Description Coming Soon
- There are no prerequisites for this class.
Why QuickBooks – Getting started
- Versions of QuickBooks
- Installation/EasyStep Interview
- Single vs. Multi user and why
- Preferences – set and forget
“LOOK” of QuickBooks – Getting around
- Company Overview
- MENUS, NAVIGATION BAR, CENTERS, HELP
- Drop-downs, Right Click, Esc, Ctrl Q + A, Shortcuts
MODULES/CONCEPTS of QuickBooks – Getting comfortable
Lists + Forms = Transactions (Reports)
- Ask 4 ?S – Who/When/What/How Much
- Bills/Bill Payments
- Paychecks/Tax Forms
- A/R (Money In) Invoices/Sales Rcpts/Payments/Deposits
- A/P (Money Out) Bills/Bill Payments/Checks/Trade
- BKG Checks/Bank Recs/CC Accts
- PR Employees/Paycks/Liabilities/Tax Filings
- REPORTS Financial/Management
CHART OF ACCOUNTS (MOTHER SHIP) – Getting organized (REPORTS)
BALANCE SHEET FORMULA …
ASSETS – LIABILITES = EQUITY
- OTHER CURRENT ASSETS
- FIXED ASSETS
- OTHER (LONG TERM + INTANGIBLES)
- CREDIT CARDS
- OTHER CURRENT LIABILITIES
- LONG TERM
- RETAINED EARNINGS
INCOME STATEMENT “PROFIT” or “LOSS”
- COST OF GOODS (COGS)
= GROSS PROFIT
= NET ORDINARY INCOME
+ OTHER INCOME (Interest/Dividends)
- OTHER EXPENSE (Taxes)
NET PROFIT OR LOSS
Set and forget – Account settings/preferences
A/R Money owed by customers/clients. Entered into QB as Invoices (unpaid)
A/P Money YOU owe TO vendors/suppliers. Entered in QB as Bills (unpaid)
Revenue/Income Total amt of sales (before expenses)
Net Income Profit. Revenue minus all expenses equals net income
Asset, Liability, Equity See account types in earlier table
Reconciliation The process to ensure that YOUR account records match the bank’s records as of a specific date.
Depreciation An expense used to write off fixed assets (like cars, eqpt., etc.) as they’re used. This also lowers the value of the fixed asset on your Balance Sheet.
Bad Debt An expense account used to categorize the LOSS associated with an uncollectable invoice (A/R)
Cash Basis Impacts how you REPORT income and expenses. Specifically, Cash Basis reports only show sales if you’ve rec’d pmt, and expenses if you’ve paid the vendor.
Accrual Basis Impacts how you REPORT income and expenses. Specifically, Accrual Basis reports show sales even if you haven’t rec’d pmt, and expenses even if you haven’t paid the vendor.
Fixed expense An expense that doesn’t change with sales. ie, rent is the same irrespective of sales volume.
Variable expense An expense that changes as sales change. ie subcontractors or COGS go up when sales go up.