Overview

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 encounter most often. Author Laura Madeira is well-qualified to write this book: she has 20 years experience training professionals on Intuit products, and has been selected by Intuit to introduce its new releases to accountants and business entrepreneurs. Here, she offers real solutions for every QuickBooks accounting module, helping you achieve their true goal for QuickBooks: a clear, up-to-date understanding of where the business stands, and where it's headed. Madeira's expert consulting advice covers: data files, banking; A/R, undeposited funds, employee advances, inventory, A/P, sales tax, payroll, reporting, sharing data with accountants, and much more.   Offers expert solutions, processes, and QuickBooks troubleshooting help users can't find in any other book Shows how to fix errors and problems wherever they occur, from A/R and A/P to sales tax and payroll

Full Product Details

Author:   Laura Madeira
Publisher:   Pearson Education (US)
Imprint:   Que Corporation,U.S.
Dimensions:   Width: 23.00cm , Height: 2.70cm , Length: 17.80cm
Weight:   0.814kg
ISBN:  

9780789743220

ISBN 10:   0789743221
Pages:   528
Publication Date:   23 December 2009
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Out of Print
Availability:   In Print  
Limited stock is available. It will be ordered for you and shipped pending supplier's limited stock.

Table of Contents

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

Reviews

Author Information

Laura Madeira is the owner of ACS, Inc., a software sales and consulting firm located in the greater Dallas, Texas area. Her affiliations with Intuit include being an Intuit Solution Provider, a select Member of the Intuit Trainer/Writer Network, Advanced QuickBooks Certified, Enterprise and Point of Sale Certified, and member of the Intuit Solution Provider Advisory Council.   Laura is also the author of the QuickBooks 2008 and 2009 Solutions Guide, QuickBooks Essentials: For All QuickBooks Users, 9+ hours of self-paced video instruction, and coauthor of QuickBooks 2009 and 2010 on Demand, all offered by Que Publishing.   For more than 22 years Laura has worked with companies of all sizes and from many varied industries. Her focus has been to help small to mid-sized growing businesses become more successful by automating their internal accounting processes and reporting functions.   Additionally, Laura is a guest speaker for Intuit, providing training to thousands of consultants and accountants nationwide. She is also a respected author for Intuit who writes technical training materials presentations and documents her research and review of competing software solutions. Her QuickBooks at Year-End document is one of the most sought-after publications that Intuit offers its ProAdvisor consultants.   Laura has served on two Intuit Customer Advisory Councils and has been a consultant representing the accountant community during product development for QuickBooks 2010. She earned her accounting degree from Florida Atlantic University.   You can find out more information about the author on her website: www.quick-training.com.

Tab Content 6

Author Website:  

Customer Reviews

Recent Reviews

No review item found!

Add your own review!

Countries Available

All regions