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Tables of Contents for Using Quickbooks 2002
I Getting Started in QuickBooks
Getting Comfortable with QuickBooks
12
1
QuickBooks and QuickBooks Pro
13
1
Changes in QuickBooks 2002
13
1
Working with the Sample Company
15
1
How to Back Up17
1
How to Restore18
1
CPA Tip: Restoring Your Data
21
2
Introduction to Accounting
24
1
Understanding the Importance of Accounting
24
1
Debits and Credits26
1
Assets and Why You Care About Them26
1
Your Company's Liabilities
27
1
Equity: What Your Company Is Worth
28
2
Understanding Equity Accounts28
1
Understanding the Type of Business29
1
Income: Your Company's Bread and Butter
30
1
Expenses Reduce Business Income
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 Accounts34
2
Deleting Accounts36
1
Deactivating an Account That Has Been Used37
1
Deleting (Merging) an Account That Has Been Used38
2
Numbering Your Chart of Accounts
40
1
Assigning Account Numbers with QuickBooks40
1
Assigning Account Numbers Yourself41
1
Printing a Chart of Accounts List
41
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 Activities45
1
Creating a Checklist45
1
Performing Weekly Activities
46
1
Performing Monthly Activities
47
2
Performing Quarterly Activities
49
1
Completing Annual Activities
49
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 Mail59
1
If You Are Still Exploring Your Options60
3
Going Online with a New Account
63
3
Retrieving Your QuickStatements63
1
Matching QuickBooks Accounts with Online Bank Statements64
1
Looking Up an Account's Identification65
1
Making an Online Payment
66
3
Sending and Editing a Payment68
1
Highlighting Items You Want to Send69
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.com73
1
Small Business by Quicken.com74
1
CPA Tip: Making Payments on Time
75
4
II Setting Up Your Business
The EasyStep Interview
79
22
The EasyStep Interview
82
2
Stopping and Restarting the Interview83
1
Moving Around in the Interview83
1
New Users of QuickBooks84
1
Entering Company Information85
1
Setting Up Your Company Address86
1
Federal Identification Number87
1
First Month of the Year87
1
Choose a Tax Return88
1
Type of Business89
1
Save Your Work90
1
The QuickBooks Standard (Customized) Chart of Accounts90
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 Invoice94
1
Using QuickBooks for Your Payroll95
1
Making Estimates on Jobs96
1
Tracking Time in QuickBooks Pro96
1
Using Classes to Separate Your Business96
1
Bill Paying: Now or Later97
1
Displaying the Reminders List97
1
Entering Your Start Date98
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
Creating a Service Item106
2
Creating a Non-Inventory Part Item108
1
Creating an Other Charge Item109
1
Creating Inventory Items110
2
Entering Opening Balances
112
8
Entering Customers113
1
Entering Vendors114
1
Credit Card Accounts115
1
Lines of Credit116
1
Setting Up Loans and Other Liabilities116
1
Setting Up Your Bank Account117
1
Setting Up Asset Accounts118
1
Your Equity Accounts119
1
Finishing the Interview
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 Invoices130
1
Reflecting Credits and Discounts131
3
Entering Cash Payments134
1
Entering Deposits Made
136
1
Entering Payroll Transactions
137
2
Entering All Other Payments Made
139
2
CPA Tip: Reconcile Your Bank Account
141
2
Setting Up Services, Customers, and Suppliers
143
38
Working with Items144
2
Types of Items146
2
Creating Subitems148
1
Locating Information with Lists
149
2
Updating Lists150
1
Merging Two List Entries151
1
Viewing an Entire List Entry151
1
Features Common to All Lists152
1
Moving an Item in a List152
1
Listing Subitems153
1
Finding a List Entry153
1
Printing Lists154
1
Quick Access to Editing
154
10
Creating a New Item155
1
Using the Item List156
1
Generating Sales, Invoices, and Price Changes156
2
Calculating New Prices158
1
Receiving Items, Bills, and Credit from a Vendor159
1
Acknowledging Received Merchandise160
1
Changing the Receipt into a Bill161
1
Entering Receipts and Credit from a Vendor161
1
Adjusting Quantity/Value of Inventory on Hand161
2
Adjusting Value Rather Than Quantity163
1
Making Reports Based on Items
164
1
Creating Reports from the Item List
164
6
Generating a QuickReport164
1
Using Available Item List Reports165
3
Project168
1
Graphs169
1
Customer, Vendor, and Employee Lists
170
5
Customer Job List170
3
Vendor List173
2
Customer, Job, and Vendor Type Lists
175
1
Terms, Customer Messages, and Payment Method Lists
176
3
Editing and Creating Payment Terms176
1
Printing, Deactivating, and Locating Terms in Use177
2
CPA Tip: Working with Price Levels
179
2
Using Classes to Separate Your Company into Logical Divisions
181
10
Creating a List of Classes183
1
Other Features of the Class List Window184
2
Creating Classes On the Fly186
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
Optional Job Information
193
4
Job Status193
2
Job Dates195
1
Job Description196
1
Job Type196
1
Invoicing Against an Estimate
200
3
Using Progress Billing200
3
Reporting on Work in Progress
203
2
CPA Tip: Memorizing an Estimate
205
2
Invoicing, Monthly Statements, Accounts Receivable, and Collecting Income
207
22
Creating a Monthly Statement
212
3
Tracking Accounts Receivable
215
3
Viewing the Accounts Receivable Register215
2
Accounts Receivable Reports217
1
Receiving Payments for Your Invoices
219
1
Receiving Advances and Down Payments
224
1
Discounts, Refunds, and Returns
225
2
Issuing Discounts225
2
CPA Tip: Override the Way QuickBooks Applies Payments
227
2
Recurring Transactions
229
8
Memorizing Transactions
230
2
How to Memorize a Transaction230
1
How to Use a Memorized Transaction231
1
Groups of Memorized Transactions231
1
Scheduling Recurring Transactions
232
1
Changing Memorized and Scheduled Transactions
233
1
Removing Memorized and Scheduled Transactions
234
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 Item240
1
Telling QuickBooks to Charge Sales Tax241
2
Charging Sales Tax to Customers
243
2
Taxable Versus Nontaxable Sales
245
1
Monthly Sales Tax Reports
246
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
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
Adding to Your Inventory
258
2
Receiving Items Without a Bill258
1
Receiving Items with a Bill259
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 Alternative264
1
The Database Alternative265
1
Other Software Alternatives265
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
Goods Received Without a Bill275
2
Goods Received with a Bill277
1
Writing Checks in QuickBooks
279
2
The QuickBooks Check Register
283
1
The Monthly Ritual of Bank Account Reconciliation
285
2
CPA Tip: Dealing with a Reconciliation Discrepancy
288
1
Assets: What Your Company Owns
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 Depreciation293
1
MACRS Depreciation294
1
MACRS Depreciation Tables294
1
Recording Depreciation with a General Journal Entry
295
2
Creating a General Journal Entry296
1
Following the Audit Trail
297
1
Selling Depreciable Assets
298
1
Alternatives to QuickBooks for Fixed Asset Tracking
299
1
CPA Tip: Using the Journal Entry Numbering Feature
300
1
Entering Cash Transactions
301
8
Cash Overages and Shortages
304
2
Receiving Credit Card Payments from Customers
307
1
CPA Tip: Keeping Control over Your Cash Receipts
307
2
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
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 Payroll317
2
Paying Employees Versus Paying Independent Contractors
319
1
QuickBooks Payroll and Employee Setup
319
1
Understanding Payroll Expenses and Payroll Liabilities319
1
Payroll Expense and Liability Accounts320
1
Specifying Earnings322
1
Applying New Payroll Items323
1
Additions, Deductions, and Company Contributions324
1
Setting Up Payroll Taxes325
1
Establishing Sick and Vacation Time325
1
Updating Year-to-Date Amounts
326
3
Entering Year-to-Date Paycheck Amounts326
2
Entering Prior Payments of Taxes and Liabilities328
1
Updating Payroll Tax Tables
329
2
Preparing Paychecks331
1
Previewing Your Checks332
4
Special Payroll Reports336
2
Working with W-2s338
3
Paying Independent Contractors341
4
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 Allowances351
3
Supplying Wage Base Information for State Taxes354
1
Setting Up Payroll Items to Collect State Taxes355
1
Creating a New Tax Payroll Item356
2
Creating a Report of State Payroll Taxes358
3
Preparing, Reviewing, and Printing Form 941361
1
Making Adjustments361
1
Creating Form 940362
2
Reports That Help with Tax Corrections
364
3
Employee Earnings Summary365
1
Payroll Summary by Item366
1
Searching for More Specific Information366
1
Common Problems with Tax Figures
367
3
Federal Unemployment Tax Seems High367
1
Liability Amounts Seem Incorrect368
1
Correcting Liability Amount Errors369
1
Setting Up Advance Earned Income Credit
370
1
CPA Tip: Use Filters to Isolate Specific Payroll Items
371
2
Preparing Quarterly Estimated Taxes
374
1
Estimated Payments for Corporations374
1
Estimated Payments for Individuals375
1
Income Tax Preparation Report376
1
Income Tax Summary Report377
1
Income Tax Detail Report378
1
Tax Software Programs
380
1
Non-Tax-Related Transactions
380
1
Internal Revenue Service381
1
Social Security Administration381
1
Doing Business Out of State
390
1
Quarterly Income Taxes390
1
Assigning Tax Lines391
1
CPA Tip: Tax Return Audits
391
2
Backing Up Your Company Files
394
1
Working with Passwords and User Access
394
6
Setting Up the Administrator First395
1
Setting Up Access for Other Users396
2
Assigning Access to Areas of QuickBooks398
2
Year-End Protection: Closing Your Books
400
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
Commonly Used QuickBooks Reports
407
5
Profit and Loss Statement408
1
Balance Sheet409
1
Accounts Receivable Aging Reports409
2
Collections Report411
1
General Ledger411
1
Changing the Report Date412
1
Changing the Report Columns413
1
Changing Report Headers and Footers413
1
Collapsing Subaccounts414
1
Modifying Your Report414
1
Applying Filters415
1
Formatting a Report416
1
Memorizing the Report Format and Setting417
1
Editing and Deleting Memorized Reports418
1
Current Ratio424
1
Quick Ratio424
1
Receivables Turnover424
1
Profit Margin on Sales424
1
CPA Tip: Change the Appearance of Reports
425
2
Customizing QuickBooks Forms
427
26
Determining Which Template to Change429
1
Adding and Removing Fields430
1
Customizing a Form Header431
1
Customizing Individual Fields432
1
Adding, Removing, and Reordering Columns432
1
Customizing a Progressive Estimate Invoice433
1
Customizing a Form Footer434
1
Customizing Company Info and Adding a Logo435
1
Making a Template Inactive436
1
Moving and Resizing Fields
437
9
Creating a Common Height or Width438
1
Resizing and Changing Text in a Form439
1
Adding a Border to a Form Element440
1
Changing Your View of Your Form440
1
The Layout Designer Grid441
1
Layout Designer Margins441
1
Show Envelope Window442
1
Previewing Your Form442
1
Creating Custom Fields442
1
When to Use Custom Fields443
1
Reviewing a Custom Field Example443
1
Applying Your New Fields444
1
Creating Forms That Use Your New Field445
1
Special Considerations for Statements447
1
Adding a Form to the Icon Bar447
1
Customizing Your Icon Bar
448
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 Timer456
2
Installing the Timer458
1
Learning Your Way Around the Timer458
3
Using the Timer461
1
Creating a New Timed Activity462
1
Using an Activity Template463
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 Data468
1
Restoring Backed-Up Timer Data469
1
Viewing and Editing Timer Data in Detail
469
1
CPA Tip: Put the Timer to Good Use
470
3
The Value of Working with a Budget
474
1
Budgeting in the First Year of Business
475
2
Creating Budget Reports
477
4
The Profit & Loss Budget Overview Report477
1
The Profit & Loss Budget vs. Actual Report478
1
The Profit & Loss Budget by Job Overview Report479
1
The Profit & Loss Budget vs. Actual by Job Report479
1
The Balance Sheet Budget Overview Report480
1
The Balance Sheet Budget vs. Actual Report480
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 Forecast485
1
Printing a Sales Report486
1
Cash Receipts Forecast487
2
Cash Outflow for Inventory Forecast489
1
Cash Outflow Forecast489
1
Cash Flow Forecast490
1
CPA Tip: Printing to a File
492
3
Sharing QuickBooks on a Network
495
4
Performing the Installation
496
1
Setting Up Your Users496
1
Multiuser and Single-User Mode497
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 Excel501
1
Transfer Reports from QuickBooks to Another Program502
1
Using Microsoft Word with QuickBooks
504
1
CPA Tip: Export Lists to Another QuickBooks File
505
4
A Installation of QuickBooks
509
4
Hardware and Software Requirements510
1
Performing the Installation510
3
Using This Book for Help514
1
Using the QuickBooks Help Index514
2
Using the Help Find Feature516
1
Using the How Do I? Button516
1
Getting Help on the CD-ROM517
1
Using Online Help517
1
Intuit Technical Support518
1
Using the Automated Expert518
1
Telephone Technical Support518
1
QuickFax System519
1
QuickBooks and Your Industry519
2
C Setting Preferences
521
24
Overview of Preferences522
1
Accounting Preferences522
2
Checking Preferences524
1
Desktop View Preferences525
1
Finance Charge Preferences526
1
General Preferences527
2
Integrated Applications Preferences529
1
Jobs & Estimates Preferences530
1
Payroll & Employees Preferences531
2
Purchases & Vendors Preferences533
1
Reminders Preferences534
1
Reports & Graphs Preferences535
3
Sales & Customers Preferences538
1
Salts Tax Preferences539
1
Send Forms Preferences540
1
Service Connection Preferences541
1
Spelling Preferences541
1
Tax 1099 Preferences542
1
Time-Tracking Preferences543
2
D Working with an Outside Accounting
545
4
Using the Premier Accountant Edition of QuickBooks546
1
The Audit Trail546
1
Creating General Journal Entries547
1
Creating a General Journal Entry547
2
E Internet Features for Quickbooks Users
549
4
Finding Useful Information on the Internet550
1
Visiting the QuickBooks Home Page on the Web550
1
Useful Business Resources551
1
Taxes and Accounting551
1
Laws and Regulations552
1
What's in the News?552
1
Odds and Ends552
1
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