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QuickBooks 2010 Solutions Guide for Business Owners and Accountants

QuickBooks 2010 Solutions Guide for Business Owners and Accountants

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Description

  • Copyright 2010
  • Pages: 528
  • Edition: 1st
  • eBook (Watermarked)
  • ISBN-10: 0-7897-4770-7
  • ISBN-13: 978-0-7897-4770-9

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
  • Sample Content

    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

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