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.

Post a comment

Private comment



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.

Latest journals
Latest comments
Latest trackbacks
Monthly archive
Search form
Display RSS link.
Friend request form

Want to be friends with this user.

QR code