Join Bonnie Biafore for an in-depth discussion in this video Using the exercise files, part of QuickBooks: Advanced Bookkeeping Techniques.
- If you're a premium member of the Lynda.com online training library, you have access to the exercise files used throughout this course. You'll find the exercise files in the exercise files folder, which I've placed on the desktop, but you can store it wherever you like. These files reside in subfolders, named according to the chapters, and each movie has its own exercise file. The exercise files for this course are in QuickBooks portable file format, so you have to restore them as regular company files before you can work with them.
In addition, I created the files in QuickBooks 2014, so you can use them whether you run the 2014 or 2015 edition. When you restore these files, you might have to tell the program to update your file to work with that edition or release. Here's how you restore an exercise file in QuickBooks. Go to the file menu and choose open or restore company. Then in the dialog box, select restore a portable file and click next.
Now, the first thing you have to do is you have to tell the program which portable file you want to restore. So, I'm going to double-click the exercise files folder, double-click chapter one, and click the very first portable file. Then go ahead and click open. Now, the next thing you have to do is you have to tell it where you want to restore the file and what you want to name it. Go ahead and click next to do that. Now, I'm going to put this file in the exercise files folder. I'm just going to put it up at the top level.
In this case, I've got the file name for the portable file, but I'm going to add, try 1, at the end, just in case I want to have a couple copies of this company file to play with. Go ahead and click save, and you'll see a message box, and it tells you that this process may take a few minutes. It's got a progress bar to show you where it is. Now, it will take a few minutes, so you can decide whether you want to go grab another cup of coffee. In the meantime, we'll just wait a little bit impatiently for QuickBooks to finish opening this portable file.
When QuickBooks finishes opening the portable file, if you're going from 2014 to 2015, and sometimes in between releases, like 2014 R1 to R3, you'll see this message box about updating the company file to the new version. If you see it, just click this check box and click update now. Then when you see the update company message box, click yes to confirm that you want to update the file. You'll see another working message box with a progress bar, and it tells you where it is in updating the company file.
Now the portable file has been restored as a regular company file, and you're just about ready to get to work. If you're going to QuickBooks 2015, you might see this message about Insights working on accrual-basis only. If you don't want to see this message again, turn on the check box to, do not display this message in the future, and click okay. The other thing you might see, if you're just recently moving to QuickBooks 2015, is all these what's new help tips.
Well, if you don't want the hand-holding, just click anywhere in this window, and then to hide all the what's new tips, click the X over on the right. Again, if you're in QuickBooks 2015, click the homepage tab. That way, the next time you open this company file, it will open to the homepage tab, so you can click any of these icons. Remember, you don't have to use these files. You can use files of your own. If you're a monthly or annual subscriber to Lynda.com, you don't have access to the exercise files, but you can follow along with your own work.
So, let's get started.
- Recall the information displayed in subaccounts.
- Explain how to view and track overhead costs.
- Summarize the steps to view all expenses related to a specific job.
- Recall the steps for categorizing customers, jobs, and vendors.
- Describe two methods for recording prepayments.
- Identify the steps for selling consignment goods.
- List two documents you can use to record a refund.
- Explain how to handle a bounced check.
- Detail your next steps if you cannot reconcile a bank statement.