Establishing Your QuickBooks Software Program

From the Banking menu, choose “Reconcile.” The “Locate Discrepancies” feature allows users to find amounts that have been changed since the last reconciliation, and to look for items that were previously cleared and have since been changed or deleted. QuickBooks also allows users to pick from a list the columns to display in the reconciliation. The “Highlight Marked” checkbox was added in QuickBooks 2010, and shades checked items to provide additional visual aid for the user during reconciliation. When the reconciliation is complete, QuickBooks provides the option to create a reconciliation report or simply close the window.

When users create a new company file, an Express Start window will open, offering to help. When the user clicks the Advanced Setup button on the Express Start screen, the Company Information will be displayed. To return to this screen later, click the Company menu and select Company Information. Accounts such those for cash, other assets, notes payable, etc. are added manually or as a result of the setup process. If they already have a Chart of Accounts, they may select “Other/None.” Telling QuickBooks how the company is organized helps users organize financial information for income tax purposes (each account in the Chart of Accounts can be associated with a corresponding line on the income tax form). Including an administrative password is optional, but highly recommended in practice to protect the entity’s data from unauthorized view and changes. Regardless of the configuration, the same version of QuickBooks software must be installed on each workstation being used to access the data, and should be installed on the computer being used to host the data.

As users enter transactions, they can enter “on-the¬fly” any items, customers, vendors, accounts, etc. that are not currently on file. Since statements have been published, company management does not want to change the underlying data. In this case, a prior period journal entry may be advisable to offset the change and move its effect into the current period. This might be the case when users are beginning QuickBooks help near the end of the fiscal year. A reversal feature is available in the Premier and Enterprise editions to create reversing entries quickly. Notice the “Name,” “Billable,” and “Class” fields. Physical or financial adjustments to existing inventory on hand are made via the “Adjust Quantity/Value on Hand” window.

Establishing Your QuickBooks Software

Account numbers are alpha-numeric, free-form, and optional, and are displayed because that option was specified while setting Preferences for this Company file. Activity for Non-Posting accounts is tracked through the Chart of Accounts but this does not affect the General Ledger or the financial statements. Note also the column headed with a lightning bolt. Indented account titles indicate the account is a subaccount of the last account shown that is not indented. Both of these accounts are automatically created by QuickBooks.

When users first open QuickBooks, they will have several choices, among them: 1) create a new company file, or 2) open an existing company file. When the user clicks the Advanced Setup button on the Express Start screen, the Company Information will be displayed. To return to this screen later, click the Company menu and select Company Information. Certain accounts, such as “Accounts Payable,” “Accounts Receivable,” “Opening Balance Equity,” and “Retained Earnings,” are included with each template or are set up automatically when the related feature is activated. The Opening Balance Equity account is used to keep the books in balance during the setup process. QuickBooks uses the fiscal year and tax year information users enter to calculate accumulated earnings and display financial information on reports. Including an administrative password is optional, but highly recommended in practice to protect the entity’s data from unauthorized view and changes. The Express Start button allows you to skip the interview process (older versions of QuickBooks had a Skip Interview button) and enter the minimum necessary to set up the company file.

As the name implies, the FAM Number field is reserved for use by the Fixed Asset Manager (and is therefore unavailable for use by the bookkeeping advisor owner). It then overwrites the information in the Name field, creating its own asset name by concatenating a truncated version of the information in the Purchase Description field and the number it assigned in the FAM Number field. Physical property tags affixed to fixed assets are similarly impacted since they no longer agree with the Fixed Asset Item List either. Intuit has yet to address this problem.

Setting Up Your QuickBooks Software Program




From the Banking menu, choose “Reconcile.” Notice that withdrawals and deposits are displayed side-by-side for easy review during the reconciliation process. The screen offers plenty of other options to help you reconcile quickly. The “Leave” button is used to save an unfinished reconciliation for completion later. When the reconciliation is complete, QuickBooks provides the option to create a reconciliation report or simply close the window.



A modifiable form includes a drop-down Template box in the Header Area and a “Customize” button. For 2012, it has been improved and includes separate Vendor (or Customer) and Transaction tabs. For our purposes, we will hide the history pane. Using the “Create New Design” option, users can select a background, add a logo, etc. and apply these changes to multiple forms. In the window that opens, copy the standard template and change the template name (replace the name in the “Template Name” box) to “Celebration Creations PO.” Basic Customization and Additional Customization provide a broad range of ways to customize QuickBooks forms to meet company needs. QuickBooks currently allows any standard image format, but JPEG (jpg) will generally produce the best overall results. Also notice that titles displayed for data fields can be changed; in some cases, so can the order of field display. Certain user-defined fields may be made common to employees, customers, and vendors. Enabling classes in Preferences makes it possible to assign a class to the transaction as a whole.



As the name implies, the FAM Number field is reserved for use by the Fixed Asset Manager (and is therefore unavailable for use by the business owner). When updating QuickBooks, the Fixed Asset Manager assigns an asset number to each item in the Fixed Asset Item List and adds it to the FAM Number column. Physical property tags affixed to fixed assets are similarly impacted since they no longer agree with the Fixed Asset Item List either. Repurposing the Purchase Description field therefore results in severely compromising the usefulness of the Fixed Asset Item List window.

Some Skills Are High Priority And You Need Them To Operate A Business




Not only is it rewarding to run your own business, bur many challenges come with it. You need a wide range of skills to successfully run even the smallest business. That's because you have to play many roles, and you are responsible for all of the decisions that you make. If you keep reading on, you will learn several of the skills which are the most important for running a business.



Every business owner must be able to communicate well, and the basic skill for communication is learning how to write well. Copywriting is especially valuable, as this gives you the ability to effectively sell almost anything. Nevertheless, if your business doesn't need you to produce sales copy, it's still important that you learn to write well. You have to have the ability to compose effective, and accurate, business letters, website articles, email, and blog posts. This has become essential in today's business world. Social media, which is very important these days to business success, demands sharp writing skills in order to be effective. Do you need help honing your writing skills? Then look no further then the internet for a variety of writing courses, as well as books and other aids you can buy at your local book store. Whether or not writing is central to your business, it can always help you reach out to prospects and customers.



Teamwork is an important factor in anything, and in business it is the same. You might be starting out all by yourself, but at some point you might want to expand your business. Some people get a partner, while others hire employees, and still others use freelancers to help them. The point is, that you can get a lot more accomplished if you can utilize the skills of other people. You need to do more than just give them a paycheck. When you have effective communication, they should be motivated to believe in your goals. It also helps to be as accessible as possible to the people you're working with, whether you see them in person or connect with them on the phone or online. Building a strong team is a skill that's associated with leadership, but it's something that can help you in any type of business.



One of the most important skills of any small business owner is the ability to listen. You should listen to your employees because you don't want them to become disgruntled, but your customers and partners should be listened to, as well. Customers can give you feedback on your products, and if you listen to what they are saying, you will know how to make your business better.



If you have employees, they may have valuable insights based on their areas of expertise. Just because it is your business doesn't mean that you are beneath learning anything new. People have a lot of good things to say, but you will never know, if you won't listen to them. Your success depends on other people, so you should know what will make them spend their money. There are many skills and qualities that help you succeed in business. You've just read 3 of the most important ones. If you lack in any of those skills right now, you can work on developing them. In most cases, you just need to be able to have the right information. However, when it comes to determination, you'll need to work that out for yourself -- you need to decide how much your business is worth to you.
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accountingblog910

Author:accountingblog910
I'm a qualified professional accountant that just started my very own accounting business so I want to start a website to help keep my potential clients informed for their companies success. I love sports and fitness which means a few posts on those areas will get included.

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