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Tables of Contents for Using Quickbooks 2002
Chapter/Section Title
Page #
Page Count
Introduction
1
11
I Getting Started in QuickBooks
QuickBooks Overview
11
12
Getting Comfortable with QuickBooks
12
1
QuickBooks and QuickBooks Pro
13
1
Changes in QuickBooks 2002
13
1
Starting QuickBooks
14
1
Working with the Sample Company
15
1
Backing Up Your Data
16
2
How to Back Up
17
1
How to Restore
18
1
Scheduling Backups
18
1
QuickBooks Reminders
18
3
Troubleshooting
21
1
CPA Tip: Restoring Your Data
21
2
Accounting 101
23
10
Introduction to Accounting
24
1
Understanding the Importance of Accounting
24
1
What Is an Account?
24
1
Types of Accounts
25
2
Debits and Credits
26
1
Assets and Why You Care About Them
26
1
Your Company's Liabilities
27
1
Equity: What Your Company Is Worth
28
2
Understanding Equity Accounts
28
1
Understanding the Type of Business
29
1
Income: Your Company's Bread and Butter
30
1
Expenses Reduce Business Income
31
1
Troubleshooting
31
1
CPA Tip: Accountants Are Not an All or Nothing Option
31
2
Using the QuickBooks Chart of Accounts
33
10
Choosing a Chart of Accounts
34
1
QuickBooks Gives You a Standard List of Accounts
34
6
Adding Accounts
34
2
Deleting Accounts
36
1
Deactivating an Account That Has Been Used
37
1
Deleting (Merging) an Account That Has Been Used
38
2
Numbering Your Chart of Accounts
40
1
Assigning Account Numbers with QuickBooks
40
1
Assigning Account Numbers Yourself
41
1
Printing a Chart of Accounts List
41
1
Troubleshooting
42
1
CPA Tip: Creating a Chart of Accounts
42
1
Scheduling Periodic QuickBooks Activities
43
10
Keeping QuickBooks Up-to-Date
44
1
Performing Daily Activities
44
2
Understanding Types of Activities
45
1
Creating a Checklist
45
1
Performing Weekly Activities
46
1
Working with Payroll
47
1
Performing Monthly Activities
47
2
Performing Quarterly Activities
49
1
Completing Annual Activities
49
1
Troubleshooting
50
1
CPA Tip: Forgetting to Whom You Wrote a Check
51
2
Going Online with QuickBooks
53
26
Common Questions About QuickBooks and Online Banking
54
1
Preliminary and Precautionary Steps
55
1
After Your Account Is Activated
56
1
Setting Up Your QuickBooks Internet Connection
57
1
Using the QuickBooks Online Interview
58
5
If You've Received Your Bank Info Through the Mail
59
1
If You Are Still Exploring Your Options
60
3
Going Online with a New Account
63
3
Retrieving Your QuickStatements
63
1
Matching QuickBooks Accounts with Online Bank Statements
64
1
Looking Up an Account's Identification
65
1
Making an Online Payment
66
3
Sending and Editing a Payment
68
1
Highlighting Items You Want to Send
69
1
Sending an Online Message
69
1
Sending a Payment Inquiry
70
1
Transferring Money Between Accounts Online
70
1
Obtaining a Report on Online Transactions
71
2
QuickBooks Online Payroll Service
73
1
QuickBooks Online Resources
73
2
QuickBooks.com
73
1
Small Business by Quicken.com
74
1
Troubleshooting
75
1
CPA Tip: Making Payments on Time
75
4
II Setting Up Your Business
The EasyStep Interview
79
22
The Start Date
80
2
The EasyStep Interview
82
2
Stopping and Restarting the Interview
83
1
Moving Around in the Interview
83
1
The General Section
84
14
New Users of QuickBooks
84
1
Entering Company Information
85
1
Setting Up Your Company Address
86
1
Federal Identification Number
87
1
First Month of the Year
87
1
Choose a Tax Return
88
1
Type of Business
89
1
Save Your Work
90
1
The QuickBooks Standard (Customized) Chart of Accounts
90
1
Who Has Access to the Company File?
91
1
Do You Have Inventory?
92
1
Do You Want to Keep Track of Inventory in QuickBooks?
92
1
Do You Collect Sales Tax from Customers?
93
1
Selecting a Stylish Invoice
94
1
Using QuickBooks for Your Payroll
95
1
Making Estimates on Jobs
96
1
Tracking Time in QuickBooks Pro
96
1
Using Classes to Separate Your Business
96
1
Bill Paying: Now or Later
97
1
Displaying the Reminders List
97
1
Entering Your Start Date
98
1
Troubleshooting
98
1
CPA Tip: Choosing the Right Start Date
99
2
Setting Up Accounts, Inventory, Fixed Assets, and Payroll
101
22
Setting Up Income Accounts
102
1
Setting Up Expense Accounts
103
2
General Information About Your Company's Income
105
1
Setting Up Items
105
7
Creating a Service Item
106
2
Creating a Non-Inventory Part Item
108
1
Creating an Other Charge Item
109
1
Creating Inventory Items
110
2
Entering Opening Balances
112
8
Entering Customers
113
1
Entering Vendors
114
1
Credit Card Accounts
115
1
Lines of Credit
116
1
Setting Up Loans and Other Liabilities
116
1
Setting Up Your Bank Account
117
1
Setting Up Asset Accounts
118
1
Your Equity Accounts
119
1
Setting Up Payroll
120
1
Finishing the Interview
120
1
Troubleshooting
120
1
CPA Tip: Changing Your Company Start Date
121
2
Entering Historical Information
123
20
Changing Your Start Date
124
1
Making a Checklist of Items Before You Begin
124
2
Entering Historical Bills Received
126
2
Entering Historical Invoices
128
2
Entering Money Received
130
5
Entering Payments Against Invoices
130
1
Reflecting Credits and Discounts
131
3
Entering Cash Payments
134
1
Entering Bills Paid
135
1
Entering Deposits Made
136
1
Entering Payroll Transactions
137
2
Entering All Other Payments Made
139
2
Troubleshooting
141
1
CPA Tip: Reconcile Your Bank Account
141
2
Setting Up Services, Customers, and Suppliers
143
38
Understanding Items
144
5
Working with Items
144
2
Types of Items
146
2
Creating Subitems
148
1
Locating Information with Lists
149
2
Updating Lists
150
1
Merging Two List Entries
151
1
Viewing an Entire List Entry
151
1
Working with Lists
151
3
Features Common to All Lists
152
1
Moving an Item in a List
152
1
Listing Subitems
153
1
Finding a List Entry
153
1
Printing Lists
154
1
Quick Access to Editing
154
10
Creating a New Item
155
1
Using the Item List
156
1
Generating Sales, Invoices, and Price Changes
156
2
Calculating New Prices
158
1
Receiving Items, Bills, and Credit from a Vendor
159
1
Acknowledging Received Merchandise
160
1
Changing the Receipt into a Bill
161
1
Entering Receipts and Credit from a Vendor
161
1
Adjusting Quantity/Value of Inventory on Hand
161
2
Adjusting Value Rather Than Quantity
163
1
Making Reports Based on Items
164
1
Creating Reports from the Item List
164
6
Generating a QuickReport
164
1
Using Available Item List Reports
165
3
Project
168
1
Graphs
169
1
Customer, Vendor, and Employee Lists
170
5
Customer Job List
170
3
Vendor List
173
2
Customer, Job, and Vendor Type Lists
175
1
Terms, Customer Messages, and Payment Method Lists
176
3
Editing and Creating Payment Terms
176
1
Printing, Deactivating, and Locating Terms in Use
177
2
Troubleshooting
179
1
CPA Tip: Working with Price Levels
179
2
Using Classes to Separate Your Company into Logical Divisions
181
10
What's a Class?
182
1
Setting Up Classes
182
4
Creating a List of Classes
183
1
Other Features of the Class List Window
184
2
Creating Classes On the Fly
186
1
Reporting on Classes
186
1
Troubleshooting
187
1
CPA Tip: Using Classes with Payroll
187
4
III Daily Business Activities
Job-Cost Estimating and Tracking
191
16
Choosing to Track Jobs
192
1
Setting Up Jobs
192
1
Optional Job Information
193
4
Job Status
193
2
Job Dates
195
1
Job Description
196
1
Job Type
196
1
Creating an Estimate
197
3
Invoicing Against an Estimate
200
3
Using Progress Billing
200
3
Revising Estimates
203
1
Reporting on Work in Progress
203
2
Troubleshooting
205
1
CPA Tip: Memorizing an Estimate
205
2
Invoicing, Monthly Statements, Accounts Receivable, and Collecting Income
207
22
Creating an Invoice
208
4
Creating a Monthly Statement
212
3
Tracking Accounts Receivable
215
3
Viewing the Accounts Receivable Register
215
2
Accounts Receivable Reports
217
1
Collecting Income
218
1
Receiving Payments for Your Invoices
219
1
Receiving Cash
220
2
Making Deposits
222
2
Receiving Advances and Down Payments
224
1
Discounts, Refunds, and Returns
225
2
Issuing Discounts
225
2
Troubleshooting
227
1
CPA Tip: Override the Way QuickBooks Applies Payments
227
2
Recurring Transactions
229
8
Memorizing Transactions
230
2
How to Memorize a Transaction
230
1
How to Use a Memorized Transaction
231
1
Groups of Memorized Transactions
231
1
Scheduling Recurring Transactions
232
1
Changing Memorized and Scheduled Transactions
233
1
Removing Memorized and Scheduled Transactions
234
1
Troubleshooting
235
1
CPA Tip: Memorizing Depreciation Transactions
235
2
Collecting and Paying Sales Tax
237
14
Understanding How Sales Tax Works
238
1
Getting Ready to Collect Sales Tax
238
1
Creating a Sales Tax Item
239
4
Setting Up a Sales Tax Item
240
1
Telling QuickBooks to Charge Sales Tax
241
2
Charging Sales Tax to Customers
243
2
Taxable Versus Nontaxable Sales
245
1
Tax-Exempt Sales
245
1
Monthly Sales Tax Reports
246
1
Paying Sales Tax
247
1
Troubleshooting
248
1
CPA Tip: Creating Separate Sales Tax Liability Reports for Each Jurisdiction
248
3
Keeping Track of Your Inventory
251
18
QuickBooks Provides a Mixed Blessing for Businesses with an Inventory
252
1
What Is Inventory?
252
1
Raw Materials, Work in Progress, and Finished Goods
252
1
Determining the Average Cost of Inventory Items
253
1
Using the QuickBooks Inventory Features
254
1
Setting Up Inventory Items On-the-Fly
255
2
Setting Up Inventory Items in General
257
1
Editing Items
257
1
Adding to Your Inventory
258
2
Receiving Items Without a Bill
258
1
Receiving Items with a Bill
259
1
Reports About Inventory
260
1
Taking a Physical Inventory Count
261
1
Adjusting Quantity and Value of Inventory Account
262
1
Alternatives to the QuickBooks Inventory Feature
263
3
The Spreadsheet Alternative
264
1
The Database Alternative
265
1
Other Software Alternatives
265
1
Troubleshooting
266
1
CPA Tip: Control Inventory Shrinkage
266
3
Making Purchases and Recording Payments
269
20
Using Purchase Orders
270
4
Finding Out What's on Order
274
1
Tax-Exempt Purchases
274
1
Receiving Goods
275
2
Goods Received Without a Bill
275
2
Goods Received with a Bill
277
1
Paying Bills
277
2
Writing Checks in QuickBooks
279
2
Printing Checks
281
2
The QuickBooks Check Register
283
1
Voiding Checks
284
1
The Monthly Ritual of Bank Account Reconciliation
285
2
Troubleshooting
287
1
CPA Tip: Dealing with a Reconciliation Discrepancy
288
1
Managing Assets
289
12
Assets: What Your Company Owns
290
1
Using a Cash Account
290
1
Tracking Petty Cash
290
1
Which Assets Are Fixed Assets?
291
1
Why Do We Have to Use Depreciation?
291
1
Accounting for Fixed Assets
292
1
Calculating Depreciation
292
3
Straight-Line Depreciation
293
1
MACRS Depreciation
294
1
MACRS Depreciation Tables
294
1
Recording Depreciation with a General Journal Entry
295
2
Creating a General Journal Entry
296
1
Following the Audit Trail
297
1
Selling Depreciable Assets
298
1
Alternatives to QuickBooks for Fixed Asset Tracking
299
1
Troubleshooting
299
1
CPA Tip: Using the Journal Entry Numbering Feature
300
1
Entering Cash Transactions
301
8
Forms of Cash
302
1
Quick Cash Entry
302
1
Daily Cash Summaries
303
1
Cash Overages and Shortages
304
2
Depositing Cash
306
1
Receiving Credit Card Payments from Customers
307
1
Troubleshooting
307
1
CPA Tip: Keeping Control over Your Cash Receipts
307
2
Equity Accounts
309
6
Understanding Equity Accounts
310
1
The QuickBooks Opening Balance Equity Account
310
1
The Owner's Equity Account
311
1
The Retained Earnings Account
311
1
The Capital Stock Account
312
1
Transferring Current Earnings at Year-End
312
1
Troubleshooting
312
1
CPA Tip: Display the Detail of Changes in the Opening Balance Equity Account
313
2
Paying Employees and Contractors
315
32
Determining Employees and Independent Contractors
316
1
Gathering Payroll Information
317
2
Planning Payroll
317
2
Paying Employees Versus Paying Independent Contractors
319
1
QuickBooks Payroll and Employee Setup
319
1
Understanding Payroll Expenses and Payroll Liabilities
319
1
Payroll Expense and Liability Accounts
320
1
Setting Up Employees
320
6
Specifying Earnings
322
1
Applying New Payroll Items
323
1
Additions, Deductions, and Company Contributions
324
1
Setting Up Payroll Taxes
325
1
Establishing Sick and Vacation Time
325
1
Updating Year-to-Date Amounts
326
3
Entering Year-to-Date Paycheck Amounts
326
2
Entering Prior Payments of Taxes and Liabilities
328
1
Updating Payroll Tax Tables
329
2
Payday
331
14
Preparing Paychecks
331
1
Previewing Your Checks
332
4
Special Payroll Reports
336
2
Working with W-2s
338
3
Paying Independent Contractors
341
4
Troubleshooting
345
1
CPA Tip: Benefits of Direct Deposit
346
1
QuickBooks and Payroll Taxes
347
26
Your Responsibilities As an Employer
348
1
Creating Checks to Pay Your Taxes
349
15
Setting Up Employee Tax Status, Withholding, and Allowances
351
3
Supplying Wage Base Information for State Taxes
354
1
Setting Up Payroll Items to Collect State Taxes
355
1
Creating a New Tax Payroll Item
356
2
Creating a Report of State Payroll Taxes
358
3
Preparing, Reviewing, and Printing Form 941
361
1
Making Adjustments
361
1
Creating Form 940
362
2
Reports That Help with Tax Corrections
364
3
Employee Earnings Summary
365
1
Payroll Summary by Item
366
1
Searching for More Specific Information
366
1
Common Problems with Tax Figures
367
3
Federal Unemployment Tax Seems High
367
1
Liability Amounts Seem Incorrect
368
1
Correcting Liability Amount Errors
369
1
Setting Up Advance Earned Income Credit
370
1
Troubleshooting
371
1
CPA Tip: Use Filters to Isolate Specific Payroll Items
371
2
Income Taxes
373
20
Preparing Quarterly Estimated Taxes
374
1
Estimated Payments for Corporations
374
1
Estimated Payments for Individuals
375
1
Assigning Tax Lines
375
1
Tax Reports
376
3
Income Tax Preparation Report
376
1
Income Tax Summary Report
377
1
Income Tax Detail Report
378
1
Tax Forms
379
1
Tax Software Programs
380
1
Non-Tax-Related Transactions
380
1
Hiring a Pro
381
1
Federal Tax Agencies
381
1
Internal Revenue Service
381
1
Social Security Administration
381
1
State Tax Agencies
382
8
Doing Business Out of State
390
1
Troubleshooting
390
1
Quarterly Income Taxes
390
1
Assigning Tax Lines
391
1
CPA Tip: Tax Return Audits
391
2
Security
393
12
Backing Up Your Company Files
394
1
Working with Passwords and User Access
394
6
Setting Up the Administrator First
395
1
Setting Up Access for Other Users
396
2
Assigning Access to Areas of QuickBooks
398
2
Year-End Protection: Closing Your Books
400
1
Troubleshooting
401
1
CPA Tip: Closing Your Books at Year-End
402
3
IV Making QuickBooks Work for You
Producing financial Reports
405
22
Types of Reports Found in QuickBooks
406
1
Standard Reports
407
1
Commonly Used QuickBooks Reports
407
5
Profit and Loss Statement
408
1
Balance Sheet
409
1
Accounts Receivable Aging Reports
409
2
Collections Report
411
1
General Ledger
411
1
Customizing Reports
412
6
Changing the Report Date
412
1
Changing the Report Columns
413
1
Changing Report Headers and Footers
413
1
Collapsing Subaccounts
414
1
Modifying Your Report
414
1
Applying Filters
415
1
Formatting a Report
416
1
Memorizing the Report Format and Setting
417
1
Editing and Deleting Memorized Reports
418
1
Printing Reports
418
2
QuickBooks Graphs
420
4
Useful Ratios
424
1
Current Ratio
424
1
Quick Ratio
424
1
Receivables Turnover
424
1
Profit Margin on Sales
424
1
Troubleshooting
425
1
CPA Tip: Change the Appearance of Reports
425
2
Customizing QuickBooks Forms
427
26
Why Customize Forms?
428
1
Customizing a Form
428
9
Determining Which Template to Change
429
1
Adding and Removing Fields
430
1
Customizing a Form Header
431
1
Customizing Individual Fields
432
1
Adding, Removing, and Reordering Columns
432
1
Customizing a Progressive Estimate Invoice
433
1
Customizing a Form Footer
434
1
Customizing Company Info and Adding a Logo
435
1
Making a Template Inactive
436
1
Moving and Resizing Fields
437
9
Creating a Common Height or Width
438
1
Resizing and Changing Text in a Form
439
1
Adding a Border to a Form Element
440
1
Changing Your View of Your Form
440
1
The Layout Designer Grid
441
1
Layout Designer Margins
441
1
Show Envelope Window
442
1
Previewing Your Form
442
1
Creating Custom Fields
442
1
When to Use Custom Fields
443
1
Reviewing a Custom Field Example
443
1
Applying Your New Fields
444
1
Creating Forms That Use Your New Field
445
1
Customizing Tips
446
2
Special Considerations for Statements
447
1
Adding a Form to the Icon Bar
447
1
Customizing Your Icon Bar
448
1
Troubleshooting
449
1
CPA Tip: Changing the Size of Your Forms
450
3
V Getting the Most from QuickBooks
QuickBooks Pro and tune Tracking
453
20
QuickBooks Timer Overview
454
2
Getting Ready to Use the Timer
456
7
Exporting a List for the Timer
456
2
Installing the Timer
458
1
Learning Your Way Around the Timer
458
3
Using the Timer
461
1
Creating a New Timed Activity
462
1
Using an Activity Template
463
1
Exporting Timer Data to QuickBooks
463
1
Opening Timer Data in QuickBooks
464
2
Creating Install Disks for the Timer
466
1
Getting Your Employees Up to Speed with the Timer
467
1
Backed-Up and Condensed Timer Data
467
2
Condensing and Backing Up Timer Data
468
1
Restoring Backed-Up Timer Data
469
1
Viewing and Editing Timer Data in Detail
469
1
Troubleshooting
470
1
CPA Tip: Put the Timer to Good Use
470
3
Budgeting
473
10
The Value of Working with a Budget
474
1
What Is a Budget?
474
1
Creating a Budget
474
1
Budgeting in the First Year of Business
475
2
Creating Budget Reports
477
4
The Profit & Loss Budget Overview Report
477
1
The Profit & Loss Budget vs. Actual Report
478
1
The Profit & Loss Budget by Job Overview Report
479
1
The Profit & Loss Budget vs. Actual by Job Report
479
1
The Balance Sheet Budget Overview Report
480
1
The Balance Sheet Budget vs. Actual Report
480
1
Troubleshooting
481
1
CPA Tip: Borrowing Money for Payables?
481
2
Forecasting Your Financial Future with QuickBooks
483
12
Understanding the Types of Forecasting
484
1
Utilizing a Sales Forecast
484
3
Preparing a Sales Forecast
485
1
Printing a Sales Report
486
1
Preparing Forecasts
487
4
Cash Receipts Forecast
487
2
Cash Outflow for Inventory Forecast
489
1
Cash Outflow Forecast
489
1
Cash Flow Forecast
490
1
Troubleshooting
491
1
CPA Tip: Printing to a File
492
3
VI Networks and Sharing
Sharing QuickBooks on a Network
495
4
Network Requirements
496
1
Performing the Installation
496
1
Setting Up Your Users
496
1
Multiuser and Single-User Mode
497
1
Troubleshooting
497
1
CPA Tip: Enhance Speed in Multiuser Mode
498
1
Transferring Data Between QuickBooks and Other Applications
499
54
Using QuickBooks with Quicken
500
1
Using QuickBooks with Your Favorite Program
501
2
Transfer Data from QuickBooks to Excel
501
1
Transfer Reports from QuickBooks to Another Program
502
1
Exporting Lists
503
1
Using Microsoft Word with QuickBooks
504
1
Troubleshooting
505
1
CPA Tip: Export Lists to Another QuickBooks File
505
4
VII Appendixes
A Installation of QuickBooks
509
4
Hardware and Software Requirements
510
1
Performing the Installation
510
3
B Getting Help
513
8
Using This Book for Help
514
1
Using the QuickBooks Help Index
514
2
Using the Help Find Feature
516
1
Using the How Do I? Button
516
1
Getting Help on the CD-ROM
517
1
Using Online Help
517
1
Intuit Technical Support
518
1
Using the Automated Expert
518
1
Telephone Technical Support
518
1
QuickFax System
519
1
QuickBooks and Your Industry
519
2
C Setting Preferences
521
24
Overview of Preferences
522
1
Accounting Preferences
522
2
Checking Preferences
524
1
Desktop View Preferences
525
1
Finance Charge Preferences
526
1
General Preferences
527
2
Integrated Applications Preferences
529
1
Jobs & Estimates Preferences
530
1
Payroll & Employees Preferences
531
2
Purchases & Vendors Preferences
533
1
Reminders Preferences
534
1
Reports & Graphs Preferences
535
3
Sales & Customers Preferences
538
1
Salts Tax Preferences
539
1
Send Forms Preferences
540
1
Service Connection Preferences
541
1
Spelling Preferences
541
1
Tax 1099 Preferences
542
1
Time-Tracking Preferences
543
2
D Working with an Outside Accounting
545
4
Using the Premier Accountant Edition of QuickBooks
546
1
The Audit Trail
546
1
Creating General Journal Entries
547
1
Creating a General Journal Entry
547
2
E Internet Features for Quickbooks Users
549
4
Finding Useful Information on the Internet
550
1
Visiting the QuickBooks Home Page on the Web
550
1
Useful Business Resources
551
1
Taxes and Accounting
551
1
Laws and Regulations
552
1
What's in the News?
552
1
Odds and Ends
552
1
F Glossary
553
4
Index
557
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