Accounting Instruction

Accounting Instruction

Add new employees QuickBooks Desktop

We will categorize payroll payments we saw clear the bank in a cash basis bookkeeping system.

When starting a new QuickBooks engagement with a new client we will want to ask the client questions to see if our services are a good fit. For example, we will want to know the industry the client is in and how large the client is. We may specialize our bookkeeping by industry or size. We may specialize our QuickBooks bookkeeping business to service businesses or sole proprietors.
We will want to know if the business is continuing or if it is a new business. If it is a continuing business it would be good to ask about the current bookkeeping system and whether there was a prior bookkeeper. If there was a prior bookkeeper it would be good to ask what they licked or did not lick about the prior bookkeeper.
We would also want to ask our new QuickBooks client about payroll, whether they have payroll or not and if they do have payroll is it done by a third party professional or do we want to run it through QuickBooks.
We would also want to ask the potential QuickBooks bookkeeping client about their tax preparation needs and whether they work with an accounting or CPA firm.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Simple way to enter credit card payments into the QuickBooks accounting software by using the check register. The method for entering credit card payments to QuickBooks is a shortcut and it has its pros and cons. It will be a faster method but we loose some detail we would have if we used a more complex method. If we enter data into the QuickBooks system from the bank, using the bank statement or bank feeds, we will see the credit card payments as we pay them. We can record the payment directly into the check register. The challenge is to categorize the other account effected. For this we will need the credit card statements. We can enter more then one expense account into the check register by selecting the split option. We can then categorize the vendors we payed on the credit card statement to the proper expense accounts and write the vendor name in the memo section. If we did not pay the full balance we can enter the difference into credit card payable, a liability account. This method is fast but does lack some detail. For one, it will not record the expenses at the date they were incurred but rather at the date the check was paid. It will also not show vendor detail for the credit card payments by vendor.
For more accounting information see accounting website.
http://accountinginstruction.info/

Easiest way to record insurance payments in QuickBooks. Insurance is an account that usually requires an adjusting entry at the end of the time period. In other word, even if we record insurance perfectly we will usually need an adjustment at the end of the period to make it correct on an accrual basis for financial reporting in an accrual system. When recording insurance for a small business we may have different needs for our bookkeeping records. We may need financial statement preparation or our primary need may be year end tax preparation.
We are usually taught to record interest as prepaid asset called insurance expense and then adjust the expense portion at year end. When entering transactions into QuickBooks, however, and when considering tax preparation, it may be easier to enter the insurance as an expense and let our accountant or tax preparer adjust the portion that is prepaid if needed. One reason for this method is that the tax return may be on a cash method with record to insurance payments. Another reason for this method is that it will show insurance on the income statement, making it less likely for a tax preparer to miss.
For more accounting information see accounting website.
http://accountinginstruction.info/

Networking opportunities for QuickBooks bookkeepers.
Once we have decided our specialization in QuickBooks bookkeeping we can decide how we want to interact with other accounting professionals.
Our focus here will be on specializing as a bookkeeper and not moving into taxation, financial statement preparation, and payroll.
By not focusing on areas outside of QuickBooks bookkeeping we can often build strong relationships with other professionals.
One reason we can build other relationships with other accounting professionals is because they do not have to worry about us competing with them. I'm not saying we should not consider going into other areas. This is just one strategy for a QuickBooks bookkeeper .
Other accounting professionals are more likely to recommend our services and may even provide referral for recommending clients to them. If we do get commissions, however, we want to be very open with clients about them.
For more accounting and QuickBooks information.
http://accountinginstruction.info/

Simple bookkeeping system for a small business or small bookkeeping practice. When we set up a bookkeeping system, whether it be our baseness or a client, we need to specialize the service to the needs of the business.
We will set up a bookkeeping system designed for small businesses and discuss the types of businesses our bookkeeping system will work well for.
Small businesses often need to compile financial data in a fast and easy way so it can be used to create financial statement, often for tax preparation at year end. The main financial statement needed for tax preparation is the income statement or profit and loss, a list of income and expenses, the bottom line being net income.
We will set up a cash basis system where most of the financial data is gotten from the bank statement and entered directly into QuickBooks using the cash register.
For more accounting information see accounting website.
http://accountinginstruction.info/

What is a bank statement, how does it differ from online banking information in real time, and why do we need a bank statement to reconcile the bank accounting in QuickBooks.
For our example problem we will be using the information from the bank to enter the financial data into QuickBooks. What good is a bank reconciliation if we are reconciling the same data we used to enter into the system.
Note that a bank reconciliation usually reconciles a difference in the companies bookkeeping the the bank bookkeeping. The bank reconciliation list out the differences, usually outstanding checks and deposits. If we entered the financial information into QuickBooks directly from the bank we should have to reconciling difference.
The bank reconciliation is still useful, however, to help reduce data entry errors. The bank statement is helpful because it has a defined beginning point and ending point which helps us to verify our numbers and organize our thought process. QuickBooks also provides a useful method to reconciles in this format.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Enter cash outflows, checks and other outflows, from a bank statement to the QuickBooks Pro 2019 system. We will put together a cash based bookkeeping system we can use for a small business or as a bookkeeping business. We will enter transaction from a bank statement directly inter the QuickBooks check register. As we enter the first months worth of data a will need to check the vendor names and assign the correct expense accounts. We will have a list of expense accounts provided by QuickBooks when we set up a new QuickBooks file. The chart of accounts regenerated by QuickBooks will be based on the industry we select. If we cannot find an appropriate account we will create new accounts.
We will also enter many new vendors as we enter data from the bank statement to the check register. We may have ask the client about why the vendors are to assign the correct account. As we run into question we will enter an account called uncategorized expense so that we can keep moving forward. Once we get answers about the vendors QuickBooks will allow us to recatagorize the transactions we were not sure about.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Bank Feeds deposits and inflows in QuickBooks Pro Desktop 2019. We will discuss how to sort deposits once they have been downloaded to QuickBooks from the bank using QuickBooks Bank Feeds. Once we download the deposits from the bank we still may need to add information before the deposits are included in the QuickBooks data and used to generate reports.
As we enter bank feed deposits we want to be careful that we do not enter duplicate transactions and that we match up deposits with related invoices.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Enter deposits and income into QuickBooks the easy way. QuickBooks has a large amount of options and we can enter a full accounting process into the QuickBooks system.
As we learn how QuickBooks works it is easy to loose track of how to set up a simple accounting system. This lecture will discuss how to set up a simple accounting system, a cash basis system based on the banking information, based on the bank statement.
We will compare and contrast this cash based system to an accrual system.
We will enter transactions from the bank statement directly into the check register which is the fasted way to enter the data.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

QuickBooks Pro 2018 Accounts Receivable Graph will cover the generation of the accounts receivable graph within the accounting software. We will generate the graph from QuickBooks 2018's report center. We will then adjust the dates and look over the options for the graph. We will discuss how the graph relates to the financial statements. We will then talk about how to use the graph in presentations.

Accounting Comic, Accounting Cartoon, Accounting Joke
Form more accounting information see website
http://accountinginstruction.info/

QuickBooks Pro 2019- QuickBooks Desktop 2019 Accounts Payable Aging Report covers the creation of Accounts payable aging report in the accounting software. The accounts payable aging report is a major report needed for tracking who the company owes money tow and how old it is. We will look at the options for the aging report and export the report to Excel.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

QuickBooks Pro 2019 - QuickBooks Desktop 2019 Accounts Receivable Aging Report covers the creation of the accounts receivable aging report in the accounting software. The accounts receivable aging report is a major report for monitoring receivables and who owes the company money. We will adjust the setting of the report and export the report from QuickBOoks 2019 to Excel
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Accounting Comic, Accounting Cartoon, Accounting Joke
Form more accounting information see website
http://accountinginstruction.info/

Accounting Comic, Accounting Cartoon, Accounting Joke
Form more accounting information see website
http://accountinginstruction.info/

Accounting Comic, Accounting Cartoon, Accounting Joke
Form more accounting information see website
http://accountinginstruction.info/

QuickBooks Pro 2019 - Desktop 2019 Backup Data will cover the backup process for a QuickBooks 2018 data file. Backing up the accounting data file is important to safeguarding the data but could also help with in other areas. For example a backup of the data can be given to the CPA firm or tap practitioner at year end. A backup up file can also be used when experimenting. The QuickBooks 2019 backup file is most effected if saved to a location other then the one the data file is one. Saving the backup file to the same drive as the QuickBooks 2019 data file does provide some protection but does not protect against the hard drive crashing, theft, or fire. Saving the QuickBooks 2019 backup file to another drive or to the cloud adds more security that the data is not lost. When making a backup file QuickBooks 2019 will copy the current data file into a compressed backup. The QuickBooks backup file file cannot be run, but must be restored. It is important to note that a backup file can only be restored to a version of QuickBooks that is the same year or a later year. For example, a QuickBooks 2019 backup file cannot be restored to QuickBooks 2017 software but a QuickBooks 2017 backup file can be restored to QuickBooks 2019 software.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Accounting Comic, Accounting Cartoon, Accounting Joke
Form more accounting information see website
http://accountinginstruction.info/

QuickBooks Pro 2019 - QuickBooks Pro 2019 Budgeted Balance Sheet will cover the creation of a budgeted balance sheet in the accounting software. When thinking about a budget we often think of an income statement format because this is the timing statements, the performance statement. We created a budgeted income statement in a prior presentation. We will new generate a budgeted balance sheet in the accounting software. The balance sheet is reporting where a company stands as of a point in time. We will input a budged into QuickBooks 2019 as of March 2021. The balance sheet is reporting where we will be after the process of the income statement has happened.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

QuickBooks Pro 2019 - QuickBooks Desktop 2019 reversing entry accounts receivable will record the reversing entry related to the accounts receivable adjusting entry recorded in a prior presentations. Reversion entries can be entered into the accounting software as a way to separate the adjusting process and the normal data input process. In a prior presentation we entered an adjusting entry into QUickBooks Pro 2019 for an invoice that had been entered into the system in March but for which the revenue had been earned in February. We entered this entry using QuickBOoks 2019's register rather then the normal general journal to reduce the need to understand debits and credits. This time we will revers the entry as of the first day of March so that the revenue and receivables are not duplicated, so that they are not entered into QUickBooks 2019 two times.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Generate comparative financial statements, comparative balance sheet and income statement or profit and loss in QuickBooks Pro 2019. We will start by creating a standard balance sheet and then adjust the balance sheet to see comparative months, the difference or change, and the percentage change. We ill create a standard profit and loss and make similar adjustments to see the comparative months, the change, and the percentage change. Will also generate a transaction report by date. We will analyze each report and export them to an Excel workbook.
For more accounting and QuickBooks information see accounting webstie.
Enter bills and pay bills in QuickBooks Pro 2019. Entering bills in QuickBoks will result in a debit to expense or asset and a credit to accounts payable. We can enter bills to help sort bills in QuicKBooks rather then waiting to write a check. Writing a check would be a debit to expense or asset and a credit to cash. Entering the bills will allow us to get the bills in the system closer to the time the services are used, resulting in the expense being recorded more accurately.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

Record sales on account in QuickBooks Pro 2019. Recording a sale on account or on credit are different ways to say we are entering an invoice. We enter an invoice as opposed to a sales receipts when we are billing a client for work done rather then recording cash received and revenue at the same point in time. The journal entry to record sales on account will be an increase to accounts receivable an increase to sales or revenue and if we are selling inventory we will also increase sales tax payable if we are subject to sales tax, decrease inventory, and increase cost of goods sold which will decrease net income
For more accounting information see accounting website.
http://accountinginstruction.info/

Apply credit to an invoice created in QuickBooks. A customer credit means that a customer has a prepayment we can apply to a future invoice. We entered the customer deposit for by entering a receive payment before we had entered an invoice. We will not enter the invoice and apply the payment. We will start by creating a normal invoice. Will then apply the credit which will calculate at the bottom of the invoice.
For more accounting and QuickBooks information see accounting website.
http://accountinginstruction.info/

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Created 4 months, 1 week ago.

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CategoryBusiness & Finance