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Gathering the information you need

From: QuickBooks Pro 2010 Essential Training

Video: Gathering the information you need

If you've just started your company, you can create a QuickBooks company file with a clean slate. But for a company that's been around for a while, QuickBooks wants to know several things about it before the program can create your company file. Gathering that information before you sit down at the computer is the quickest way to get the job done. If your company is brand new, the start date is easy. Use the date you incorporated or opened your business bank account. If your business has been around for a while, you don't have to start your QuickBooks records at the very beginning.

Gathering the information you need

If you've just started your company, you can create a QuickBooks company file with a clean slate. But for a company that's been around for a while, QuickBooks wants to know several things about it before the program can create your company file. Gathering that information before you sit down at the computer is the quickest way to get the job done. If your company is brand new, the start date is easy. Use the date you incorporated or opened your business bank account. If your business has been around for a while, you don't have to start your QuickBooks records at the very beginning.

The best start date is the last date of your previous fiscal year. That way, you'll have complete text records for your current fiscal year. Also your initial account balances are like the ending balances on your bank statement. You're ready to start the new fiscal year fresh, and you'll have everything you need at the end of the year. In the middle of the year, you could start at the beginning of a fiscal quarter or fiscal month. However, if you do that, gathering records at tax time will be more difficult.

You also need account balances as of your start date. For each bank account, get the bank statement with the statement date close to but earlier than your start date. Get copies of all your open customer invoices or statements and gather up all your unpaid bills. For assets you own, you need the current value. Your last tax return shows the value and accumulated depreciation. If you track inventory, you need the number of items in stock as of your start date.

How much you paid for them and how much you'll sell them for. Your tax return has another important number, your Federal Tax ID Number. And if you do payroll, get your most recent payroll reports. After you have all this information at your side, you're ready to create your QuickBooks company file.

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This video is part of

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QuickBooks Pro 2010 Essential Training

69 video lessons · 21645 viewers

Bonnie Biafore
Author

 
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  1. 8m 19s
    1. Welcome
      52s
    2. Editions of QuickBooks
      3m 24s
    3. QuickBooks bookkeeping basics
      2m 46s
    4. Using the exercise files
      41s
    5. Disclaimer
      36s
  2. 9m 12s
    1. Opening a company file
      2m 4s
    2. Using the QuickBooks menus and home page
      2m 49s
    3. Touring the Customer, Vendor, and Employee Centers
      2m 32s
    4. Navigating between QuickBooks windows
      1m 47s
  3. 10m 50s
    1. Gathering the information you need
      2m 4s
    2. Creating a company file
      5m 33s
    3. Converting from another program
      3m 13s
  4. 8m 19s
    1. Naming and numbering accounts
      3m 36s
    2. Creating an account
      2m 26s
    3. Making an account inactive
      2m 17s
  5. 14m 50s
    1. Creating a customer profile
      3m 40s
    2. Adding customer information
      4m 33s
    3. Creating a job
      2m 18s
    4. Making customers inactive
      1m 39s
    5. Creating a vendor
      2m 40s
  6. 43m 35s
    1. Why use QuickBooks items?
      2m 59s
    2. Creating a service item
      4m 26s
    3. Setting up time tracking
      2m 53s
    4. Entering time
      4m 19s
    5. Tracking mileage
      4m 34s
    6. Creating an inventory item
      6m 7s
    7. Creating a non-inventory item
      3m 34s
    8. Setting up sales tax
      6m 59s
    9. Setting up discounts and charges
      3m 46s
    10. Creating a group of items
      2m 16s
    11. Making items inactive
      1m 42s
  7. 30m 46s
    1. Creating a purchase order
      3m 8s
    2. Entering a bill
      4m 37s
    3. Recording inventory you receive
      3m 47s
    4. Paying bills
      4m 5s
    5. Handling a credit from a vendor
      5m 2s
    6. Writing a check for expenses
      3m 17s
    7. Paying with a credit card
      1m 40s
    8. Paying with cash
      2m 53s
    9. Paying sales tax
      2m 17s
  8. 35m 5s
    1. Understanding invoices, statements, and sales receipts
      2m 23s
    2. Creating an invoice and filling in header fields
      2m 55s
    3. Adding items to an invoice
      5m 7s
    4. Adding billable time and cost to an invoice
      5m 57s
    5. Using subtotals, discounts, and other charges
      3m 6s
    6. Creating an estimate
      2m 49s
    7. Handling a customer credit
      4m 57s
    8. Creating a statement charge
      3m 7s
    9. Producing a statement
      4m 44s
  9. 14m 44s
    1. Setting up print options
      4m 13s
    2. Aligning forms with printer paper
      3m 0s
    3. Printing one or more forms
      4m 29s
    4. Emailing a sales form
      3m 2s
  10. 14m 8s
    1. Receiving a payment
      3m 49s
    2. Assessing finance charges
      4m 9s
    3. Creating a sales receipt for a cash sale
      2m 39s
    4. Depositing payments
      3m 31s
  11. 10m 37s
    1. Preparing to reconcile a bank account
      1m 50s
    2. Reconciling transactions to your bank statement
      3m 14s
    3. Correcting discrepancies
      5m 33s
  12. 9m 51s
    1. Using the Report Center to find reports
      3m 0s
    2. Running a report
      3m 45s
    3. Printing or saving a report
      3m 6s
  13. 6m 8s
    1. Why use journal entries?
      3m 3s
    2. Creating a general journal entry
      3m 5s
  14. 13m 39s
    1. Creating a new user
      4m 58s
    2. Backing up your company file
      6m 10s
    3. Restoring a company file
      2m 31s
  15. 27s
    1. Goodbye
      27s

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