Looking for:
Mastering quickbooks level 2 free download |
Mastering QuickBooks - Second Edition | Packt
Mastering quickbooks level 2 free download
The Mastering QuickBooks Online Course Level 2 is designed to teach you more advanced features of QuickBooks Desktop, such as payroll, inventory including counts and adjustments , customer estimates, customized reports, management of the audit trail and setting up GST.
So, if You are thinking of working with the online software, or You are a bookkeeper or accountant and will be using this for clients or even You run your own business and want to know how to use Quickbooks for yourself. This course will be very beneficial for you. This valuable course is suitable for anyone interested in working in this sector or who simply wants to learn more about the topic. It really is a sure pathway to success. All our courses offer 12 months access and are designed to be studied at your own pace so you can take as much or as little time as you need to complete and gain the full CPD accredited qualification.
And, there are no hidden fees or exam charges. We pride ourselves on having friendly and experienced instructors who provide full weekday support and are ready to help with any of your queries. So, if you need help, just drop them an email and await a speedy response. Furthermore, you can check the validity of your qualification and verify your certification on our website at anytime. So, why not improve your chances of gaining professional skills and better earning potential. At the end of the course, you will be required to sit an online multiple-choice test.
Your test will be assessed automatically and immediately so that you will instantly know whether you have been successful. Not only does our CPD and CiQ accredited course look good on your CV, setting you apart from the competition, it can be used as a stepping stone to greater things.
Further advance your learning, launch a new career or reinvigorate an existing one. Assessment and Certification At the end of the course, you will be required to sit an online multiple-choice test. Career Path Not only does our CPD and CiQ accredited course look good on your CV, setting you apart from the competition, it can be used as a stepping stone to greater things.
The sky really is the limit. Course Ratings 4. No Ratings found for this course. Related Courses. View More. Add to Cart. Your cart is empty Return to Shop. Continue Shopping. Apply Coupon.
Mastering quickbooks level 2 free download. Mastering QuickBooks Level 2 Learning Manual (PDFDrive)
This can help provide a support schedule for accounts such as deposits, retainage, or employee advances. To create a support schedule, follow these steps: 1 Reconcile the Balance Sheet account using the QuickBooks Reconcile feature. Total the report by customer or vendor as appropriate. Filter the report to include only the Balance Sheet account and uncleared transactions.
This should be the same as the Beginning Balance. Next, apply the vendor credit against this deposit in the Pay Bills window. Do you have a balance in accounts payable money you owe that you would like to offset against a balance in accounts receivable money owed to you? You must show that the customer has paid you AND you have paid your vendor. First, you enter a bill for what you received.
Then you offset that with the money the customer owes you. In these and other similar situations, use the following steps. To Pay. Void prior period checks using the built-in void feature if the check only used Expense type accounts simple check. Simple Check. Voiding a check in QuickBooks deletes the financial statement impact of the original check. This changes the financial statements for the original accounting period.
To avoid this, follow these steps: 1 Find the original check and run the Transaction Journal report. Note the Date, Debit and Credit amounts, and the Accounts in the entry. Date the journal entry in the current period. Use the cash flow projector to predict your cash flow for the next six weeks.
QuickBooks walks you step-by-step through the process. When complete, you can view a report that shows available cash.
QuickBooks uses Payroll Items for anything that affects the amount on a payroll check and for company expenses related to payroll.
After turning on QuickBooks Payroll, you can add payroll items as needed. This method allows you to quickly set up common payroll items. Mapping Payroll Items QuickBooks suggests using just one liability account for payroll-related liabilities Payroll Liabilities , and one expense account named Payroll Expenses. However, mapping payroll items to appropriate subaccounts provides more meaningful financial statements.
For proper payroll item mapping, follow these steps: 1 Create subaccounts of Payroll Liabilities for each type of payroll liability 2 Create subaccounts of Payroll Expenses and Taxes to track these expenses in detail 3 Map payroll items to the appropriate subaccount This change is retroactive so adjusting history is not necessary. Mapping Problems Financial statements typically show problems with incorrectly mapped Payroll Items.
This indicates that a Payroll Item is mapped to a parent account instead of a subaccount. Run the Payroll Item Listing report and review the account columns to see which payroll items are incorrectly mapped. You can also use this report to check the tax table rates and limits QuickBooks uses for Payroll Items. If an Other Payroll Item performs calculations, the calculation includes only those items appearing above it in the list. Therefore, Payroll Items that perform calculations should be last in the list.
To do this, several options must be set: 1 Class tracking must be turned on 2 The proper payroll preferences must be set 3 The Payroll Item needs to be set up to track expenses by job. Job Cost for Salaried Employee What if you need job costing for a salaried employee? This is confusing because the employee is not paid based on the number of hours worked. QuickBooks handles this by automatically allocating the salary based on the number of hours worked on each job.
Void Paycheck What happens if a paycheck is lost or damaged? The paycheck should be voided in QuickBooks. However, the new paycheck must be recreated from scratch. There are several ways to do this. This is the suggested method: 1 Reprint the original check with the next available check 2 Void a new check using the old check. QuickBooks requires an account on voided checks. Create and use an Asset account called Voided Checks.
This creates a register of all voided checks. Employee loans can be a tricky area in QuickBooks payroll. This example assumes that the loan is not taxable. An effective way to handle this follows. This item should not be taxable. If the loan is paid on a regular check, use the Employee Loans account.
You must decide how to treat the Employee Loan Repayment limit. Make this decision when setting up the Payroll Item deduction. If you DO click the box, the amount paid toward the limit is reset to zero at the beginning of each year. That means you have to edit the employee record each year, and change the employee limit to reflect their unpaid balance. If you do NOT click the box, QuickBooks continues deducting the repayments until the limit is reached. What if an employee receives a second loan during the same year?
One approach is to create separate payroll items for the repayment of each loan. A more efficient approach is to change the Limit to the sum of the first and second loan.
What if a payroll liability payment includes amounts deducted from paychecks plus amounts not deducted from paychecks? However, the cost for dependents is paid by the employee through payroll deductions. There are two ways to handle this situation. Then, record the employee and the company-paid portions on a regular bill or check.
Then, the bill or check includes the full amount of the payment as an expense. Therefore, the resulting net expense will equal the gross expense less the employee-paid payroll deductions.
Process W-2s. To edit existing information, right-click on the amount and select Override from the menu. Workers Compensation The QuickBooks Enhanced Payroll service includes a Workers Compensation Setup wizard that walks you through the process of setting up workers compensation. If you have not started using QuickBooks workers compensation, you should use the wizard. You enter the net check amount and let QuickBooks calculate the correct gross check amount.
Modify Report: Time by Name Window. You can use the drop down arrows to change which views of your data you want. Select the worksheet tabs at the bottom of the Excel window to view the different reports. QuickBooks makes it easy to enter your budgets and financial forecasts.
QuickBooks Premier and Enterprise Solutions also have a forecast tool. Once entered, you can compare your actual results against your budget and forecast. Reports in QuickBooks can be classified into three types.
QuickZoom produces different results on different types of reports. You can modify any of the hundreds of reports available in QuickBooks. In addition, two custom reports are available that provide different levels of detail. These are excellent starting points for creating new reports. Filters Filters let you change what is included on the report. Filters can be applied individually or in combination. If no information appears in the column, then applying the filter will not work.
A hand appears. Memorizing Reports Memorizing a report saves the current settings for the report, but not the report data. When memorizing a report, pay attention to the Dates memorized with the report.
To do so, set up a Memorized Report Group. Once a group is added, you can click and drag memorized reports to make them part of a group. Report Shortcuts You can create a button on the Icon Bar for reports you access often.
Reports will not provide needed information unless you enter transactions with the following considerations. Other transactions will not appear on these reports. This is not necessary for inventory items because cost information is recorded at the time of invoicing.
This includes invoices used to handle special situations. List reports are based on information you enter on lists. QuickBooks has numerous fields available to track additional information and improve report customization. However, before using a field, confirm that the field is available and can be used on the desired reports. Class Use class tracking to track divisions or profit centers of your company.
Classes can be linked to specific transactions. However, class tracking does not work for balance sheet transactions. Also, classes cannot be linked to list entries.
Customer Type Use customer types to categorize your customers into meaningful groups. This is useful for tracking customer or job related expenses and income.
Mailing labels can be selected by Customer Type. Job Type Job types are similar to customer types. This is useful for job related expenses and income.
Customer Custom Field Use custom customer fields to track additional information about customers. Custom field data entry is manual. This can result in inconsistent data entry and inconsistent results on reports. Vendor Type Use vendor types to categorize vendors into meaningful groups. Mailing labels can be selected by vendor type. Vendor Type List.
Vendor Custom Field Use custom vendor fields to track additional information about vendors. Item Custom Field Use custom item fields to track additional information about items and services. You can format fields for specific types of data such as numbers, dates, phone numbers, or multiple choice lists. QuickBooks lets you create custom reports in Excel without having to re-enter the data.
This feature requires Excel , , , , or The first time you do this, your QuickBooks Company File must be open. Export Report-Best Practices If you make changes to your exported report, Excel only keeps certain changes: 1 Renamed report titles 2 Font formatting in row and column headers 3 Resized columns 4 Renamed column and row headers 5 Inserted rows and columns with information entered 6 Formulas the updated report must contain the row associated with the formula 7 Inserted text Any of the following changes you make to your exported report will have to be updated manually when the report is updated: 1 Font formatting in non-header cells 2 Formatting other than changes to Font 3 Moved data cells 4 Renamed date columns 5 Inserted rows or columns that are left empty 6 Sorted columns If you entered a formula in your Excel report and you receive an error when you update the report, you have two choices: 1 Close the workbook without saving to retain the report before the update.
However, Excel allows you to graph numeric data from any report. QuickBooks Enterprise Solutions lets you combine financial statements from multiple company files. You do this in a few easy steps. Because it works directly with QuickBooks data, you can customize a statement without having to reformat the statement each time it is produced. Create multiple statements and supporting documents, including cover letters, engagement letters, disclosures, and more.
Repeat this step for each desired report. Requires Excel and Word or sold separately. Customers who purchase and install QuickBooks Pro receive one 6-month single user subscription. Fees apply after the introductory period for continued use and additional users. Terms subject to change. The following steps are performed by the client only:. Scheduled Backups QuickBooks lets you schedule an unattended backup.
Run the Backup Wizard to create the backup schedule. QuickBooks stores all transactions in your company file. After time passes, you may not need details of the transactions in your company data file. The Condense Data feature lets you delete the transactions you no longer need. Once the detail is deleted, you can delete list entries that are no longer in use. You also have the option to condense uncleared bank and credit card transactions, transactions marked to be printed or to be sent, and transactions containing unbilled costs.
Certain entries are not condensed during this process. As the size of your data file increases, QuickBooks becomes slower and slower. There are some techniques that you can use to improve the performance of QuickBooks. Within Windows 1 Turn off all unnecessary programs that run in the background when Windows starts.
These programs reduce the amount of memory available for other programs such as QuickBooks. Also, check your hard drive by running utilities such as ScanDisk and Defrag. Enterprise Solutions is intended for companies that are outgrowing other QuickBooks editions. Enterprise Solutions allows up to 30 concurrent users, removes names list limits, and improves the performance of entering transactions and running reports in a larger file. For more information about Enterprise Solutions, visit the QuickBooks website at quickbooks.
There are several reasons why a QuickBooks file might become damaged. Try opening the file on another computer. Or, try opening a QuickBooks sample file from your computer. These are explained in the next section. If this works, this indicates that a damaged memorized transaction is set to enter automatically. Delete the memorized transaction. Change the system date back to the current date.
Open the data file and re-create the memorized transaction. A data file problem can keep the data file from converting to a new version. Running Verify Data and Rebuild Data in the earlier version may fix the damage. However, this means you will lose the work since the backup was made. This service may be able to fix the file.
Service fees apply. Check the QuickBooks website or QuickBooks help system for more information. Use Verify Data and Rebuild Data when your data file is damaged. The Verify Data feature often detects the damage in the data file.
The Rebuild Data feature often fixes the damage. Intuit recommends that you rebuild data only when directed to do so by Intuit Technical Support. This is because Rebuilding Data could create additional problems in the data file. LOG below Select a file to open. QuickBooks allows you to transfer lists and templates between QuickBooks files. However, you cannot export transactions out of QuickBooks, unless you use a data-transfer utility which you can find at marketplace.
Templates There is a different process for exporting and importing templates customized forms. To export a list, follow the instructions shown in the last section. You cannot select which fields to export, specify the sort order, or filter the list information during the export process. However, the export file can be opened in a spreadsheet program and modified to meet the requirements of the other software program.
CSV file. However, important internal transaction information cannot be added to QuickBooks reports. Therefore, the tab-delimited file or CSV file cannot be imported back into QuickBooks without modification.
You can also export a list of transactions from the Transaction Tab of the Centers. First display the transactions you want. Then click the Excel drop-down list and select Export Transactions. If you are converting from another accounting system, it may be possible to import lists and transactions from the other system. To do so, the other program must allow you to export a tab or comma-delimited text file.
There are two considerations. First, creating IIF files can be extremely difficult and complex. It is recommended only for users with programming experience. Second, unless you are importing a very large file more than transactions , it is likely more efficient to enter the data directly into QuickBooks. To find these solutions, visit marketplace.
These headings can be found in QuickBooks Help. Select the help topic titled Reference Guide to Import files. The spreadsheet columns might require modification. To find an integrated application for your industry, follow these steps. Terms, conditions, pricing, features and service offerings subject to change. Internet access may be required. You can import selected lists from Excel into QuickBooks. Those lists include Accounts, Vendors, Customers, and Items. Below are some special considerations before making journal entries.
This way, QuickBooks can assign the entry to the proper name in the subledger. Make multiple journal entries if you need to adjust multiple accounts receivable, accounts payable, or sales tax payable accounts.
For example, if you have an outstanding loan with a bank, you still owe that money and will have to contact the financial institution to make payment arrangements. The chart of accounts is a systematic way of categorizing financial business transactions. Every transaction for your business can be categorized into one of five primary categories: Income, Expenses, Assets, Liabilities, and Owner's Equity.
When setting up your QuickBooks company account, you don't have to worry about creating a chart of accounts from scratch. Instead, QuickBooks will create a default chart of accounts, based on the industry your business falls into.
One of the key decisions you need to make when setting up your books is which accounting method you will use. There are two accounting methods to choose from: cash-basis accounting, and accrual accounting.
The primary difference between the two accounting methods is the point when you record sales and purchase transactions in your books. Cash-basis accounting involves recording sales and purchases when cash changes hands. Let's say a photographer is not paid right away for most of their jobs, but instead, they send an invoice to the customer that includes a payment due date. Until the photographer receives payment in cash, or by check or credit card, they do not count the photography services as income under the cash-basis accounting method.
Accrual accounting involves recording sales as soon as you have shipped the products to your customer, or have provided services. Going back to our photographer example, the photographer would count the services they provided as income once they completed taking pictures, regardless of when the customer actually pays for the services. In general, most small business owners will start out using the cash-basis accounting method. However, according to the Internal Revenue Service IRS , there are certain types of businesses that are not allowed to use this method of accounting.
One of the benefits of using QuickBooks is, regardless of which accounting method you choose, it does not change how you record transactions. As a matter of fact, you can start recording transactions in QuickBooks and decide later on which method you will use.
This is because, at anytime, you can run reports for either method cash or accrual. QuickBooks will determine which transactions belong on the report based on the accounting method chosen. This means that, for every financial transaction that you record, there are at least two entries — a debit and a credit. This ensures that both sides of the accounting equation always remain in balance.
They don't pay for the T-shirts right away, but the supplier will send a bill later on. Since both assets and liabilities increased, our books remain in balance. Behind the scenes in QuickBooks, the following journal entry would be recorded for this transaction:.
In this section, we have covered the seven main areas of focus for managing the books for your business: money coming into your business in the form of sales to customers; money going out of the business for expenses such as office supplies and rent; inventory and fixed asset purchases, and how to record them on your books; money you owe to suppliers and creditors liabilities ; how to manage the chart of accounts; the two accounting methods cash-basis versus accrual ; and how double-entry bookkeeping works.
We also provided tips on how to choose the right software for your business, and we provided you with some bookkeeping basics. Having a good understanding of the QuickBooks product lines will help you to choose the best product for your business. In addition, having a basic knowledge of bookkeeping helps you understand the accounting that is taking place behind the scenes in QuickBooks when you enter an invoice or pay a bill.
In the next chapter, we will take an in-depth look at all of the features and benefits included in QuickBooks Online Advanced, including but not limited to customized fields, custom user permissions, workflow automation, importing invoices and budgets, batch-creating invoices, and much more.
Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. In addition to having experience as a small business owner, she has more than 20 years of experience in the entertainment, oil and gas, education, and computer technology fields.
When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book! About this book Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks independently. Publication date: January Publisher Packt. Pages ISBN Download code from GitHub. We will cover the following key concepts in this chapter: What is QuickBooks? The U. If you are using a version that is outside of the United States, results may differ.
What is QuickBooks? Choosing the right QuickBooks Online edition QuickBooks Online is ideal for solopreneurs, freelancers, and mid-to-large-sized businesses with employees and contractors. The bonus features that you will find in QBO Advanced are as follows: Dedicated account team : With a QBO Advanced subscription, you will have access to a team of experts who will learn how your business works in order to answer your questions.
They will also provide additional resources that will help you to better manage your business financials. Smart Reporting with Fathom : With this reporting feature, you can measure profitability, cash flow, and other key performance indicators KPIs. This feature is not available in any other QBO edition. Custom user permissions : Provides a deeper level of user permissions that allows you to manage access to sensitive data, such as bank accounts. Choosing the right QuickBooks Desktop version QBD is ideal for small-to-large-sized businesses that sell products or services, have employees and contractors, and are looking for a robust desktop accounting solution.
QuickBooks Premier QuickBooks Premier is ideal for small-to-medium-sized businesses that fall into one of the following industries: Nonprofit Manufacturing and wholesale Professional services Contractor Retail Unlike QuickBooks Mac and Pro, QuickBooks Premier includes a customized chart of accounts, a custom products and services list, and reports customized for businesses that fall into the industries listed above. QuickBooks Enterprise includes the following additional features: Up to 30 user licenses : You can purchase up to a maximum of 30 user licenses for multiuser access.
Granular user access permissions : Includes more restrictive user permissions than other versions of QuickBooks. Mobile inventory barcode scanning : Prioritizes sales orders to fulfill, creates customer picklists across multiple warehouses, and sends this information to a barcode scanner.
Enhanced Pick, Pack, and Ship : Sends items to a picker or packer with just one click. Plus, you can fill out and print shipping labels for major carriers directly from QuickBooks.
For additional information, visit Intuit. Introducing new features and improvements in QuickBooks Desktop Each year, there are improvements and new features added to the QBD product line. There's more flexibility and efficiency with bank rules and you are able to quickly review and resolve discrepancies. Customer Groups : This new feature allows you to create customer groups based on a set of rules.
You can manage communications with specific groups and add a new customer using select criteria and the customer group will update automatically.
Payment Reminders : This new feature is also known as automated statements. Create an automatic reminder to send recurring statements out on a specific day or date every month or as often as necessary.
Create reminders for specific customer groups based on a set criteria. Customize Payment Receipts : A new template is available that allows you to customize customer payment receipts. You can add your company logo, add color, and select from various receipt formats. Improved Email Invoice and Attachment Preview : This feature was introduced in and has been improved to ensure confidence that the correct documents are attached to an email before you send it out.
This is ideal for accounting professionals that may need to install an older version of QuickBooks. Take our online advanced QuickBooks training courses. The courses provide training on the more extensive parts of QuickBooks Online, including bank reconciliations and VAT returns Bank Reconciliations - Preparing and completing bank reconciliations.
QuickBooks Online - Bank Reconciliation. QuickBooks Online - Projects. QuickBooks Online - Budgeting. How to post a journal on QuickBooks Online. How to edit and delete transactions on QuickBooks Online.
Part 3 - Software Settings and Defaults Continued. Part 4 - Adding Customer Accounts. Part 5 - Viewing and Editing Customer Accounts. Part 6 - Raising Customer Invoices. Part 7 - Raising Credit Notes. Part 8 - Creating Customer Statements. Part 9 - Adding Suppliers. Part 10 - Viewing and Editing Supplier Accounts. Part 12 - Adding Supplier Credit Notes. Part 16 - Recording Supplier Payments. Part 17 - Recording Expenses. Part 18 - Viewing and Creating Reports.
No comments:
Post a Comment