getting started with quickbooks-techspeedy

Getting Started with Quickbooks

By TechSpeedy

Agenda Which version of Quickbooks is right for me?Quickbooks Add-onsQuickbooks SetupCPA TipsEstablish ControlsEstablish ProceduresEstablish Standard ReportsQuickbooks Resources

Quickbooks Versions

Quickbooks Online ($12.95/mo)Quickbooks Pro ($229 MSRP)Quickbooks Premier ($399 MSRP)

◦General Business◦Contractor◦Manufacturing & Wholesale◦Non-Profit◦Professional Services◦Retail

Quickbooks Add-ons

PayrollPayment Solutions

◦Merchant Processing◦Check Solutions◦E-invoicing & Payments

Point of Sale Solutions

Quickbooks Setup

Gather configuration informationQuickbooks Install Create a new company fileComplete the Easy-Step InterviewSetup your Quickbooks accountsEstablish a backup strategyCustomize formsOrder supplies (checks, deposit slips, etc.)

Preparation

Determine your start dateGather financial information

◦Bank & credit card information◦Accounts receivable & payable information

Gather list information◦Customers, vendors, sales items, sales tax items

Perform a full inventory, if applicableAccount linking information for banks,

credit cards, payroll, etc.

Create a Company Profile

◦Create your new company file◦Complete the first part of the Easy-Step

Interview◦Save your company file◦Make an initial backup copy of the new file

Setup Quickbooks Accounts

Create second part of Easy Step InterviewSetup bank and credit card accountsSetup your chart of accountsSetup Intuit Online AccountSetup Lists

Establish a Backup StrategyCreate a regular backup schedule for your

Quickbooks data file.(Quickbooks Configure)

Don’t use unencrypted media that can be easily lost or misplaced, like USB keys.

Make sure that the file is password protected

Keep copies of the data off-site.

Customize Forms

Identify and customize the forms you use routinely, including:◦Invoices◦Purchase Orders◦Checks

Add logos and information pertinent to your business

CPA Tips

Have your CPA review your Quickbooks setupDon’t mix account types

◦ Income◦Cost of Goods Sold◦Expense◦Assets◦Liabilities

Keep it simple!◦Don’t go overboard on sub-accounts, etc.◦Use classes to isolate divisions, not separate

company files

More CPA Tips

Establish credit card accounts to track credit cards

Regularly reconcile your accountsSafeguard prior-year transactions by

creating a transaction passwordUse automation where appropriate to link

bank accounts, credit cards, etc to Quickbooks◦Data is entered in a timely manner◦Creates a physical control

Establish Controls

Quickbooks can be edited and has no audit trail

Establish strong password securityConsider securing Quickbooks by moduleEstablish physical staffing controlsMaintain an off-site backup

Establish ProceduresEstablish daily/weekly processing procedures

◦ Invoicing◦Deposits◦Purchasing◦ Inventory control

Establish end of month procedures, including:◦Bank reconciliation◦Monthly closing◦Prepare financial reports

Establish Standard Reports

Establish a list of reports for your business.

ResourcesIntuit Resources

◦Quickbooks Online Community◦Quickbooks on YouTube◦Quickbooks Knowledgebase◦Quickbooks ProAdvisor

Other Resources◦Practical Quickbooks◦Quickbooks & Beyond◦Quickbooks for Contractors

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