 05:22 | adjust the quantity or value of inventory.
| | 05:26 | Time Tracking relates to entering time
or importing and exporting time data.
| | 05:32 | Payroll and Employees covers creating
paychecks, printing payroll tax forms, and
| | 05:37 | paying payroll taxes.
| | 05:39 | Sensitive Accounting Activities
includes making journal entries and
| | 05:43 | performing online banking.
| | 05:45 | Sensitive Financial Reporting gives
someone access to all QuickBooks reports.
| | 05:51 | Changing or Deleting Transactions
lets the user change or delete the
| | 05:55 | transactions that they can access.
| | 05:57 | This is good for trainees or
to protect against embezzling.
| | 06:01 | The last screen shows the
access you've set up for the user.
| | 06:05 | If you want to change any of the
settings, click Back and make the changes.
| | 06:10 | When the user is set up the way you want,
click Finish to add the user, or click
| | 06:15 | Cancel to close the dialog
box without creating the user.
| | 06:19 | To edit an existing user, select the
user in the list and click Edit User.
| | 06:25 | Follow the steps you've just
learned to change that user.
| | 06:29 | Any user can change the
password for his or her user account.
| | 06:33 | On the Company menu, choose Set Up
Users and Passwords, and then choose
| | 06:38 | Change Your Password.
| | 06:41 | When you change your password, you
can set up a challenge question and
| | 06:44 | provide the answer to it.
| | 06:45 | That way, if you forget your
password, you can reset it by answering
| | 06:49 | the challenge question.
| | 06:50 | Click OK to complete the change.
| | 06:54 | Remember, by setting up different users
and telling QuickBooks what they can do,
| | 06:58 | 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 the
| | 00:05 | QuickBooks backup feature.
| | 00:06 | If your hard disk crashes, or you delete
a file by mistake, you can restore your
| | 00:11 | company file from your regular backup.
| | 00:13 | But QuickBooks backup is great when
you want to try something you're unsure of
| | 00:17 | in your QuickBooks file, or you want to
save hours of work without waiting for
| | 00:22 | your next full-blown backup.
| | 00:24 | You can set options for how you want
to back up your company file and where,
| | 00:28 | so QuickBooks knows what to
do for the backups it creates.
| | 00:32 | In QuickBooks you can create a backup
immediately, or you can set up a schedule
| | 00:36 | so that QuickBooks creates backups for you.
| | 00:39 | Regardless whether you want to set up
backup options or create backups, on the
| | 00:44 | File menu, choose Create Backup.
| | 00:48 | The Create Backup dialog box opens.
| | 00:51 | Select the Local backup option.
| | 00:53 | To set the backup options you
want QuickBooks to use, click Options.
| | 00:59 | In the Backup Options dialog box,
click Browse to pick the folder you want to
| | 01:04 | use to store backups.
| | 01:06 | In this example, I'm going to use the Desktop.
| | 01:08 | If you back up your company file as an
intermediate precaution, you can choose a
| | 01:12 | folder in one of your hard disks.
| | 01:13 | But you can also choose a CD, DVD,
external, or flash drive if you want to make
| | 01:19 | a backup to take offsite. Then click OK.
| | 01:23 | QuickBooks automatically turns on the Add
the date and time of the backup checkbox.
| | 01:28 | That way each backup file has a unique
name, even if you make backups within a
| | 01:33 | few minutes of one another.
| | 01:35 | To limit the amount of disk space you
chew through with backup files, you can
| | 01:39 | limit how many backups QuickBooks keeps.
| | 01:42 | It's set to 3 initially, but you can
increase the number to 99 to keep more copies.
| | 01:47 | Turn on the Remind me to back up when I
close my company file checkbox and then
| | 01:53 | add a number in the box.
| | 01:54 | That way QuickBooks reminds you
to create a backup every so often.
| | 01:59 | QuickBooks automatically selects
the Complete verification option, which
| | 02:03 | verifies the backup file.
| | 02:05 | It's a good idea to keep this setting
even though it takes a little longer.
| | 02:09 | QuickBooks makes sure that the backup
file isn't corrupt, so you don't find out
| | 02:13 | that it doesn't work when you try to restore it.
| | 02:15 | When you've selected all your options, click OK.
| | 02:20 | QuickBooks reminds you if you've
chosen a location on your hard disk.
| | 02:23 | But if that's what you want,
click Use this Location.
| | 02:28 | Back in the Create Backup dialog box,
you can continue to create a backup.
| | 02:33 | To save the backup on your computer, click Next.
| | 02:36 | To save the backup right away, select the
Save it now option and then click Finish.
| | 02:46 | When you see the message that
the backup is complete, click OK.
| | 02:51 | You can also schedule a backup
to occur at a regular interval.
| | 02:55 | On the File menu, choose Create Backup.
| | 02:59 | Select the Local backup option and click Next.
| | 03:03 | To create one backup immediately and
schedule future backups, select the Save it
| | 03:09 | now and schedule future
backups option. Click Next.
| | 03:15 | To set up a backup to occur on a
regular schedule without creating a backup
| | 03:19 | right away, you can select the
Only schedule future backups option.
| | 03:23 | On the screen for scheduling backups,
the top section is Back up automatically.
| | 03:28 | You can tell QuickBooks to create a
backup behind the scenes without any action
| | 03:32 | on your part whatsoever.
| | 03:34 | It's a great precaution.
| | 03:36 | Turn on the checkbox and type the
number of times you want to close the company
| | 03:40 | file before the program creates the backup.
| | 03:43 | It's set to 3 initially, which is usually fine.
| | 03:46 | QuickBooks includes the letters ABU in
the file name so you know that the backup
| | 03:51 | is one that the program made automatically.
| | 03:54 | It stands for Automatic Backup.
| | 03:56 | To set up a scheduled backup,
click New below the table.
| | 04:00 | The Scheduled Backup dialog box opens.
| | 04:03 | Type a description for
the backup such as Weekly.
| | 04:09 | Click Browse to select the folder
you want to use, and then click OK.
| | 04:16 | To keep a specific number of scheduled
backups, turn on the Number of backups
| | 04:20 | checkbox and type the number.
| | 04:23 | QuickBooks sets the number to 3
initially, which is usually fine.
| | 04:28 | A lower number means you don't use up
as much disk space. A higher number gives
| | 04:32 | you more protection.
| | 04:34 | Select the time of day you
want to create the backup.
| | 04:36 | Late at night when people
aren't working is a good idea.
| | 04:39 | 1 AM works pretty well.
| | 04:42 | To run a backup every day, keep 1
in the Run this task every weeks box.
| | 04:48 | Turn on the checkboxes for the days of the week.
| | 04:54 | For a weekly backup, you
might just turn on Friday.
| | 05:01 | To back up the file every
other Friday, type 2 in the box.
| | 05:06 | To run the backup when you aren't
around, you can click Store Password.
| | 05:12 | Then you type in your Windows username and
password so QuickBooks can run the backup.
| | 05:17 | When you've got the schedule set,
click OK to save the schedule.
| | 05:21 | If you haven't provided your
username and password, the Store Windows
| | 05:25 | Password dialog box opens.
| | 05:27 | Type in your login info and click OK.
| | 05:33 | Click Finish to save the backup
schedule and click OK to confirm.
| | 05:39 | QuickBooks takes over and creates the
backups for you when you tell it to.
| | 05:44 | Remember, by creating backups you can
restore your company file if you ever
| | 05:47 | run into any trouble.
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| Restoring your 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.
| | 00:08 | Restoring a backup copy is easy.
| | 00:10 | The hardest part is deciding
which backup copy you want to restore.
| | 00:14 | If you know you just made a mistake,
you simply restore the most recent copy.
| | 00:19 | If the problem occurred in the past,
restore the most recent backup that you
| | 00:22 | made before the problem.
| | 00:24 | To restore a backup copy, on the File
menu choose Open or Restore Company.
| | 00:31 | The Open or Restore Company dialog box opens.
| | 00:35 | Select the Restore a backup
copy option and then click Next.
| | 00:41 | Before you go any further, if the backup
copy is on a CD, DVD, or other external
| | 00:46 | media, be sure to insert
the media into your computer.
| | 00:50 | Select the Local backup option,
if it isn't already. Click Next.
| | 00:56 | QuickBooks automatically opens the
folder where you store your backups.
| | 01:00 | If the backup file is somewhere
else, navigate to that location.
| | 01:05 | Select the backup file you
want and then click Open.
| | 01:10 | The next screen gives you some
background on where to restore the file.
| | 01:14 | The important point is whether you want
to overwrite your existing file or not.
| | 01:19 | If your existing file is
useless, overwriting is fine.
| | 01:22 | But if you want to keep the existing
file, you want to restore your backup to a
| | 01:26 | file with a different name.
| | 01:28 | Click Next to get on to restoring.
| | 01:31 | In the Save Company File as dialog box,
leave the file name as it is if you want
| | 01:36 | to overwrite your current company file.
| | 01:39 | If you don't want to overwrite it, add
something to the name like restored or restoredfile.
| | 01:48 | Click Save.
| | 01:50 | If you're overwriting the file,
QuickBooks asks you to confirm that.
| | 01:55 | You have to click Yes if you do want
to overwrite the file, or click No to go
| | 02:00 | back to the Save Company File as dialog box.
| | 02:03 | However, if you rename the file,
it goes right to the login.
| | 02:07 | After you've restored the backup, you
have to log in to your company file as
| | 02:11 | usual and recreate any transactions
that you created since you made the backup.
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3. Setting Up a Chart of AccountsNaming and numbering accounts| 00:00 | In accounting and bookkeeping,
everything you do with money gets tracked with
| | 00:03 | things called Accounts.
| | 00:05 | Money you earn goes into Income accounts and
money you spend goes into Expense accounts.
| | 00:10 | But there are several other types of
accounts that you're likely to use.
| | 00:14 | Before you create any accounts, it's a
good idea to get to know the different
| | 00:18 | types because you can't always
switch types if you picked the wrong one.
| | 00:22 | In QuickBooks, accounts can
go by both names and numbers.
| | 00:26 | The good news is you don't have to
develop your own naming and numbering schemes.
| | 00:30 | The accounting world already has some
standards for both account names and numbers.
| | 00:34 | The key is to pick a
standard and use it consistently.
| | 00:38 | Income is the money you make from your
business selling services, products, or both.
| | 00:44 | For nonprofits, income can come from
donations, grants, and other sources.
| | 00:49 | Expense accounts are for money you
spend running your business: purchasing
| | 00:53 | products to sell, paying
subcontractors, rent, telephone bills, and so on.
| | 00:59 | Fixed asset accounts track major
purchases you make such as equipment or buildings.
| | 01:05 | Typically, you deppreciate these items to
show how their value decreases over time.
| | 01:10 | Bank accounts are easy.
| | 01:12 | They are the real-world bank accounts you
have, like checking, savings, and money market.
| | 01:17 | If you borrow money, called a current
liability account, you create a loan
| | 01:22 | account in QuickBooks for that.
| | 01:23 | Credit card accounts cover your real-
world credit card accounts that you have.
| | 01:28 | Equity represents the owner's
equity you have in the company.
| | 01:32 | And that includes capital that you
invested at the beginning and earnings that
| | 01:36 | you've retained over the years.
| | 01:38 | Accounts receivable represents money
that customers owe you such as unpaid
| | 01:43 | invoices or goods purchased from you on credit.
| | 01:47 | Accounts payable, on the other hand,
is the money that you owe to vendors.
| | 01:51 | And finally, cost of goods sold
represents the cost of the products and
| | 01:55 | services that you sell.
| | 01:57 | The main rule for naming
accounts is to be consistent.
| | 02:01 | Besides using unique names, also
identify the account purpose in the name.
| | 02:05 | For example, telephone expense
represents your monthly phone bills, but
| | 02:10 | telephone equipment could be an asset
account for your office telephone system.
| | 02:15 | Most companies use ranges of
numbers for different types of accounts.
| | 02:19 | For example, a balance sheet
shows assets, liabilities, and equity.
| | 02:24 | So the first three
ranges are reserved for those.
| | 02:27 | 1000-1999 is for assets, and that
includes bank accounts and accounts receivable.
| | 02:34 | 2000-2999 is for liabilities, including
credit cards, loans, and accounts payable.
| | 02:41 | 3000-3999 are for your equity accounts.
| | 02:46 | 4000-4999 is for income, which is the
first thing that you see on an income
| | 02:53 | statement or Profit and Loss report.
| | 02:55 | But from 5000 on, the ranges vary.
| | 02:59 | From 5000-5999, you can use those accounts
for income, cost of goods sold, or expenses.
| | 03:06 | Then from 6000-7999, you can use
those for expenses or income depending on
| | 03:13 | which you have more of.
| | 03:15 | And then finally, from 8000-9999, you can use
those accounts for different types of expenses.
| | 03:22 | If you use QuickBooks Setup or the
EasyStep Interview to create your company
| | 03:26 | file, QuickBooks create a chart of
accounts for you and numbers accounts
| | 03:30 | following a standard similar to this.
| | 03:32 | So new accounts you create in
the future will fit right in.
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| Creating an account or subaccount| 00:00 | Although accounts come in several
different flavors, as you learned in
| | 00:03 | the previous lesson,
| | 00:04 | The steps for creating an account are
almost identical no matter what type
| | 00:08 | of account you create.
| | 00:09 | To open the Chart of Accounts window,
go to the Company section of the homepage
| | 00:14 | and click Chart of Accounts. You can
also press Ctrl+A. To open the Add New
| | 00:20 | Account dialog box, click Account at
the bottom of the window and then choose
| | 00:26 | New. You can also press Ctrl+N to open it.
| | 00:31 | The Add New Account dialog box displays
options for the most commonly used types of accounts.
| | 00:37 | If you want to create one of the other
types, select the other types option and
| | 00:43 | then choose the type that you
want from the dropdown list.
| | 00:46 | I'm going to create a bank
account, so I select the Bank option.
| | 00:50 | You can see on the right side that when
you select an option, it shows where you
| | 00:54 | can use those types for. Click Continue.
| | 01:01 | In the Number box, type the number
for the account that you want create.
| | 01:05 | If you keep the chart of accounts
window visible, you can see the other
| | 01:10 | account numbers you already have
and pick a number that's five or ten
| | 01:14 | different from those.
| | 01:15 | In this case I'll type 1005.
| | 01:19 | Then in the Account Name box, type the
name for the account, such as Checking2, for
| | 01:25 | my second checking account.
| | 01:27 | If you want to create an account as a
sub account turn on the "Subaccount of"
| | 01:32 | checkbox and then choose the
parent account in the dropdown list.
| | 01:37 | If QuickBooks doesn't select the tax
line for you, and that happens if you
| | 01:41 | don't choose a tax form,
| | 01:43 | choose the tax form and
the tax line for the account.
| | 01:47 | But you can see in this case, QuickBooks can
match up most of the accounts that you create.
| | 01:52 | For a bank account you can also enter
the Bank Account Number and the Routing
| | 01:59 | Number for the bank.
| | 02:03 | Then when you're done entering
information, click Save & Close and click No, to
| | 02:09 | skip online services for now.
| | 02:13 | As you can see here, the account takes
its place in the chart of accounts list,
| | 02:17 | 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,
| | 00:03 | haven't used it for any transactions,
and simply want to clean it out of your
| | 00:07 | Chart of Accounts for good.
| | 00:09 | For accounts you've actually used,
the better choice is to inactivate the
| | 00:13 | account, which is also known as hiding.
| | 00:16 | That way, all your historical
transactions using that account are still there.
| | 00:21 | The account just doesn't show up in
list in the Chart of Accounts window or
| | 00:25 | Account dropdown list.
| | 00:26 | For example, if you decide to stop
offering one of your services, you can
| | 00:30 | inactivate its income account to keep
your chart of accounts slim and trim.
| | 00:35 | If you reintroduce that service in the
future, you can reactivate the income
| | 00:39 | 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 of the homepage
click Chart of Accounts or press Ctrl+A.
| | 00:50 | To inactivate an account,
select the account in list.
| | 00:54 | For example, Furniture and Equipment.
Then click Account at the bottom of the
| | 00:58 | window and choose Make Account Inactive. The
account promptly disappears from the list.
| | 01:06 | Now if you want to reactivate the
account, you have to be able to see it.
| | 01:10 | Turn on the Include inactive
checkbox at the bottom of the window.
| | 01:15 | Any inactive accounts have a gray X to
the left of their names, click the gray X
| | 01:21 | to reactivate the account
and have it rejoin the list.
| | 01:25 | If the account has sub accounts the
Activate Group dialog appears, and just
| | 01:30 | click Yes to reactivate
all the sub accounts too.
| | 01:34 | If you do 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.
| | 01:45 | You must click OK to confirm that
you really want to delete the account.
| | 01:50 | You can't actually delete an account if
an item, a transaction or payroll setup
| | 01:54 | uses it and you can't delete an
account if it has sub accounts or a balance,
| | 02:00 | I'll click Cancel in this example,
because I don't want to delete this account.
| | 02:04 | In the future, before you create a new
account, it's a good idea to turn on the
| | 02:08 | 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| 00:00 | Your real-life customers or the
companies or people who buy from you,
| | 00:03 | like people who purchase products in
your store, patients you treat at your
| | 00:07 | medical office, or donors who
contribute to your nonprofit.
| | 00:10 | In QuickBooks, you create a customer
record to keep track of the information
| | 00:14 | about one of your real-life customers.
| | 00:17 | The program uses that information to
fill out invoice fields, an email for
| | 00:21 | sending a message, or customer contact report.
| | 00:24 | The customer center is a
convenient place to create a customer.
| | 00:28 | On the homepage, click Customers
on the left side of the window.
| | 00:32 | Then on the toolbar click New
Customer & Job and choose New Customer.
| | 00:37 | The New Customer dialog box is hungry
for information about that customer, but
| | 00:43 | you don't have to fill in
every box unless you want to.
| | 00:47 | The only one you have to
fill in is Customer Name.
| | 00:50 | The Customer Name field is
really for identification.
| | 00:53 | You can use an alphanumeric code and
abbreviation of the customer's name or
| | 00:58 | the full customer name.
| | 01:04 | Customers appear in customer
name dropdown lists alphabetically.
| | 01:08 | So the full name or an abbreviation makes
it easier to find the customer you want.
| | 01:13 | You can create generic customer names
if you don't need detailed information.
| | 01:17 | For example, you might create a
customer called cash sale for every person who
| | 01:22 | buys papers at your newsstand.
| | 01:24 | The Company Name box is for a
company or person's actual name.
| | 01:29 | Although you can use the same name in the
Customer Name and Company Name boxes if you want.
| | 01:34 | The difference is the company name
is what goes on invoices and reports.
| | 01:39 | Leave the Opening Balance box empty.
| | 01:42 | The best way to get a customer's balance
in the QuickBooks is to create invoices
| | 01:46 | for the money they owe you.
| | 01:48 | That way, if they don't pay or if they
have questions, you have the records
| | 01:52 | you need to follow up.
| | 01:53 | The rest of the boxes on the
Address Info tab are pretty easy.
| | 01:58 | Fill in your primary contact's name...
actually I'm going to fill in the Company
| | 02:02 | Name, and then the First Name, and the Last Name.
| | 02:11 | And you can see that QuickBooks moves
that information down into the Bill To
| | 02:15 | box. Go ahead and fill in the
rest of the address in this box.
| | 02:20 | To use the mailing address as
the shipping address, click Copy.
| | 02:25 | If the address you entered is
incomplete or unclear, QuickBooks opens the Add
| | 02:31 | Shipping Address Information dialog
box with fields for you to fill in. When the
| | 02:36 | address is complete, click OK.
| | 02:41 | You can also fill in the person's
contact information: Phone, Fax, Email, and
| | 02:47 | an Alternate Contact.
| | 02:49 | If the customer has more than one
shipping address, for example, addresses for
| | 02:54 | several branch offices, click Add
New to add another shipping address.
| | 02:59 | Then when you create packing slips, you
can choose the shipping address to use.
| | 03:04 | If you want to add the rest of the
customer's information, you can always click
| | 03:07 | the Additional Info tab, which
you'll learn about later in this chapter.
| | 03:12 | If you're ready to save the customer,
just click OK and you'll see the customer
| | 03:18 | take its place in the
customer list as it does here.
| | 03:21 | To add several customers at the same
time, on the toolbar click New Customer &
| | 03:27 | Job and then choose Add Multiple Customer Jobs.
| | 03:33 | The Add/Edit Multiple List Entries
window opens to the Customers list.
| | 03:38 | The table has columns for the
customer name and contact information.
| | 03:43 | You can even create new customers by
clicking cells and typing values, but
| | 03:47 | this method really comes in handy when you
have customer info in an Excel spreadsheet.
| | 03:52 | Then you can copy and paste several
customers worth of info into the table.
| | 03:58 | Here, I'm going to select several cells and copy.
| | 04:03 | Then when I go back to QuickBooks, I can
click a blank cell and paste it in. Then
| | 04:09 | when you're done, click Save Changes and
click OK when you see the message about
| | 04:14 | how many customer records have been saved.
| | 04:18 | Now you can see that those
customers have been added to the list.
| | 04:22 | So from now on, you can create customers
one at a time or in batches depending on
| | 04:27 | which method best fits your workflow.
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| Specifying additional customer information| 00:00 | You can tell QuickBooks a lot
more about your customers than the
| | 00:02 | contact information.
| | 00:04 | Payment terms, sales taxes, and how they
prefer to pay you are just a few of the
| | 00:09 | additional fields in the customer record.
| | 00:11 | To add more information about a
customer, click Customers on the homepage.
| | 00:16 | In the previous video, we
filled in the Address Info tab.
| | 00:19 | In this lesson, we're going to
work on the Additional Info tab.
| | 00:23 | To open the Edit Customer dialog box,
right-click the customer you want to
| | 00:27 | edit and click Edit Customer Job
on the shortcut menu. Then click the
| | 00:33 | Additional Info tab.
| | 00:35 | The first box is Type, which is where
you assign a customer type to the customer,
| | 00:40 | as you will learn in a later movie.
| | 00:42 | This customer is already set to
the Residential customer type.
| | 00:45 | The Terms box is for the customer's
payment terms. QuickBooks also offers a few
| | 00:51 | built-in payment terms such as the
common Net 30, which means that the customer
| | 00:56 | pays within 30 days of receiving an invoice.
| | 00:59 | You can also create your own by
choosing Add New in the dropdown list.
| | 01:04 | If you assign sales reps to customers, you
can assign one in the Rep dropdown list.
| | 01:10 | You can add any employee, vendor, or
other person you want to the list.
| | 01:14 | If you don't have any in list yet, you
can click Add New to create one, and you'll
| | 01:18 | learn how to do this later.
| | 01:20 | The Preferred Send Method is how
you usually send invoices or other
| | 01:24 | communications to that customer.
| | 01:26 | You can choose Email or Mail, or
choose None if it doesn't matter.
| | 01:33 | If you charge sales tax, you can choose
the Tax Code and Tax Items to apply to
| | 01:38 | the customer's invoices. You'll learn
about sales tax in the chapter on setting
| | 01:42 | up to sell services and products.
| | 01:45 | You can also apply a Price Level to
the customer, which you learn about later.
| | 01:49 | A Price Level is a markup or discount,
for example, a 10% discount for members
| | 01:55 | of your loyal customers club.
| | 01:57 | If you apply a price level here, the
percentage applies to every item on every
| | 02:02 | one of the customer's invoices.
| | 02:04 | The Custom Fields area lets you define a
handful of your own fields that you can
| | 02:09 | apply to customers, vendors, or
employees. All you do is define the label.
| | 02:16 | When you fill in a Custom Field, you
have to type the text or the numbers.
| | 02:21 | The Payment Info tab has more fields
that have to do with how the customer pays.
| | 02:26 | If you assign an account number to a
customer, type it in the Account Number box.
| | 02:31 | You can fill in a credit limit for a customer.
| | 02:34 | If you do, QuickBooks warns you when an
invoice for the customer will put them
| | 02:38 | over their credit limit.
| | 02:41 | The Preferred Payment Method dropdown
list is for the payment method that the
| | 02:45 | customer typically uses.
| | 02:48 | Choose a payment method here. Then when
you receive a payment from the customer,
| | 02:53 | QuickBooks automatically fills in the
payment type for you. You can fill in
| | 02:57 | credit card information on the Payment
Info tab, but before you do, make sure
| | 03:01 | that your security procedures are
enough to protect your customers' card info.
| | 03:06 | If you don't want to interrupt your
customer creation with creating list
| | 03:10 | entries, you can do that
from the QuickBooks menu bar.
| | 03:12 | I am going to click Cancel and then
click List and then choose Customer & Vendor
| | 03:19 | Profile Lists and pick one of the lists.
| | 03:22 | You'll learn about filling
in other lists in Chapter 5.
| | 03:28 | Back in the Edit Customer box, the Job
Info tab has boxes for information about a
| | 03:33 | job, but you'll learn how to create a
job for a customer and fill in its fields
| | 03:38 | later in this chapter.
| | 03:39 | When you're ready to save the customer,
click OK, and the edited customer record
| | 03:44 | is available the next time
you need it in a transaction.
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| Creating a job| 00:00 | You might also work on more
than one job for a customer.
| | 00:03 | Say you are an electrician who
installs the wiring in houses that a
| | 00:06 | general contractor builds.
| | 00:08 | In QuickBooks, you can create jobs and
associate them with QuickBooks customer records.
| | 00:13 | Similar to sub accounts,
jobs act like sub-customers.
| | 00:18 | You can send invoices for each job
to a different address, if necessary,
| | 00:22 | and keep track of how much you earn,
how much you spend, and the resulting
| | 00:26 | profit for each job.
| | 00:28 | To create a job, click
Customers on the Home Page.
| | 00:32 | The easiest way to create a job is to
right-click the Customer you want and then
| | 00:37 | choose Add job from the shortcut menu.
| | 00:40 | Keep in mind, although the New
Customer and Edit Customer dialog boxes have a
| | 00:45 | Job Info tab, you don't want to use that when
you have several jobs for the same customer.
| | 00:50 | By using the New Job dialog box, you can
create records for each job you do for a customer
| | 00:56 | and fill in different addresses for each one.
| | 00:59 | The New Job dialog box contains fields
similar to the new customer dialog box,
| | 01:04 | and the only field you have
to fill in is the Job Name.
| | 01:11 | The fields on the Address Info tab,
Additional Info tab, and Payment Info tabs
| | 01:18 | are a subset of the fields you
see in the New Customer dialog box.
| | 01:22 | QuickBooks fills them in automatically
with the values from the customer record.
| | 01:27 | If the job uses different information,
such as a different shipping address, you
| | 01:32 | can always change the value here.
| | 01:34 | In this case, click Add New.
| | 01:38 | Fill in the Address Name, and
then the Address, and click OK.
| | 01:46 | The Job Info tab, on the other hand, has
several boxes specifically for jobs like
| | 01:52 | Job Status, Start Date,
Projected End date, and so on.
| | 01:57 | But realistically, QuickBooks
isn't the right tool for managing jobs.
| | 02:01 | So you're better off keeping track of
job status in a project management or a
| | 02:05 | construction management program.
| | 02:07 | The one field that is helpful is
Job Type. Similar to Customer Type,
| | 02:12 | you can create Job Types to categorize
your jobs and analyze them in more detail.
| | 02:17 | That's all there is to it.
| | 02:18 | When you're ready to save the job,
click OK, and you can see the job indented
| | 02:23 | below the customer name in the customer list.
| | 02:26 | So you know that it is
ready for your next transaction.
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| Creating a vendor| 00:00 | Vendors are the companies or people
you buy services and products from.
| | 00:04 | Like 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 | The program uses that information to
fill out bills, vendor credits, and other
| | 00:19 | vendor related transactions.
| | 00:21 | The Vendor Center is the
best way to create a new vendor.
| | 00:24 | On the Home Page, click the Vendors button.
| | 00:28 | Then in the Vendor Center, click New Vendor
and choose New Vendor on the dropdown menu.
| | 00:35 | In the New Vendor dialog box, the
Vendor Name is a field to identify a vendor.
| | 00:41 | You can type a code or the
full vendor name in the box.
| | 00:44 | You can use the same name in the Vendor
Name and Company Name box if you want.
| | 00:54 | Leave the Opening Balance box empty.
| | 00:57 | The best way to get a vendor's balance
into QuickBooks is to create bills for
| | 01:01 | the money that you owe.
| | 01:03 | Then you can fill in the rest of the
contact information on the Address Info tab
| | 01:07 | just as you do for customers, as you
learned earlier in this chapter.
| | 01:10 | On the Additional Info tab, the Account No.
| | 01:13 | box is for the account
number the vendor assigns to you.
| | 01:18 | You can usually find it somewhere
on the bills that the vendor sends.
| | 01:21 | You can categorize vendors with a Vendor
Type, as you will learn later in this chapter.
| | 01:26 | QuickBooks provides
several types out of the box.
| | 01:29 | But you can create your own just
like you do with customer types.
| | 01:34 | The Terms list is the same list of terms
that you see when you create a customer.
| | 01:38 | You can choose the terms or
create a new set of terms if you want.
| | 01:43 | The Credit Limit box is for the credit limit
that the vendor extends to you as a customer.
| | 01:48 | The Tax ID is the vendor's tax ID.
| | 01:51 | For example, if you have to fill out a
1099 for the vendor at the end of the year.
| | 01:56 | The Account Prefill tab has three
fields to help you fill in vendor bills.
| | 02:02 | If you choose accounts in these fields,
the program adds them automatically to
| | 02:06 | build your record for the vendor.
| | 02:08 | However, you can obtain similar
behavior by setting the preference to
| | 02:12 | automatically recall the last
transaction for a name, as you have learned in
| | 02:16 | an earlier chapter.
| | 02:18 | When you're ready to save the vendor, click OK.
| | 02:21 | The vendor appears in the Vendors list,
ready for you to choose when it's time
| | 02:25 | to record the bills you receive.
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| Making customers and vendors inactive| 00:00 | Similar to accounts, you don't want
to delete a customer unless you created
| | 00:04 | the record by mistake.
| | 00:06 | You want to keep transactions for that
customer in your records, even if you
| | 00:09 | don't think the customer will
ever do business with you again.
| | 00:13 | If you make the customer inactive,
you won't see the customer name in list
| | 00:17 | and dropdown menus.
| | 00:18 | But you can reactivate the record if they
call you out of the blue with a new order.
| | 00:22 | Inactivating vendors works the same way.
| | 00:26 | In the Customer Center window, to
inactivate a customer, right-click the name and
| | 00:32 | then choose Make Customer Job Inactive.
| | 00:37 | The customer promptly disappears from
the list. To reactivate a customer, you
| | 00:41 | have to be able to see it.
| | 00:43 | In the View dropdown list, choose All Customers.
| | 00:47 | Inactive customers have a gray X the
left of their names. Click the gray X to
| | 00:53 | reactivate the customer.
| | 00:55 | If you want to delete a customer
record and it hasn't been used in any way,
| | 00:59 | you can right-click the customer and
choose Delete Customer Job on the shortcut menu.
| | 01:06 | You have to confirm that you want to
delete the customer by clicking OK.
| | 01:09 | However, you can't delete a customer
record if a transaction uses it or the
| | 01:14 | customer has a balance.
| | 01:16 | To inactivate a vendor, open the vendor
center, right-click the vendor name, and
| | 01:23 | choose Make Vendor Inactive. The rest
of the steps are identical to those for
| | 01:28 | inactivating customers.
| | 01:30 | In the future, before you create a
new customer or vendor, display all the
| | 01:34 | customers in the Customer Center or
vendors in the Vendor Center, including the
| | 01:39 | inactive ones, to see if you already
have a record for that customer or vendor.
| | 01:43 | That way you won't create
duplicate records by mistake.
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| Merging customer or vendor records| 00:00 | If you realize that you have two
customer records for the same real-life
| | 00:03 | customer, somehow you need to get
those two records into one while keeping the
| | 00:08 | jobs, invoices, and other transactions
that you created for the separate records.
| | 00:13 | You can merge customer records in QuickBooks
| | 00:16 | so that the customer record you keep holds
all the transactions from the two originals.
| | 00:21 | Basically, you rename the one customer
in one record to the same name in the
| | 00:26 | record you're keeping and the program
merges them. If you work in Multi-user
| | 00:31 | mode, on the File menu,
choose Switch to single-user mode.
| | 00:36 | In this case, it says Switch to Multi-user mode;
| | 00:38 | I'm already in Single-user mode.
| | 00:41 | You can switch back to Multi-user
mode after the merge is complete.
| | 00:45 | To start the merge, on the Home Page,
click Customers to open the Customer Center.
| | 00:50 | The customer you rename can't
have any jobs associated with it.
| | 00:55 | Before you start the merge, you
have to move those jobs to the customer
| | 00:58 | you're going to keep.
| | 01:00 | To do that, point to the diamond to
the left of the job you want to reassign,
| | 01:05 | Basement Makeover in this example.
| | 01:07 | When you see a four-headed arrow,
drag the job so the horizontal line is
| | 01:12 | underneath the customer you want to reassign to.
| | 01:15 | The job shows up indented
under its new parent customer.
| | 01:19 | Repeat these steps for any other jobs
that belong to the customer you're merging.
| | 01:24 | In this case, the customer is ready to merge.
| | 01:27 | Click the Customer you want to merge
called Customer_to_Merge here and press
| | 01:32 | Ctrl+E to open the Edit Customer dialog box.
| | 01:36 | You can also double-click the customer name.
| | 01:39 | In the Customer Name field, type the
name of the customer you're keeping--
| | 01:44 | Bill Bond, in this example. Then click OK.
| | 01:49 | The message you see tells you the name
is already used and asks if you want to
| | 01:53 | merge the records. Click Yes.
| | 01:56 | The record you merged disappeared
| | 01:59 | and any balances have moved
to the customer that remains.
| | 02:03 | In this example, Bill Bond now has the
$9,663.25 balance that used to belong to
| | 02:10 | the Customer_to_Merge record.
| | 02:13 | You can merge vendor records in the same
way by changing the name of a vendor in
| | 02:17 | the Edit Vendor dialog box to the
name of the vendor you want to keep.
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| Categorizing customers and vendors| 00:00 | Categorizing your customers and
vendors is one way to put your business under
| | 00:03 | the microscope, whether you want to
see which parts are performing better or
| | 00:07 | how you can improve.
| | 00:09 | In QuickBooks you can create Customer
and Vendor types and assign a type to each
| | 00:13 | customer or vendor. Then you can run
reports to see how profitable different
| | 00:18 | types of customers are, how much
business you do with each type, or where you
| | 00:23 | spend the most money.
| | 00:24 | To create a new customer type, click
Lists, point to Customer & Vendor
| | 00:30 | Profile Lists, and then click Customer Type List.
| | 00:35 | In the Customer Type List window press Ctrl+
N to open the New Customer Type dialog box.
| | 00:42 | Enter a name for the Customer Type such
as Commercial, Residential, or Homeowner.
| | 00:49 | If you want to create Subtypes such as
federal, state, and local for a top-level
| | 00:54 | government type, turn on the Subtype
of checkbox and choose the parent type.
| | 00:59 | In this case I'll just click OK.
| | 01:02 | To add the Customer Type to an
existing customer, go to the Customer Center,
| | 01:07 | select the customer in the list, and
then press Ctrl+E to edit the customer.
| | 01:13 | The fields are the same in the New
Customer and Edit Customer dialog boxes.
| | 01:18 | Click the Additional Info tab and
click the down arrow in the Type box.
| | 01:24 | Click the customer type you want to assign.
| | 01:27 | If you don't see the type you want,
click Add New to jump to the New Customer
| | 01:32 | Type dialog box to create a new type.
| | 01:36 | After you fill in the types, you
can click OK and you're back in the
| | 01:39 | original dialog box.
| | 01:41 | In this case, Edit Customer.
| | 01:43 | I'll just click Cancel.
| | 01:45 | Now if you want to see your sales by
Customer Type, you can run a Report
| | 01:49 | subtotaled by Customer Type.
| | 01:53 |
| | 01:54 | I have a customized Sales by Customer
Type report, and you can see the different
| | 01:59 | types of customers with subtotals for each type.
| | 02:03 | You can create Vendor Types in a similar
way by choosing Vendor Type List on the
| | 02:08 | Customer & Vendor Profile Lists menu.
| | 02:10 | The New Vendor Type dialog box has
the same fields and you can generate
| | 02:14 | reports by Vendor Type too.
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| Using classes to categorize business| 00:00 | Accounts and Customer, Job, and Vendor
Types can help you classify your business
| | 00:04 | in many ways, but sometimes you need to track
income and expenses across all of those elements.
| | 00:11 | Classes let you track performance
across Accounts, Customers, Jobs, and Vendors
| | 00:17 | because you assign classes to
transactions, like invoices and bills, regardless
| | 00:23 | which customer or vendor is involved,
which accounts you use, or which services
| | 00:28 | and products you sell.
| | 00:29 | For example, if you want to track
the profit generated by each partner or
| | 00:33 | business unit in your company, you
create Classes and assign them to the
| | 00:38 | transactions you record.
| | 00:39 | Here is an example of how Classes can
help classify business--in this example,
| | 00:44 | the net profit generated by each partner.
| | 00:47 | On the Reports menu I choose Company &
Financial and then choose Profit & Loss
| | 00:53 | by Class, and you can see here the
net profit for each of the partners.
| | 00:59 | If you don't need to track your
business across Accounts, Customers, and Vendors
| | 01:03 | as shown here, you don't have to use Classes;
| | 01:06 | you just have one more box
to fill in on transactions.
| | 01:10 | But if you do want to use Classes
you have a few steps to perform.
| | 01:13 | First, you have to turn on the Class feature.
| | 01:16 | On the Edit menu choose Preferences
and then click the Accounting category.
| | 01:24 | On the Company Preferences tab, turn
on the Use class tracking checkbox.
| | 01:29 | It's already turned on here.
| | 01:31 | If you turn on Prompt to assign classes,
QuickBooks provides reminders if you
| | 01:36 | try to save a transaction
without filling in the Class field.
| | 01:40 | You can save transactions without classes if
they don't apply, such as overhead expenses.
| | 01:46 | Click OK to save your preferences.
| | 01:49 | Now, to create a class, on the Lists menu,
click Class List. The Class List window opens.
| | 01:59 | In the window, click Class and then choose New.
| | 02:04 | In the Class Name box, type a name for the class.
| | 02:08 | In this example, the name
of a new partner, Arnie Geek.
| | 02:13 | You can set up subclasses by turning on
the Subclass of checkbox and choosing a
| | 02:19 | parent class, perhaps
senior and junior partners.
| | 02:23 | In this case, I'm just going
to click OK to save the class.
| | 02:26 | To see how you apply a class to a
transaction, on the homepage click Create Invoices.
| | 02:33 | In the Customer
| | 02:34 | Job box, choose the Customer--
Condo Coop in this case.
| | 02:39 | Then in the Class dropdown list, choose
the partner associated with this income.
| | 02:46 | Similarly, if you receive a bill with
expenses associated with the partner, you
| | 02:51 | can choose the class for that partner
on the bill. That's all you have to do.
| | 02:55 | Once you have your classes defined, you
can assign them to every class-related
| | 02:59 | invoice, sales receipt, bill, or other
transaction you create and then use Class
| | 03:05 | Reports to evaluate performance.
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|
|
5. Setting Up to Sell Services and ProductsUsing items| 00:00 | QuickBooks Items help you fill out
purchase orders, bills, invoices, and other
| | 00:04 | financial business forms.
| | 00:06 | Items can represent the services and
products you sell, so they're an important
| | 00:10 | part of filling out invoices
you send to your customers.
| | 00:13 | If you buy inventory to resell, you use
Items to fill out purchase orders and
| | 00:18 | vendor bills too. But Items come in
other flavors like discounts, other charges,
| | 00:23 | sales taxes, and even payments
that your customers send you.
| | 00:27 | Items you use reside in
the QuickBooks Item List.
| | 00:30 | On the homepage you can click Items &
Services to open the window, or on the menu bar
| | 00:37 | you can click Lists and then choose Item List.
| | 00:42 | For most companies, the majority of Items
represent services or products that you
| | 00:46 | sell, as you can see here. But let's look
at an invoice to see how you use Items.
| | 00:52 | On the homepage, I click Create Invoices
to open the Create Invoices window, and
| | 00:57 | I'm going to click
Previous to open up the invoice.
| | 00:59 | This invoice is created by the lynda
Construction Company, which sells both
| | 01:04 | services and products.
| | 01:05 | You can see that the first several lines
are for different construction services
| | 01:09 | like Demolition, Carpentry, and Electrical work.
| | 01:13 | A Service item can represent fixed-
price services like snow plowing, services
| | 01:17 | you charge by the hour, or a
subscription, like a cable TV package.
| | 01:22 | The invoice also has a few Items for
products needed for the small remodeling job.
| | 01:27 | Items for products can be
inventory or non-inventory parts.
| | 01:31 | The products that you keep in stock
to resell to customers are called
| | 01:34 | inventory. Products you purchase
special for a customer or job are
| | 01:39 | non-inventory parts.
| | 01:42 | Items can represent things other than
what you sell and the Other Charge Item
| | 01:46 | comes in handy for things like
shipping charges, bounced check charges,
| | 01:50 | finance charges, and so on.
| | 01:53 | The Subtotal Item here adds up all the
amounts from the preceding lines in an
| | 01:57 | invoice up to the previous
subtotal or the beginning of the invoice.
| | 02:02 | You can subtotal costs like
the services or the products.
| | 02:05 | That way you can apply a discount
or shipping charge to several Items.
| | 02:10 | A discount Item, which isn't shown
here, lets you apply a percentage or fixed
| | 02:14 | dollar amount to an invoice.
| | 02:16 | You'll learn more about all these types of
Items and how to set them up later in this chapter.
| | 02:21 | Some organizations get by just fine
without using forms like bills and invoices.
| | 02:26 | If you keep track of sales in other
ways and simply deposit money into your
| | 02:30 | business checking account, you
don't have to create Items at all.
| | 02:34 | For example, a consignment
shop sells other people's stuff.
| | 02:38 | The owner keeps track of consignment
goods in a spreadsheet and simply deposits
| | 02:41 | payments into her checking account.
| | 02:44 | She doesn't need Items in QuickBooks.
| | 02:46 | 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| 00:00 | Service Items are aptly named because
they're great for the services you sell--
| | 00:04 | things like time and attorney bills by
the minute, the hours your construction
| | 00:08 | crew works on a building, a monthly
subscription for Internet service, or the
| | 00:12 | fixed price you charge to clean a chimney.
| | 00:14 | You can set up a rate that you charge
for the service, whether it's taxable or
| | 00:18 | not, and the income account you want
to use to track the service's income.
| | 00:23 | If you hire someone else to perform
the service, you can also tell QuickBooks
| | 00:26 | how much you pay your subcontractors or
partners and the account to track those expenses.
| | 00:32 | To create a service item,
start in the Item List window.
| | 00:36 | On the homepage, click Items & Services.
| | 00:39 | Then click Item at the bottom of the
window and choose New on the dropdown menu.
| | 00:46 | QuickBooks automatically picks Service for the
Item Type so you can click that and continue.
| | 00:53 | In the Item Name/Number box,
type a name for the service.
| | 00:57 | 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.
| | 01:06 | You can use parent items and
subitems to keep your item list organized.
| | 01:11 | To make an item a subitem, turn on the
Subitem of checkbox. Then you can choose
| | 01:16 | the parent item--say,
Construction--from the dropdown menu.
| | 01:21 | For now, skip the checkbox for services
performed by a subcontractor or partner.
| | 01:27 | The next set of boxes tells QuickBooks
about the service you sell to customers.
| | 01:31 | In the Description box, type the
description that you want to appear on invoices.
| | 01:36 | Describe the service in terms
your customers will understand.
| | 01:41 | In the Rate box, type how
much you charge for the service.
| | 01:45 | The rate can be a flat fee, like $200 to
clean a chimney, or a time-based fee, like
| | 01:50 | $39.95 you pay for a month's Internet service.
| | 01:56 | You can also charge based on the
amount of time someone works providing a
| | 01:59 | service, like $4 a minute if you're a
lawyer, $10,000 a month as a contractor, or
| | 02:05 | in this construction
example, $60 an hour for painting.
| | 02:10 | When you use a time-based service item
on an invoice, you enter the quantity of
| | 02:13 | time in the Quantity field and
QuickBooks multiplies the rate times the quantity
| | 02:18 | to calculate the total charge.
| | 02:20 | Here you see the Tax Code box.
| | 02:22 | This box appears only if you've
turned on the sales-tax feature.
| | 02:26 | Most service items are nontaxable, so be
sure to choose Non in the Tax Code box.
| | 02:33 | In the Account dropdown list, choose the
account for tracking the income for the service.
| | 02:38 | For example, Services Income. If
you're done, click OK to add the item to the
| | 02:45 | item list. But before I do that, let's
suppose you hire a subcontractor to do
| | 02:51 | work for you, or you pay
partners in your company for their work.
| | 02:55 | You charge the customer a rate for
painting, but you also have to pay a
| | 02:59 | subcontractor or partner too.
| | 03:01 | This is when you turn on the "This
service is used in assemblies or is
| | 03:05 | performed by a
subcontractor or partner" checkbox.
| | 03:09 | When you turn this checkbox, on the
dialog box displays a set of boxes to define
| | 03:14 | the purchase side of the service.
| | 03:16 | In the Description on Purchase
Transactions box, type the description that you
| | 03:21 | want to appear on purchase
orders to your subcontractors.
| | 03:26 | In the Cost box type what you pay
for the service--let's say $40 an hour.
| | 03:32 | If you charge by time unit, make sure the
Cost box and the Sales Price boxes have
| | 03:38 | values for the same unit of time.
| | 03:41 | Like the account for income, you choose
the Expense Account you want to use to
| | 03:46 | track what you pay your subcontractors.
| | 03:49 | If you don't see the Expense Account
that you want, scroll to the top of the
| | 03:52 | menu and click Add New.
| | 03:55 | Then you can create a new Expense Account.
| | 03:58 | Put in an Account Number, type in the
Name of the account, add a Description if
| | 04:06 | you want, and a Tax-Line Mapping.
| | 04:15 | Then click Save & Close to add the account.
| | 04:19 | If you choose a vendor in the
Preferred Vendor dropdown list, QuickBooks
| | 04:23 | automatically fills in a purchase order
for this service type with that vendor.
| | 04:27 | However, if you buy from several
vendors, it's easier to keep this box blank.
| | 04:32 | If you want to create another item just
click Next, but to close the dialog box
| | 04:37 | and save the item, click OK.
| | 04:41 | Now that you've created this service
item, you can add it to an invoice or, if you
| | 04:45 | use a subcontractor, a purchase order.
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| Creating an inventory item| 00:00 | If you sell products, you can
treat them as inventory, or not.
| | 00:03 | Inventory is what you call products that
you keep in stock to resell to your customers,
| | 00:08 | the way retail stores,
wholesalers, and distributors do.
| | 00:12 | This video starts with how much money moves
between accounts as you buy and sell inventory.
| | 00:18 | But you'll also learn how
to create an inventory item.
| | 00:21 | On the other hand, if you purchase
products specifically for work you're doing
| | 00:25 | for a customer, you don't need inventory.
| | 00:28 | You'll learn how to create a non-
inventory part item later in this chapter.
| | 00:32 | The money associated with inventory
moves from account to account as you buy
| | 00:36 | inventory, hold it in stock, and then sell it.
| | 00:40 | All these moves are the reason why you
have to tell QuickBooks so much about the
| | 00:43 | inventory items you create.
| | 00:45 | When you buy inventory, money, say $500,
comes out of the checking account to
| | 00:52 | pay for the inventory.
| | 00:53 | That's a credit in the checking account.
| | 00:55 | The money you spent on inventory
shows up in the Inventory Asset Account,
| | 01:00 | because you still own an asset worth $500.
| | 01:04 | This is a debit in the Inventory Asset Account.
| | 01:07 | Then when you sell inventory, an income
account gets a credit for the amount you
| | 01:12 | sold the inventory for, say $1000.
| | 01:17 | The customer owes you money, so your
Accounts Receivable Account gets a debit
| | 01:21 | for the sell amount, also $1000.
| | 01:25 | Because you've sold some of the
inventory, you have to reduce the amount in
| | 01:29 | your Inventory Asset Account, so you credit
that account for the cost of the inventory.
| | 01:34 | That's the $500 you paid for it in this example.
| | 01:38 | That brings the balance in the
Inventory Account to 0, because you've sold
| | 01:42 | all your inventory.
| | 01:44 | You have to take the cost of the sold
inventory into account, so you debit the
| | 01:49 | Cost of Goods Sold account for the
value of the inventory you sold; also $500.
| | 01:55 | To create an inventory item and tell
QuickBooks what it needs to know, you start
| | 02:00 | in the Item List window.
| | 02:02 | In the window, click Item and then choose New.
| | 02:07 | In the New Item dialog box, click
Inventory Part in the Type dropdown list.
| | 02:13 |
| | 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 than spelled out names.
| | 02:28 | You can also use parent items and
subitems to keep your item list organized.
| | 02:34 | To make an item a subitem, turn on the Subitem
of checkbox, and then choose the parent item.
| | 02:42 | You can choose Add New to add a new parent.
| | 02:45 | In this case, I'll create a
new parent for inventory items.
| | 02:48 | The Item Name/Number box and an Income
Account are the only things I have to fill in.
| | 02:53 | I am going to choose a Product
Income account for this one. Okay.
| | 03:05 | Now that the parent item is created,
you can see that the Door Lock Inventory
| | 03:09 | Part is part of the Inventory Products parent.
| | 03:13 | If you create purchase orders for
inventory, you can fill in the Manufacturer's
| | 03:17 | Part Number box to help the vendor
identify the product you're ordering.
| | 03:21 | In this case, I'll leave it blank.
| | 03:23 | The description on Purchase
Transactions box is where you type the description
| | 03:28 | that appears on purchase orders or bills.
| | 03:30 | This lets you describe the
product and terms the vendor uses.
| | 03:38 | QuickBooks automatically copies what
you type in this box into the description
| | 03:43 | on Sales Transactions box.
| | 03:46 | But you can type a more customer-friendly
description to add to invoices or sales receipts.
| | 03:53 | The Cost box is how much you
pay for one of the product.
| | 03:57 | A single 6-panel interior door, a
pound of nails, a gallon of paint, or one
| | 04:03 | door lock in this case.
| | 04:06 | Even if you buy inventory in larger
quantities, you still have to fill in the
| | 04:11 | cost with the amount you pay for one unit.
| | 04:14 | QuickBooks compares the Cost field and
the Sales Price field to figure out your
| | 04:18 | profit on each unit.
| | 04:20 | The Cost of Goods Sold Account is the
account that tracks the product cost when
| | 04:24 | you sell the product.
| | 04:25 | QuickBooks calculates gross profit on
products by subtracting the Cost of Goods
| | 04:30 | Sold from the Income Earned.
| | 04:32 | If you don't have a Cost of Goods
Sold Account, QuickBooks creates one
| | 04:36 | automatically when you
create your first inventory item.
| | 04:39 | You don't have to fill in the
Preferred Vendor, which tells QuickBooks the
| | 04:43 | vendor to fill in when you
create a purchase order for this item.
| | 04:46 | The Sales Price field is how much
you charge for one unit of the product.
| | 04:51 | That's the same unit you used in the Cost field.
| | 04:56 | If you collect sales tax and the product is
taxable, choose Tax in the Tax Code dropdown.
| | 05:02 | The Income Account is the account you
use to track the income from selling
| | 05:06 | one of these items;
| | 05:08 | Product Income in this example.
| | 05:10 | When you purchase inventory, those
products sitting in inventory are an
| | 05:15 | asset that you own.
| | 05:16 | The Asset Account keeps track of the
value of your inventory until you sell it.
| | 05:22 | In this case, it's an inventory asset.
| | 05:25 | If you want a reorder reminder when
you're running low, fill in the Reorder
| | 05:30 | Point box with the number that
you want to trigger the reminder.
| | 05:35 | A lower reorder point works when your
vendor ships products quickly. Plus, you
| | 05:40 | have less money tied up in inventory.
| | 05:42 | When you create a new inventory item,
you can fill in the On Hand field to tell
| | 05:47 | QuickBooks how many you already have in stock.
| | 05:51 | The Total Value field tells QuickBooks how
much the ones you have on hand are worth.
| | 05:58 | QuickBooks adds that total value
to your Inventory Asset Account.
| | 06:02 | The As of field tells QuickBooks the
date for the addition of the inventory to
| | 06:07 | your Inventory Asset Account.
| | 06:09 | If you want to create another item, click Next.
| | 06:12 | To save this item and
close the dialog box, click OK.
| | 06:17 | After you've told QuickBooks everything
about the inventory item, you can add it
| | 06:21 | to a purchase order, bill, invoice, or
sales receipt, and QuickBooks can keep
| | 06:27 | track of the money every step of the way.
| | Collapse this transcript |
| Creating a non-inventory item| 00:00 | 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.
| | 00:37 | When you buy products the money, say
$500, comes out of your checking account,
| | 00:42 | and that's a credit in the checking account.
| | 00:45 | The money you spent shows up in an
Expense account because it's a cost you incur.
| | 00:51 | That's a debit in the Expense account.
| | 00:53 | Then when you sell products, an income
account gets a credit for what you charge
| | 00:58 | the customer, say $1000.
| | 01:01 | The customer owes you money, so your
accounts receivable account gets a debit for
| | 01:06 | the sell amount, the same $1000.
| | 01:09 | QuickBooks calculates your profit by
subtracting the product expense from
| | 01:13 | the income you earned.
| | 01:15 | To create a non-inventory part item, open
the Item List, click Item, and then choose New.
| | 01:24 | In the New Item dialog box, choose
Non-inventory Part in the dropdown list.
| | 01:30 | In the Item Name/Number box,
type a name for the product.
| | 01:38 | You can create Subitems to organize
your item list just like you do with
| | 01:42 | Services and Inventory by
turning on the Subitem of checkbox.
| | 01:47 | If you don't buy the product for a
customer, leave the "This item is used in
| | 01:52 | assemblies or is purchased for a
specific customer job" checkbox turned off.
| | 01:58 | All you have to do is tell
QuickBooks about the purchase of the product.
| | 02:02 | You fill in the Description, which
will appear on purchase orders or bills.
| | 02:10 | The Price is what you pay for the item.
| | 02:14 | The Tax Code tells QuickBooks whether
you pay sales tax on it and the Account is
| | 02:19 | the account you use to track the expense.
| | 02:24 | On the other hand, if you buy the products
for customer work, turn on this checkbox.
| | 02:31 | Like you did with the Service item, you tell
QuickBooks about Purchase Info and Sales Info.
| | 02:37 | In this case, the Expense side might
be Reimbursable expenses, but the Income
| | 02:44 | Account will be Product Income.
| | 02:49 | If you sell an item to a customer,
the Cost is what you pay for the item.
| | 02:55 | The Expense Account is the account you
use to track the expense, and the Sales
| | 03:00 | Price is what you charge the
customer for one unit of the product.
| | 03:05 | If you choose a vendor in the
Preferred Vendor dropdown list, QuickBooks
| | 03:08 | automatically fills in a purchase
order for this item with that vendor.
| | 03:13 | On the Sales side, you see the Tax Code box
only if the Sales Tax feature is turned on.
| | 03:19 | Make sure to choose Tax in the Tax Code
dropdown list if the product is taxable.
| | 03:24 | If you want to create another item,
click Next, or to save this item and close
| | 03:29 | the dialog box, click OK.
| | 03:32 | After you create a non-inventory item,
you can add it to a purchase order, bill,
| | 03:37 | invoice or sales receipt.
| | 03:39 | QuickBooks tracks the money trail
just like it does for inventory.
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| Setting up sales tax| 00:00 | If you sell only services, you typically
don't have to collect sales tax, and you
| | 00:04 | can skip this movie completely.
| | 00:06 | But if you have to charge sales taxes
and remit them to tax agencies, you also
| | 00:11 | have to set up QuickBooks to track sales tax.
| | 00:14 | QuickBooks has sales tax codes and tax items.
| | 00:18 | Tax codes simply tell the program
whether a customer or item is taxable or not.
| | 00:24 | Then when you create an invoice or
sales receipt for a customer, the program
| | 00:28 | uses the customer's tax code and the
item tax code to figure out how much
| | 00:32 | sales tax to charge.
| | 00:34 | Sales tax items are what you use to
define the tax rates that apply, such as
| | 00:39 | state sales taxes, or
different types of local sales taxes.
| | 00:43 | To turn on sales tax, go to
the Preferences dialog box.
| | 00:47 | On the Edit menu, choose Preferences.
| | 00:50 | In the Preferences dialog box,
click Sales Tax and then click the
| | 00:55 | Company Preferences tab.
| | 00:57 | In the "Do you charge sales tax?" section,
select the Yes option, as it is here.
| | 01:02 | If you already have a sales tax item
set up, you can choose the sales tax item
| | 01:07 | you charge most often.
| | 01:09 | In this case, Colorado tax.
| | 01:12 | QuickBooks automatically assigns that
item to customers, although you can change
| | 01:16 | it in a customer's record.
| | 01:18 | QuickBooks has two sales codes built in--
| | 01:21 | Tax and Non, for taxable
status, and nontaxable status.
| | 01:26 | The program automatically applies
them as the standard taxable and
| | 01:30 | nontaxable sales codes.
| | 01:32 | Most of the time these two
sales tax codes are all you need.
| | 01:36 | Depending on whether you use cash or
accrual accounting, which you learned about
| | 01:40 | in an earlier movie, you owe sales
taxes to tax agencies at different times.
| | 01:46 | If you use accrual accounting, you
owe taxes when you create an invoice
| | 01:50 | that charges sales tax.
| | 01:52 | If you use cash accounting, you
owe them when the customer pays you.
| | 01:56 | Select the option that applies to
the way you have to pay sales taxes.
| | 02:01 | QuickBooks automatically selects Monthly for
how often you pay sales taxes to tax agencies.
| | 02:07 | If your company doesn't collect
much sales tax, you might have to pay
| | 02:10 | quarterly or even yearly.
| | 02:12 | So you can select the appropriate option.
| | 02:15 | Then click OK to save
your Sales Tax preferences.
| | 02:19 | To set up a sales tax item, open the Item List.
| | 02:23 | On the homepage, click Items & Services.
| | 02:26 | Click Item, and then choose New.
| | 02:30 | In the New Item dialog box,
choose Sales Tax Item.
| | 02:35 | In the Sales Tax Name box, type a name like RTD.
| | 02:40 | In the Description box, type a
description that you want to appear on invoices.
| | 02:48 | In the Tax Rate box, type the
decimal number for the tax rate, such as 1.
| | 02:56 | QuickBooks fills in the percent for you.
| | 02:59 | In the Tax Agency dropdown list, choose
the vendor you set up for the sales tax.
| | 03:06 | If you haven't set up the tax agency as
a vendor yet, you can choose Add New at
| | 03:10 | the top of the list to open the New
Vendor dialog box and create the tax agency
| | 03:15 | right then in there.
| | 03:16 | Click OK to save this sales tax item, and in
this case, we can ignore the Check Spelling.
| | 03:24 | If you have to apply several sales
taxes to a customer's invoice, for example,
| | 03:29 | state tax, county tax, and city tax,
| | 03:32 | you can create a Sales Tax group.
| | 03:35 | Create a New Item and choose Sales Tax Group.
| | 03:40 | Name the group, for example, Denver sales tax.
| | 03:47 | In the table, add each sales tax
item you have to charge for this group.
| | 03:53 | Here, I'll add all the
Colorado and Denver tax items:
| | 04:00 | Denver City Tax, Denver
Special Districts, and RTD.
| | 04:06 | QuickBooks applies the total percentage
to taxable items on invoices, but tracks
| | 04:12 | the sales taxes separately, so you
can pay each tax agency what you owe.
| | 04:17 | Click OK to save this group.
| | 04:20 | To set a customer's tax status and the
sales tax they pay, open the customer's record.
| | 04:26 | On the homepage, click Customers,
and double-click the customer's name.
| | 04:32 | Click the Additional Info tab.
| | 04:34 | QuickBooks automatically
sets the Sales Tax Code to Tax.
| | 04:38 | If the customer is tax-exempt, choose Non.
| | 04:42 | To assign the sales tax item that
applies to the customer, choose it in the
| | 04:46 | Tax Item dropdown list.
| | 04:49 | In this case, I'm going to
choose the Denver sales tax group.
| | 04:52 | When customers buy products to resell,
they don't pay sales tax because then the
| | 04:58 | products would be taxed twice.
| | 05:00 | In this case, type the customer's
resale number in the Resale Number box.
| | 05:05 | After you've added the tax information to
the customer, click OK to save the record.
| | 05:11 | To make an item taxable or
nontaxable, you edit the item.
| | 05:16 | In the Item List, right-click the
item you want, and choose Edit Item.
| | 05:21 | In the Edit Item dialog box in the Tax
Code dropdown menu, simply choose Tax or
| | 05:29 | Non, and then click OK to save the item.
| | 05:32 | After you've set up customers and items
to be taxable or nontaxable, QuickBooks
| | 05:39 | takes care of adding sales tax to
invoices or sales receipts and can track the
| | 05:44 | sales tax you owe to the different tax agencies.
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| Setting up discounts and other charges| 00:00 | A couple of QuickBooks Item Types help
you add charges or deduct discounts by a
| | 00:05 | dollar amount or a percentage.
| | 00:07 | You can use a discount item to
deduct 20% off a price for your monthly
| | 00:11 | specials, 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 bounced check charges.
| | 00:27 | To create a discount item,
start in the Item List window.
| | 00:32 | Click Item and then choose New.
| | 00:37 | Choose Discount on the dropdown list.
| | 00:39 | In the Item Name/Number box, type a
name for the discount, like Monthly Sale.
| | 00:47 | If you want to make an item a sub-
item--for example, to organize all your
| | 00:50 | discounts under one parent--turn on
the Subitem of checkbox. Then choose the
| | 00:55 | parent item from the dropdown list.
| | 00:58 | In the Description box, type the
description that you want to appear on invoices,
| | 01:03 | like "It's your lucky day!"
| | 01:04 | In the Amount or % box,
type a number or a percentage.
| | 01:13 | If you type a number like 50, the
discount item deducts $50 from an invoice.
| | 01:20 | If you type a percentage, say 20%,
the discount item calculates 20% of the
| | 01:26 | previous line on an invoice and puts the
value in the invoice as a negative number.
| | 01:31 | In the Account dropdown list, choose
the account for tracking the discount.
| | 01:36 | If you choose an Income account, the
discounts appear as negative numbers to
| | 01:41 | reduce the income you earned.
| | 01:43 | In this case, Customer
Discounts is an Income account.
| | 01:46 | However, if you choose an Expense account,
the discount is a positive number, so
| | 01:51 | it increases your expense.
| | 01:53 | Either way, your net profit
(that's income minus expense) is the same.
| | 01:58 | If you charge sales tax, choose
Tax if you want the discount applied
| | 02:03 | before sales tax, which makes sense
because you want the discount to apply
| | 02:08 | to the product price only.
| | 02:09 | To save the item and close
the dialog box, click OK.
| | 02:14 | The other charge item works
almost exactly the same way.
| | 02:18 | I'll edit the Shipping other
charge to show how this works.
| | 02:22 | In this case, I double-click Shipping.
| | 02:24 | The Item Name, the Subitem of checkbox,
the Description, and the Amount or % box
| | 02:31 | are identical to the Discount item.
| | 02:33 | For the Tax Code, choose Tax or Non.
| | 02:37 | In the Account dropdown list, choose
the account for tracking the charge.
| | 02:41 | In this case, it's Miscellaneous Income.
| | 02:44 | If the other charge item is for
reimbursable costs, turn on the This item is
| | 02:50 | used in assemblies or is a
reimbursable charge checkbox.
| | 02:54 | Then you can set information for
what you pay for the charge and what you
| | 02:58 | charge to the customer.
| | 02:59 | As you do for services and inventory
items, you can fill in the Description,
| | 03:04 | 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
| | 03:14 | add the item to an invoice for a customer.
| | 03:16 | Shipping isn't a reimbursable charge.
| | 03:18 | So I'll turn the checkbox back off.
| | 03:21 | Click OK to save the item.
| | 03:24 | When you apply a percentage discount
or other charge item to an invoice,
| | 03:29 | QuickBooks multiplies the value on
the previous line by the percentage to
| | 03:33 | calculate the discount or
charge, as you'll see in a later movie.
| | 03:37 | If you use a dollar amount, it
simply subtracts or adds that amount to
| | 03:40 | your invoice.
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| Creating a group of items| 00:00 | Group items can save a ton of time
when you sell the same sets of services
| | 00:04 | and/or products at the same time--for
example, the Remodeling Special, which
| | 00:09 | includes demolition, carpentry,
electrical work, plumbing, and cleanup.
| | 00:14 | If you add several items to a group
item, you can add the group item to an
| | 00:18 | invoice and QuickBooks takes care of
adding all the individual items you need.
| | 00:23 | A group item offers an additional benefit.
| | 00:25 | You can tell QuickBooks to hide the
individual items on an invoice, so only
| | 00:30 | the group item appears.
| | 00:32 | You do see all the individual items
when you create the invoice, so you can
| | 00:36 | enter quantities, rates, or amounts.
| | 00:39 | To create a group item,
start in the Item List window.
| | 00:43 | Click Item and then choose New and
choose Group in the dropdown list.
| | 00:50 | In the Group Name/Number box,
type a name for the group--
| | 00:57 | in this example, Remodeling Special.
| | 01:00 | In the Description box, type the
description that you want to appear on the invoices--
| | 01:10 | Package of remodeling services, in this case.
| | 01:13 | If you want to see the individual
items on an invoice, turn on the Print
| | 01:18 | items in group checkbox.
| | 01:21 | Leave the checkbox empty if you want to
show only the group item--for example,
| | 01:26 | if you're doing a fixed-price contract.
| | 01:29 | In the first Item cell,
choose an item to add to the group--
| | 01:35 | in this case, Demolition.
| | 01:37 | If you want to include a specific
quantity, type the number in the Quantity cell.
| | 01:42 | For example, if the Special
includes eight hours of demolition, type 8.
| | 01:48 | If the quantity varies,
leave the Quantity cell blank.
| | 01:52 | You can enter quantities when you
add the group item to an invoice.
| | 01:55 | So I'm going to take the
quantity out since they will vary.
| | 01:58 | Continue to add the other
items that you want in the group:
| | 02:05 | Carpentry, Electrical, Plumbing.
| | 02:10 | If you want to save the group and
create another item, click Next.
| | 02:15 | But if you want to save the group
and close the dialog box, click OK.
| | 02:20 | After you create a group item and add
it to an invoice, QuickBooks adds all the
| | 02:24 | individual items and
quantities to the invoice automatically.
| | 02:28 | Remember, you can edit the quantities,
rates, or amounts once the items are
| | 02:33 | on the invoice.
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| Making items inactive| 00:00 | If you've already used an item in a
transaction, you can't delete it, and in
| | 00:04 | reality, you don't want to.
| | 00:06 | If you've sold an item in the past,
you might sell it again in the future.
| | 00:11 | For instance, when you sell ski gear
in the winter and cycling clothes and
| | 00:14 | bathing suits in the summer, you can hide
items in the Item List when you aren't using them.
| | 00:19 | Then when you do start using
them again, you can reactivate them.
| | 00:23 | In the Item List window, to inactivate
an item, right-click it, and choose Make
| | 00:30 | Item Inactive on the shortcut menu.
| | 00:33 | The item promptly disappears from the list.
| | 00:36 | In order to reactivate an item,
you have to be able to see it.
| | 00:40 | To do that, turn on the
Include inactive checkbox.
| | 00:45 | Inactive items have a gray X
to the left of their names.
| | 00:48 | Click the gray X to reactivate the item.
| | 00:52 | If you do want to delete an item record
and it hasn't been used in any way, you
| | 00:56 | can right-click the item and
choose Delete Item on the shortcut menu.
| | 01:02 | If the item has been used in a
transaction, you'll see an error message that
| | 01:06 | you can't delete it.
| | 01:07 | It'll give you a choice to click Make
Inactive to hide it or Cancel to leave it in list.
| | 01:14 | If it hasn't been used, you'll also
have to click OK to confirm that you want
| | 01:18 | to delete the item.
| | 01:19 | But in this case, I'm going to click Cancel.
| | 01:22 | If you inactivate items, in the future,
before you create a new one, turn on
| | 01:27 | the Include inactive checkbox to see
if you already have an item for the same
| | 01:31 | purpose.
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| Setting price levels| 00:00 | Price levels make it easy to mark up
or discount the prices on your invoices.
| | 00:05 | You can set up price levels and
assign them to customers so QuickBooks
| | 00:09 | automatically adjusts prices
on those customers' invoices.
| | 00:13 | For example, if you give a 15% discount
on coffee to customers who bought their
| | 00:18 | fancy coffee machines from you.
| | 00:20 | You can also apply a price level in an
invoice to mark up or discount individual
| | 00:25 | items you sell to any customer.
| | 00:27 | To use price levels, you have to
turn on the Price Level Preference.
| | 00:31 | On the Edit menu, choose Preferences,
click the Sales & Customers category and
| | 00:37 | then click the Company Preferences tab.
| | 00:40 | Turn on the Use price levels
checkbox as it is here, and then click OK to
| | 00:45 | save your preference.
| | 00:47 | Let's look at how price levels work.
| | 00:50 | You can apply them to a
customer, or to align in an invoice.
| | 00:54 | Open the Customer center
and double-click a customer--
| | 00:57 | Water Way Homes in this example.
| | 01:01 | Click the Additional Info tab.
| | 01:03 | In the Price Level box,
choose the price level you want.
| | 01:07 | Right now, Discount 15
is the only one available.
| | 01:11 | Click OK because the
customer has the price level.
| | 01:15 | In the Command bar, click New
Transactions, and then click Invoices.
| | 01:22 | In the first Item cell, choose
the item for an exterior door.
| | 01:29 | The price shows up as $170.
| | 01:32 | If you look at the exterior door item
in the Item List window--I'll open the
| | 01:38 | Item List window here--
| | 01:40 | you'll see that an
exterior door is normally $200.
| | 01:44 | So the program automatically
discounted the price by 15%.
| | 01:50 | With a customer price level, every
item on that customer's invoice uses that
| | 01:55 | price level, and you can see the price
level that's assigned up here next to
| | 01:59 | the Customer Job label.
| | 02:01 | You can also apply a price
level to align in an invoice.
| | 02:04 | I'll click Clear to start over, and this
time, choose Bill Bond for the customer.
| | 02:16 | When I add the exterior door to
the invoice, the price is $200.
| | 02:21 | To add the price level to only this
line, I click the down arrow in the Rate
| | 02:25 | cell and choose Discount 15.
| | 02:29 | The price changes to $170.
| | 02:32 | As you learned in an earlier movie, you
can also use a discount item to discount
| | 02:36 | one or more items on an invoice.
| | 02:39 | Now, let's create a price level.
| | 02:41 | On the List menu, choose Price Level List.
| | 02:46 | The Price Level List window opens.
| | 02:49 | Click Price Level and then choose New.
| | 02:53 | In the New Price Level window,
type a name for the Price Level.
| | 02:57 | You might use a name that identifies
the percentage, like Discount 15 for a 15%
| | 03:03 | discount, or you can use a name like
Loyalty Discount, so it's easy to change
| | 03:07 | the percentage without swapping
out price levels in customer records.
| | 03:15 | If you use QuickBooks Pro, the Price
Level Type box is grayed out because you
| | 03:21 | can only create fixed percentage price levels.
| | 03:24 | QuickBooks Premier has Per Item
settings that let you specify price levels to
| | 03:30 | specific items you sell.
| | 03:32 | To do that, you choose Per Item in the list.
| | 03:36 | I'm going to keep it set to Fixed %.
| | 03:38 | Fixed percentage price levels are
basic discounts or mark-ups, such as
| | 03:42 | increasing prices by 10%
or discounting them by 15%.
| | 03:47 | If the Type is Fixed %, go to the Price
level will box, and choose decrease if
| | 03:53 | you want to discount prices.
Choose increase to add a mark-up.
| | 03:59 | I'll leave it at decrease.
| | 04:01 | In the second box in that line, type
the percentage you want to decrease or
| | 04:06 | increase, such as 20 for a 20% discount.
| | 04:11 | You can also get fancy by setting
how to round the resulting price.
| | 04:15 | In the Round up to nearest dropdown
list, choose the setting you want.
| | 04:20 | For example, choose .01 to
round to the nearest penny.
| | 04:25 | If you don't like to make change, you can
choose 1.00 to round to the nearest dollar.
| | 04:33 | The choices that include the word minus
round the popular price points like 249 or 299.
| | 04:39 | When you have everything set the way you
want, click OK to save the price level.
| | 04:44 | Now, you can apply this price level to
a customer's record, so it applies to
| | 04:48 | everything you sell to the customer,
or use it to change the price on an
| | 04:52 | individual line on an invoice.
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| Setting up payment terms and methods| 00:00 | Dropdown lists in QuickBooks dialog
boxes and windows are great timesavers when
| | 00:04 | you're creating transactions.
| | 00:06 | You set up a customer with an entry
from the Payment Terms list, Tax Item list,
| | 00:11 | and Preferred Send Method list.
| | 00:13 | Then in the Create Invoices Window,
when you choose a customer, the program can
| | 00:17 | automatically fill in those fields for you.
| | 00:20 | You'll learn about many of QuickBooks'
lists like price levels, sales tax codes
| | 00:24 | and items, vehicles, and customer
and vendor types in other movies.
| | 00:29 | Here, you'll learn about the payment
terms list and payment method list.
| | 00:34 | The payment terms list tells QuickBooks how
to calculate an invoice's or bill's due date.
| | 00:39 | It can also tell you whether an invoice or
bill qualifies for an early payment discount.
| | 00:44 | The payment terms on the terms list
represent the terms you give your customers
| | 00:49 | as well as the terms your
vendors extend to your company.
| | 00:52 | To see where you apply terms,
open the Edit Customer dialog box.
| | 00:57 | I am going to go into the Customer
Center and double-click a customer.
| | 01:01 | Then click the Additional Info tab.
| | 01:05 | In the Terms dropdown list,
choose the terms for the customer.
| | 01:11 | When you click OK, QuickBooks will
automatically set the terms in every invoice
| | 01:16 | you create for that customer.
| | 01:18 | The Terms box is on the Additional Info
tab in the Edit Vendor dialog box as well.
| | 01:24 | QuickBooks comes with several of the
more common payment terms like Net 30.
| | 01:29 | Let's look at that list again.
| | 01:31 | Another way to see the terms that
already exist is on the List menu.
| | 01:36 | Choose Lists, then point to Customer & Vendor
Profile Lists, and finally, choose Terms List.
| | 01:44 | The Terms List window opens.
| | 01:46 | Net 15, Net 30, and Net 60 all represent
terms in which the due date is 15, 30,
| | 01:54 | or 60 days after the invoice or bill date.
| | 01:57 | For example, if the terms are Net 30
and the invoice is dated April 1st, 2012,
| | 02:03 | the due date is May 1st, 2012.
| | 02:05 | To add a new payment term to the
list, click Terms and then choose New.
| | 02:15 | In the New Terms window, type a name
for the payment term; use a name that
| | 02:19 | describes the term, such as Net 10.
| | 02:23 | The Standard option is selected
initially, which is what you want when the
| | 02:28 | payment is due within a specific
number of days of the invoice or bill date.
| | 02:32 | In the Net due in box, type the number
of days after the invoice or bill date
| | 02:37 | such as 10 for Net 10.
| | 02:40 | However, if the terms included
discount for early payment, type the
| | 02:44 | percentage in the Discount Percentage box.
| | 02:47 | It's usually 1% or 2%.
| | 02:51 | Then in the Discount if paid within box,
type the number of days that qualify
| | 02:56 | for the early payment discount.
| | 02:58 | You'll learn how to apply an early
payment discount in later movies.
| | 03:02 | On the other hand, the Date Driven
option defines terms based on specific date.
| | 03:08 | Much like a mortgage might be due on
the 15th, no matter when you get the bill.
| | 03:12 | For a Date Driven term, you
specify the day of the month.
| | 03:17 | You can also bump the payment date to the next
month if you're late getting your invoices up.
| | 03:23 | When you're ready to save
the payment term, click OK.
| | 03:27 | The payment method list is already
filled with many of the more common payment
| | 03:31 | methods such as check,
visa, debit card, and so on.
| | 03:36 | To see the methods that already exist,
on the Lists menu, point to Customer &
| | 03:41 | Vendor Profile Lists, and
then choose Payment Method List.
| | 03:46 | The Payment Method List window opens.
| | 03:49 | You probably don't have to, but if you
want to add another payment method, click
| | 03:54 | Payment Method and then choose New.
| | 03:57 | In the New Payment Method
window, type a name for the method.
| | 04:03 | Then choose a type, such as Check or
Visa, from the Payment Type dropdown list,
| | 04:10 | and click OK to save the payment method.
| | 04:14 | You assign a payment method to a
customer on the Payment tab of the New Customer
| | 04:19 | or Edit Customer dialog box.
| | 04:22 | Here on the Payment Info tab, I click
the down-arrow for Preferred Payment
| | 04:27 | Method, and choose that method.
| | 04:29 | Then, when you go into the Receive
Payments Window later in your process,
| | 04:34 | QuickBooks automatically selects
that payment method when you receive a
| | 04:38 | payment from that customer.
| | 04:39 | With payment terms set up, you'll be
able to tell when invoices and bills are
| | 04:44 | due, when they're late, and when they
qualify for early payment discounts.
| | 04:49 | Payment methods provide a shortcut
when it's time to receive payments from
| | 04:53 | your customers.
| | Collapse this transcript |
|
|
6. Tracking Time and MileageSetting up time tracking| 00:00 | If you charge customers for time,
QuickBooks can keep track of the minutes and
| | 00:04 | hours everyone works and then drop
those hours into invoices for you.
| | 00:08 | There is a little upfront setup to
gain this convenience though, which is
| | 00:12 | explained in the chapter
Managing your Company File.
| | 00:16 | Then you tell QuickBooks whose time
you want to track and who can track their
| | 00:20 | own time in the program.
| | 00:22 | To turn on time tracking, on
the Edit menu, choose Preferences.
| | 00:29 | In the Preferences dialog box, scroll
down to the bottom of the list and click
| | 00:34 | Time & Expenses. Click the Company
Preferences tab because time tracking applies
| | 00:40 | to everyone who uses the company file.
| | 00:42 | In the Do you track time?
| | 00:44 | section, select the Yes option as it is here,
and then click OK to save your preferences.
| | 00:50 | You can track time for anyone you add
to the QuickBooks vendor list, which you
| | 00:54 | learned about in the chapter
Setting up Customers, Jobs, and Vendors.
| | 00:58 | Also, people on the employee list who
are the people you pay through QuickBooks
| | 01:02 | payroll features, or the other names list,
which is usually reserved for owners or partners.
| | 01:08 | In addition, people have to have
permission to track their own time in QuickBooks.
| | 01:12 | If you have administrator privileges,
on the Company menu, choose to Set Up
| | 01:18 | Users and Passwords, and
then choose Set Up Users.
| | 01:23 | Select the user who will track their
own time and click Edit User. Click
| | 01:28 | Next, and on the screen that
appears, make sure that Selected areas of
| | 01:33 | QuickBooks is selected.
| | 01:35 | Then click Next until you
get to the Time Tracking page.
| | 01:41 | Select the Full Access
option and then click Finish.
| | 01:46 | Now Ted Timer is set up to
track his own time using QuickBooks.
| | 01:50 | You can click close to
close the user list dialog box.
| | 01:55 | On the QuickBooks installation CD there
is a stand-alone timer program you can
| | 01:59 | send to people, so they can
track their time outside of the program.
| | 02:03 | Intuit also offers an online Time tracker.
| | 02:06 | The cost for one user is $10 per month.
| | 02:09 | You can learn more on
the Intuit QuickBooks site.
| | 02:12 | There's no additional setup for items
because QuickBooks can track time for any
| | 02:16 | service item you create.
| | 02:18 | Once you have Time Tracking turned
on and a user is set up to track their
| | 02:22 | time, you're ready to track the time
that people work and add it to invoices
| | 02:26 | in QuickBooks.
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| Entering time| 00:00 | If you give users permission to enter
their time directly in QuickBooks, as you
| | 00:03 | learned earlier in this chapter,
| | 00:06 | they can fill in a timesheet in
QuickBooks, enter time for a single activity, or
| | 00:10 | use the built-in timer to keep
track of time while they work.
| | 00:14 | If you enter time for other people,
filling in a time sheet is the easiest option.
| | 00:19 | To enter time for one activity, on the
homepage, click Enter Time and then choose
| | 00:27 | Time/Enter Single Activity.
| | 00:30 | The dialog box sets the date to today.
To choose a different day, click the
| | 00:36 | Calendar icon and then click the date.
| | 00:40 | You can also type the date in the box.
| | 00:43 | The Name dropdown list contains
names on the vendor list, employee list,
| | 00:51 | and other names list.
| | 00:53 | Choose the person who performs the
work. Then choose the customer or job that the
| | 00:57 | work was performed for.
| | 01:02 | QuickBooks automatically turns on the
Billable checkbox, which tells the program
| | 01:07 | that you plan to add this
time to an invoice later on.
| | 01:11 | If you want to track time without
adding it to an invoice, turn off the
| | 01:15 | Billable checkbox. For instance, you
can turn off the check box if you want to
| | 01:19 | see how many hours someone works on job
but you charge the customer a fixed
| | 01:24 | price for the work.
| | 01:25 | The next step is to choose
the service item for the work.
| | 01:31 | If you want to add notes to describe
the work completed, fill in the Notes box.
| | 01:36 | hese notes will appear in the
weekly timesheet and also on invoices you
| | 01:40 | generate from time worked.
| | 01:43 | If the person already performed the
work, type the amount of time in the
| | 01:47 | duration box. You can enter time as
hours and minutes by typing a colon between
| | 01:52 | them, for example, 4:30 minutes, like this.
| | 01:57 | But you can also type a
number with a decimal point.
| | 02:01 | If a type 4.5, QuickBooks converts it
to 4 hours and 30 minutes automatically.
| | 02:07 | If you track time for yourself,
you can use the Stopwatch feature.
| | 02:12 | However, the date and
does have to be set to today.
| | 02:18 | Click Start to start the stopwatch.
| | 02:22 | The seconds that pass appear
to the right of the time box.
| | 02:28 | If you want to pause the timer to
take a break, for example, click Pause.
| | 02:33 | Then you can click Start to restart
timing or click Stop to stop the timing.
| | 02:43 | You can restart timing later in the
day by reopening this activity and
| | 02:47 | clicking Start again.
| | 02:49 | When you're done entering time for
this activity, click Save and Close.
| | 02:53 | To enter time in a weekly timesheet, click
Enter Time and choose Use Weekly Timesheet.
| | 03:01 | The fields you fill in are almost
identical to the single activity, but they're
| | 03:05 | arranged differently.
| | 03:07 | Choose the name of the person
at the top of the timesheet.
| | 03:10 | The Multiple names entry in this
dropdown list is the key to creating a batch of
| | 03:15 | timesheets all in one fell swoop.
| | 03:17 | In the Select employee, vendor or, other
name box, click each person you want to
| | 03:24 | add to the batch and then click OK.
| | 03:27 | The only limitation to batch
timesheets is that the time entries must be
| | 03:31 | identical for every person in the batch.
| | 03:34 | In this example, I will click
Cancel and just choose Ted Timer.
| | 03:39 | Choose the week by clicking the Calendar
icon and picking a day during that week.
| | 03:47 | Then in one row of the timesheet you
can choose the Customer, Job, Service Item
| | 03:52 | and fill in any notes.
| | 03:54 | I will add some carpentry and a note. Then you
can type in the hours in cells in the timesheet.
| | 04:08 | If I add eight hours to a couple of days,
you will see that the weekly timesheet
| | 04:15 | totals the hours for that service item
for the week and it also totals the times
| | 04:20 | for each day of the week at the bottom.
| | 04:23 | If the time is billable,
leave the billable checkbox on.
| | 04:27 | You have to fill in a separate row for each
combination of Customer, Job and Service Item.
| | 04:33 | If the worker performs work for the
same customers and service items you
| | 04:37 | can quickly copy a previous timesheet so
you don't have the fill in all those fields.
| | 04:42 | Display the week you want to
fill in and click Copy Last Sheet.
| | 04:48 | You can replace the current timesheet
entries by clicking Yes, or if you want to
| | 04:52 | add the entries from the
previous timesheet, click No.
| | 04:57 | When you're done, click Save & New to
enter another weekly timesheet, or click
| | 05:03 | Save & Close to save the
timesheet and close the dialog box.
| | 05:07 | These time records wait in QuickBooks
until you're ready to add them to invoices
| | 05:11 | 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. If your
| | 00:04 | vendors charge you for mileage, you
simply make those charges billable to a
| | 00:07 | customer when you enter the vendor's
bill in QuickBooks, as you will learn in
| | 00:11 | the chapter Paying for Expenses.
| | 00:13 | If you pay employees for their expenses,
you can make mileage driven billable to
| | 00:17 | a customer when you write
the employee an expense check.
| | 00:20 | But QuickBooks also has a feature for
tracking mileage driven with company cars.
| | 00:25 | The first step to tracking mileage is
adding a company vehicle. On the list menu,
| | 00:31 | point to Customer & Vendor Profile
lists and then choose Vehicle List.
| | 00:36 | In the Vehicle List window,
click Vehicle and then choose New.
| | 00:41 | Fill in the vehicle box with a name
or ID for the vehicle. For example, you
| | 00:46 | might use the make, model and
license number, or just the name.
| | 00:52 | You can also add a description to
make the vehicle easier to identify.
| | 01:00 | When you're done, click OK to add the
vehicle to the list, and I have to write a
| | 01:06 | description correctly.
| | 01:08 | And now it's on the list. To create a
mileage rate for tax purposes, you have to
| | 01:13 | open the enter vehicle mileage dialog box.
| | 01:17 | On the Company menu,
choose Enter Vehicle Mileage.
| | 01:21 | In the toolbar, click Mileage Rates.
| | 01:24 | To add a mileage rate, click the first
blank cell in the Effective Date column;
| | 01:28 | you might have to scroll to get to it.
| | 01:32 | In this case, type the date, such as 07/01/2011.
| | 01:39 | In the Rate cell, type a decimal number
for the IRS rate--for example, .555 of
| | 01:46 | the 55.5 cent rate that started July 1, 2011.
| | 01:51 | The IRS usually adjusts the mileage rate
on January 1 but sometimes changes the
| | 01:57 | rate midyear as well.
| | 01:59 | With the rate added, click Close.
| | 02:02 | You also have to create an item
to charge customers for mileage.
| | 02:06 | On the Homepage, click Items &
Services. Click Item and choose New.
| | 02:15 | In the New Item dialog box, choose
Other Charge in the Type dropdown list.
| | 02:21 | In the Item Name/Number box,
type a name like Billable Mileage.
| | 02:29 | In the description box, type the
description that you want to appear on invoices.
| | 02:39 | In the Amount or Percent box, type the
decimal number for your charge per mile,
| | 02:44 | such as 0.60 to charge $.60 per mile.
| | 02:48 | In the Account dropdown list, choose
the account for tracking reimbursable
| | 02:54 | mileage, Miscellaneous Income in this example.
| | 02:59 | Choose Non so you don't
charge sales tax for the mileage.
| | 03:04 | To close the dialog box, click OK.
| | 03:06 | Now that you have an item, you can
record mileage. I will go back to the Enter
| | 03:12 | Vehicle Mileage dialog box by
clicking it in the Open windows list.
| | 03:16 | I have already chosen the vehicle
that I want to track mileage for.
| | 03:21 | So I can choose the start date for the trip
and then choose the end date for the trip.
| | 03:30 | If you type the odometer mileage at
the start and end of the trip, QuickBooks
| | 03:34 | calculates the total miles for you.
| | 03:41 | You can also type a number in the total
miles box, but then you won't have the
| | 03:45 | odometer reading as the IRS requires.
| | 03:48 | To make notes about the mileage
driven, type them in the Notes box.
| | 03:53 | These notes appear when you
add the miles to an invoice.
| | 03:58 | To flag the miles as billable to a
customer, turn on the Billable checkbox.
| | 04:04 | Choose the Customer or Job. Choose the
Mileage item you've created for Billable mileage.
| | 04:14 | Then click Save & New if you want to
enter more mileage or click Save & Close to
| | 04:19 | save the mileage and close the dialog box.
| | 04:22 | You will learn how to add mileage
to invoices in the Invoicing chapter.
| | 04:26 | Remember, to track mileage for taxes or
charging customers, you create a vehicle, a
| | 04:32 | mileage rate, and another
charge item in QuickBooks.
| | 04:36 | Then you can use the mileage you track
to show a mileage expense on your company
| | 04:40 | tax return or charge customers for
miles you drive when you work for them.
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|
|
7. Paying for ExpensesCreating a purchase order| 00:00 | If you want to order inventory from
your vendors and make sure you get what you
| | 00:03 | order, a purchase order is the form for you.
| | 00:07 | You create a purchase order in
QuickBooks, which spells out which products you
| | 00:11 | ordered, how many of each, one and the price.
| | 00:14 | Then when you receive inventory from
the vendor, you can compare what you got
| | 00:18 | to what you ordered.
| | 00:20 | Purchase orders are called non-posting
transactions because they don't move any
| | 00:24 | money around in your accounts.
| | 00:26 | Money gets involved only when you
enter a bill or record receiving inventory
| | 00:30 | in your company file.
| | 00:32 | The Purchase orders icon on the
homepage and all inventory related commands are
| | 00:37 | visible only if you turn on inventory.
| | 00:40 | To do that, on the Edit menu, click
Preferences. Click Items & Inventory.
| | 00:48 | Click the Company Preferences tab
because inventory applies to everyone who
| | 00:53 | works in the company file.
| | 00:55 | Turn on the Inventory and purchase
orders are active checkbox. Then click OK to
| | 01:00 | save your preferences.
| | 01:02 | To create a purchase order, on
the homepage click Purchase Orders.
| | 01:07 | In the Create purchase orders window,
QuickBooks fills in date with today's date,
| | 01:13 | which is just what you want.
| | 01:15 | It'll also increment the purchase
order number from the last one you created.
| | 01:19 | In the Vendor dropdown list, choose
the vendor you're ordering products from--
| | 01:23 | Complete Construction
Components in this example.
| | 01:27 | QuickBooks fills in the vendor box
with the vendor's name and the address, if
| | 01:31 | you've added one to the vendor record.
| | 01:33 | The panel on the right side of the
Create Purchase Orders window is helpful for
| | 01:38 | seeing what you have going on with the vendor:
| | 01:40 | Purchase orders you're waiting for, bills
you have to pay, or payments you have made.
| | 01:46 | It shows the open balance for the vendor
you selected. Click the Open balance to
| | 01:51 | see the transactions that make up that balance.
| | 01:56 | Below Recent Transactions, you can
click the blue link to open the transaction
| | 02:01 | in its corresponding window.
| | 02:08 | The program also fills in the Ship To
box with your company's address. If you
| | 02:12 | want to ship the product to a different
address, choose an alternate address in
| | 02:16 | the Ship To dropdown list.
| | 02:19 | For example, if you purchase the
product specifically for a customer, you can
| | 02:23 | choose the customer's address.
| | 02:25 | In the first item cell, choose the first
product you want to order--exterior doors
| | 02:31 | in this example. QuickBooks fills in the
description from the items information.
| | 02:36 | In the Quantity cell, type
how many you want to order.
| | 02:40 | QuickBooks fills in the rate from the
item record and calculates the amount.
| | 02:45 | If you're ordering the product
specifically for a customer or job, choose that
| | 02:50 | in the Customer dropdown list.
| | 02:54 | Fill in additional lines with more
products if you want. If you want QuickBooks
| | 02:59 | to add a purchase order to a print
queue, turn on the To be printed checkbox.
| | 03:03 | If you're going all electronic, you
can turn on the To be emailed checkbox
| | 03:09 | instead. To email the form to your
vendor, you have to add the vendor's
| | 03:13 | email address to the vendor's
record, as described in chapter Setting up
| | 03:17 | customers, jobs and vendors.
| | 03:19 | When you're done, click Save & New to
save the purchase order and create another
| | 03:24 | one. or to save the purchase order and
close the dialog box, click Save & Close.
| | 03:30 | When you receive your order from the
vendor and enter the bill you received, you
| | 03:34 | can select the PO to fill in the build field.
| | 03:38 | You will 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.
| | 00:05 | But if your vendors don't expect
payment immediately, you can enter a bill in
| | 00:09 | QuickBooks and pay it later.
| | 00:11 | If you purchased services or products
for a customer or job, you can flag what
| | 00:15 | you bought as billable to that customer or job.
| | 00:18 | You also tell the program the
payment terms the vendor requests.
| | 00:22 | So QuickBooks knows when the bill is due
and if there's a discount if you pay early.
| | 00:26 | QuickBooks has two commands for
entering bills. One is for inventory you buy.
| | 00:31 | The other is for other bills you
receive like rent or the telephone bill.
| | 00:36 | This movie shows you how to enter a
bill for things other than inventory.
| | 00:40 | To create a bill, on the Homepage click
Enter Bills. In the Enter Bills window
| | 00:46 | in the Vendor drop down list, choose the vendor
who's sent the bill--in this case GC Supplies.
| | 00:53 | QuickBooks fills in the vendor box
with the vendor's name and address from
| | 00:57 | the vendor's record.
| | 00:58 | The Enter Bills window includes a panel
on the right that shows the balance and
| | 01:02 | transactions for the vendor.
| | 01:04 | In this case, there are none. QuickBooks
also fills in the date with today's date
| | 01:10 | and the terms box with the
terms from the vendor's record.
| | 01:13 | In this case, the vendor doesn't
have terms yet so I can fill them in.
| | 01:18 | If the terms include a discount for
early payment, QuickBooks fills in the
| | 01:23 | discount date with that date.
| | 01:25 | But for net 30 there's no
discount for early payment.
| | 01:29 | If you want to record the vendor's
invoice number or another ID for the bill,
| | 01:33 | type it in the Ref number box.
| | 01:36 | You can type the bill
amount in the Amount Due box.
| | 01:39 | However, its easier if you leave it blank.
| | 01:42 | The program calculates the amount due
as you fill in the expenses and items.
| | 01:47 | If the Amount Due matches your
printed bill, you know you entered
| | 01:51 | everything correctly.
| | 01:52 | The Enter Bills window has two tabs.
The Expenses tab is for services you
| | 01:57 | purchase from a vendor.
| | 01:58 | For example, painting services you get from a
subcontractor, your telephone bill, or insurance.
| | 02:05 | The Items tab is for non-
inventory products you purchase.
| | 02:08 | On the Expenses tab in the first
account cell, choose the Expense account for
| | 02:14 | tracking what you bought--
| | 02:17 | in this case, Office Supplies. 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. You can
| | 02:28 | add another expense on the next line.
| | 02:32 | In this case I'll add another expense
for repairs. Tf the expense is billable to
| | 02:40 | a customer, fill in the Memo cell
with the description of the expense.
| | 02:44 | QuickBooks uses the text from the Memo
cell to fill in the billable expenses
| | 02:49 | description on an invoice.
| | 02:54 | For billable expenses, choose the
Customer or Job in the Customer:Job cell.
| | 03:01 | QuickBooks automatically
turns on the Billable checkbox.
| | 03:04 | If the bill includes charges for non-
inventory items you purchase, click the Items tab.
| | 03:11 | In the first item cell, choose the
item you bought--in this case, Paint.
| | 03:18 | QuickBooks fills in the
description from the Item description.
| | 03:22 | In the quantity cell, type how many you
bought. If necessary, fill in the cost.
| | 03:30 | QuickBooks calculates the amount.
In this case, since I changed the value,
| | 03:35 | QuickBooks asks if I want to
save that change to the item record.
| | 03:39 | Click Yes to update the
record with the new cost.
| | 03:43 | Click No to use the changed value,
but leave the item record as it is.
| | 03:49 | If you're ordering the product
specifically for a customer or job, choose
| | 03:52 | that in the Customer:Job
| | 03:54 | dropdown list, and QuickBooks
turns on the Billable checkbox for you.
| | 03:59 | You can fill in additional lines
with more products if you want. If the
| | 04:02 | Total in the table doesn't match the
bill amount due, you can click recalculate.
| | 04:09 | QuickBooks will remove any unassigned
amounts in the table or adjust the amount due.
| | 04:14 | When you're done, click Save & New to
save the bill and create another one, or
| | 04:19 | click Save & Close to save the
bill and close the dialog box.
| | 04:24 | In this case, since I also changed
the terms, QuickBooks wants to know if I
| | 04:28 | want to change those in the GC Supplies
vendor record, and in this case, I will click Yes.
| | 04:34 | After you enter bills, QuickBooks keeps
track of when they're due. At that time
| | 04:38 | you can write a check to pay them,
as you learn in a later movie.
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| Recording inventory you receive| 00:00 | Inventory requires more care and
feeding than other types of things that you
| | 00:03 | sell, because you have to keep track
of it from the time you buy it, to when
| | 00:07 | your customers pay for the inventory you sold.
| | 00:10 | Even the initial purchase of inventory
is more complicated than buying office
| | 00:14 | supplies or services.
| | 00:15 | A bill accompanying a shipment of
inventory is the most common situation and
| | 00:20 | QuickBooks has a command that handles this.
| | 00:22 | On the homepage, click Receive Inventory,
and then choose Receive Inventory with
| | 00:29 | Bill on the Shortcut menu.
| | 00:32 | The Enter Bills window opens because
you're going to enter a bill for the
| | 00:35 | inventory that arrived.
| | 00:37 | In the Vendor dropdown list,
choose the vendor who sent the bill.
| | 00:43 | QuickBooks fills in the
Vendor box with the vendor's name.
| | 00:46 | If you don't have a purchase order for
the shipment, you'll have to fill in the
| | 00:49 | bill's fields the way you
would with a regular bill.
| | 00:52 | However, if you have unfilled purchase
orders for that vendor, a message box
| | 00:57 | asks if you want to receive the
inventory against one of them.
| | 01:00 | The great thing about using an open
purchase order is that it fills in the
| | 01:04 | bills fields for you.
| | 01:05 | In the Message Box, click Yes.
| | 01:09 | The Open Purchase Orders dialog box
opens with a list of the POs for that vendor.
| | 01:14 | You can also open the Open Purchase
Orders dialog box by clicking Select
| | 01:19 | PO below the table.
| | 01:21 | Click the PO you want to use to
turn on its checkbox and then click OK.
| | 01:28 | QuickBooks uses the Purchase Order to
fill in the amount due and all the fields
| | 01:32 | for the items on the purchase order.
| | 01:34 | If the date QuickBooks fills in doesn't
match the bill, choose the correct date.
| | 01:39 | In addition, QuickBooks calculates the
bill due date based on the vendor's terms.
| | 01:44 | 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.
| | 01:51 | Sometimes the shipment you receive
doesn't exactly match what you ordered.
| | 01:55 | Say the quantities are short or the
vendor cut you a deal on some of the prices.
| | 02:00 | Because the Purchase Order doesn't
post any numbers to your accounts, you can
| | 02:04 | change quantities and prices on the bill,
even change the items before you save
| | 02:09 | it and add the inventory to your records.
| | 02:12 | When you're done, click Save & New to
save the bill and receive the inventory
| | 02:17 | and create another bill, or to just
save the bill and close the dialog box,
| | 02:21 | click Save & Close.
| | 02:23 | To see the results of receiving
inventory, look at the Item List.
| | 02:31 | The Total Quantity On Hand column
shows the number you have on hand for each
| | 02:35 | inventory item that you receive.
| | 02:38 | The value of the inventory goes
into the Inventory Asset Account.
| | 02:43 | Let's look at that.
| | 02:45 | In the Chart of Accounts window, I can
double-click the Inventory Asset Account
| | 02:49 | to open it, and you can see the
value of the current inventory.
| | 02:54 | You pay inventory bills
just like you do other bills.
| | 02:58 | You'll learn how to do that in a later movie.
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| Managing inventory| 00:00 | Although QuickBooks keeps track of
how many items you have in inventory and
| | 00:04 | how many are on order, you have to
do more to keep the right amount of
| | 00:08 | inventory in stock.
| | 00:09 | The program has tools to help you
figure out whether you need to order more and
| | 00:14 | analyze how many to keep in stock.
| | 00:16 | After you set up inventory items in
QuickBooks, the program takes over keeping
| | 00:21 | track of everything--
| | 00:22 | how many you've purchased, how many
you've sold, what you paid, how much
| | 00:26 | you earned from sales, and the number and
value of what you should have in the warehouse.
| | 00:31 | If you use QuickBooks 2012 Premier,
the Inventory Center lets you see the
| | 00:37 | status of your inventory.
| | 00:38 | To see how the Inventory Center can
help, on the Vendors menu, point to
| | 00:44 | Inventory Activities, and
then choose Inventory Center.
| | 00:49 | Similar to what the Customer Center does,
the Inventory Center shows inventory
| | 00:53 | items in the panel on the left.
| | 00:55 | When you select an item, its info
shows up on the right side of the window.
| | 01:00 | For example, you can see the quantity
you have on hand, the quantity you have
| | 01:04 | available to sell, and the
quantity on purchase orders.
| | 01:08 | If the quantity on hand is getting low,
and you don't have any purchase orders
| | 01:12 | standing by, it's time to order more.
| | 01:15 | At the bottom of the window, you can
see the transactions that relate to the
| | 01:18 | current inventory item, and you can
click the Report links in the upper-right to
| | 01:23 | get even more inventory information.
| | 01:26 | Although QuickBooks Pro doesn't have
the Inventory Center, you can still see a
| | 01:30 | lot of the same information
by running inventory reports.
| | 01:35 | On the Reports menu, point to
Inventory. Then choose the Inventory
| | 01:40 | Valuation Summary report.
| | 01:43 | This gives you an overview of the
inventory items, including how many you have
| | 01:47 | on hand, the average cost you paid, and
what they're worth when you sell them.
| | 01:52 | Low numbers on this report
might mean you need to reorder.
| | 01:56 | On the other hand, higher than
average numbers could indicate a product
| | 02:00 | that isn't selling well.
| | 02:01 | To get the full scoop on inventory
status, choose the Inventory Stock Status By
| | 02:06 | Item, or Inventory Stock
Status By Vendor Report.
| | 02:10 | You see how many are on hand and the
reorder point if you set one, as you
| | 02:15 | learned in the chapter on
setting up products and services.
| | 02:18 | If you use QuickBooks Premier, you'll
see how many you have on sales orders.
| | 02:23 | You can see how many are on purchase
orders and when the next delivery is due.
| | 02:28 | That way, you can figure out if you
can fulfill your customer's orders.
| | 02:31 | Whether you use the Inventory Center,
or Inventory Reports, you can keep an eye
| | 02:36 | on whether you need to reorder
inventory items, as well as which products might
| | 02:41 | not be selling well.
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| Adjusting inventory quantity and value| 00:00 | QuickBooks can keep track of the
quantity of inventory you have on hand, but it
| | 00:04 | has no way of knowing what's
actually in your warehouse.
| | 00:07 | Damage and theft can reduce the number
of inventory items you actually have on
| | 00:12 | hand, which is why businesses
perform a physical count every so often.
| | 00:17 | The only way QuickBooks can help is by
providing a worksheet for you to fill out.
| | 00:22 | If your warehouse holds fewer products
than your QuickBooks company file says
| | 00:26 | you have, you can adjust your
inventory quantity to match, but you can also
| | 00:31 | change the quantity and the value if some of
your inventory is worth less than it used to.
| | 00:36 | When you're ready to embark on counting
your inventory, you can print a report
| | 00:40 | that acts as a worksheet for
marking up what's in your warehouse.
| | 00:44 | On the Reports menu, point to
Inventory and then choose Physical
| | 00:49 | Inventory Worksheet.
| | 00:51 | The report shows the Items, their
Descriptions, and the Quantity that QuickBooks
| | 00:57 | thinks you have on hand.
| | 00:58 | In the Physical Count column, you write
down the number you count in the warehouse.
| | 01:02 | Now perhaps your Physical Count shows
that you have to adjust quantities to
| | 01:07 | reflect what's in the warehouse.
| | 01:09 | You also have to adjust quantities
and value if inventory has lost value
| | 01:13 | because it's damaged or obsolete.
| | 01:16 | To adjust quantities and/or values,
on the Vendors menu, point to Inventory
| | 01:21 | Activities, and then choose
Adjust Quantity/Value on Hand.
| | 01:29 | In the Adjustment Type box choose
Quantity if you're adjusting inventory to
| | 01:33 | reflect the number of items in stock.
| | 01:35 | If you want to change the value of your
inventory--for instance, if it's damaged
| | 01:40 | and not worth as much--
choose Quantity and Total Value.
| | 01:44 | The program grays out the columns you
can't change, so if you're adjusting
| | 01:49 | only quantity, the Item, New Quantity,
and Quantity Difference columns are the
| | 01:54 | only ones you can edit.
| | 01:56 | In the Adjustment Date box, fill in the
date you want to show the inventory changes.
| | 02:02 | For example, the date you finalize the
physical count or the end of a fiscal
| | 02:06 | quarter or year. Whether you adjust
only Quantity or both Quantity and Value,
| | 02:13 | you have to choose an expense account
or another expense account for the cost
| | 02:17 | of your inventory adjustments called
something like Unsalable Inventory.
| | 02:22 | If you have a few items to adjust,
click a blank item cell in the table, click
| | 02:28 | the down-arrow, and then choose the
inventory item you want, but an easier way
| | 02:34 | is to click the Find & Select Items button.
| | 02:39 | In the Find & Select Items dialog box,
turn on the check mark cells for the items
| | 02:44 | you want to adjust or click Select All.
| | 02:48 | Then click Add Selected Items.
| | 02:50 | If you're adjusting only Quantity, type
a number in the New Quantity cell, like
| | 02:55 | the number from your physical count.
| | 02:59 | On the other hand, if you know how
many you lost, such as 10 crushed boxes of
| | 03:03 | widgets with 10 widgets per box, you
can type the number you lost, -100 in this
| | 03:09 | example, in the Quantity Difference cell.
| | 03:14 | QuickBooks calculates the new quantity for you.
| | 03:17 | To write off an obsolete product as
totally worthless, you can type 0 in the New
| | 03:23 | Quantity cell, which moves the entire
value of the write off into the Expense
| | 03:27 | Account you selected.
| | 03:30 | If you choose to adjust Quantity and
Value, you can also fill in the new value
| | 03:35 | of the remaining inventory.
| | 03:39 | The difference between the current value and
the new value goes into the Expense account.
| | 03:44 | To save the adjustment, click Save & Close.
| | 03:47 | The adjustment changes the value in
your Inventory Asset Account by moving the
| | 03:52 | increase or decrease into
the expense account you chose.
| | 03:56 | After you make an inventory
adjustment, your company file has the correct
| | 03:59 | number of inventory items on hand,
as well as the correct value in your
| | 04:04 | Inventory Asset Account.
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| Handling reimbursable expenses| 00:00 | Reimbursable expenses aren't like
the products and services you sell.
| | 00:04 | They are other costs you incur that
your customer reimburses you for such as
| | 00:08 | travel or telephone charges.
| | 00:10 | However, products or services you
purchase specifically for a customer also fall
| | 00:15 | into the reimbursable expenses bucket.
| | 00:17 | In QuickBooks you can set up
accounts for reimbursable expenses.
| | 00:21 | Whenever you record a transaction that
includes reimbursable expenses you flag them as such.
| | 00:27 | That way it's easy to include those
expenses on invoices you create for customers.
| | 00:33 | The best way to track
reimbursable expenses is to set up a separate
| | 00:37 | income account for them.
| | 00:39 | That way, you can compare your income
and expenses for reimbursable expenses to
| | 00:44 | make sure that you're being paid for
all the reimbursable expenses you incur.
| | 00:49 | The first step is to turn on the
Preference for tracking reimbursable
| | 00:53 | expenses as income.
| | 00:54 | On the Edit menu choose Preferences,
at the bottom of the list click Time &
| | 01:00 | Expenses and then click
the Company Preferences tab.
| | 01:04 | Turn on the Track reimbursed
expenses as income checkbox and click OK to
| | 01:09 | save your preference.
| | 01:12 | Next, you create the income
account for reimbursable expenses.
| | 01:17 | On the homepage click Chart of
Accounts to open the Chart of Accounts window.
| | 01:21 | Click Account, and then choose New.
| | 01:27 | Select the Income option and click Continue.
| | 01:32 | Name and number the account in
this case 4070, and I'll just call it
| | 01:39 | Reimbursable Expenses.
| | 01:43 | Choose a Tax-Line like Income:
| | 01:46 | Other Income then click Save & Close.
| | 01:50 | To link an expense account to the
reimbursable income account, edit the
| | 01:55 | expense account you want.
| | 01:57 | In this case I'm going to
edit the Subcontractors account.
| | 02:01 | I press Ctrl+E to open the Edit Account box.
| | 02:05 | When you have the preference for
tracking reimbursable expenses as income turned
| | 02:09 | on, when you create or edit an expense
account you'll see the Track reimbursed
| | 02:14 | expenses in income account checkbox.
| | 02:17 | Turn it on and choose the
income account that goes with the
| | 02:21 | reimbursable expenses.
| | 02:23 | In this case the account that I just created.
| | 02:26 | Click Save & Close.
| | 02:28 | If you want to keep track of
different types of reimbursable expenses,
| | 02:32 | create other charged items for each
type and assign them all the income
| | 02:36 | account you just created.
| | 02:38 | That way the sales by item report
shows you the details for each category.
| | 02:43 | To create a new item open the Item List window.
| | 02:46 | On the homepage click Items & Services.
| | 02:51 | At the bottom of the window, click
Item and then choose New.
| | 02:55 | Choose the Other Charge type,
name the item such as Travel,
| | 03:02 | turn on the This item is used in
assemblies or is a reimbursable charge check box,
| | 03:09 | select an Expense Account for what
you spend such as Travel Expense and
| | 03:15 | choose the reimbursable Income Account for
the income from your customers' reimbursements.
| | 03:22 | Click OK to save the item.
| | 03:25 | You designate expenses as
reimbursable in bills, checks or other
| | 03:29 | expense transactions.
| | 03:31 | For example, on the homepage click
Enter Bills to open the Enter Bills Window.
| | 03:37 | When you add a travel expense
to a bill, choose a customer job.
| | 03:43 | In this case, I choose the Travel
Expense account, fill in amount, a
| | 03:50 | description, and then I choose the
customer and QuickBooks automatically turns
| | 03:55 | on the billable checkbox.
| | 03:57 | QuickBooks uses the text in the Memo
cell as the description of the expense on
| | 04:02 | invoices you create.
| | 04:04 | You'll learn how to add these reimbursable
expenses to invoices in the invoicing chapter.
| | 04:09 | After you set up your company file to
keep track of reimbursable expenses, you
| | 04:14 | have to remember to mark expenses that
are reimbursable by a customer in the
| | 04:18 | bills and other expense transactions
you record, then it's easy to add those
| | 04:23 | expenses to your invoices.
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| Paying bills| 00:00 | Entering bills in QuickBooks
doesn't mean you're done with them,
| | 00:02 | you still have to pay them.
| | 00:04 | After you enter your bills in QuickBooks
you can choose the bills that you want to pay.
| | 00:08 | If cash is sure you can choose how much
to pay on each bill and whether you're
| | 00:12 | going to write a check or use a credit card.
| | 00:14 | And if you pay early to get a
discount, you can take that into account too.
| | 00:19 | To start paying bills, on
the homepage click Pay Bills.
| | 00:24 | The Pay Bills window starts by showing all
the bills you've entered but haven't paid.
| | 00:29 | If you want to see just the bills that
are due before a specific day, select the
| | 00:33 | Due on or before option and then choose
a date, but here I'm going to leave it
| | 00:38 | as showing all bills.
| | 00:40 | QuickBooks makes it easy to see the bills
that are due the soonest by sorting by due date.
| | 00:45 | In the Sort By dropdown list choose Due Date.
| | 00:49 | The bills are listed from the most
recent due date to the one furthest in the
| | 00:53 | future here in the Date Due column.
| | 00:56 | You can show only the bills for one vendor
by choosing the vendor in the Filter By List.
| | 01:02 | In the Filter By List select All
Vendors to return to the full list.
| | 01:07 | If you want to pay all the bills
listed below the table click Select All
| | 01:11 | Bills, QuickBooks will add a check mark in
the first column for all the displayed bills.
| | 01:17 | However, you usually only pay some of the bills.
| | 01:20 | In that case, turn on the check marks
for the bills you want to pay such as the
| | 01:24 | ones you pay using a specific payment method.
| | 01:30 | Click a check mark box to
toggle the check mark on and off.
| | 01:34 | QuickBooks automatically fills in the
amount to pay cells with the full bill amount.
| | 01:39 | If you're short on cash and want to
pay less than the full amount, type the
| | 01:43 | amount you want to pay in
the bill's Amt. To Pay cell.
| | 01:48 | On the other hand, if you want to see
bills you can pay early to get a discount,
| | 01:52 | you can choose Discount Date in the Sort By box.
| | 01:57 | Then it lists the bills in
ascending order by the discount date.
| | 02:00 | Here is a bill with a discount
date in the future, so you can get the
| | 02:04 | discount if you pay it now.
| | 02:07 | When you select that bill you see
the discount value to the right of the
| | 02:11 | suggested discount label.
| | 02:13 | To subtract the discount from the
amount you owe click Set Discount.
| | 02:20 | In the Discount and Credits dialog box
QuickBooks fills in the discount amount
| | 02:24 | with the early payment discount.
| | 02:27 | Choose the account you
want to use for the discount.
| | 02:30 | For an example, an expense account
called Vendor Discounts. Click Done.
| | 02:40 | You see the discount in the
Discount Used column in the table.
| | 02:44 | You learn how to apply a
Vendors Credit in a later lesson.
| | 02:48 | Now that we're back in the Paid Bills
window, in the Payment Date box choose the
| | 02:52 | date when you want to pay the bills.
| | 02:56 | QuickBooks will create the transactions
using that date. Then choose the payment
| | 03:01 | method you want to use for the selected bills.
| | 03:04 | In this case, Check or Credit Card.
| | 03:07 | I'll leave it as Check.
| | 03:09 | If you choose Check you can tell
QuickBooks to print the checks, or you can
| | 03:13 | assign numbers in QuickBooks
for the checks you write by hand.
| | 03:17 | QuickBooks automatically fills in the
Account box with your default Checking account.
| | 03:21 | If you want to pay from a different
account, choose it in the dropdown list.
| | 03:26 | I'll leave it as Checking.
| | 03:28 | The program shows the Ending
Balance in your account after you pay the
| | 03:32 | bills you've selected.
| | 03:33 | If that number is negative as it is here,
you know you have to put more money in
| | 03:38 | the account, or your payments will bounce.
| | 03:40 | When you're ready, click Pay Selected Bills.
| | 03:46 | You can have QuickBooks assign the
check numbers for you starting with the
| | 03:50 | next available check number in the register,
or you can type the check numbers yourself.
| | 03:55 | In this case I'll let QuickBooks do it.
| | 03:58 | Then, click OK to create the transactions.
| | 04:03 | QuickBooks creates the payment
transactions in your checking account or credit
| | 04:07 | card account, but you still have to
send the checks to the vendors or make your
| | 04:11 | credit card payments outside of QuickBooks.
| | 04:14 | If you have more bills to pay you can
click Pay More Bills, otherwise, just click Done.
| | 04:20 | If you want to pay other bills using
another payment method just repeat these
| | 04:24 | steps and choose the
other payment method you want.
| | 04:27 | When you're done paying bills you
close the Pay Bill windows and that's all
| | 04:31 | you have to do.
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| Handling a credit or refund from a vendor| 00:00 | Suppose one of your vendors sends you
the wrong products, or the right ones
| | 00:03 | arrive, but they're damaged, you
call your vendor who gives you a credit.
| | 00:08 | You have to record that credit in QuickBooks.
| | 00:11 | Once you do, you can then apply that
credit to a bill from that vendor to reduce
| | 00:16 | what you have to pay.
| | 00:17 | Recording a credit is almost
identical to entering a bill.
| | 00:21 | In fact, you use the
Enter Bills window to do it.
| | 00:25 | On the homepage click Enter Bills.
| | 00:29 | QuickBooks automatically selects the Bill
option, which sets up the window to enter a bill.
| | 00:34 | Because you want to record a
credit, select the Credit option instead.
| | 00:39 | The window heading changes to Credit, and
the Amount label changes to Credit Amount.
| | 00:45 | In the Vendor dropdown list,
choose the vendor who issued the credit.
| | 00:49 | In this case Acme Equipment.
| | 00:51 | Choose the date that the vendor
issued the credit in the Date box.
| | 00:57 | If you want to record the vendor's ID
for the credit type it in the Ref. No.
| | 01:01 | box then in the Credit Amount
box type the amount of the credit.
| | 01:07 | Similar to when you enter a bill, you
fill in lines on the Expenses tab or the
| | 01:12 | Items tab to identify what
you're getting credit for.
| | 01:15 | In this case Office Supplies account is
already selected on the Expenses tab and
| | 01:20 | that's just what I want.
| | 01:21 | Even though you're getting a credit,
which means you owe less money, you still
| | 01:25 | fill in the amount of the
credit with a positive number.
| | 01:29 | QuickBooks takes care of tracking
whether to add or subtract the numbers.
| | 01:35 | If the expense was billable to a customer you
can choose the customer or job in the
| | 01:40 | Customer:Job cell.
| | 01:42 | That removes the amount
from what the customer owes.
| | 01:45 | When you're done click Save &
Close to close the dialog box.
| | 01:50 | If the vendor sends you a refund check,
you can record to deposit the way you do
| | 01:55 | other checks you receive as you'll
learn in the chapter Receiving Payments.
| | 01:59 | When you have credits available
they reduce the balance you owe in your
| | 02:02 | Accounts Payable account.
| | 02:04 | The vendor credit waits until
you pay a bill from that vendor.
| | 02:08 | To see the credit, open the Chart of
Accounts window and double-click the
| | 02:13 | Accounts Payable account.
| | 02:15 | You can see the credit to Acme Equipment here.
| | 02:18 | Now let's look at what
happens when you pay bills.
| | 02:23 | On the homepage click Pay Bills.
| | 02:26 | QuickBooks shows the bills waiting
to be paid, but there's no sign of the
| | 02:30 | vendor credit just yet.
| | 02:32 | If you turn on the checkbox for a bill
from the vendor who issued a credit like
| | 02:37 | Acme Equipment QuickBooks shows the
available credit in the discount and credit
| | 02:42 | information section.
| | 02:44 | QuickBooks automatically fills in the
Amount to Pay cell with the full bill
| | 02:49 | amount and the credits used is still 0.
| | 02:52 | So to apply the available
credit to the bill click Set Credits.
| | 02:59 | In the Discount and Credits dialog
box the Credits tab opens and QuickBooks
| | 03:03 | shows the available credits.
| | 03:05 | Turn on the checkboxes for the
credits that you want to apply.
| | 03:09 | In this case there are two of
them, so I'll turn them both on.
| | 03:12 | The Credits Used value shows how much
credit you applied,and the Amount To Pay
| | 03:17 | shows how much of the bill you still owe.
| | 03:21 | You can edit the amount of the credit
if you want, but if it's set up the way
| | 03:24 | you want click Done to
apply the credit to the bill.
| | 03:29 | In this example, the bill
qualifies for an early payment discount.
| | 03:32 | So I'll click OK then on the
Discount tab I choose an account, Vendor
| | 03:39 | Discounts in this example.
| | 03:42 | Now I can click Done.
| | 03:44 | Back in the Pay Bills window the
Credit Used cell for the bill shows how much
| | 03:49 | credit you applied and the Amount To Pay
cell shows the remaining balance on the bill.
| | 03:55 | As you do for regular bills, choose the
Payment Date, the Payment Method and the
| | 04:00 | Payment Account before you
click Pay Selected Bills.
| | 04:05 | You can Assign Check Numbers or
tell QuickBooks to do that for you.
| | 04:09 | Click OK to pay the bills.
| | 04:13 | Then, when you're done paying bills click Done.
| | 04:17 | If you tend to forget about things
like credits and discounts you can tell
| | 04:21 | QuickBooks to apply them to bills automatically.
| | 04:24 | To do this, on the Edit menu to choose
Preferences, click Bills and then click
| | 04:30 | Company Preferences.
| | 04:33 | Turn on the Automatically use
discounts checkbox and the Automatically
| | 04:38 | use credits checkbox.
| | 04:41 | For discounts, choose the account
you want to use to track discounts from
| | 04:45 | vendors such as Vendor Discounts here.
| | 04:48 | Click OK to save your preferences.
| | 04:51 | With this preference set when you pay
a bill for a vendor who has issued a
| | 04:55 | credit or offers an early payment
discount you qualify for, QuickBooks will
| | 05:00 | automatically apply the
credit and discount to the bill.
| | 05:03 | You can't lose because if you don't want
to use them you can click Set Credit or
| | 05:08 | Set Discount to change the
amount of credit or discount applied.
| | 05:11 | You can keep credits around for as long
as you want, but it's a good idea to use
| | 05:16 | them sooner than later before the
purchasing power of your money goes down or
| | 05:20 | the vendor goes out of business.
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| Paying sales tax| 00:00 | After you set up the sales tax in
QuickBooks, the program automatically calculate
| | 00:04 | sales tax and adds it to the
invoices and sales receipts you create.
| | 00:08 | It keeps track of the sales taxes you
collect from your customers and knows how
| | 00:12 | much you owe to each tax agency.
| | 00:15 | The Pay Sales Tax command lets you
select the tax payments you have to make and
| | 00:19 | write the checks to pay them.
| | 00:21 | On the Vendors menu choose Sales
Tax and then choose Pay Sales Tax.
| | 00:28 | In the Pay Sales Tax window, QuickBooks
fills in the Pay From Account box with
| | 00:33 | your Checking Account.
| | 00:35 | If you want to pay from a different
account, choose it in the dropdown list.
| | 00:39 | I'll stick with Checking.
| | 00:40 | The program fills in the Show
sales tax due through date based on how
| | 00:45 | frequently you pay sales tax.
| | 00:47 | For example, if you have to pay
monthly, the program fills in the last day
| | 00:51 | of the previous month.
| | 00:53 | The sales tax you owe also depends
on whether you use accrual or cash
| | 00:57 | accounting, as you've learned in
the movie on Setting up sales tax.
| | 01:00 | To pay all the sales taxes listed,
below the table click Pay All Tax.
| | 01:06 | QuickBooks adds a check mark in the
Pay cells for all the displayed taxes.
| | 01:11 | QuickBooks also fills in the
Amount Paid cells with the Amount due.
| | 01:16 | You can click a Pay cell to
toggle a check mark on and off.
| | 01:21 | If you need to adjust how much you
pay, for example, because you pay on
| | 01:24 | time, click Adjust.
| | 01:27 | The Sales Tax Adjustment dialog box
lets you change the sales tax you owe to a
| | 01:32 | tax agency by a dollar amount.
| | 01:34 | You have to choose the
account for the adjustment,
| | 01:37 | in this case, I'll choose Vendor Discounts.
| | 01:42 | You choose whether the adjustment is an
Increase or Decrease and you type in the
| | 01:47 | amount, then click OK. Click OK again.
| | 01:52 | If you want to print the checks,
turn on the To be printed checkbox.
| | 01:58 | The Starting Check Number box shows the
next check number for the account, but
| | 02:03 | if you turn on the To be printed
checkbox, it'll say To Print, as it does here.
| | 02:09 | When you're ready, click OK,
QuickBooks creates the check transactions in
| | 02:14 | your checking account.
| | 02:15 | Remember, even though the
transactions are in QuickBooks, you still have to
| | 02:20 | write or print the checks and
send them to the tax agencies.
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|
|
8. InvoicingUnderstanding invoices, statements, and sales receipts| 00:00 | QuickBooks offers the three kinds of
sales forms businesses typically use;
| | 00:04 | Invoices, Sales Receipts and Statement.
| | 00:07 | Each one has its purpose, but it turns
out that an invoice can do everything a
| | 00:12 | sales receipt or statement can do.
| | 00:15 | So if you aren't sure which
form you need, create an invoice.
| | 00:19 | A Sales Receipt is designed to record
sales when your customer pays in full at
| | 00:23 | the time of the sale.
| | 00:24 | When you create a sales receipt,
QuickBooks immediately post the payment into
| | 00:28 | your bank account or the Undeposited
funds account, which is where money sits
| | 00:33 | until you record a bank deposit.
| | 00:35 | A Sales Receipt can't keep
track of a customer's balance.
| | 00:39 | It doesn't accept payments in advance.
| | 00:41 | You can't stockpile customer
charges until you're ready to create the
| | 00:46 | receipt, except for one exception,
you can add billable time and expenses
| | 00:51 | that you have saved up to a sales
receipt, the way you do with an invoice as
| | 00:55 | you learn in a later movie.
| | 00:56 | But you can add up numerous
charges on one sales receipt.
| | 01:00 | Use group items to add what you sell.
| | 01:02 | Subtotal items, apply sales tax, apply
discounts, and include custom fields or a
| | 01:08 | message to the customer.
| | 01:10 | An invoice can do everything
the sales receipt does and more.
| | 01:14 | An invoice can start with a customer's
balance, deduct payments the customer
| | 01:18 | made, add new charges and
figure out the new balance.
| | 01:22 | If the customer pays in advance,
you can create an invoice with items
| | 01:26 | specifically for recording a
prepayment and create a credit for the customer.
| | 01:31 | You can assign time and expenses as
billable to a customer and add them to
| | 01:35 | an invoice later on.
| | 01:37 | Statements are set up to summarize an
account, just like your bank statement does.
| | 01:42 | When you create a statement in
QuickBooks, the program finds all the
| | 01:45 | transactions that affect the customer's balance;
| | 01:48 | invoices, statement charges and
payments and adds them to the statement.
| | 01:53 | The Statement shows the starting balance,
payments made, new charges added and
| | 01:59 | the resulting ending balance.
| | 02:01 | However, you can't group items or
subtotals, and you can't apply sales tax or
| | 02:06 | discounts to statements.
| | 02:08 | You also can't use custom
fields or add a customer message.
| | 02:12 | Now that you know the difference
between the types of sales forms, you're ready
| | 02:16 | to choose the right form for the job.
| | 02:18 | You'll learn how to create
invoices and statements in this chapter.
| | 02:22 | The chapter Receiving Payments
| | 02:24 | 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
| | 00:03 | looks like you have a lot to fill in.
| | 00:06 | But QuickBooks can pull information
from your customer's record like the
| | 00:10 | customer's address, payment terms you've
given them and the sales tax they have to pay.
| | 00:15 | It also gets info from item
records to fill in the invoice table too.
| | 00:19 | To get started, we're going to learn
how to create an invoice, filling in the
| | 00:23 | fields at the top of the
form and then saving it.
| | 00:26 | To create an invoice, on the
homepage click Create Invoices.
| | 00:30 | If you use QuickBooks Premier and turn
on the Preference for Invoicing Time, the
| | 00:36 | Create Invoices icon actually displays
two commands, Create Invoices and Invoice
| | 00:42 | for Time and Expenses.
| | 00:43 | Because I don't have the Time
Invoicing Preference turned on, I can just
| | 00:47 | click Create Invoices.
| | 00:49 | In the Create Invoices window in the Customer:
| | 00:52 | Job dropdown list, choose the
Customer or job that you're invoicing, Bill
| | 00:57 | Bond in this example.
| | 00:59 | QuickBooks fills in the Bill To box
with the customer's name and address which
| | 01:04 | comes from the customer's record.
| | 01:06 | A helpful panel appears on the right
side of the window which summarizes
| | 01:09 | activity with the selected customer.
| | 01:12 | The Open Balance for the customer is a link.
| | 01:15 | Click it to see the transactions
that contribute to that balance.
| | 01:20 | The customer's Credit Limit is there,
so you can see if the invoice you're
| | 01:23 | creating will put the customer over their limit.
| | 01:26 | The Recent Transactions section
shows things like Invoices, Payments,
| | 01:31 | Credits, and so on.
| | 01:32 | QuickBooks fills in the date with
today's date or the last date you used for a
| | 01:37 | new invoice depending on the Date
Preference you set, as you learned in the
| | 01:41 | Setting up a Company File chapter.
| | 01:43 | If you want to change the date click
the Calendar icon and choose a new date.
| | 01:49 | QuickBooks calculates when the invoice
is due based on the customer's terms.
| | 01:53 | The program also increments the
previous invoice number by one.
| | 01:58 | In addition, QuickBooks has
several built-in invoice templates.
| | 02:03 | Each one includes different fields
and sometimes places fields in different
| | 02:07 | positions in the form.
| | 02:09 | You can choose a different template
at any time without losing any of the
| | 02:12 | information you've already added.
| | 02:15 | If you choose an Invoice Template for
products like the Intuit Product Invoice
| | 02:19 | here, the Invoice Header displays
several additional fields for shipping.
| | 02:24 | For example, you can choose an
address other than the Bill To address for
| | 02:28 | shipping the products.
| | 02:29 | You can also choose how you're going to
ship products in the Via dropdown list.
| | 02:34 | F.O.B stands for Free On Board and it's
the physical location where the customer
| | 02:41 | becomes responsible for the
shipment in case of damage or loss.
| | 02:45 | If you assigned a sales rep in the
customer record, the rep shows up in the Rep box.
| | 02:51 | You can also choose a rep for
this invoice from the dropdown list.
| | 02:54 | In this case, I'll leave it blank.
| | 02:56 | Although this lesson covers just the header
information, you can't save a blank invoice.
| | 03:02 | So for now I'm going to type a value in
the first Quantity cell and pick an item
| | 03:06 | to add to the invoice.
| | 03:10 | Then to save the invoice and close
the dialog box, click Save & Close.
| | 03:16 | When you save the invoice it appears
as an open invoice for the customer.
| | 03:21 | It also increases the balance for
your accounts receivable account which is
| | 03:25 | money that customers owe you.
| | 03:27 | 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,
| | 00:04 | filling in all the items
that make up the invoice.
| | 00:07 | As you learned in the chapter, Setting
Up to Sell Services and Products, items
| | 00:11 | can represent things you sell the customers.
| | 00:14 | But they can also be subtotals,
discounts, and other charges.
| | 00:18 | The good news is that QuickBooks pulls
information from item records to fill
| | 00:22 | in some of the fields.
| | 00:23 | So adding items to the
invoice table and footer is easy.
| | 00:27 | To work on an invoice, on
the homepage, click Customers.
| | 00:32 | In the customer list, select the
customer whose invoice you want to edit,
| | 00:36 | Bill Bond in this case.
| | 00:38 | Then, to edit the invoice,
double-click it in the list,
| | 00:41 | 14 in this example.
| | 00:44 | The Create Invoices window opens
just like it does when you create an
| | 00:48 | invoice from scratch.
| | 00:49 | If you think about it, the invoices that
you send to your customers are the same
| | 00:54 | as the invoices or bills
that your vendors send to you.
| | 00:57 | So it makes sense that the fields you
fill in with an invoice table are similar
| | 01:01 | to the fields you fill in
when you enter a vendor's bill.
| | 01:05 | The main difference is that the
Create Invoices window doesn't have an
| | 01:09 | Expenses Tab and Items Tab.
| | 01:11 | You add products and services and any
other type of item to the same table in
| | 01:16 | the Create Invoices window.
| | 01:18 | The order of the columns in the table
depends on the invoice template you use.
| | 01:23 | In the Intuit Product Invoice shown
here, the first column is Quantity.
| | 01:28 | If you use the Intuit Services
Invoice, the first column is the Item.
| | 01:33 | Fill in the quantities cell with the
quantity for the item you're adding,
| | 01:37 | in this example, 4.
| | 01:39 | 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, for example, an exterior door.
| | 01:51 | QuickBooks fills in the Description
and the Cost for one of the items in the
| | 01:56 | Description and Price Each cells.
| | 01:58 | On a Services invoice, the
Price column is labeled Rate.
| | 02:03 | QuickBooks also calculates the total
for the quantity you added, and puts that
| | 02:07 | amount in the Amount cell.
| | 02:09 | In this case, the doors are $200
each, so the total for 4 is $800.
| | 02:15 | QuickBooks also fills in the Tax cell
with the tax code you assigned to the item.
| | 02:20 | Tax tells the program that the item is taxable.
| | 02:23 | If you choose None, QuickBooks skips the
item when it calculates the sales tax owed.
| | 02:29 | I am going to leave this at a Taxable.
| | 02:32 | To add another item to the invoice,
click the first cell in the next row, and
| | 02:36 | fill in the quantity.
| | 02:39 | Then choose the item.
| | 02:42 | In this case I am going to
add some hardware for the doors.
| | 02:45 | You can see that the QuickBooks fills
in the Description and Price Each and
| | 02:49 | calculates the total
amount based on the quantity.
| | 02:52 | In the next line, choose
Miscellaneous under the Construction parent item.
| | 02:58 | This item comes with a generic description,
Miscellaneous Services and with no price defined.
| | 03:04 | You can edit any item description on an
invoice, so the customer knows what it is.
| | 03:09 | For example, you can change the
generic description to Install doors.
| | 03:17 | You can also change the price of an item
on the invoice, whether the item record
| | 03:22 | contains the sales price or not.
| | 03:24 | You don't have to fill in the Quantity cell.
| | 03:29 | This talks about custom pricing, so I'm
just going to click OK to dismiss the message.
| | 03:34 | Initially, QuickBooks copies the value from
the Price Each or Rate cell into the Amount cell.
| | 03:41 | But you can also simply type a value
into the Amount cell, which makes sense for
| | 03:46 | a service you provide for a fixed price.
| | 03:48 | Below the invoice table
are a few additional fields.
| | 03:53 | As you add items to the invoice,
QuickBooks totals the amounts, and shows the
| | 03:57 | total below the table,
where it says Balance Due.
| | 04:01 | You can add a message to your customer
by choosing one from the dropdown list.
| | 04:06 | You can also create a new message.
| | 04:08 | These messages get added to the
Customer Message List, so they aren't the place
| | 04:13 | for messages that change with each invoice.
| | 04:16 | QuickBooks automatically fills in the
Tax box with the sales tax item from the
| | 04:22 | customer's record, and the
Customer Tax Code box too.
| | 04:25 | If you want to add the invoice to a
queue of invoices to be printed for
| | 04:29 | mailing or send via email, turn on the To be
printed checkbox or the To be emailed checkbox.
| | 04:37 | You'll learn about the Add Time/Costs
button and Apply Credits buttons in movies
| | 04:42 | later in this chapter.
| | 04:44 | Finally, you can type a memo
to yourself in the Memo box.
| | 04:48 | This text doesn't appear on the
invoice that you send to the customer.
| | 04:52 | When you're done, click Save & Close to
save the invoice and close the dialog box.
| | 04:58 | Click Yes to confirm that you want
to change this edited transaction.
| | 05:03 | You can add lots of items to an invoice.
| | 05:06 | In fact, if you add more lines than fit in
the window, you can scroll to see all the lines.
| | 05:11 | Then, when you print the invoice,
QuickBooks uses as many pages as necessary
| | 05:16 | to print it out.
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| Adding billable time and cost to an invoice| 00:00 | In earlier movies you learned how to
track billable time and flag different
| | 00:04 | types of expenses as billable to your customers.
| | 00:07 | If you recorded those billable items
in QuickBooks, you want to make sure
| | 00:11 | that you invoice your customers for
them, or you won't make as much money as
| | 00:15 | you're supposed to.
| | 00:16 | QuickBooks makes it easy to add
billable time and cost to the invoices you
| | 00:21 | create. In fact when you choose a
customer or job with outstanding billable time
| | 00:27 | and cost it reminds you
that those items are out there.
| | 00:31 | If you use QuickBooks Premier and turn
on the preference to create invoices from
| | 00:35 | a list of time and expenses, you can
invoice for time and costs more directly.
| | 00:40 | On the Edit menu, click Preferences.
Scroll down to the Time & Expense category
| | 00:47 | and then click the Company Preference tab.
| | 00:49 | Turn on the Create Invoices from a list of
Time & Expenses checkbox and then click OK.
| | 00:57 | Now on the Homepage, clicking the
invoices icon displays a shortcut menu with two
| | 01:04 | commands, with the Invoice for Time &
Expense of command you can create invoices
| | 01:09 | for Time and reimbursable costs.
| | 01:11 | You can also create a batch of invoices for
all the customers with billable time and costs.
| | 01:17 | You do that by turning on the
checkbox for each customer in the invoice for
| | 01:21 | Time & Expenses window.
| | 01:23 | However, if you use QuickBooks Pro or
don't turn on that Preference, the Homepage
| | 01:28 | has the Create invoices icon, which
directly opens the create invoices window.
| | 01:34 | Here I am going to click Create
Invoices and the Create Invoices window opens.
| | 01:39 | In the Customer Job dropdown
list select the customer to invoice.
| | 01:45 | Water Way Homes in this example. If
you have outstanding billable time and/or
| | 01:52 | costs, the Billable Time/Costs dialog
box appears, QuickBooks selects the Select
| | 01:59 | outstanding billable time and
cost to add to the invoice option.
| | 02:03 | So you can click OK to continue to
add billable items to the invoice.
| | 02:11 | If you want to skip the billable
stuff for now, you can select the other
| | 02:14 | option and click OK.
| | 02:16 | When you choose to add outstanding time
and costs, the Choose billable times and
| | 02:21 | costs dialog box opens.
| | 02:23 | This dialog box has tabs for each type of
billable cost. Time, expenses, mileage and items.
| | 02:32 | The time tab is the one you see first.
| | 02:34 | If you have billable time for the
customer or job, each timed activity
| | 02:39 | appears in the table.
| | 02:40 | If you want to add all the
billable time, just click Select All.
| | 02:45 | QuickBooks turns on all the
check marks for the time entries.
| | 02:49 | You can also click the check
marks cell to toggle a line on or off.
| | 02:55 | You can't change the amount of time or
the rate in this dialog box, you have to
| | 03:01 | wait until you add the time to the
invoice to do that, you can tell QuickBooks
| | 03:05 | how you want the time to appear on the invoice.
| | 03:08 | To do that click Options.
| | 03:10 | In the options for transferring
billable time dialog box, QuickBooks selects the
| | 03:17 | option that puts each activity on a
separate line which is great when your
| | 03:21 | customer wants to know the nitty
gritty of the work performed.
| | 03:25 | Select one of the sub options to tell
QuickBooks to show item descriptions, the
| | 03:30 | notes to add about the work
performed during timed activities, or both.
| | 03:34 | On the other hand, to keep the invoice
more concise you can select the combine
| | 03:40 | activities with the same service items option.
| | 03:43 | So each service item
appears on the invoice only once.
| | 03:47 | Then click OK to close that dialog box.
| | 03:51 | To add billable expenses such as work
performed by a subcontractor or telephone
| | 03:56 | calls, click the Expenses tab.
| | 03:59 | Click Select All to add
all the billable expenses.
| | 04:02 | If you pass expenses through at cost you
don't have to worry about the markup fields.
| | 04:08 | However, if you add a little extra on to
billable expenses you can type a dollar
| | 04:13 | amount or percentage in the
markup amount or percent box.
| | 04:17 | For example, to add a 10% markup, type 10%.
Choose the account you use to track markup.
| | 04:25 | An income account called
something like markup income.
| | 04:30 | The amount shows the original amount
for the charge. The total expenses with
| | 04:35 | markup number shows the total of all
the expenses with the markup applied.
| | 04:40 | If the expenses are taxable, turn on
the selected expenses or taxable checkbox.
| | 04:46 | If you use more than one markup
percentage you can and expenses with different
| | 04:50 | markups. You add all the expenses with
one markup and click OK to add them to
| | 04:55 | the invoice, then you click Add time
and costs to reopen the Choose Billable
| | 05:00 | Time and Costs dialog box and add
more expenses with the different markup.
| | 05:05 | If you charge for mileage,
click the mileage tab.
| | 05:08 | As you do on the other tabs, you can click
Select All to add all the billable mileage.
| | 05:13 | The options button lets you show each
mileage entry separately or combined as
| | 05:18 | you can do with the time entries.
| | 05:20 | But in this case there is no mileage to add.
| | 05:23 | For products that you buy for a
customer or job click the Items tab, click Select
| | 05:27 | All to add all the items or click check
marks cells to toggle items on or off.
| | 05:34 | QuickBooks fills in the rate and
the amount for the item records.
| | 05:38 | Regardless of which tab you display the
total billable time and cost value is a
| | 05:42 | total of everything you select on all the tabs.
| | 05:46 | If you want to add everything as one
single line on the invoice, turn on the
| | 05:50 | print selected time and cost
as one invoice item checkbox.
| | 05:54 | You will see separate entries in the
Create Invoices window so you can make sure
| | 05:59 | everything is correct.
| | 06:00 | But the printed or emailed
invoice will have only one line.
| | 06:05 | Click OK to add the expenses to the invoice.
| | 06:08 | After you add the billable time and
expenses to the invoice you can still add
| | 06:12 | additional lines to the invoice if necessary.
| | 06:15 | QuickBooks calculates the
sales tax for any taxable items.
| | 06:20 | When you are done, click Save & Close to
save the invoice and close the dialog box.
| | 06:25 | To make sure that you don't forget any
billable costs, run the unbilled costs by
| | 06:31 | job report from time to time.
| | 06:33 | On the Reports menu point to
customers and receivables and then choose
| | 06:38 | unbilled costs by job and you can
see here the report is empty so I've
| | 06:43 | invoiced for all of them.
| | 06:45 | The invoices that you create with
billable time and costs are just like the
| | 06:49 | others you create, you still have to
print them or email them to your customers.
| | Collapse this transcript |
| Using subtotals, discounts, and other charges| 00:00 | When you add a subtotal item or
percentage discount or other charge to an
| | 00:04 | invoice, those items interact with
other items in the invoice table.
| | 00:09 | A subtotal item simply adds up all the
previous lines up to the last subtotal or
| | 00:14 | the top of the table.
| | 00:15 | A discount or other charge item that
is set up as a percentage applies that
| | 00:20 | percentage to the value on the previous line.
| | 00:23 | Which means you have to add subtotals
and percentage items to the invoice in the
| | 00:28 | right place, or they won't do what you want.
| | 00:31 | To see how this works on the
Homepage click Create Invoices.
| | 00:36 | In the Customer:Job drop down list
select a customer, Bill Bond in this example.
| | 00:43 | In the Item Code cells add some
items to the invoice, let's say some
| | 00:47 | demolition work and carpentry.
| | 00:57 | Suppose you want to discount what
you charge for both of these services.
| | 01:01 | If you add a percentage discount item
after the carpentry item a 10% discount here.
| | 01:10 | QuickBooks applies the discount only to the
previous line which is the carpentry work.
| | 01:16 | To discount both lines you have to
add a subtotal, the subtotal adds up the
| | 01:21 | amount for the lines up to the
top of the table, in this case.
| | 01:25 | Because the discount is already in the
table, the easiest way to add the subtotal
| | 01:29 | is to right-click that line and
choose Insert Line on the shortcut menu.
| | 01:35 | In the Item Code dropdown list in
the new blank cell choose Subtotal.
| | 01:43 | Now QuickBooks calculates the discount
as a percentage of the subtotaled line.
| | 01:48 | Suppose the customer orders some
products from you and wants you to ship them
| | 01:53 | add a couple of products, one line for
regular doorknobs and one line for the
| | 01:59 | special door hardware.
| | 02:03 | You want to calculate shipping as a
percentage of the total product cost.
| | 02:08 | So you'll need another subtotal item to
add up all the product prices. In this
| | 02:16 | case the subtotal adds up the values up
to the previous subtotal, that is, the one
| | 02:22 | before the discount line.
| | 02:23 | Now you can apply a shipping other
charge item to calculate the shipping. And
| | 02:31 | hear the percentage is
calculated based on this subtotal.
| | 02:35 | If you add an item in the wrong
place or add one you don't need, just
| | 02:40 | right-click the line and choose Delete line.
| | 02:43 | Then you can insert a blank line where
you want and fill in the fields again.
| | 02:47 | I'll just click away from the shortcut menu.
| | 02:51 | When you're done Click Save and Close to
save the invoice and close the dialog box.
| | 02:57 | Discount and other charges that are set
up as dollar amounts don't affect their
| | 03:01 | neighbors the way percentage based items
do. You can add them wherever you want.
| | Collapse this transcript |
| Creating batch invoices| 00:00 | If many of the invoices you send
customers have the same items and the same
| | 00:04 | quantities, you don't have
to create them individually.
| | 00:08 | You can set up a single invoice and tell
QuickBooks which customers to send it to.
| | 00:13 | The program creates all the
individual invoices for you.
| | 00:16 | You can also create a billing group
for all the customers that received
| | 00:20 | a specific invoice to select the customers
with one click on the next batch invoice.
| | 00:25 | Before you create batch invoices, you
have to have three fields filled in for
| | 00:30 | the customers you invoice in batches.
| | 00:33 | Terms, sales tax rates and send methods.
| | 00:37 | To check that a customer has the
necessary information, on the homepage,
| | 00:41 | click Customers to open the Customer Center.
Click the Customers & Jobs tab if necessary.
| | 00:47 | Double-click a customer to
open the Edit customer window.
| | 00:52 | On the Additional Info tab make sure
that the Terms box Preferred Send Method in
| | 00:59 | the Tax Code and Tax Item
boxes are all filled in.
| | 01:03 | Click OK to close the window.
| | 01:06 | To create a Batch Invoice, on the
Customers menu, choose Create Batch invoices.
| | 01:13 | This is just a message reminding you
to set up your customers correctly.
| | 01:17 | So click OK to dismiss it.
| | 01:20 | You can't use the Create Batch
Invoices command if you have the multiple
| | 01:24 | currency preference turned on.
| | 01:26 | In that case the command
doesn't even show up on the menu.
| | 01:29 | In the Batch Invoice window, you
initially see all your active customers.
| | 01:35 | You can also check the Term cells to
make sure the terms are set the way
| | 01:39 | you want them to be.
| | 01:41 | If they aren't, click
Cancel and edit those customers.
| | 01:44 | Ctrl+Click each customer you want to
add to the batch and then click Add.
| | 01:49 | You can also click Select All to select
all the customers in the search results list.
| | 01:58 | The customers you added move over
to the customers in this group box.
| | 02:02 | To make batch invoices even faster,
you can save a billing group of all the
| | 02:06 | customers that get the same invoice.
| | 02:09 | To see how this works, in the billing
group dropdown list choose Add New, in the
| | 02:15 | Group Name dialog box, type a
name of a group like Retainer.
| | 02:21 | For all the customers who have
you on retainer, and click Save.
| | 02:26 | In the search results list select the
customers you want to add to the group if
| | 02:30 | you haven't already.
| | 02:32 | In this case they are selected.
| | 02:34 | Click the Add button to add them to the group.
| | 02:38 | Once the names are in the customer
in this group list, click Save Group.
| | 02:43 | The next time you create a batch
invoice, select the group in the billing
| | 02:47 | group dropdown list and QuickBooks adds the
customers in that group to the list for you.
| | 02:53 | The group name appears above
the customers in this group list.
| | 02:58 | To create the invoice, click Next.
| | 03:01 | In the second step, the batch invoice
window displays fields for adding items.
| | 03:07 | If you want to change the Date for the
invoice, type the date in the box or to
| | 03:12 | use a different template, choose
it from the template dropdown list.
| | 03:17 | You fill in the items the way you do in a
regular invoice, as you learned in an earlier movie.
| | 03:22 | I am just going to add some
miscellaneous services and type in an amount.
| | 03:30 | When you're done adding items, click Next.
| | 03:34 | The third step shows the customers who
will get the batch invoice their Terms,
| | 03:39 | Send methods and Tax information.
| | 03:42 | If the info looks okay and the
Status column says okay in every row,
| | 03:47 | click Create Invoices.
| | 03:51 | The Batch Invoice Summary dialog box
shows how many invoices are set up to
| | 03:55 | print and how many to email. Click
Print to print those invoices and click
| | 04:01 | Email to email the others.
| | 04:03 | You learn how printing and
emailing invoices works in the printing
| | 04:07 | and e-mailing chapter.
| | 04:08 | If the Preferred Send method for any of
your customers is set to None, you will
| | 04:13 | see a number other than
zero for the unmarked entry.
| | 04:16 | You can send those later after you close
the batch invoice window or to print or
| | 04:22 | email any of these invoices later, click Close.
| | 04:27 | If you didn't process all the invoices,
when you're ready on the File menu,
| | 04:32 | choose Print Forms or Send Forms.
| | 04:36 | You can go back and look at the
individual invoices that QuickBooks created in
| | 04:40 | the Create Invoices window or on the
transactions tab of the Customer Center.
| | Collapse this transcript |
| Editing and voiding invoices| 00:00 | If you save any invoice and your
customer asks you to add one more thing, it's
| | 00:05 | easy to edit the invoice and make the changes.
| | 00:08 | Editing works just as well, if
you want to correct a mistake.
| | 00:12 | On the other hand, if the customer calls
and cancels an order, you need to clear
| | 00:16 | out the corresponding invoice.
| | 00:18 | Instead of deleting the invoice, the
preferred approach is to void it, which
| | 00:22 | keeps the invoice in your records,
but zeros out all the values.
| | 00:26 | Editing an invoice is easy, on
the homepage click Customers.
| | 00:32 | In the Customer Center click the
Transaction tab if it isn't already selected,
| | 00:37 | click Invoices and then double-
click the invoice you want to edit.
| | 00:42 | I am going to edit the last one on list.
| | 00:45 | The invoice appears in the Create
Invoices window as if you had just created it,
| | 00:50 | keep in mind you only want to edit
open invoices, that is invoices that
| | 00:56 | customers haven't paid.
| | 00:58 | Go ahead and make any
changes you want to the invoice.
| | 01:03 | Then click Save and Close
and click Yes to confirm.
| | 01:08 | In this case click No to
dismiss the available credits.
| | 01:12 | If you want to void in an invoice,
instead, use the same steps you just
| | 01:17 | performed to edit the invoice.
| | 01:19 | In this case I'm going to double-
click this other invoice for Condo Coop.
| | 01:25 | When you see invoice in the Create
invoices window right-click the window and
| | 01:31 | choose Void Invoice on the shortcut menu.
| | 01:34 | You'll see all the values changed to zero.
| | 01:37 | In addition, a void stamp appears in
the invoice header and the Memo box
| | 01:42 | includes the word Void, so
there's no mistaking what happened.
| | 01:47 | You can type more text in the memo box
to explain why you voided the invoice,
| | 01:55 | click Save and Close to save the
voided invoice and click Yes to confirm.
| | 02:02 | Editing and voiding invoices is easy,
but you have to remember to only edit or
| | 02:07 | void open invoices, if the customer
has paid, you will have to create another
| | 02:12 | invoice or credit memo to record changes.
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| Creating an estimate| 00:00 | Quite often your customers ask you to
prepare an estimate for them so they know
| | 00:05 | what they're going to get and
how much it's going to cost.
| | 00:08 | Sometimes you have to prepare more than
one estimate, if the customer thinks the
| | 00:11 | first proposal is too
expensive or not impressive enough.
| | 00:15 | You can create one or more estimates for
a customer in QuickBooks, and then, when
| | 00:20 | the customer gives you the go ahead
based on an estimate, you can generate your
| | 00:24 | 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 job or job
in the Customer Job dropdown list.
| | 00:42 | 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.
| | 00:55 | It also fills in the date and
increments the previous estimate number by one.
| | 01:00 | 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'll see different columns.
| | 01:10 | In the Retail Estimate
template, the first column is Item.
| | 01:14 | Choose the item and fill in the quantity.
| | 01:18 | In this case I'll add some
carpentry and put in 8 hours.
| | 01:22 | QuickBooks fills in the description,
the cost and tax status from the item
| | 01:27 | record and calculates the total for that item.
| | 01:31 | To add another item to the invoice,
click the first cell in the next row and
| | 01:36 | fill in the item fields as
you did in the previous step.
| | 01:39 | I will add some electrical work.
| | 01:44 | Like an invoice, QuickBooks totals the
amounts and shows the total below the table.
| | 01:49 | It also calculates the sales tax
for the taxable items on the estimate.
| | 01:54 | This one doesn't have any.
| | 01:55 | Click Save & Close to save the
estimate and close the dialog box.
| | 01:59 | You can create another estimate
for the customer simply by repeating
| | 02:03 | the previous steps.
| | 02:05 | QuickBooks keeps all the estimates
Active, so you can play what if games with
| | 02:09 | the ones that you create.
| | 02:11 | When the customer picks one to go with,
you can edit the other estimates and
| | 02:15 | turn off the Estimate Active checkbox.
| | 02:17 | To create an invoice from an
estimate, click Create Invoices.
| | 02:22 | Choose the customer or job,
Condo Coop in this example.
| | 02:30 | If estimates exist for the customer,
the available estimates dialog box opens.
| | 02:36 | To use an estimate, click it
in the table and then click OK.
| | 02:43 | You can choose an option to tell
QuickBooks how much of the estimate to use. In
| | 02:48 | this case we will use the entire estimate.
| | 02:50 | So I just click OK and now the invoice is
filled in with the information from the estimate.
| | 02:57 | If the estimate has everything on it,
you can just click Save and Close and
| | 03:01 | you're done or you can add more
to the invoice before you save it.
| | 03:05 | You can click No to dismiss this method.
| | 03:08 | Because estimates don't move money
around in your accounts, you can make them
| | 03:13 | inactive or delete the ones
you don't want at any time.
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| Creating a progress invoice| 00:00 | Progress invoices let you include some
of the amounts from a job estimate based
| | 00:04 | on the progress you've made.
| | 00:06 | For example, when a job is made
up of phases, or you get paid for
| | 00:10 | reaching milestones.
| | 00:11 | After you and your customer agree on
an estimate you can build a progress
| | 00:16 | invoice by specifying how
much you want to invoice for.
| | 00:19 | To create progress invoices you have
to turn on the preferences for estimates
| | 00:24 | and progress invoicing.
| | 00:25 | On the Edit menu choose Preferences.
Click the Jobs & Estimates category and
| | 00:33 | click the Company Preferences tab.
| | 00:36 | Select the Yes options in both the
Do You Create Estimates and Do You Do
| | 00:42 | Progress Invoicing sections, then
click OK to save your preferences.
| | 00:47 | To see how progress invoicing works,
on the homepage click Create Invoices.
| | 00:54 | In the Create Invoices window, choose a
Customer or Job with an estimate. Condo
| | 00:59 | Coop in this example.
| | 01:03 | The Available Estimates dialog box
appears. Select the estimate you and the
| | 01:08 | customer agreed on and click OK.
| | 01:13 | The first progress invoice has three
options. You can invoice for the entire
| | 01:18 | estimate which is great if the job
didn't take long. Just select Create invoice
| | 01:23 | for the entire estimate and click OK.
| | 01:26 | QuickBooks fills in the invoice with
the info from the estimate and you click
| | 01:30 | Save & Close, but that isn't
much of a progress invoice.
| | 01:34 | To invoice a percentage of the estimate,
click the second option and type the
| | 01:38 | percentage that's complete in the box.
| | 01:43 | When you click OK, QuickBooks fills in
the invoice with 25% of each item in the
| | 01:49 | estimate and click Save & Close to
save the progress invoice, click No to
| | 01:55 | dismiss this message.
| | 01:57 | When you select the same customer and
the same estimate for another invoice, you
| | 02:02 | see different options.
| | 02:03 | I open up the Create Invoices window
and I select Condo Coop and select that
| | 02:09 | same estimate and click OK.
| | 02:12 | The first option is now Create an invoice
for the remaining amounts of the estimate.
| | 02:18 | If you've finished up the rest of the
job, select that option to wrap up any
| | 02:22 | remaining tidbits on the estimate. You
can also choose the option to designate
| | 02:27 | another percentage of completion,
just select the option and type the
| | 02:31 | percentage complete. But this time
around let's try out the last option, which
| | 02:36 | lets you select items to add to the
invoice or specify different percentages
| | 02:41 | for different items.
| | 02:43 | When you click OK, the Specify Invoice
Amounts for Items on Estimate dialog box appears.
| | 02:51 | Turn on the Show Quantity and Rate
checkbox to fill-in quantities and rates.
| | 02:57 | If you want to specify
different percentages, turn on the Show
| | 03:00 | Percentage checkbox.
| | 03:03 | Then you fill in the values that
represent your current progress.
| | 03:07 | In this case, the first item is 50% complete.
| | 03:13 | The second one is 75% complete.
| | 03:18 | To fill-in this progress invoice click OK,
click OK to dismiss this message. And
| | 03:25 | here you can see the invoice filled in.
| | 03:28 | There's one last trick to remember.
| | 03:30 | If you charge a customer for costs
that exceed the estimate, you do that by
| | 03:35 | typing in a percentage greater than 100% or by
editing the final values in the last invoice.
| | 03:42 | After you've invoiced for
everything on an estimate you can change that
| | 03:45 | estimate to inactive as you learned in
an earlier movie, so you don't choose it
| | 03:50 | again by mistake.
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| Handling a customer credit or refund| 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 Credit Memo.
| | 00:14 | Once you do, you can apply that credit
to a future invoice to reduce what the
| | 00:19 | customer has to pay, or
you can issue a refund check.
| | 00:23 | To get started, on the
homepage click Refunds & Credits.
| | 00:27 | The Create Credit Memos/
Refunds window should look familiar.
| | 00:32 | It looks almost exactly like the
Create Invoices window, and if you look
| | 00:36 | carefully, you'll notice that
QuickBooks assigned the next invoice number as
| | 00:40 | the credit memo number.
| | 00:41 | In the Customer Job dropdown list
choose the customer you're 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 already the one you want.
| | 00:54 | Like when you create an invoice you
fill in the lines in the table except this
| | 00:58 | time you fill in what you're giving credit for.
| | 01:00 | For example, if you're giving credit
for services or products you sell you fill
| | 01:05 | in the item and the quantity,
but as positive numbers.
| | 01:08 | For example, this credit is going to
refund three sets of brushed nickel door knobs.
| | 01:15 | QuickBooks fills in the description and the
rate and calculates the amount of the credit.
| | 01:21 | It also calculates the sales tax to refund to.
| | 01:24 | If you want to record a memo to
yourself about the credit fill in the Memo
| | 01:28 | field. Then when you're done click
Save & Close to save the credit memo and
| | 01:33 | close the dialog box.
| | 01:37 | The available credit dialog box opens
with three options for handling a credit.
| | 01:43 | To keep the credit around to use later
select the Retain as an available credit
| | 01:48 | option. This is a good choice if you
don't have an open invoice for the customer
| | 01:53 | and the customer hasn't asked for a refund.
| | 01:55 | If you want to write a refund check you
can do that right away by selecting Give
| | 02:00 | a refund and clicking OK.
| | 02:05 | The Issue a Refund dialog box opens.
| | 02:08 | 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 that
| | 02:17 | before you click OK.
| | 02:19 | If you decide to write a refund check
later click Cancel here, and then you can
| | 02:24 | open the credit memo in the Create
Credit Memo Refunds window later on.
| | 02:28 | I'm going to reopen the Create Credit
Memos Refunds window and click Previous to
| | 02:36 | show that credit memo.
| | 02:39 | In the toolbar, you can click the down
arrow to the right of the dollar bill
| | 02:43 | with a hand above it and choose Give Refund,
| | 02:48 | to open the Issue a Refund dialog
box. I am going to click Cancel.
| | 02:53 | If you have an open invoice to the customer,
you can apply the credit to that invoice.
| | 02:58 | In the toolbar, click the dollar bill
and chose Apply to invoice to open the
| | 03:05 | Apply Credit to Invoices dialog box.
| | 03:09 | Although this customer does have open
invoices, suppose they didn't and you keep
| | 03:14 | the credit around to apply to invoice later on.
| | 03:17 | When you're ready to apply the credit
you don't do that in the create invoices
| | 03:21 | window, you actually use
the receive payments Command.
| | 03:25 | If you think about it applying a
credit to an invoice is like the customer
| | 03:28 | sending you a payment. I'm going to
click Cancel and close this window.
| | 03:34 | Now, on the homepage click Receive Payment.
| | 03:39 | Choose the Customer with a credit
in the Received From dropdown menu.
| | 03:43 | Select the invoice that you want to
apply the credit to by clicking anywhere in
| | 03:50 | the invoice line except the check mark column.
| | 03:53 | Clicking the check mark column
selects the invoice for a real payment.
| | 03:58 | Now click Discount & Credits.
| | 04:03 | In the Discount & Credits dialog box on
the Credits tab turn on the check mark
| | 04:08 | for the credit that you want to apply,
click Done to get back to the Received
| | 04:13 | Payments window. You'll see the
Credits column in the table with the credit
| | 04:18 | applied, so just click Save & Close to
save the invoice with the credit applied.
| | 04:24 | There's one other way to apply a credit
and that's added to the next invoice you
| | 04:29 | create for the customer.
| | 04:31 | To see how this works you create a new
invoice for the customer -- you can click
| | 04:39 | Cancel we're not going to
use estimates this time --
| | 04:42 | Now just add some items to the invoice,
you can now click the Apply Credits
| | 04:48 |
| | 04:51 | button, click Yes to record the
transaction before you continue.
| | 04:58 | The Apply Credits dialog box opens
which looks a lot like the Discount &
| | 05:02 | Credits dialog box.
| | 05:04 | If it isn't already, turn on the
check mark for the Credit and click Done,
| | 05:09 | you'll see the credit applied to the
invoice and the balance reduced by that amount.
| | 05:14 | In this case the credit was more
than the amount of the invoice.
| | 05:18 | So QuickBooks actually saves the
rest of the credit to use on another
| | 05:22 | invoice, click Save & Close.
| | 05:25 | The easiest way to handle credits is to
apply them to an invoice right away or
| | 05:30 | write a refund check, but you can keep
credits in place and apply them whenever
| | 05:34 | the customer asks you to.
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| Working with prepayments| 00:00 | You might receive a prepayment from a
customer in several situations, such as
| | 00:04 | a deposit for products you order or a down
payment for services you're going to perform.
| | 00:10 | Because you haven't earned the money yet,
you have to treat it differently than
| | 00:13 | other payments you received.
| | 00:15 | There are some set up before
you can record prepayments.
| | 00:18 | But then, when you invoice a customer,
you have to remember to subtract the
| | 00:23 | prepayment from what they owe you.
| | 00:25 | To accept prepayments, you have to
set up an account and a few items.
| | 00:29 | Because the prepayment isn't money
you've earned, you create another current
| | 00:34 | liability account to hold prepayments.
| | 00:36 | In the chart of accounts, in this case,
the prepayments' other current liability
| | 00:42 | account is used for this purpose.
| | 00:44 | You will also need a service item to track
the prepayments you receive for services.
| | 00:49 | In the items list, I have a
Prepayment Services service item.
| | 00:55 | When a customer makes a prepayment,
you create a sales receipt for it.
| | 01:00 | On the homepage, click Create Sales Receipts.
| | 01:04 | In the Enter Sales Receipt window,
choose the Customer or Job for the prepayment.
| | 01:13 | Fill in the Date if
necessary and the payment method.
| | 01:18 | Then in the first item cell, choose a
prepayment item depending on whether it's
| | 01:23 | prepayment for services or products.
| | 01:27 | In this case I'll choose
the Prepayment Services item.
| | 01:30 | Type the amount in the Amount
cell and click Save and Close.
| | 01:37 | Later on when you deliver services or
products, you create an invoice as usual
| | 01:42 | with all the items you would
normally add, like services, products, other
| | 01:46 | charges and discounts as
you learned in an earlier movie.
| | 01:50 | But you also have to deduct the
prepayment from the invoice balance.
| | 01:53 | So I will create another
invoice for this customer.
| | 02:00 | And I'll add a few items to it.
| | 02:07 | In order to deduct the prepayment, you
add the same prepayment item that you
| | 02:12 | added to the sales receipt.
| | 02:14 | In the Amount cell type the prepayment as a
negative number to subtract it from the balance.
| | 02:21 | Now you can see that the total has been reduced.
| | 02:27 | If the invoice had been less than the
prepayment, you only deduct enough to
| | 02:32 | make the invoice zero.
| | 02:34 | Then you could deduct the
rest on the next invoice.
| | 02:37 | In this case, I am going to clear this invoice.
| | 02:41 | In some cases you have to refund what
the customer prepaid. For example, if the
| | 02:47 | customer cancels the order. When this
happens, you might refund the entire
| | 02:52 | amount, or you might keep some of the money.
| | 02:55 | The first step is to create an invoice to
record how much money you're going to keep.
| | 03:00 | So I create another invoice for this
customer. In the first Item cell choose an
| | 03:07 | item for products you ordered or
services worked, and type the Quantity.
| | 03:14 | The Amount cell shows the amount you're keeping.
| | 03:17 | In the next line, add the Prepayment
Item and fill in the amount you're keeping
| | 03:21 | as a negative amount.
| | 03:27 | The first line moves the amount of the
deposit to an Income account for products
| | 03:32 | or services you sold.
| | 03:34 | The second line subtracts the amount
you're keeping from the Liability account,
| | 03:39 | so you don't owe the customer
that part of the prepayment anymore.
| | 03:43 | Then just click Save and Close.
| | 03:46 | If you're refunding some of the
prepayment, you fill in that amount in a credit
| | 03:50 | memo you create for the customer
as you learned it in earlier movie.
| | 03:54 | That way you can apply that credit to a
future invoice or write a refund check.
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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 the customer's
account since the last statement.
| | 00:07 | Just like a bank or credit card
statement, one you generate starts with the
| | 00:11 | previous balance, then shows new
charges and payments, and finally the ending
| | 00:16 | balance that the customer still owes.
| | 00:18 | You can also record new charges for
the customer called Statement charges
| | 00:22 | without putting them on an invoice.
| | 00:24 | You don't 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 register opens. In the customer job
| | 00:43 | list select the customer you want
to create a statement charge for, DIY
| | 00:48 | construction in this example.
| | 00:51 | The Accounts Receivable register shows
all the transactions for that customer
| | 00:55 | and how those transactions
affect the customer's balance.
| | 00:59 | For example, invoices, which have a
type INV, increase what the customer owes.
| | 01:06 | While payments, with the
type PMT decreases the balance.
| | 01:11 | The register also shows the status of
transactions. The Due date field will
| | 01:16 | say pay if an invoice is already paid,
but it shows the due date, if the
| | 01:22 | invoice isn't paid.
| | 01:24 | When you create a statement QuickBooks
grabs these transactions along with any
| | 01:28 | statement charges you create.
| | 01:30 | To create a statement charge, click the
date cell for the first blank row in the
| | 01:34 | register and type the date for the charge.
| | 01:37 | 10/23/2011, or you can choose it from
the calendar and I'll choose the 24th.
| | 01:47 | Because you defined a date range
for a statement, QuickBooks pulls only
| | 01:51 | transactions within the
date range onto the statement.
| | 01:54 | In the Item dropdown list,
choose the item for the charge.
| | 01:59 | The item list contains only services,
inventory, non-inventory and other charge items.
| | 02:06 | I'll choose Cleanup in this example.
| | 02:09 | QuickBooks changes the transaction type to the
statement charge, to show you are creating one.
| | 02:15 | Fill in the Quantity cell with the quantity
for the item you're adding, for example, 2.
| | 02:22 | Just like on an invoice, QuickBooks
multiplies the quantity by the rate to
| | 02:26 | calculate the total charge.
| | 02:28 | Click Record to save the
charge, or you can press Enter.
| | 02:32 | To add another statement charge,
just move to the next blank row and
| | 02:36 | repeat these steps.
| | 02:38 | If you want to add billable time and
costs as statement charges, in the toolbar,
| | 02:43 | click Time and Costs.
| | 02:47 | The Choose Billable Time and Cost
dialog box that you learned about earlier in
| | 02:51 | this chapter opens up.
| | 02:53 | You can select the billable items
you want to add as you learned in that
| | 02:57 | movie and then click OK.
| | 02:58 | I am going to click Cancel.
| | 03:01 | Because you record each statement
charge as you complete it you don't have
| | 03:05 | to save anything else.
| | 03:07 | When you're done entering statement
charges, you can close the Accounts
| | 03:10 | Receivable window or simply
move on to your next task.
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| Producing statements| 00:00 | Statements are a way to
summarize the customer's account.
| | 00:03 | In the business world you usually
send statements only when you have
| | 00:06 | individuals as customers.
| | 00:08 | Other businesses typically process
payments based on invoices and ignore
| | 00:12 | statements you send.
| | 00:14 | If you do send statements, you have to
tell QuickBooks about the statements
| | 00:18 | you want to send out.
| | 00:19 | The Create Statements window lets you
tell QuickBooks everything it needs to
| | 00:23 | know about the statements.
| | 00:25 | The period, the statement date, the
customers you want to send statements to,
| | 00:29 | and how you want the statements to look.
| | 00:32 | When you are ready to generate
statements, on the homepage, click Statements.
| | 00:37 | QuickBooks fills in the statement date,
but you can choose the date you want to
| | 00:41 | appear on the statement.
| | 00:43 | Common dates are the last day of the
statement period or the first business day
| | 00:47 | after the end of the statement period.
| | 00:49 | In this example, choose September 30th.
| | 00:51 | That's the last day of the statement period.
| | 00:56 | Then you have to define
the statement date range.
| | 01:00 | Choose the starting and ending
dates in the From and To date boxes.
| | 01:05 | September 1st and September 30th.
| | 01:07 | On the other hand if you've fallen
behind on statements, you can get caught up
| | 01:13 | in one fell swoop, select the All Open
transactions as of Statement Date option,
| | 01:19 | and QuickBooks adds all transactions
up to the statement date to the set of
| | 01:23 | statements it creates.
| | 01:25 | In the Select Customer section, you
can choose the customers you want to
| | 01:29 | send statements to.
| | 01:31 | QuickBooks selects all customers
which is perfect, if statements are your
| | 01:35 | primary way of billing customers.
| | 01:37 | If you send statements only when
customers are late, or you need to re-create a
| | 01:42 | statement for a customer,
you can select other options.
| | 01:45 | Select one customer and choose the
name in the dropdown list that appears, or
| | 01:52 | you can select multiple customers, and
then click Choose, click each customer or
| | 02:00 | drag over several names to
turn on their check marks.
| | 02:06 | The customers of type option create
statements for all the customers with a
| | 02:11 | customer type you choose. Or you can
send statements based on whether the
| | 02:18 | customer prefers email or snail mail.
| | 02:21 | To make sure you've got the customers
you want, click View Selected customers.
| | 02:28 | When you're sure you've got the right
customers, click OK to close the dialog box.
| | 02:34 | QuickBooks selects its
built-in statement template.
| | 02:37 | If you customize your own you
can choose it in the dropdown list.
| | 02:41 | The create one statement box is
set to per customer, which means that
| | 02:46 | QuickBooks creates one statement for
each customer, no matter how many jobs you
| | 02:51 | do for that customer.
| | 02:52 | If you want to send a statement to
each job, choose Per Job in list.
| | 02:59 | Leave the Show Invoice item
details checkbox turned off.
| | 03:03 | That way QuickBooks simply list the
invoice total on the statement. Your
| | 03:07 | customers already have copies
of the invoices for the details.
| | 03:11 | If you have a bulk mail permit which
has you bundle your mail by zip code, turn
| | 03:16 | on the Print Statements by
billing address zip code checkbox.
| | 03:20 | QuickBooks automatically turns on the
print due date on transactions, so the
| | 03:24 | customer can see the due date for
every transaction on the statement.
| | 03:28 | You can also save paper, postage and
time by choosing when you don't want
| | 03:33 | to create statements.
| | 03:34 | For example, you can skip statements
with zero balances, because the customers
| | 03:38 | don't owe you anything.
| | 03:40 | Turn on the With a zero balance
checkbox. Or you can set an amount like $5
| | 03:45 | so you don't spend money on stamps and
envelopes to remind customers of small balances.
| | 03:51 | Turn on the with the balance less than
checkbox and fill in the amount, or you
| | 03:56 | can turn on with no account activity to
skip statements when the customer has no
| | 04:00 | transactions at all.
| | 04:02 | If you want and finance charges now,
you can click Assess Finance Charges.
| | 04:07 | However, it easier to keep things
straight by adding finance charges to customer
| | 04:11 | accounts before you start the
process of generating statements.
| | 04:15 | You will learn how in the
chapter receiving payments.
| | 04:18 | To generate printed statements, click Print.
| | 04:24 | The print statements dialog box opens.
| | 04:27 | You can choose the printer you want and
the type of paper and then click Print.
| | 04:31 | I'll just close this window.
| | 04:33 | To email the statements to the e-mail
addresses in QuickBooks click, e-mail instead.
| | 04:39 | If you use Outlook the program
launches and fills in the customer's e-mail
| | 04:43 | addresses and a standard message and
attaches the statements to the e-mail.
| | 04:47 | When you're done producing
your statements click Close.
| | 04:51 | If you print statements the only thing
that's left is collecting the printed
| | 04:55 | statements from the printer and
mailing them to your customers.
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|
|
9. Printing and Emailing FormsSetting up print options| 00:00 | When you create invoices and other forms
in QuickBooks you can choose whether to
| | 00:04 | print or email them and
when you want to do that.
| | 00:07 | If you print forms, checks and other
documents in QuickBooks, you can make
| | 00:12 | printing even easier by getting
your print options setup ahead of time.
| | 00:16 | You've probably seen print options in
other programs like a Word Processing
| | 00:20 | program, but in QuickBooks you can
setup different print options for different
| | 00:24 | types of QuickBooks forms.
| | 00:26 | For example, you can send reports to a
printer stocked with plain paper, but
| | 00:31 | send checks to the printer that holds
your preprinted checks, or customer letters
| | 00:36 | to a printer with your company letterhead.
| | 00:38 | To set up print options on the
File menu, choose Printer Setup.
| | 00:44 | In the Form name dropdown list, choose
the form you want to set up, say Invoice.
| | 00:50 | The first two boxes are the
same no matter which form you pick.
| | 00:54 | In the Printer name dropdown list
choose the printer you want to print to.
| | 00:58 | QuickBooks automatically fills in the
printer type based on the printer you choose.
| | 01:03 | For example, if you choose a printer
that feeds single sheets of paper, it sets
| | 01:08 | the type to Page-oriented (Single sheet).
| | 01:11 | However, if you choose a printer
that feeds rolls of paper, it selects
| | 01:16 | Continuous (Perforated Edges).
| | 01:19 | For invoices, bills and several other
types of forms, the Print On sections
| | 01:24 | has three options, Intuit Preprinted
forms are for when you purchase forms
| | 01:30 | directly from Intuit.
| | 01:31 | The Blank paper option is great when a
simple printout is good enough, or you
| | 01:36 | customize your invoices to include
your company logo and other information.
| | 01:41 | When you choose Letterhead, QuickBooks
leaves a 2 inch band across the top of the
| | 01:45 | page for your logo and company information.
| | 01:48 | If you like a cleaner look to what you
print, make sure that they Do not print
| | 01:53 | lines around each field checkbox is turned on.
| | 01:57 | If you'd rather have lines around field so you
can tell which is which, turn off this checkbox.
| | 02:03 | Then you can click OK to save the setup.
| | 02:05 | I am going to open the
Printer Setup dialog box again.
| | 02:11 | This time I'm going to choose Report.
| | 02:15 | The options here are more like
print options in other programs.
| | 02:19 | You can choose Portrait or Landscape.
| | 02:21 | How many pages to fit the report
onto, and whether to print in color.
| | 02:26 | For reports, which usually span
several pages, you can tell QuickBooks where
| | 02:31 | to place page breaks.
| | 02:33 | The Smart page breaks actually
keeps grouped items on the same page.
| | 02:38 | Now I am going to choose Checks.
| | 02:41 | The setup for checks is a little
different, because you choose the style of
| | 02:44 | checks you print to.
| | 02:46 | Preprinted checks come in three basic styles.
| | 02:49 | A Voucher check takes up
a single piece of paper.
| | 02:52 | The page contains the check which has a
perforation so you can tear if off and a
| | 02:57 | stub that contains information about
the check, probably like the paychecks
| | 03:02 | you've received at some point in your life.
| | 03:04 | A standard check style has three
business-size checks on one page and a wallet
| | 03:09 | check style also has three checks on one page.
| | 03:13 | But since wallet checks are smaller,
this style has a stub on the left side for
| | 03:17 | information about the check.
| | 03:19 | You can also tell
QuickBooks what to print on checks.
| | 03:22 | The Print company name and address
check box tells QuickBooks to print that
| | 03:26 | information. which is perfect when you
don't have it printed on your checks.
| | 03:31 | You can also turn on the Use logo
checkbox to print the logo, if you didn't pay
| | 03:36 | to have your logo on the preprinted checks.
| | 03:40 | Then you can click File to select
your logo. I am going to click Cancel.
| | 03:45 | Print Signature image adds an
electronic signature to the check, so you don't
| | 03:49 | have to sign them by hand.
| | 03:51 | Click the Signature button to add
your electronic signature to QuickBooks.
| | 03:56 | Check Settings have one more
important option and that's what to do with
| | 04:00 | partial pages of checks.
| | 04:02 | When your last check run didn't use
all the checks on a page, you want to
| | 04:06 | print those checks first.
| | 04:08 | To do that, click the Partial page tab,
then select an option for how you feed
| | 04:13 | the partial page into the
envelope feed on your printer.
| | 04:17 | The pictures show what each option represents.
| | 04:20 | When you're done, click OK to save the settings.
| | 04:23 | Now that you have seen how to set
print options for a few types of forms, you
| | 04:28 | can set the options for any
other forms that you want.
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| Aligning forms with printer paper| 00:00 | If you print to letterhead or any type
of preprinted form, the information that
| | 00:04 | QuickBooks prints has to go in certain
places on the page, otherwise, your forms
| | 00:10 | look unprofessional or in the case of
checks don't have the labels and the
| | 00:14 | information next to each other.
| | 00:16 | Since preprinted paper cost money
you don't want to waste paper by redoing
| | 00:21 | misaligned documents.
| | 00:22 | Align your forms to your
printer before you print a big batch.
| | 00:26 | On the File menu, point to Print
Forms, and then choose the type of form
| | 00:31 | that you want to align,
| | 00:32 | Invoices, for example.
| | 00:35 | The Select Invoices to Print dialog box opens.
| | 00:38 | If you choose to print other types of
forms, a similar dialog box opens for
| | 00:42 | selecting the forms you
want to print; click OK.
| | 00:47 | In the Print Invoices dialog box, click
Align, choose the template you want to
| | 00:53 | align, for example, Intuit
Service Invoice and click OK.
| | 00:59 | For page oriented printers, the Fine
Alignment dialog box opens, so you can
| | 01:04 | adjust the vertical and horizontal positioning.
| | 01:07 | Click Print Sample to print a test
form to see what the alignment looks like.
| | 01:12 | To move the printed fields up on the page,
type a positive number in the vertical box.
| | 01:18 | Positive numbers in the horizontal box
move the printed field to the right on a page.
| | 01:23 | To move down or to the left
type a negative number.
| | 01:27 | And keep in mind the numbers
represent 100th of an inch. Then click Print
| | 01:32 | Sample a second time to see
what the alignment looks like.
| | 01:36 | Repeat these steps until
everything lines up and then click OK.
| | 01:39 | I am going to click Cancel though.
| | 01:42 | Now, you're back in the Print Invoices
dialog box and you can click Print to
| | 01:47 | print the forms that you selected.
| | 01:49 | If you print to a continuous feed
printer as I've selected here, QuickBooks
| | 01:54 | gives you a chance to make
bigger adjustments first.
| | 01:57 | Click Align and choose the Invoice.
| | 02:02 | The Use Coarse dialog box opens.
| | 02:05 | If you know that the
alignment is way off, click Coarse.
| | 02:09 | Don't move the paper in the printer,
| | 02:11 | just click OK to print a sample form.
| | 02:15 | The printed sample has text
that shows a pointer line.
| | 02:19 | In the Pointer Line Position box, type
the number of the line printed in the
| | 02:23 | margin where the pointer is.
| | 02:26 | QuickBooks uses that line to
make the coarse adjustment.
| | 02:30 | Click OK to print another sample.
| | 02:33 | If the alignment is correct, click Close.
| | 02:38 | If you need to do a fine alignment,
click Fine Align, otherwise click OK.
| | 02:44 | After you align your form in the
printer, you're ready to print the forms.
| | 02:48 | If you align a continuous feed printer,
don't move the paper in the printer, or
| | 02:53 | 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
| | 00:13 | queue of other documents
to print or email later.
| | 00:16 | If you queue up documents to print, you
can launch printing from within a window
| | 00:20 | like Create Invoices or from the File menu.
| | 00:24 | You can also print packing slips to go with
invoices or shipping labels for any kind of form.
| | 00:29 | To see how printing right away works
click Create Invoices to open the
| | 00:34 | Create Invoices window.
| | 00:37 | Click Previous to display an existing invoice.
| | 00:41 | In the Create Invoices Window toolbar,
click the Print icon that looks like a printer.
| | 00:47 | You might see a message
about printing shipping labels.
| | 00:50 | If you do, just click OK.
| | 00:52 | The Print One Invoice dialog box opens with
the Print Settings you've set up for invoices.
| | 00:59 | If you want to change any of the
settings, go ahead and do that now.
| | 01:03 | You can pick a different printer or
change the type of paper you print to, and
| | 01:07 | if you want to print more than one copy,
type the number of copies in the box.
| | 01:12 | When you're ready to print, click Print.
| | 01:16 | QuickBooks saves the form before it prints.
| | 01:19 | If you want to print a packing slip for
an invoice you have to print it in the
| | 01:24 | Create Invoices window.
| | 01:26 | While the invoice is displayed, click
the down-arrow to the right of the Printer
| | 01:31 | icon and choose Print Packing Slip.
| | 01:34 | I am going to cancel.
| | 01:37 | You can also print a shipping
label by choosing Print Shipping Label.
| | 01:42 | But you can also print labels in
batches as you'll learn shortly.
| | 01:48 | If you want to add a form to a queue to
print later, be sure to turn on the To
| | 01:54 | be printed checkbox in the Forms window.
| | 01:57 | The checkbox is usually right
below the left end of the form table.
| | 02:01 | When you add several forms to a queue,
you can print the batch with one command.
| | 02:06 | If a window like Create Invoices is open,
click the down-arrow to the right of
| | 02:11 | the Printer icon and choose Print Batch.
| | 02:16 | The Select Invoices to Print dialog box
opens or the corresponding dialog box if
| | 02:21 | you're printing a different form.
| | 02:23 | You can also open this
dialog box from the File menu.
| | 02:26 | On the File menu, point to Print
Forms, and then choose the type of form
| | 02:30 | that you want to print.
| | 02:32 | QuickBooks automatically
selects all the forms in the queue.
| | 02:35 | If you don't want to print one of
the forms, click its check mark cell to
| | 02:39 | turn the check mark off.
| | 02:41 | QuickBooks can print labels for the
forms you've selected which is great if you
| | 02:45 | want labels to attach to envelopes.
| | 02:48 | But you have to print the
labels before you print the forms.
| | 02:51 | So to print labels, select the forms you
want to print, and then click Print Labels.
| | 03:00 | The Select Labels to Print dialog box opens.
| | 03:03 | You can choose whether to sort by
name or zip code and print Ship-to
| | 03:07 | addresses if they're present.
| | 03:09 | When you're ready to print, click OK.
| | 03:11 | I am going to click Cancel.
| | 03:13 | Whether you printed labels or not, from
the Select Invoices to Print dialog box
| | 03:19 | click OK to start printing the selected forms.
| | 03:23 | The Print Invoices dialog box opens.
| | 03:26 | Change the settings if you want,
or click Print to start printing.
| | 03:31 | After the forms print, QuickBooks
displays the Print Invoices Confirmation
| | 03:36 | dialog box asking if the form is printed okay.
| | 03:39 | If any forms didn't print or didn't
print correctly, click their Reprint cells
| | 03:45 | to turn on the check marks.
| | 03:47 | If they were all bad click Select All.
| | 03:50 | Click OK to either reprint or
simply close the dialog box.
| | 03:54 | After you print forms in a batch
QuickBooks removes them from the queue.
| | 03:59 | If you want to reprint a form,
you can edit it and print it then.
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| Emailing a sales form| 00:00 | QuickBooks can e-mail forms for you,
using Microsoft Outlook, Outlook Express, or
| | 00:04 | Web-based e-mail services
like Gmail, Yahoo!, and Hotmail.
| | 00:09 | Depending on the e-mail service you
use, QuickBooks either opens the e-mail
| | 00:13 | messages in your e-mail program or
displays them in a window so you can edit them
| | 00:18 | before you send them.
| | 00:19 | You also have to add your customer's
and vendor's e-mail addresses to their
| | 00:23 | records in the program.
| | 00:24 | Just like printing, you can e-mail a
form right in the window you use to create
| | 00:28 | it like creating invoices,
or send them in batches.
| | 00:32 | There are a few setup steps to complete
before you can e-mail forms in QuickBooks.
| | 00:37 | To tell the program which e-mail
service you use, on the Edit menu
| | 00:42 | choose Preferences.
| | 00:43 | In the Preferences window, click
Send Forms, and if necessary, click the
| | 00:49 | My Preferences tab.
| | 00:51 | If you use Outlook, you'll
see an Outlook option here.
| | 00:55 | Just select it and you're done.
| | 00:57 | You can click OK to save your preferences.
| | 00:59 | But to use a web-based service,
select the Web Mail option and click Add.
| | 01:04 | In the Add e-mail Info dialog box,
fill in the e-mail Id box with your ID for
| | 01:11 | the Web Mail service.
| | 01:12 | That's usually your e-mail address.
| | 01:20 | In the e-mail Provider dropdown
list choose the service you use.
| | 01:25 | In this case, I am going to choose Gmail.
| | 01:28 | QuickBooks automatically fills in the
settings that usually work for the service
| | 01:31 | you selected, so you can
just go ahead and click OK.
| | 01:36 | The e-mail appears in the table.
| | 01:38 | If you're creating a second e-mail, the
program asks you if you want to make the
| | 01:42 | new e-mail your default e-mail.
| | 01:44 | So click Yes or No.
| | 01:46 | If the settings don't work, click
Edit and change the values in the Server
| | 01:51 | Name and Port boxes.
| | 01:52 | QuickBooks also creates standard
messages for e-mails but you can edit them
| | 01:57 | to make them your own.
| | 01:58 | To do this, click the Company Preferences tab.
| | 02:02 | In the Change default for dropdown list
choose the form whose method you want to change.
| | 02:08 | In this case, Invoices is just fine.
| | 02:10 | Then you can change the greeting, how the
name appears, and the Subject and the message.
| | 02:16 | When you're done setting your
preferences, click OK to close the
| | 02:20 | Preferences window.
| | 02:22 | To see how this works, click Create Invoices.
| | 02:26 | In the Create Invoices window, click
Previous to display an existing invoice.
| | 02:32 | In the Create Invoices window toolbar, click
the down arrow to the right of the Send command.
| | 02:38 | To send a single e-mail with the
invoice attached, choose Email Invoice.
| | 02:44 | If you use Outlook, the program opens
a new message window with a standard
| | 02:48 | message filled in and the invoice
or corresponding form attached to it.
| | 02:53 | So you can change the address,
subject or edit the content.
| | 02:56 | Then you send it as you would any other e-mail.
| | 02:59 | If you use a Web-based mail service like
Gmail, the Send Invoice dialog box opens.
| | 03:06 | QuickBooks fills in the To box
automatically if you added the e-mail address to
| | 03:10 | the customer's record, as you learned
in the chapter on setting up customers.
| | 03:14 | QuickBooks attaches the form as a PDF file.
| | 03:18 | Make any changes you want and then
click Send Now to send it right away.
| | 03:23 | You can also set up the invoice to send later,
| | 03:26 | click Send Later to add it to the
queue, or in the Create Invoices window
| | 03:32 | itself, turn on the To be e-mailed checkbox.
| | 03:35 | I am going to cancel this window.
| | 03:38 | If you want to use QuickBooks e-mail service,
on the dropdown menu choose Mail Invoice.
| | 03:45 | You will have to sign up for this service.
| | 03:47 | All you have to do is register
your e-mail address with QuickBooks.
| | 03:51 | When you add several forms to a queue,
you can e-mail the batch with one command.
| | 03:56 | If a window like Create Invoices is
opened, click the down arrow to the right of
| | 04:00 | the Send command and choose Send Batch.
| | 04:05 | The Select Forms To Send dialog box opens.
| | 04:09 | You can also open this dialog box from
the File menu by choosing Send Forms.
| | 04:14 | QuickBooks automatically
selects all the forms in the queue.
| | 04:17 | If you don't want to e-mail one of the
forms, click its Checkmarks cell to turn
| | 04:21 | the Checkmark off, or you can
click Select All or Select None.
| | 04:26 | The program attaches PDF files of
the forms to the e-mails it generates.
| | 04:31 | If you want to edit the message that
goes with a form, select it in the table
| | 04:36 | and then click Edit E-mail.
| | 04:39 | In the Send Invoice dialog box make
the changes you want and click OK to get
| | 04:43 | back to the Select Forms To Send dialog box.
| | 04:47 | In this case, I am going to click Cancel.
| | 04:50 | You have to edit each e-mail separately.
| | 04:53 | When you're ready to send
the e-mails, click Send Now.
| | 04:57 | Your e-mail program takes care of
sending all the messages to the recipients.
| | 05:01 | That's all you have to do.
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|
|
10. Receiving PaymentsReceiving a payment| 00:00 | When you send customers invoices
or statements, you receive their
| | 00:03 | payments sometime later.
| | 00:05 | For these payments, you use the
QuickBooks Receive Payments command which can
| | 00:09 | handle full and partial payments.
| | 00:11 | As you learned in the movie on
Handling Customer Credits, it takes care of
| | 00:15 | applying credits and discounts to
a customer's outstanding balance.
| | 00:19 | First, make sure that you've
turned off the preference that
| | 00:22 | automatically applies payments.
| | 00:24 | On the Edit menu choose Preferences.
| | 00:29 | In the Preferences dialog box, click
the Payments category and then click the
| | 00:33 | Company Preferences tab.
| | 00:35 | If necessary, turn off the Automatically
apply payments checkbox and then click OK.
| | 00:42 | On the Home page, click Receive Payments.
| | 00:45 | Then in the Receive From dropdown list,
choose the customer who's sending a
| | 00:49 | payment, Water Way Homes in this example.
| | 00:53 | In the Amount box, type the amount you
receive from the customer, say $2,400.
| | 01:00 | In the Date box, choose the date you
receive the payment if it's different than
| | 01:04 | the date that QuickBooks fills in.
| | 01:06 | If you filled in a preferred payment
method in the customer's record, QuickBooks
| | 01:10 | fills in the Payment Method box for you.
| | 01:13 | Otherwise you can choose how the customer paid.
| | 01:17 | If the customer paid by check, you can
type the check number in the Check # box.
| | 01:22 | If QuickBooks doesn't select an
invoice, which it doesn't in this example
| | 01:27 | because the Automatically apply
payments preference is turned off, click the
| | 01:32 | Checkmark cell for the invoice or
invoices that the payment applies to.
| | 01:37 | If the preference were turned on,
the program would add check marks to
| | 01:41 | invoices for you, but you still want to check
to make sure that it selects the correct ones.
| | 01:46 | You can also type the amount you want to
apply to an invoice in the Payment cell.
| | 01:51 | To save the payment click Save & Close,
but I'm not going to do that just yet.
| | 01:57 | Let's say the payment is an auto-mail
that doesn't exactly match the customer's
| | 02:01 | invoices, for example, $3,400.
| | 02:06 | With the invoice for $2,400
selected, QuickBooks displays an
| | 02:11 | Overpayment message.
| | 02:13 | You can leave the
overpayment as a credit or refund it.
| | 02:16 | If it's is an underpayment, you can
select Leave this as an underpayment so that
| | 02:20 | the balance remains until the
customer sends another payment.
| | 02:24 | When you're done choosing which
invoices the payment applies to, click Save &
| | 02:28 | Close to record the payment.
| | 02:30 | In this case I'm going to click
Clear and close this dialog box.
| | 02:35 | If you receive a payment from a
customer and have an invoice for them that you
| | 02:39 | haven't sent, you can add the
payment to the Open Invoice.
| | 02:44 | On the Home page, click Customers.
| | 02:46 | Select the customer who is sending
the payment, once again Water Way Homes.
| | 02:52 | In the table display invoice
transactions by clicking Invoices on the
| | 02:57 | Show dropdown list.
| | 02:59 | In the Filter By dropdown
list, choose Open Invoices.
| | 03:03 | That shows the invoices
that haven't been paid yet.
| | 03:06 | Double-click one of the invoices.
| | 03:08 | The earliest open invoice
in this example is number 15.
| | 03:13 | Click the Item cell in the first
blank line. Select a Payment item, in this
| | 03:23 | case, Check Payment.
| | 03:25 | If you don't have one, you can choose
Add New at the top of the list and create
| | 03:29 | it right then in there.
| | 03:30 | In the Amount cell, type
the amount of the payment.
| | 03:34 | Whether you type a negative or
positive number, QuickBooks makes the number
| | 03:40 | negative because the payment
reduces the invoice balance.
| | 03:44 | Be aware that this approach applies
the payment to that invoice even if the
| | 03:49 | payment was sent to pay a different invoice.
| | 03:51 | If you see a message about
recording the transaction, click Yes.
| | 03:55 | When you record a payment that you
received, QuickBooks is set up initially to
| | 03:59 | put the money into an account called on
Undeposited funds because the check is
| | 04:04 | still in your hand, not at the bank.
| | 04:07 | You'll learn how to record bank
deposits later in this chapter.
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| Applying discounts and credits| 00:00 | If there is a problem with one of
your services or products, your customers
| | 00:04 | might ask for their money back.
| | 00:06 | You learned about creating credit
memos and applying credits to invoices in
| | 00:10 | the Invoicing chapter.
| | 00:12 | However, if you create the credit
after you send an invoice, you apply the
| | 00:16 | credit when you receive a
payment from your customer.
| | 00:19 | To see how this works, on the
Home page, click Receive Payments.
| | 00:23 | Then in the Receive From dropdown list,
choose the customer who sent in a
| | 00:28 | payment, Water Way Homes in this example.
| | 00:31 | If the customer or job has an available
credit, the Available Credits label and
| | 00:36 | the Amount appear below the table.
| | 00:39 | In the Amount box, type the amount
that you receive from the customer.
| | 00:43 | In this example, it's $7,870.11.
| | 00:51 | In the Date box, choose the date you
received the payment if it's different than
| | 00:55 | the date that QuickBooks fills in.
| | 00:57 | Click in the line that has the
invoice you want to apply the credit to, but
| | 01:01 | don't click the Checkmark cell because that
tells QuickBooks you are applying a real payment.
| | 01:06 | In this case, I'll just click
the Number cell for invoice 15.
| | 01:09 | To apply the credit to the invoice,
click the Discount & Credits button.
| | 01:15 | Depending on the preferences you've set,
the program might automatically apply
| | 01:19 | any credits as it does here.
| | 01:21 | If it doesn't, turn on
the Credits check mark cell.
| | 01:24 | You can see the value of the credit
in the Credits Used line. Click Done.
| | 01:30 | Back in the Receive Payments window,
the applied credit appears in the Credits
| | 01:34 | cell for the invoice and the
Available Credits value changes to 0.
| | 01:39 | That's because I applied the entire credit.
| | 01:42 | Then just type the payment
amount in the Payment cell.
| | 01:50 | When I click away from that cell,
you can see the Amount Due, the Payment
| | 01:54 | Applied, and the Credit Applied.
| | 01:57 | Just click Save & Close to save
the payment with the credit applied.
| | 02:02 | If the customer's Available Credit is
greater than the amount of the invoice
| | 02:07 | you can still use the
credit to cover that invoice.
| | 02:10 | QuickBooks keeps what's left of the
available credit and you can apply it to the
| | 02:14 | next invoice for the customer.
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| Applying an early payment discount| 00:00 | If you offer terms with an early
payment discount, your customers may take you
| | 00:04 | up on the offer and pay early.
| | 00:06 | But you can't tell if a payment
is early until you receive it.
| | 00:10 | So it's probably no surprise that you
apply early payment discounts in the
| | 00:14 | Receive Payments window.
| | 00:15 | To see how this works on the
Homepage, click Receive Payments.
| | 00:19 | Then in the Receive From dropdown list,
choose the customer who is sending a
| | 00:24 | payment, Condo Coop in this example.
| | 00:27 | If the payment qualifies for an early
payment discount, a message that the
| | 00:31 | customer has a discount appears below the table.
| | 00:34 | In the Amount cell type the
amount of the payment, $784.
| | 00:41 | Choose the date if QuickBooks
doesn't fill in the right one for you.
| | 00:44 | If QuickBooks doesn't apply the
payment for you, click the Checkmark cell for
| | 00:49 | the invoices that go with the payment.
| | 00:51 | In this case, it's invoice 18.
| | 00:53 | If your customer already deducted
the early payment discount, the Receive
| | 00:58 | Payments window initially shows an
Underpayment, but you haven't applied the discount yet.
| | 01:03 | To do that, click Discount & Credits.
| | 01:07 | In the Discount and Credits dialog
box, the Discount tab automatically
| | 01:12 | calculates and fills in the
suggested discount based on the terms.
| | 01:16 | In this example, the customer gets
a 2% discount for paying early, so
| | 01:20 | the discount is $16.
| | 01:23 | On the other hand, if your customer
deducts an early payment discount that they
| | 01:26 | don't deserve, you can give them the
discount anyway by typing the amount in the
| | 01:31 | Amount of Discount box.
| | 01:33 | In the Discount Account box, choose
the income account you've set up to track
| | 01:38 | customer discounts, in this case
called Customer Discounts. Click Done.
| | 01:46 | Back in the Receive Payments window,
the discount appears in the Invoices
| | 01:50 | Discount cell and it also appears
below the table next to the Discount &
| | 01:55 | Credits applied label.
| | 01:57 | If the customer paid the invoice in
full, a message tells you that the early
| | 02:01 | payment discount is an overpayment
which you can turn into a credit toward
| | 02:06 | their next invoice.
| | 02:07 | But in this case, they took
the early payment discount.
| | 02:11 | When you're ready to save the
payment, click Save & Close.
| | 02:15 | Now that you have recorded the payment
with the discount applied, all you have
| | 02:18 | to do is deposit the
payment in your bank account.
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| Assessing finance charges| 00:00 | Finance charges are additional charges
you add to what your customers owe when
| | 00:04 | they don't pay on time.
| | 00:06 | They're small incentives to keep your
customers from falling behind 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.
| | 00:26 | Before you can add finance charges to
what your customers owe, you have to set
| | 00:30 | up QuickBooks Finance Charge preferences.
| | 00:33 | On the Edit menu choose Preferences.
| | 00:37 | Then in the Preferences dialog box,
click Finance Charge and then click the
| | 00:42 | Company Preferences tab.
| | 00:44 | That's because Finance Charge Preferences
apply to everyone who works in the company file.
| | 00:49 | In the Annual Interest Rate box, type
the interest rate for the entire year.
| | 00:54 | Many companies make the rate
quite high, 15%, 18% or more.
| | 01:00 | QuickBooks prorates the charges based on
the number of days a balance is overdue.
| | 01:05 | If you charge a minimum finance charge
regardless of the balance to cover the
| | 01:10 | effort and cost of sending out
additional invoices, type the minimum amount in
| | 01:14 | the Minimum Finance Charge box.
| | 01:17 | The Grace Period box is for the number
of days you give a customer past a due
| | 01:22 | date before you consider a
payment late. I'll type in 10.
| | 01:26 | In the Finance Charge Account box, choose
the account you use to track finance charges.
| | 01:32 | You can create an income account
specifically for finance charges.
| | 01:36 | QuickBooks leaves the Assess
finance charge on overdue finance charges
| | 01:41 | checkbox turned off.
| | 01:42 | That's because it's illegal in
some places to add finance charges to
| | 01:46 | late finance charges.
| | 01:48 | So be sure to check your local
regulations before you turn this checkbox on.
| | 01:53 | QuickBooks selects the
Calculate charges from due date option.
| | 01:57 | This is more common and starts charging
finance charges only from the due date
| | 02:01 | on when a balance is actually late.
| | 02:04 | To be tougher on your customers,
you can select invoice/billed date.
| | 02:08 | Finance charges won't kick
in until a balance is overdue.
| | 02:12 | However, with this option, QuickBooks
calculates the finance charges from the
| | 02:16 | invoice date which could be many
days earlier than the due date.
| | 02:20 | To tell QuickBooks to add finance
charge invoices to a print queue, turn on the
| | 02:25 | Mark finance charge
invoices "To be printed" checkbox.
| | 02:29 | Then click OK to save the preferences.
| | 02:33 | To assess finance charges, on the
Home page click Finance Charges.
| | 02:38 | You can also assess finance charges
while you're preparing statements by
| | 02:42 | clicking Assess Finance Charges
in the Create Statements window.
| | 02:46 | In the Assess Finance Charges window,
in the Assessment Date box, choose the
| | 02:51 | date when you plan to send
statements or finance charge invoices.
| | 02:56 | For example, if you generate
statements for the end of the month, choose the
| | 03:00 | last day of the month.
| | 03:03 | QuickBooks selects all the overdue
balances as of that assessment date.
| | 03:08 | To skip finance charges for a customer,
turn off the Checkmark cell for their balance.
| | 03:13 | For example, you might skip finance
charges if a customer has a credit that you
| | 03:19 | haven't applied to the balance yet.
| | 03:21 | You can also click Mark All or Unmark
All to turn all overdue balances On or Off.
| | 03:28 | To add the finance charge invoices
to a queue to print, turn on the Mark
| | 03:32 | Invoices "To be printed" checkbox.
| | 03:35 | Then when you are ready to create the
finance charge invoices, click Assess Charges.
| | 03:41 | After you create finance charge invoices,
you can send them to your customers on
| | 03:45 | their own or bundled with other
invoices they have, or you can add them to a
| | 03:50 | statement as you learned
in the invoicing chapter.
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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
| | 00:03 | away, that's called a cash sale,
although the customer might pay with cash,
| | 00:08 | check or a credit card.
| | 00:10 | You create a sales receipt in
QuickBooks to record the purchase.
| | 00:14 | 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 for the customer and
| | 00:29 | record sales receipts in
QuickBooks later on when you have more time.
| | 00:33 | To create a sales receipt, on the
Homepage click Create Sales Receipts.
| | 00:40 | In the Customer:Job dropdown list,
choose the customer who made a cash sale.
| | 00:46 | If you want to record a summary
sales receipt for a day, you can create a
| | 00:50 | customer called something like
Cash Sales and choose that customer.
| | 00:55 | In the Date box, choose the date for
the sale if it's different than the date
| | 00:59 | that QuickBooks fills in.
| | 01:01 | If you filled in a preferred payment
method in the customer's record, QuickBooks
| | 01:05 | fills in the Payment Method box for you.
| | 01:08 | Otherwise, select how the customer paid.
| | 01:12 | Add the items the customer purchased in
the Item table just as you do for an invoice.
| | 01:22 | Here I'll just add some
Lumber to the Sales Receipt.
| | 01:25 | You can add a message to your customer's sales
receipt by choosing one from the dropdown list.
| | 01:32 | QuickBooks automatically fills in the
Tax box with the sales tax item from
| | 01:37 | the customer's record.
| | 01:39 | If you want to add the sales receipt to
a queue to be printed or send via email,
| | 01:43 | turn on the To be printed
checkbox or the To be emailed checkbox.
| | 01:47 | You can also type a memo
to yourself in the Memo box.
| | 01:51 | This text doesn't appear on the sales
receipt when you print it or send it.
| | 01:56 | When you're done click Save & Close to
save the receipt and close the dialog box.
| | 02:01 | QuickBooks initially records the
money for the sale into an account called
| | 02:06 | Undeposited Funds, because the
cash or check isn't in the bank yet.
| | 02:10 | 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
stow payments you receive in a QuickBooks
| | 00:13 | account called Undeposited Funds,
because that's what they are, payments you
| | 00:18 | haven't deposited yet.
| | 00:19 | 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
| | 00:26 | time, you can choose which
payments you want to deposit.
| | 00:30 | For example, you can deposit checks and
cash in your checking account while credit
| | 00:34 | card payments get deposited to
your merchant credit card account.
| | 00:38 | On the Homepage click Record Deposits.
| | 00:42 | QuickBooks opens both the Make Deposits
window and the Payments to Deposit window.
| | 00:47 | Your first stop is Payments to Deposit.
| | 00:51 | If you stash all your money in your
checking account, leave All types selected
| | 00:56 | in the View payment method type box.
| | 00:59 | To filter the deposits by payment
method choose the type you want to deposit.
| | 01:04 | For example, if you want to
record all your Visa payments choose
| | 01:08 | MasterCard, Visa, Discover.
| | 01:11 | To select all the payments
displayed in list, just click All types.
| | 01:16 | To select all the payments
displayed in the list, click Select All.
| | 01:21 | You can turn payments on and off by
clicking a payment's check mark cell.
| | 01:26 | For example, if a customer sent a
check but asked that you hold onto it for a
| | 01:31 | couple of days, turn off the Checkmark cells.
| | 01:34 | Another reason to choose Payments to
Deposit is to match the way your bank shows
| | 01:39 | the deposits you make.
| | 01:40 | For example, if your bank shows each
check you deposit separately, select one
| | 01:45 | check at a time and save the deposit.
| | 01:48 | If your bank totals all the checks in
one deposit, select them all and save
| | 01:53 | the deposit that way.
| | 01:55 | Click OK to move the selected
payments over to the Make Deposits window.
| | 02:00 | QuickBooks automatically fills in all
the fields for the payments you selected
| | 02:04 | to deposit, who you received a payment
from, the account, the amount, the check
| | 02:11 | number and the payment method.
| | 02:13 | In the Deposit To dropdown list
choose the account for the deposits.
| | 02:18 | In this case, I'll keep Checking.
| | 02:21 | In the Date box choose the date for the
deposit, if it's different than the date
| | 02:25 | that QuickBooks fills in.
| | 02:27 | If you received payments other than the
ones from your customers, a refund check
| | 02:32 | or claim payment from an insurance
policy, you can add them to the table.
| | 02:36 | In a blank Received From cell, choose
who sent you the payment, in this example
| | 02:42 | I'll choose Paper Plus.
| | 02:45 | In the From Account choose the
account you want to use to track the money.
| | 02:51 | In this case I'll choose Office Supplies.
| | 02:54 | Fill in the Payment Method (Pmt
Meth.), Check Number (Chk No.)
| | 02:56 | if you have one and the Amount.
| | 03:04 | Below the table is a Cash back goes to box.
| | 03:08 | If you take some money out of the
deposit, for example, for petty cash, choose
| | 03:12 | the account for that money.
| | 03:14 | Fill in the memo and the amount.
| | 03:16 | When you're done click Save & Close to
save the deposit and close the dialog box.
| | 03:22 | When you make a deposit, QuickBooks
moves the money from the Undeposited Funds
| | 03:26 | account to your Bank account.
| | 03:28 | Now all you have to do is deposit the
money in your real-world bank account
| | 03:32 | and you're done.
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|
|
11. Performing Other TasksAdding and editing multiple records| 00:00 | If you want to add or edit several
customers, vendors, or items, you can do that
| | 00:04 | with the Add/Edit Multiple List Entries feature.
| | 00:07 | You can paste information from an Excel
spreadsheet directly into QuickBooks or
| | 00:12 | use commands in the Add/Edit Multiple
List Entries window to copy or duplicate
| | 00:17 | values between records.
| | 00:18 | You can launch the feature from
the Lists menu by choosing Add/Edit
| | 00:24 | Multiple List Entries.
| | 00:25 | However, to jump directly to the list
that you want you can open the window
| | 00:29 | from the Customers center,
Vendors center, or Item list.
| | 00:33 | On the Home page, click Customers.
| | 00:35 | In the Customer Center toolbar click
New Customer & Job and then choose Add
| | 00:42 | Multiple Customer Jobs.
| | 00:44 | In the Vendors Center toolbar click New
Vendor and then choose Add Multiple Vendors.
| | 00:50 | At the bottom of the Item List window,
click Excel and then choose paste from Excel.
| | 00:55 | Once the window is opened, you can
switch the list that you're working on in the
| | 00:59 | List drop down, just choose the list you want.
| | 01:03 | You can focus on what you want
to work on by filtering the list.
| | 01:07 | For example, in the View
dropdown choose Custom Filter.
| | 01:13 | In the Custom Filter dialog box type
the filter you want in the For box, for
| | 01:18 | example, condo and then click Go.
| | 01:22 | Only the customers or jobs with the
word condo in their records appear.
| | 01:27 | To go back to the active
customers choose Active Customers.
| | 01:31 | When you plan to paste data from
Excel you can speed up the process by
| | 01:35 | customizing the table's columns
to match your Excel spreadsheet.
| | 01:40 | To do that, click Customize Columns.
| | 01:43 | In the Customize Columns dialog box,
select a field that you want to add in the
| | 01:47 | Available Columns list and click Add.
| | 01:52 | I'll add the Credit Limit.
| | 01:54 | To remove a column, select it in the
Chosen Columns list and click Remove.
| | 02:00 | I'm not going to remove anything though.
| | 02:02 | You can also change the position of a
column by selecting it in the Chosen
| | 02:06 | Columns list and then click Move Up
or Move Down. When you're finished
| | 02:10 | rearranging, click OK to close the dialog-box.
| | 02:14 | You can paste a single cell, a range
or one or more rows or columns from an
| | 02:19 | Excel spreadsheet into the table.
| | 02:22 | The rows and columns in both the table
and spreadsheet have to contain the same
| | 02:26 | types of info in the same order.
| | 02:29 | Select what you want to copy in the
Excel spreadsheet, in this example a range
| | 02:34 | of cells and then press Ctrl+C to copy it.
| | 02:39 | Back in QuickBooks click the first blank cell
in the table and press Ctrl+V to paste the data.
| | 02:47 | If you want to add customers and jobs,
or items with sub-items, be sure to add
| | 02:52 | the customer or parent items in first.
| | 02:55 | Then the second time around you can add
the jobs or sub-items because the parent
| | 03:00 | items they need will already exist.
| | 03:03 | If you see a typo in a cell
just click it and make the change.
| | 03:10 | To duplicate one of the rows in the
table, right-click the row and choose
| | 03:15 | Duplicate Row on the shortcut menu.
| | 03:18 | Then you can edit the record that has
DUP at the beginning of the first field.
| | 03:26 | Check out the shortcut menu for other
shortcuts like inserting and deleting lines.
| | 03:32 | After you've added or edited
everything you want, click Save Changes.
| | 03:38 | QuickBooks saves all the entries
that are error-free and tells you how
| | 03:42 | many records it saved.
| | 03:44 | Click OK to dismiss the message-box.
| | 03:47 | If the program finds errors such as a
list entry that doesn't exist, it opens a
| | 03:52 | dialog box that tells you so.
| | 03:54 | You can click Quick Add to add the
list entry to the corresponding list, for
| | 03:59 | other errors, a warning appears.
| | 04:01 | Click OK and look for the values in red text.
| | 04:04 | It could be the customer
for a job doesn't exist yet.
| | 04:08 | Repeat the steps until Save
Changes doesn't produce any errors.
| | 04:12 | Then click Close to close the window.
| | 04:16 | You can use the Add/Edit Multiple
List Entries window anytime you want to
| | 04:20 | quickly add, edit, copy
or delete multiple records.
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| Memorizing transactions and other elements| 00:00 | If you enter the same transactions
again and again, you can have QuickBooks
| | 00:04 | memorize them so it fills
in most of the fields for you.
| | 00:07 | You can memorize any kind of
transaction, including bills, invoices, checks,
| | 00:13 | credit card charges and journal entries.
| | 00:15 | QuickBooks can remind you to enter a
transaction such as your monthly telephone
| | 00:20 | bill so you just fill
in the amount and save it.
| | 00:23 | For transactions that repeat on a
schedule, the program can even create the
| | 00:28 | transaction without your help.
| | 00:30 | To see how this works, open the window
for the transaction you want to memorize
| | 00:35 | like enter bills. Click Previous to
display a bill you want to memorize.
| | 00:41 | You can also set up a new bill
with all the values you want.
| | 00:45 | If values change like the
amount, leave the field blank.
| | 00:49 | For example you can also add an item to
the bill, but leave the quantity blank.
| | 00:55 | Right-click and choose the
Memorize Bill on the shortcut menu.
| | 01:02 | You can also press Ctrl+M. The
Memorize Transaction dialog box opens.
| | 01:07 | QuickBooks automatically fills in the
name box with the name from the form.
| | 01:11 | But I'm going to edit this to
change it to Telephone Bill.
| | 01:16 | Select the Add to my Reminders list option
| | 01:19 | if you want QuickBooks to remind you
to record the transaction, that way the
| | 01:24 | program prompts you the next
time the transaction is due.
| | 01:27 | Choose the frequency in the How
Often dropdown list, like monthly.
| | 01:33 | Pick the next reminder date. If the
bill is due the 12th of each month,
| | 01:38 | choose the 12th of the next month.
| | 01:41 | If you don't use the transaction on a regular
schedule, select the Do Not Remind Me option.
| | 01:47 | If you want QuickBooks to enter the
transaction automatically, select the
| | 01:52 | Automate Transaction Entry option, you
fill in the frequency and the next date.
| | 01:59 | If you want an automated transaction
to stop after a number of times. For
| | 02:03 | example, if you have 20 more loan
payments, type that number in the
| | 02:08 | Number Remaining box.
| | 02:10 | Then click OK to save the transaction.
| | 02:14 | To create a group, let's open the
Memorize Transaction list window again. Click
| | 02:19 | Memorize Transaction and choose New Group.
| | 02:24 | In the new Memorize Transaction group
dialog box fill in a name, like monthly,
| | 02:30 | and choose settings like you do
for a regular memorize transaction.
| | 02:34 | For example, you set frequency to Monthly,
and set the next date to November 1st.
| | 02:42 | Then click OK to save the group.
| | 02:44 | With a group of memorize transactions
you can enter the group and QuickBooks
| | 02:49 | adds all the individual transactions for you.
| | 02:53 | However, if you don't have any group
set up, you have to create one before you
| | 02:56 | can select the Add to group option.
| | 02:59 | To edit the Memorize Transaction
schedule, in the Memorize Transaction list
| | 03:04 | window, select the Transaction, click
Memorize Transaction, and then choose Edit
| | 03:12 | Memorize Transaction.
| | 03:14 | The Schedule Memorize
Transaction dialog box opens.
| | 03:18 | You can make the changes you want. For
example, choose the Add to group option
| | 03:23 | and then choose the Group Name.
| | 03:26 | When you're done making changes,
click OK to save the edited
| | 03:29 | memorize transaction.
| | 03:32 | On the other hand, to edit the
contents of a memorize transaction, select the
| | 03:37 | transaction in the list
and click Enter transaction.
| | 03:42 | I am going to click Save Changes to
save the bill that I had opened, and click
| | 03:46 | Yes to dismiss this message.
| | 03:49 | Now in this bill I can make the changes
that I want, maybe it's going to be for
| | 03:54 | a regular amount and right-click
and choose Memorize Bill once more.
| | 04:00 | This time I click Replace to replace
the memorize transaction that I had.
| | 04:05 | If you created or edited the form
specifically to memorize it, Click, Clear or
| | 04:11 | Revert, and then click
Close to close the window.
| | 04:16 | To use a transaction on the list menu,
select it and choose Enter Transaction.
| | 04:23 | Now that you have transactions memorized,
you can use them again and again, to
| | 04:27 | save time keeping your books.
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| Searching for info in a file| 00:00 | QuickBooks offer several
ways to find information.
| | 00:03 | You can look at Info in the Customer
Center, Vendor Center and so on, but you
| | 00:08 | can also scan your entire company file.
| | 00:11 | The Search command is quick and easy,
but you can also use the Find command for
| | 00:16 | a more structured approach to searching.
| | 00:18 | At the right end of the icon bar, type the
value you want to look for in the search box.
| | 00:24 | For example, if you're trying to find an
invoice for $100, type that in the box.
| | 00:31 | Then click the Search button.
| | 00:34 | The Search box shows the results, but
you can see that it looks everywhere
| | 00:39 | in your company file.
| | 00:41 | To filter the list, click Transactions,
and then the type of transaction you
| | 00:46 | want, like invoices.
| | 00:50 | The list then displays only that
type of transaction as shown here.
| | 00:57 | You can also choose a date range.
| | 01:01 | In this case I am going to set
it to the month of October to date.
| | 01:05 | When you see the result you want,
point at it, click one of the commands
| | 01:09 | that appears, like Open,
| | 01:12 | to open an invoice in the Create
Invoices window or click Receive payment to
| | 01:18 | receive payment against that invoice.
| | 01:20 | I am going to close the search box.
| | 01:24 | The Find command takes some
setup, but it's great for finding
| | 01:27 | specific transactions.
| | 01:29 | The Find window has a simple tab for
basic searches and an advanced tab for
| | 01:34 | building detailed searches.
| | 01:36 | On the Edit menu, choose Find.
| | 01:39 | You can also press Ctrl+F,
the Find window opens.
| | 01:44 | If a window like create invoice is
open, a more compact version of the Find
| | 01:48 | Windows simple tab appears.
| | 01:51 | You can click Advanced in this simplified
dialog box to open the regular find window.
| | 01:56 | On the simple tab, choose the
type of transaction you want.
| | 02:02 | Fill in as many fields as you want, like
the Customer, Amount, or Invoice Number.
| | 02:08 | I am going to take out the customer,
and I'm going to put in an invoice
| | 02:14 | number, then click Find.
| | 02:17 | The matching transactions show up in
the table, double-click a transaction to
| | 02:22 | open it in its window.
| | 02:25 | You can also click Export,
to export the results.
| | 02:29 | To clear all the fields and start a
new search, click Reset, then when you're
| | 02:35 | done searching, click Close.
| | 02:38 | You can quickly find information in
your company file by typing values or key
| | 02:42 | words in the search box, or by
pressing Ctrl+F to open the Find dialog box.
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|
|
12. Working with a Bank AccountHandling bounced checks| 00:00 | When someone pays your company with a
check that bounces, your bank might charge
| | 00:04 | you a fee for re-depositing the check.
| | 00:07 | More annoyingly, you have to record a
few transactions in QuickBooks to keep
| | 00:11 | your company file in
sync with your bank account.
| | 00:14 | You have to remove the amount of the
bounced check from your bank account
| | 00:18 | balance and record the
charges your bank assesses.
| | 00:22 | You also have to invoice your customer
for what they still owe and any charges
| | 00:26 | for the bounced check.
| | 00:28 | The first thing you need are some
items for bounced checks and the charges
| | 00:32 | associated with them.
| | 00:33 | So let's start by opening the Item list window.
| | 00:37 | On the homepage click Items and Services.
| | 00:40 | The items you create are other charge items.
| | 00:43 | Double-click the Bounced Check item here.
| | 00:46 | This is the one you use to subtract
the check amount from your bank account.
| | 00:51 | The account is set to your checking
account, and the Tax Code is Non, because
| | 00:56 | you don't charge sales tax on this.
| | 00:58 | The second item you need is for the
charges you add to your customers invoice.
| | 01:04 | Here the Bounced Check charge
item is also in other charge.
| | 01:09 | It's assigned to the miscellaneous income
account and it's also set to nontaxable.
| | 01:17 | The next step is to record the charge
that your bank assessed on your account
| | 01:21 | for the bounced check and the
register is the easiest place to do that.
| | 01:26 | So on the Homepage, click Chart of
Accounts, in the Chart of Accounts window
| | 01:32 | double-click your Checking account.
| | 01:34 | In the Date Cell for the first blank
transaction choose the date the bank
| | 01:39 | assessed the charge.
| | 01:43 | QuickBooks automatically fills in the
number cell with the next check number, so
| | 01:48 | delete that because you're not writing a check.
| | 01:51 | In the Payee cell type a name like Bank Charge.
| | 01:54 | Since Bank Charge doesn't exist I
am just going to click Quick Add to
| | 02:02 | quickly add it to the list.
| | 02:05 | And I choose it as a vendor, and click OK.
| | 02:08 | In the Memo cell, you can fill in the
customer, the fact that it's a bounced
| | 02:12 | check charge and the
check number of their check.
| | 02:20 | In the Payment cell, type
the amount of the charge.
| | 02:23 | In the Accounts cell choose the Expense
account you use to track Bank Charges,
| | 02:30 | such as Bank Service Charges here, click Record.
| | 02:36 | Now you can use the items for bounced
checks to re-invoice the customer and make
| | 02:42 | the necessary changes to account balances.
| | 02:44 | I am going to close the register and the
chart of accounts and click Create Invoices.
| | 02:51 | In the create invoices window in the
Customer:Job box, choose a customer who
| | 02:56 | sent the check that bounced.
| | 02:59 | In the first Item cell
choose the item for bounced check.
| | 03:08 | In the Amount cell, fill in the amount of
the bounced check. $861.76, in this example.
| | 03:19 | In the next Item cell, choose the
item for the bounced check charges.
| | 03:23 | In the Amount cell, type the total of
your banks charge and any additional
| | 03:33 | charges you assess the customer.
| | 03:36 | For example, if your bank hit you with
a $25 charge and you tack on your own
| | 03:41 | $25 charge, type 50.
| | 03:45 | Click Save and Close.
| | 03:47 | QuickBooks updates your bank account
balance and accounts receivable balance.
| | 03:52 | I am going to reopen the Checking account.
| | 03:54 | I go to Chart of Accounts
and double-click Checking.
| | 03:58 | You can see that the re-invoice took care of
removing the check amount from your bank balance.
| | 04:06 | In the Chart of Accounts window
double-click Accounts Receivable.
| | 04:11 | The re-invoice also put the amount
of the check back into the Accounts
| | 04:15 | Receivable balance, so the
amount shows up as not paid.
| | 04:20 | When your customer pays this new invoice,
you Record the payment in the Received
| | 04:25 | Payments window, like you
would, any other invoice.
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| Setting up an account for online banking| 00:00 | You have to talk to your bank and
get a customer ID and password for
| | 00:03 | online banking services.
| | 00:05 | Only then can you setup your bank
account in QuickBooks to play nicely with
| | 00:10 | your real-world account.
| | 00:12 | Banks offer different kinds of
connections and different online services,
| | 00:16 | so this movie is just one example of setting
up an account for online banking in QuickBooks.
| | 00:21 | If you have trouble setting up your
account, the best thing to do is call your
| | 00:25 | bank's online technical support
line to walk you through the steps.
| | 00:29 | To start the process on the Banking menu
point to Online Banking and then choose
| | 00:35 | Set Up Account for Online Services.
| | 00:39 | When you see the message
about closing windows, click Yes.
| | 00:42 | The Set Up Account for Online
Services dialog box opens and the select your
| | 00:49 | QuickBooks account dropdown list, choose
the account you want to set up, in this
| | 00:54 | case it's checking. Click Next.
| | 00:58 | The Select the Financial Institution,
for this account screen appears.
| | 01:02 | In the Enter the name of your Financial
Institution dropdown list, choose your
| | 01:07 | bank, and then click Next.
| | 01:15 | QuickBooks takes a few minutes to
download information about your bank. The
| | 01:19 | program asks for different things depending
on the type of connection your bank offers.
| | 01:25 | For a direct connection you see the
account activation required screen shown here.
| | 01:30 | If you have your online banking info,
keep the Yes, my account has been
| | 01:35 | activated for QuickBooks online
services option selected and click Next.
| | 01:41 | Fill in the Customer ID and password
that you got from the bank. Retype the
| | 01:52 | password in the Confirm
Password box, and then click Sign In.
| | 02:01 | On the next screen click the account
you want to activate and click Next.
| | 02:08 | When the setup is complete a screen
tells you that and also says how many
| | 02:12 | transactions it downloaded, click Finish.
| | 02:17 | If you have more than one account, you
can repeat these steps to activate each
| | 02:21 | account at the same bank.
| | 02:23 | If the Choose Your Online Banking mode window
opens, you see which banking mode you're in.
| | 02:29 | In this example Side-by-Side is selected,
and that's the one I want, so click Continue.
| | 02:36 | The online banking center opens and
you're ready to download transactions.
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| Downloading online banking transactions| 00:00 | In QuickBooks you can download
transactions from your bank and then either add
| | 00:04 | them to your records or match
them to existing transactions.
| | 00:08 | Because banks work with QuickBooks in
so many ways this movie shows one way to
| | 00:13 | download transactions as an example.
| | 00:15 | If you need help, call your bank's
online banking technical support for help.
| | 00:21 | There is no exercise file for this movie.
| | 00:23 | However, you can set up another
exercise file with your bank account as you
| | 00:27 | learned in an earlier movie
and practice with your own data.
| | 00:31 | To start the process on the Banking
menu, point to Online Banking and then
| | 00:37 | choose Online Banking Center.
| | 00:40 | In the Choose Your Online
Banking mode click Continue.
| | 00:44 | The Online Banking Center window opens.
| | 00:47 | If you have online services set up
with more than one bank, in the Financial
| | 00:52 | Institution dropdown list,
choose the one you want to connect to.
| | 00:56 | After you pick the Financial
Institution, QuickBooks selects all the accounts
| | 01:01 | you have at that bank, in
this case there is only one.
| | 01:04 | The Online Balance column shows
your balance according to your bank.
| | 01:09 | The Last Update column shows
the date of the last update.
| | 01:13 | Things like messages and online
transfers that you have prepared show up in the
| | 01:17 | Items Ready To Send section.
| | 01:19 | When you're ready to download,
click the Receive Transactions button.
| | 01:24 | It'll say Send/Receive if you have
things to send as well as receive.
| | 01:30 | Enter your password or PIN and then click OK.
| | 01:37 | If there are new transactions to
download the dialog box will tell you how many
| | 01:41 | accounts it updated and how many
transactions it downloaded, but if there's
| | 01:46 | nothing new just click
OK to dismiss the warning.
| | 01:53 | The Items Received section shows the
number of items QuickBooks received and
| | 01:58 | your account balances.
| | 02:00 | Click Add Transactions to QuickBooks and
choose the account you want to work on.
| | 02:06 | The Add Transactions to QuickBooks window opens.
| | 02:10 | On the left you can see
the Downloaded Transactions.
| | 02:13 | If the program can match transactions,
click Show to see the ones that matched.
| | 02:19 | For each match transaction click
Confirm This Match if it's correct.
| | 02:24 | If it isn't a match click Not A Match
and QuickBooks turns off the Match flag.
| | 02:30 | I want to confirm this one.
| | 02:34 | Click an Unmatched check, 1423 in this
example and then Record an Expense panel
| | 02:40 | appears on the right.
| | 02:41 | You can choose a payee and an
account and then click Add to QuickBooks.
| | 02:53 | Then click OK to dismiss
the Renaming Rule dialog box.
| | 02:58 | There's also an unmatched deposit for $530.
| | 03:02 | The Record a QuickBooks Deposit panel appears.
| | 03:05 | Click the Undeposited Funds tab if it
isn't already, to see if you received a
| | 03:10 | payment, but didn't record the deposit yet.
| | 03:13 | In this case the $530 amount is here,
so I turn on the checkbox and then
| | 03:20 | click Add to QuickBooks.
| | 03:23 | Now I am going to click the second deposit.
| | 03:28 | In this case it doesn't appear on the on
the Undeposited Funds tab, so I click
| | 03:33 | Open Invoices and here's the invoice for $500.
| | 03:40 | So I turn on its checkbox
and click Add to QuickBooks.
| | 03:44 | The program takes care of receiving
the payment and making the deposit.
| | 03:48 | For the remaining two
transactions, click Add Multiple.
| | 03:52 | You can turn on their checkboxes, fill
in the payees and the accounts and then
| | 03:59 | click Add Selected, in this case I am
going to cancel, actually turn off the
| | 04:06 | checkbox first and then click Cancel.
| | 04:09 | You can click Finish later which appears
below what we can see on the screen here.
| | 04:14 | If you want to come back to match more
transactions or if you're done, click the
| | 04:18 | close button to close the window.
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| Preparing to reconcile a bank account| 00:00 | Reconciling a paper check register to
a bank statement can be troublesome.
| | 00:04 | 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.
| | 00:14 | So before you start reconciling a
bank account in QuickBooks, you can
| | 00:17 | save yourself potential time and
aggravation by making sure you're ready to reconcile.
| | 00:22 | The first time you reconcile, you
have a few extra steps to prepare.
| | 00:26 | You can add transactions during
reconciliation, but it's much simpler to record
| | 00:31 | all your transactions
before you start to reconcile.
| | 00:35 | Record all the bills you
have paid with the account.
| | 00:38 | For example, if you wrote a check to
pay a bill but forgot to record the bill
| | 00:42 | payment in QuickBooks,
record that check payment now.
| | 00:46 | 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.
| | 00:54 | Record transfers either
into or out of the account.
| | 00:58 | Don't forget to record
deposits into the account.
| | 01:02 | The first time you reconcile, you
have to catch QuickBooks up with where
| | 01:06 | your bank account is.
| | 01:07 | If you finish your first reconciliation
and the amounts don't match QuickBooks
| | 01:12 | can add a transaction to adjust your
account's opening balance to match the
| | 01:16 | opening balance on your bank statement.
| | 01:19 | This solution is easy.
| | 01:21 | QuickBooks puts the dollar amount
of the adjustment in your opening
| | 01:24 | balance equity account.
| | 01:26 | If your account wants that money in a
different account you can create a journal
| | 01:30 | entry to move the money to the
account your accountant requests.
| | 01:34 | Once you have all your transactions
recorded in QuickBooks, you will be able to
| | 01:38 | 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
| | 00:05 | telling QuickBooks what your bank
account's starting and ending balances are and
| | 00:09 | then turning on a few check marks in
the QuickBooks Reconciliation windows.
| | 00:14 | When the cleared balance in
QuickBooks matches the numbers on your bank
| | 00:17 | statement, you're done, 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.
| | 00:32 | This is where you tell
QuickBooks about the bank statement you're
| | 00:35 | reconciling against.
| | 00:36 | In the Account dropdown list choose
the account you want to reconcile, in
| | 00:41 | this case Checking.
| | 00:43 | In the Statement Date box choose the
statement date from your bank statement if
| | 00:48 | QuickBooks doesn't fill
in the right one for you.
| | 00:51 | QuickBooks shows the Beginning Balance
from the last reconciliation you did,
| | 00:55 | which should be the same as the
Beginning Balance on your bank statement.
| | 00:59 | If this is your first reconciliation,
the value might be zero or the opening
| | 01:04 | balance for your account in QuickBooks.
| | 01:06 | In the Ending Balance box type the
ending balance from your bank statement.
| | 01:12 | For this exercise it's $9,608.29.
| | 01:18 | If your bank added a service charge,
you can record that in this window.
| | 01:23 | Type in the value of this Service
Charge, choose the Date and then choose an
| | 01:28 | Account, Bank Service Charges in this example.
| | 01:32 | If your account pays interest, you can
record the interest payment the same way.
| | 01:36 | When you're ready to reconcile, click Continue.
| | 01:39 | The Reconcile window that opens lists
checks and other payments you made on the
| | 01:45 | left side of the window.
| | 01:46 | Deposits and Other Credits are
on the right side of the window.
| | 01:50 | As you reconcile transactions on your
bank statement to the ones in QuickBooks,
| | 01:55 | you turn on the
QuickBooks transaction check marks.
| | 02:00 | You can also drag down the check
marks cell column to select transactions
| | 02:04 | one after the other.
| | 02:08 | QuickBooks shows the totals
for the items you cleared.
| | 02:12 | On the right side of the window
QuickBooks shows the Ending Balance you type for
| | 02:16 | your bank statement.
| | 02:17 | The Cleared Balance is the balance in
QuickBooks based on all the transactions
| | 02:21 | you cleared during the reconciliation.
| | 02:24 | If the two don't match, the
Difference value will not be zero.
| | 02:29 | In this case I forgot to select some things.
| | 02:32 | Now that the Difference value is zero,
you're done, click Reconcile Now.
| | 02:38 | Click close to dismiss the
Select Reconciliation Report window.
| | 02:44 | I am going to click Check Register and click
OK to display the checking account register.
| | 02:50 | You can see that QuickBooks adds a
check mark to the reconciled transactions in
| | 02:55 | your account register.
| | 02:56 | The next time you reconcile the account,
QuickBooks uses the ending balance from
| | 03:00 | the last reconciliation as the
starting balance for the next one.
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| Correcting discrepancies| 00:00 | If your QuickBooks account and bank
statement aren't playing well together, the
| | 00:03 | problem could be
transactions that you forgot to record.
| | 00:07 | In that case it's easy to add those
transactions during reconciliation.
| | 00:12 | On the other hand, if the cleared
balance in QuickBooks refuses to match the
| | 00:16 | ending balance on your bank statement,
you might have recorded a transaction
| | 00:20 | incorrectly, or your bank
could have made a mistake.
| | 00:23 | You have to track down these
discrepancies and correct them in QuickBooks.
| | 00:28 | I am going to start up a
reconciliation that's in progress.
| | 00:31 | On the Homepage click
Reconcile and then click Continue.
| | 00:35 | On the right side of the window
QuickBooks shows the Ending Balance you typed
| | 00:39 | for your bank statement,
$9,760.99 in this example.
| | 00:46 | The Cleared Balance is the balance in
QuickBooks based on all the transactions
| | 00:50 | you cleared during the reconciliation.
| | 00:53 | If the two don't match, the Difference value
will not be zero, like the number shown here.
| | 00:59 | If you forgot to record some
transactions that you need to reconcile, you can do
| | 01:04 | that in one of two ways.
| | 01:06 | For example, say you took out $100 for
the petty cash account, on the Banking
| | 01:11 | menu choose Transfer Funds
and record the $100 transfer.
| | 01:20 | In this case it occurred on September 29th.
| | 01:22 | The transfer is going to
Petty Cash and it was for $100.
| | 01:29 | I click Save & Close to save it and you
can see now the $100 transfer is there.
| | 01:36 | Click it to turn on its check mark.
| | 01:38 | The other way to record
forgotten transactions is to click Leave.
| | 01:42 | Record the transactions
you forgot in their windows.
| | 01:46 | Then on the Homepage click
Reconcile to get back into this dialog box.
| | 01:50 | Another mistake to look for is
transactions that you cleared or uncleared by mistake.
| | 01:56 | For example, this reconciliation has
an end date of September 30th, 2011. But
| | 02:03 | you can see that the transaction on
October 2nd is cleared, click the check mark
| | 02:09 | cell to toggle the check mark off.
| | 02:12 | If the Difference still isn't
zero, another culprit could be
| | 02:16 | duplicate transactions.
| | 02:18 | For example, you might pay a bill for an
expense, but also write a check for the
| | 02:23 | same expense or if you use online
banking you might download a transaction and
| | 02:29 | not match it to the one you already recorded.
| | 02:32 | If you find a duplicate you can go
back to your bank account and void the
| | 02:35 | duplicate transaction.
| | 02:37 | For example, there are two payments
to Speedy Messenger Service for $52.50.
| | 02:43 | One has a check number and one doesn't.
| | 02:46 | Make sure that the check mark for the
one without a check number is turned off.
| | 02:51 | Back in the Checking Account
register, you can void that transaction.
| | 02:55 | There is one last
problem in this reconciliation.
| | 02:58 | The Difference is $1000.
| | 03:01 | If you record a deposit as a payment or
vice versa, you end up with a Difference
| | 03:06 | that is twice the amount of the transaction.
| | 03:09 | For example, if you record a payment of
$500, you reduce the balance by 500, but
| | 03:15 | you meant to record a deposit of 500
which increases the balance by 500.
| | 03:20 | The difference in the balance
because of this mistake is $1000, twice
| | 03:25 | the transaction value.
| | 03:26 | Looking through the list, check
107 for Insurance is for $500.
| | 03:32 | It turns out that was
supposed to be a deposit of a claim.
| | 03:36 | So you can go to the Checking
register and void the payment.
| | 03:39 | I am going to right-click and choose Void Check.
| | 03:47 | Now you can record the
deposit of the claim check.
| | 03:49 | I am going to click Yes to confirm that
change and I want to just void the check.
| | 03:56 | In the Date box choose the date, type
in dep for deposit, choose the payee, and
| | 04:07 | type the amount in the
Deposit cell, and click Record.
| | 04:13 | Now back in the Reconciliation, I can
select the Deposit and you can see that
| | 04:19 | the Difference is now zero.
| | 04:22 | Click Reconcile Now.
| | 04:26 | If you want you can display the
reconciliation reports or just click Close.
| | 04:31 | There is one other source of discrepancy.
| | 04:34 | You might have transposed numbers when
you recorded a transaction, for example,
| | 04:39 | typing $12.34 when you meant to type $21.34.
| | 04:46 | If you clear the transaction it's
hard to spot this kind of mistake.
| | 04:50 | If you looked for all the other issues
and still have a discrepancy, compare the
| | 04:55 | numbers in QuickBooks very carefully
with the numbers on your bank statement.
| | 04:59 | When you finish the reconciliation,
all the reconciled transactions in your
| | 05:03 | check register have check marks in
the check mark column which is the
| | 05:07 | cleared status column.
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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.
| | 00:07 | 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.
| | 00:24 | The Write Checks window makes it easy
to fill in check fields, by making the
| | 00:28 | form look just like a paper check.
| | 00:30 | QuickBooks fills in the Bank
Account box with your default bank account
| | 00:34 | for writing checks.
| | 00:36 | If you want to pay from a different
account, choose it from the dropdown list.
| | 00:40 | I'll keep Checking.
| | 00:42 | QuickBooks automatically fills in the
Number box with a number one higher than
| | 00:46 | the last check you wrote.
| | 00:48 | If this number isn't
correct type the one you want.
| | 00:51 | If the Date box isn't set to the date
you want for the check, click the Calendar
| | 00:56 | icon and choose the date.
| | 00:59 | In the Pay to the Order of list choose
who you want to make the check out to.
| | 01:04 | You can choose customers, vendors,
employees or people on the other names list.
| | 01:10 | In this case, I'll select Pastiche Painting.
| | 01:14 | QuickBooks fills in the address from
the record for the name you selected.
| | 01:18 | Then type the amount of the check.
| | 01:22 | When you click away from the field, QuickBooks
fills in the written amount on the check line.
| | 01:28 | The Write Checks window has two tabs,
just like the window for entering bills.
| | 01:33 | The Expenses tab is for services you
purchase from a vendor and the Items tab
| | 01:38 | is for non-inventory products you
purchase, for example, when you go to the
| | 01:42 | local hardware store.
| | 01:44 | On the Expenses tab in the first
account cell, choose the expense account for
| | 01:49 | tracking what you bought.
| | 01:51 | In this case I am going to
choose Repairs and Maintenance.
| | 01:55 | QuickBooks automatically fills in the
Amount cell, but if it isn't correct, type
| | 01:59 | the amount the vendor charge.
| | 02:01 | If the expense isn't billable to a
customer that's all you have to do.
| | 02:06 | You can add another expense to the next line.
| | 02:09 | On that line choose an
account for the next amount.
| | 02:13 | I'll choose Professional Fees
and then type an amount in there.
| | 02:18 | If the total doesn't match the total of
the check you can click Recalculate and
| | 02:24 | QuickBooks changes the amount for you.
| | 02:27 | If the check includes charges for non-
inventory items you purchase, you can
| | 02:31 | click the Items tab and fill it
out just the way you do for bills.
| | 02:36 | If you want QuickBooks to print a check
for you turn on the To be printed checkbox.
| | 02:41 | You'll learn how to print checks in
the chapter Printing and E-mailing Forms.
| | 02:46 | The Online Payment checkbox is for
making a payment using an online payment
| | 02:50 | service whether from your bank or intuit.
| | 02:53 | When you're done click Save &
Close to save the check transaction.
| | 02:58 | If you have more than one Checking
Account, you can tell QuickBooks which
| | 03:02 | account to choose, when you write checks.
| | 03:04 | To do this on the Edit menu,
choose Preferences then click Checking.
| | 03:11 | In this case, I am going to
click Yes to accept any changes.
| | 03:16 | On the My Preferences tab, turn on
the Open the Write Checks checkbox and
| | 03:22 | choose the account that you want to use
in the dropdown list, then click OK to
| | 03:27 | save your preferences.
| | 03:28 | Whether you write checks by hand or
have QuickBooks print them, don't forget to
| | 03:33 | 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 web
| | 00:04 | site, you have to record the
credit card transaction in QuickBooks.
| | 00:08 | Filling out the fields for a credit card
charge is almost identical to writing a check.
| | 00:13 | To enter a credit card charge on the
homepage, click Enter Credit Card Charges
| | 00:18 | in the Banking section.
| | 00:19 | In this case, I have to scroll down to see it.
| | 00:21 | In the Enter Credit Card Charges window,
QuickBooks fills in the Credit Card box
| | 00:28 | with your default Credit Card account.
| | 00:30 | If you want to charge to a different
account, choose it in the dropdown list.
| | 00:35 | QuickBooks automatically
selects the Purchase/Charge option.
| | 00:39 | However, if you receive a refund
or a credit, you can select the
| | 00:43 | Refund/Credit option as well.
| | 00:46 | If the Date box isn't set to the
date you want for the charge, click the
| | 00:50 | Calendar icon and choose the date.
| | 00:54 | In the Purchased From list,
choose the vendor for the charge.
| | 00:57 | In the Amount box, type
the amount of the charge.
| | 01:05 | Just as you do for checks, bills,
and other forms, you fill out what you
| | 01:09 | purchased on either the
Expenses tab or the Items tab.
| | 01:16 | I'll select Repairs and Maintenance
here. And if the expense is billable to a
| | 01:20 | customer, you can choose the
customer or job in the dropdown list, and
| | 01:26 | QuickBooks automatically turns
on the Billable cell for you.
| | 01:29 | When you're done, click Save
& Close to record the charge.
| | 01:33 | When you record credit card charges, the
balance in your credit card account increases.
| | 01:38 | 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
| | 00:04 | with cold hard cash.
| | 00:06 | 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 cash doles it out.
| | 00:15 | If you're a company of one person, you might
carry some company cash around in your wallet.
| | 00:20 | Either way, you have to record
transactions for putting money into the petty
| | 00:24 | 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
| | 00:33 | in QuickBooks for it.
| | 00:34 | I am going to open the Chart of Account windows.
| | 00:37 | Making a bank account puts it at
the top of the list, like the Petty
| | 00:41 | Cash account shown here.
| | 00:43 | You learn how to create accounts in
the chapter Setting Up a Chart of Accounts.
| | 00:48 | When you put money into your Petty Cash
account, you usually take money out of
| | 00:52 | your checking account, because of
that, a transfer is the easiest way to
| | 00:56 | record the transaction.
| | 00:58 | On the Banking menu, choose Transfer Funds.
| | 01:02 | In the Transfer Funds Between Accounts
window, choose the Date for the transfer.
| | 01:08 | In the Transfer Funds From list,
choose your checking account.
| | 01:14 | In the Transfer Funds To
list, choose Petty Cash.
| | 01:18 | Then in the Transfer Amount box, type the
amount that you're transferring to Petty Cash.
| | 01:25 | Click Save & Close to save the
transfer and close the dialog box.
| | 01:29 | When you or someone else spends money
from the Petty Cash account, you have to
| | 01:33 | record the expense transaction.
| | 01:35 | Recording these transactions in the petty
account register is the easiest way to do this.
| | 01:41 | In the Chart of Accounts window, double-
click Petty Cash to open the Register window.
| | 01:47 | QuickBooks automatically selects the
first blank transaction in the register.
| | 01:51 | If the Date box isn't set to the date
you want for the transaction, click the
| | 01:56 | Calendar icon and choose the date.
| | 01:59 | You can skip the Number cell.
| | 02:01 | QuickBooks increments the number
each time you record a transaction.
| | 02:05 | So you don't have to do anything.
| | 02:07 | You can choose the Payee if you want,
| | 02:10 | but for Petty Cash transactions,
you can also leave the Payee blank.
| | 02:14 | Then you can type text in the Memo
cell to describe what you bought.
| | 02:22 | Click the Payment cell and
type the amount of the purchase.
| | 02:25 | In the Account cell, choose
the account for the purchase.
| | 02:32 | If the Petty Cash purchase covers more
than one type of expense, you can click
| | 02:37 | Splits to fill in each account and amount.
| | 02:41 | When you're done entering other
accounts and amounts, click Close.
| | 02:46 | Then click Record to record the transaction.
| | 02:50 | The balance in the Petty Cash account
should match what you have in your wallet
| | 02:54 | or the Petty Cash drawer.
| | 02:56 | If it doesn't, you forgot to
record a Petty Cash transaction.
| | 03:00 | Go back through your receipts, and
make sure you've entered them all.
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13. Running ReportsUsing the Report Center to find reports| 00:00 | After you record financial transactions,
you run reports to see how your company
| | 00:04 | is doing, to work on making it better or
because you need reports to send to the
| | 00:09 | IRS, shareholders, or anybody else.
| | 00:12 | QuickBooks comes with a lot of built-in
reports, and if you're really energetic
| | 00:16 | you can create more of your own.
| | 00:18 | Either way, the Report Center offers
several features that help you find
| | 00:22 | the reports you want.
| | 00:23 | To open the Report Center, on the
Reports menu, choose Report Center. Click
| | 00:30 | Close if you see the call-out about
the new contributed Reports feature.
| | 00:35 | To see the built-in reports,
click the Standard tab.
| | 00:39 | The Report Center has
three ways to display reports.
| | 00:43 | The Carousel View is leftmost
icon above the main report area.
| | 00:48 | It looks like a slide
projector if you're really imaginative.
| | 00:52 | A sample report, not one that uses your
data, appears in the center of the window.
| | 00:58 | The report title is in big letters with
the question the report answers just below.
| | 01:04 | Other reports in the category are
waiting on either side, so you can look at
| | 01:07 | another report by clicking one of these
angled samples or by pressing the Left
| | 01:13 | or Right-arrow keys on your keyboard.
| | 01:15 | The next icon is List View which looks
like three horizontal bars and is a fast
| | 01:20 | and concise way to find a report.
| | 01:23 | You don't see a thumbnail of the
report, but you can see a lot more of
| | 01:27 | the available reports.
| | 01:29 | Each report has a title
and the question it answers.
| | 01:32 | Click the down-arrow to the right of
the Date Range label to choose the date
| | 01:36 | range for the report, such as This
Fiscal Year or This Fiscal Year-to-date.
| | 01:41 | To see a sample, click the icon that
looks like a report with a magnifying glass.
| | 01:48 | To run the report, click the Run icon,
a white arrow inside a green circle.
| | 01:54 | If you run the report more often than
you check email, click the orange heart to
| | 01:59 | add it to the Favorites list.
| | 02:01 | Although it doesn't make sense to me, the
heart changes to gray when it's a favorite.
| | 02:06 | Now, I am going to close the sample.
| | 02:08 | To see your favorites, just click the
Favorites tab at the top of the Report Center.
| | 02:15 | To view the reports in a specific
report category, click the Category on the
| | 02:20 | left side of the window.
| | 02:21 | You can also scroll to see
reports category by category.
| | 02:28 | Along the top of the Report Center
window are other tabs for finding
| | 02:32 | reports more quickly.
| | 02:33 | To re-run a report you used
recently, click the Recent tab.
| | 02:38 | If you memorized reports to save them
after you have modified or customized
| | 02:42 | them, click the Memorized tab.
| | 02:45 | The Contributed tab is new in QuickBooks 2012.
| | 02:49 | You can see reports that
your peers have contributed.
| | 02:52 | You'll learn how to share your report
templates with others in a later movie.
| | 02:57 | If you don't know which report you need, in
the search box, type one or more keywords.
| | 03:02 | In this case, I'll type receivables,
and then click the Search button.
| | 03:11 | QuickBooks lists reports that have
something to do with the keyword you type.
| | 03:15 | After you find the report you want,
you can tweak it to show exactly what you
| | 03:19 | want 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, the
| | 00:11 | customer center, and other
centers and many more places besides.
| | 00:15 | But the Report Center and the Reports
menu are the two places where you can find
| | 00:19 | all the reports that QuickBooks offers.
| | 00:22 | Then, once you run a report, chances
are, you want to modify it in some way,
| | 00:27 | a different date range or to show the
results for specific customers, for example.
| | 00:32 | On the Reports menu, point to the
category that the report is in, such as
| | 00:37 | Company & Financial.
| | 00:38 | Then choose the report you want,
| | 00:41 | Profit & Loss Standard, for example.
| | 00:44 | If you want to set a date range,
choose it in the dropdown list.
| | 00:49 | In this example, I'll change
it to This Fiscal Year-to-date.
| | 00:54 | The toolbar in the Report window has
a few tools for tweaking the report.
| | 00:58 | If the Date range still isn't what you
want, you can choose a new date range in
| | 01:02 | the dropdown list, or you can
type dates in the From and To boxes.
| | 01:07 | For some reports, you can
adjust the columns that you see.
| | 01:11 | For example, in the Profit & Loss report,
you can switch to showing values for
| | 01:16 | each fiscal quarter.
| | 01:19 | With this report set to This Fiscal
Year-to-date, you'll see columns for each
| | 01:23 | quarter of the year.
| | 01:24 | To make more in-depth
changes, click Customize Report.
| | 01:31 | In the Modify Report window, you
can change what you see in the report.
| | 01:35 | Filter it to show exactly what you want,
change the information that appears in
| | 01:39 | the header and footer or
format the text and numbers.
| | 01:43 | When the report is the way you want, click OK.
| | 01:47 | You can also memorize the reports,
so you can run it again and again.
| | 01:52 | In the Report Window toolbar, click Memorize.
| | 01:57 | Type a name for the report that identifies
what it does like Profit & Loss This Year.
| | 02:05 | Click OK to memorize the report.
| | 02:08 | After you memorize report, it shows up in
the Report Center and on the Reports menu.
| | 02:13 | On the Reports menu, choose Memorized Reports.
| | 02:17 | If the report is in a
group, point to that group,
| | 02:20 | otherwise, it's right on the Memorized
Reports submenu, like Profit & Loss This Year.
| | 02:27 | There is one more slick trick
for making a report easy to get to.
| | 02:31 | While the Report window is opened, on
the View menu, choose Add followed by the
| | 02:38 | report name, then, click OK.
| | 02:42 | And you'll see that the report is
now on the Icon bar, and you can run it
| | 02:46 | by clicking that icon.
| | 02:48 | Memorizing reports makes it easy to re-run a
report that is set up exactly the way you want.
| | 02:53 | If you decide to change the report later
on, you can always make the changes and
| | 02:58 | rememorize 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
| | 00:04 | of the report to pass out at a
meeting or to include with your tax return.
| | 00:08 | At other times you need a copy of
the report as a file on your computer.
| | 00:13 | Perhaps the budget report in an Excel
file so you can play what if games with
| | 00:17 | your budget for next year or a
PDF copy to send to your accountant.
| | 00:22 | In QuickBooks you can print a report,
save it as file, or export it to a file
| | 00:27 | format right from within the report window.
| | 00:30 | On the Reports menu point to the
category that the reported in such as Company
| | 00:35 | & Financial and then choose the report you
want, Profit & Loss Standard, for example.
| | 00:42 | Choose a date range for the report.
| | 00:46 | To print a report in the
report window toolbar click Print.
| | 00:52 | The Print Reports dialog box opens.
| | 00:55 | QuickBooks automatically
selects the Printer option,
| | 00:58 | so to print the report just
leave that option selected.
| | 01:02 | If you want to print to a different
printer choose it on the dropdown list.
| | 01:06 | Similar to printing and other programs
you can choose whether to use portrait or
| | 01:10 | landscape orientation.
| | 01:12 | You can choose the pages to
print and the number of copies.
| | 01:18 | Turn on the Page break after each major
grouping check box if you want to split
| | 01:23 | the report when it gets to a major heading.
| | 01:25 | For example, like assets or
liabilities on a balance sheet.
| | 01:30 | When you're ready click
Print to print the report.
| | 01:33 | I'm going to close this dialog box.
| | 01:36 | To save the report as a PDF file
on the File menu choose Save as PDF.
| | 01:44 | The save document as PDF dialog box opens.
| | 01:47 | So you can name the file and choose the
folder to save it in. Then click Save.
| | 01:52 | I'm going to close this dialog box too.
| | 01:54 | To save the report to a spreadsheet in
the Report toolbar click Excel and then
| | 02:02 | choose either Create New
Worksheet or Update Existing Worksheet.
| | 02:08 | The Send Report to Excel dialog box opens.
| | 02:12 | Depending on the command you chose
the Create New Worksheet or Update an
| | 02:16 | Existing Worksheet option is selected.
| | 02:19 | If you want to update an existing
worksheet you have to choose the Excel file
| | 02:23 | and then select the worksheet in that file.
| | 02:26 | QuickBooks 2012 is little smarter
than previous versions when it comes
| | 02:30 | to updating worksheets.
| | 02:32 | It'll leave things like formatting,
formulas, renamed headers, resized columns,
| | 02:37 | and inserted columns and rows alone.
| | 02:40 | To create a new worksheet, just click Export.
| | 02:43 | Whether you create a new workbook or
use an existing one the Advanced button
| | 02:48 | opens a dialog box with lots of
checkboxes and options, but in most cases
| | 02:54 | QuickBooks sets these the way you want.
| | 02:57 | So click OK to close it.
| | 02:59 | When you're ready click Export.
| | 03:04 | Excel starts up and displays the report.
| | 03:07 | You can work on it in Excel as much as
you want and save it when you're ready as
| | 03:12 | you would in any other Excel workbook.
| | 03:14 | Whether you save a report as a file or
a PDF, you could also print that file
| | 03:20 | using the Print function within
your computer's operating system.
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14. Working with Journal EntriesUsing journal entries| 00:00 | For many kinds of transactions
QuickBooks takes care of moving money from
| | 00:03 | account to account in your chart of accounts.
| | 00:06 | When you're ready to check the program
moves money from your QuickBooks bank
| | 00:09 | account to the expense account you give
it, but there are other times that you
| | 00:13 | have to take over and
move money between accounts.
| | 00:16 | Recording depreciation, owner
contributions, or withdrawals or correcting the
| | 00:21 | accounts you assigned
originally are all examples.
| | 00:24 | To accomplish these kinds of movements
you use something called a journal entry.
| | 00:29 | The name comes from the old paper-
based accounting days when accountants
| | 00:33 | recorded transactions in a papered journal.
| | 00:35 | For example, if you decide that you
need more income accounts than the one
| | 00:39 | called sales, you might want to re-
categorize income in the sales account to the
| | 00:44 | new income accounts you create.
| | 00:46 | To make this happen you have to credit
one income account and debit another, and
| | 00:51 | that's exactly what journal entries do.
| | 00:54 | In the Company menu choose
Make General Journal Entries.
| | 00:58 | Let's look at Journal Entry one.
| | 01:01 | I'll click Previous until we can see it.
| | 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 it.
| | 01:13 | So you want to debit the original
account to reduce its balance and credit the
| | 01:19 | new account to increase its balance.
| | 01:22 | In this case I've recategorized
income from Sales to Construction Services.
| | 01:27 | The Make General Journal Entries
window has a column for Account and columns
| | 01:33 | for Debits and Credits.
| | 01:34 | All you have to do is choose the account
and then put the amount of money in the
| | 01:39 | Debit or Credit cell.
| | 01:41 | If you move money between several
accounts you have to make sure that the total
| | 01:45 | in the Debit column is equal to
the total in the Credit column.
| | 01:49 | You have to add that up for yourself,
because QuickBooks Pro and Premier
| | 01:53 | don't do it for you.
| | 01:55 | Depreciation is another
common use of journal entries.
| | 01:58 | Journal Entry two shows this.
| | 02:01 | The value of assets you use in
your business decrease over time.
| | 02:05 | To reflect this decrease you decrease
the value in the asset account and assign
| | 02:10 | that decrease in value to an expense account.
| | 02:13 | The way accountants do this is to create
another fixed asset account called Less
| | 02:17 | Accumulated Depreciation.
| | 02:20 | That way the original price of the asset
remains the same and you see the amount
| | 02:25 | that has been depreciated in the
Less Accumulated Depreciation account.
| | 02:30 | You debit the depreciation expense
account for the amount you're depreciating to
| | 02:35 | increase that account's value and you
credit the less accumulated depreciation
| | 02:40 | asset account to decrease its value.
| | 02:43 | I'll click Save & Close.
| | 02:46 | To see what this looks
like on the balance sheet.
| | 02:49 | On the Reports menu point to Company &
Financial and then choose Balance Sheet Standard.
| | 02:56 | In the As of box choose
December 31st and click Refresh.
| | 03:03 | You see that the Furniture and
Equipment was valued at $40,000, but the
| | 03:09 | Accumulated Depreciation is $8,000.
| | 03:12 | So the fixed asset value is now only $32,000.
| | 03:17 | Now on the Reports menu point to Company &
Financial and then choose Profit & Loss Standard.
| | 03:25 | In the To box choose
December 31 and click Refresh.
| | 03:31 | You see that the Depreciation Expense is $8,000.
| | 03:35 | There's one more journal entry example.
| | 03:41 | Most attorneys and accountants suggest
that you contribute some equity to your
| | 03:45 | company when you start it.
| | 03:47 | You can deposit cash, or you can
contribute your computers, furniture, and the
| | 03:51 | other equipment in the company.
| | 03:55 | Journal entry owner one shows this.
| | 03:59 | In the example you debit the Furniture
& Equipment asset account to increase
| | 04:03 | its value to the value of the furniture and
equipment you are handing over to your company.
| | 04:08 | Then you credit the
owner's contribution account.
| | 04:12 | The increase in the equity in the
company is a credit to the owner's
| | 04:16 | contribution equity account to
show your contribution as equity.
| | 04:20 | When you save a journal entry, it
shuffles the money to the correct accounts
| | 04:24 | 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
| | 00:03 | journal entry are easy.
| | 00:05 | The challenge initially is putting the
numbers in the Debit and Credit columns correctly.
| | 00:10 | You can also use journal entries to record
transactions that are billable to customers.
| | 00:15 | To create a general journal entry
on the Company menu, choose Make
| | 00:20 | General Journal Entries.
| | 00:22 | In the Date box choose the
date for the journal entry.
| | 00:26 | For example, if you want a record end
of the year entries choose December 31.
| | 00:33 | QuickBooks automatically numbers
journal entries by incrementing the last
| | 00:37 | one you've created.
| | 00:39 | If you want to differentiate journal
entries you can type a prefix like your
| | 00:43 | initials and then the number.
| | 00:44 | So you can see which entries you
make versus those from your accountant.
| | 00:51 | In the first Account cell
choose one of the accounts.
| | 00:55 | To recategorize expenses choose the
Utilities Expense account in this example.
| | 01:02 | To decrease the dollars in the
Utilities Expense account type the dollar
| | 01:06 | value in the Credit cell.
| | 01:09 | In the Memo cell type the purpose of
the journal entry, Recategorize expenses.
| | 01:20 | In the next row choose the other
account, Telephone Expense in this example.
| | 01:28 | QuickBooks automatically fills in the Debit
cell with the amount you've typed in the first row.
| | 01:34 | To record an expense that is billable
to a customer, choose the customer in the
| | 01:38 | Name cell and be sure to
turn on the Billable cell.
| | 01:42 | If your journal entry uses
only two accounts, you're done.
| | 01:45 | You can click Save & Close
to save the journal entry.
| | 01:50 | Since I created this journal entry a
few months in the future I have to confirm
| | 01:54 | that I want to create it
with that date. So I click Yes.
| | 01:58 | If you have trouble remembering
debits and credits, but you already have a
| | 02:02 | journal entry that does what
you want you can memorize it.
| | 02:06 | Open the Make General Journal Entries
window and click Next or Previous until
| | 02:11 | you see the journal entry you want.
| | 02:14 | In this case I'm going to
use the depreciation entry.
| | 02:17 | On the Edit menu choose
Memorize General Journal.
| | 02:24 | In the Memorize Transaction
dialog box name the entry,
| | 02:31 | Depreciation in this example.
| | 02:33 | If you don't want to be reminded selected the
Do Not Remind Me option and simply click OK.
| | 02:40 | To use this entry on the List menu,
choose Memorize Transaction List, select the
| | 02:48 | entry, and then click Enter Transaction.
| | 02:52 | QuickBooks automatically sets the
date to today's date and increments the
| | 02:56 | entry number for you.
| | 02:58 | Change the date and the entry number
if you want, then go in and change any
| | 03:02 | values that you need to change, and
click Save & Close to save the new entry.
| | 03:07 | If you don't find a QuickBooks command
for the transaction you want to record,
| | 03:11 | remember you can always use
a journal entry to create it.
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ConclusionNext steps| 00:00 | At this point 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
| | 00:08 | QuickBooks and you know how to
record transactions like checks, bills,
| | 00:13 | invoices, and credit.
| | 00:15 | You've learned how to create journal
entries and reports and how to back up and
| | 00:19 | restore your company file.
| | 00:21 | You're all set to start keeping
your company books in QuickBooks.
| | 00:25 | Now that you've completed the course if
you have any comments or feedback we'd
| | 00:29 | love to hear from you.
| | 00:31 | To leave feedback on the web page for
the course, click Course Feedback just
| | 00:36 | above the horizontal tabs.
| | 00:40 | In addition, a few of the movies
show techniques for using Excel in
| | 00:44 | conjunction with QuickBooks.
| | 00:47 | If you want to learn more about
Excel consider the Excel courses in the
| | 00:51 | lynda.com Online Training Library.
| | 00:54 | To find them point to Software, click
E, and click Excel and you can scroll
| | 01:03 | through the list of courses that are available.
| | 01:06 | If you want to learn more about
QuickBooks there are some additional
| | 01:09 | resources you can check out.
| | 01:11 | I've written several books about
QuickBooks, which you can find at amazon.com
| | 01:16 | or in any bookstore.
| | 01:17 | You can also look for answers in the
Intuit Community online or in the forums at
| | 01:24 | quickbooksusers.com.
| | 01:26 | Thanks for taking QuickBooks
Pro 2012 Essential Training.
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