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Introduction
How This Book Is Organized . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Conventions Used in This Book . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
1 Creating a New QuickBooks File . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
EasyStep Interview–Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Converting from Other Accounting Software to QuickBooks . . . . . . . . . . . . . . . . . . . .15
Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting . . . . . . . . . . . .22
2 Reviewing the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
Understanding the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38
Importing a Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
Preferences That Affect the Chart of Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
Accounts That QuickBooks Creates Automatically . . . . . . . . . . . . . . . . . . . . . . . . . . . .50
Methods to Troubleshoot and Correct Chart of Account Issues . . . . . . . . . . . . . . . . . .51
3 Reviewing the Items List . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61
Differences Between the Chart of Accounts, Items, Classes, and Customer Types . . . . .62
Using Item Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66
Finding Item Errors in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69
Fixing Item Errors in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74
Creating Items as Subitems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
4 Easily Review Your QuickBooks Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
Client Data Review–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .84
Choosing a Reporting Basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Reviewing the Balance Sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86
Additional Data Reviews . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96
5 Power Reports For Reviewing Your Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .101
How Can These Power Reports Help Me? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .102
Troubleshoot Account Balances–Improved for QuickBooks 2010! . . . . . . . . . . . . . . .103
The Working Trial Balance Window . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
Tracking Changes to Closed Accounting Periods . . . . . . . . . . . . . . . . . . . . . . . . . . . .105
Using the Audit Trail Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .110
Using the Credit Card Audit Trail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111
Using the Voided/Deleted Transactions Summary or Detail Report . . . . . . . . . . . . . . .114
Creating the Retained Earnings QuickReport . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .115
Using the Ctrl+Y Keyboard Shortcut . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
Running the Transaction List by Date Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .118
Documenting Changes Made to a Data File . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120
6 Reviewing Your Bank Reconciliations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .123
The Importance of Correct Bank Balances in Your QuickBooks Data . . . . . . . . . . . . . .124
Reconciling a Bank Account for the First Time . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124
Troubleshooting an Incorrectly Reconciled Bank Account . . . . . . . . . . . . . . . . . . . . . .130
Reconciling with an Adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .139
7 Reviewing Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141
Accounts Receivable Forms and Workflow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142
Preferences That Affect Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .144
Reports to Review When Troubleshooting Accounts Receivable Errors . . . . . . . . . . . .157
Correcting Accounts Receivable Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .165
Unique Customer Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .186
8 Reviewing Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193
The Purpose of the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .194
Preference Settings That Affect Undeposited Funds . . . . . . . . . . . . . . . . . . . . . . . . . .194
Reviewing the Balance in the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . .197
Fixing Errors with the Undeposited Funds Account . . . . . . . . . . . . . . . . . . . . . . . . . .204
9 Handling Current Asset Accounts Correctly . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213
Defining an Other Current Asset . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
Reviewing the Other Current Asset Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214
Troubleshooting and Creating Unique Other Current Asset Account Transactions . . . .219
10 Reviewing Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229
Overview of the Accounting for Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .230
Preferences That Affect Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232
Inventory Processes and Forms and Their Effect on Accounting . . . . . . . . . . . . . . . . .236
Reviewing and Troubleshooting Inventory Balances . . . . . . . . . . . . . . . . . . . . . . . . . .238
Correcting Inventory Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .249
How QuickBooks Handles Negative Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253
11 Reviewing Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261
Accounts Payable Forms and Workflow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262
Preferences That Affect Accounts Payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268
Reports to Review When Troubleshooting Accounts Payable Errors . . . . . . . . . . . . . .275
Correcting Accounts Payable Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .290
Unique Accounts Payable Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .301
12 Reviewing Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .313
Preferences That Affect Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .314
Sales Tax Items, Groups, and Codes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .318
Assigning Sales Tax Codes to Products or Services . . . . . . . . . . . . . . . . . . . . . . . . . . .322
Assigning Sales Tax Codes and Sales Tax Items to Customers . . . . . . . . . . . . . . . . . . .323
Reports to Review When Troubleshooting Sales Tax Errors . . . . . . . . . . . . . . . . . . . . .324
Properly Paying Sales Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331
Correcting Sales Tax Errors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335
Unique Sales Tax Transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341
13 Reviewing Opening Balance Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .347
Purpose of the Opening Bal Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .348
Transactions in the Opening Bal Equity Account . . . . . . . . . . . . . . . . . . . . . . . . . . . .348
Reports to Review and Troubleshoot the Opening Bal Equity Account . . . . . . . . . . . .358
Closing Opening Bal Equity into Retained Earnings . . . . . . . . . . . . . . . . . . . . . . . . . .360
Setting a Closing Date and Password . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .363
14 Reviewing Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .365
Payroll Service Options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .366
Payroll and Employees Preference . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .368
Payroll Forms and Workflow in QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .370
Using the Payroll Setup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .373
Using the Run Payroll Checkup Diagnostic Tool . . . . . . . . . . . . . . . . . . . . . . . . . . . . .375
Reports to Review When Troubleshooting Payroll . . . . . . . . . . . . . . . . . . . . . . . . . . .382
Adjusting Payroll Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .389
Unique Payroll Transactions and Processes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .393
15 Sharing Data with Your Accountant or Your Client . . . . . . . . . . . . . . . . . . . . . . . .411
Sharing QuickBooks Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .412
QuickBooks File Types . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .413
Data Sharing for the Business Owner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .418
Data Sharing for the Accountant . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .432
16 Reporting Tips and Tricks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .449
Intuit Statement Writer–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .450
Company Snapshot–Improved for 2010! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .484
Newly Redesigned Report Center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .487
Reporting Preferences . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .490
Modifying Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .493
Report Groups . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .495
Memorized Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .500
Exporting and Importing Report Templates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .501
Exporting Reports to a .CSV File or to Excel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .503
Emailing Reports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .504
17 Detecting and Correcting with the Client Data Review Feature
Online only at: www.informit.com/title/9780789743220
Introduction: Features and Benefits
Starting a Client Data Review
Customizing the Client Data Review Center
Account Balances
Review List Changes
Accounts Receivable
Accounts Payable
Sales Tax
Inventory
Payroll
Bank Reconciliation
Miscellaneous
Finishing a Client Data Review
Reopening a Client Data Review
Reporting on Review Activity
Creating an External Accountant User
Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .507
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Add QuickBooks 2010 Solutions Guide for Business Owners and Accountants, This is the definitive, must-have QuickBooks 2010 reference for every business owner and accounting professional. Not a beginner's guide, this is a high-productivity resource for solving the problems that intermediate-to-advanced QuickBooks users e, QuickBooks 2010 Solutions Guide for Business Owners and Accountants to the inventory that you are selling on WonderClubX
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Add QuickBooks 2010 Solutions Guide for Business Owners and Accountants, This is the definitive, must-have QuickBooks 2010 reference for every business owner and accounting professional. Not a beginner's guide, this is a high-productivity resource for solving the problems that intermediate-to-advanced QuickBooks users e, QuickBooks 2010 Solutions Guide for Business Owners and Accountants to your collection on WonderClub |