QuickBooks

DemonstrationChia Wei Zhen Joanne

Kok Yeun See

Lee Yincai Nicholas

Quek Ya Hui

Setting UpGetting Started

When a company first installs QuickBooks, this is the initial page that will be displayed when the administrator first uses it. Upon clicking Start Interview, the user will be asked to key in basic company information and to choose basic preferences.

Additional users can be set up afterwards and the administrator has the option to restrict their access to selected areas.

This simple customisation ensures that unwanted functions are removed, and QuickBooks’ layout will be kept as simple as possible.

After keying in the basic information, customisation based on the company’s nature of business and its requirements can also be done.

Options are given for the following

functions:

• Tracking customer orders

• Managing bills the company owes

• Using sales receipts

• Tracking of tax

• Using billing statements

• Adding of bank account

• Other functions that are shown in the following slides

S

It is recommended for TTS Copiers to track inventory as they have a warehouse in which copiers and spare parts are being stored, hence they will need to track inventory movement in and out of the warehouse.

The QuickBooks Payroll feature allows companies to track payroll expenses more efficiently and cash outflows can be tracked easily.

TTS Copiers drafts up quotations in the course of customer transactions, instead of creating sales orders directly. The QuickBooks Estimate function allows TTS Copiers to create estimates, and these will act as quotations.

This is especially necessary for TTS Copiers, as most of its sales transactions are leases, instead of a one-time-payment. The Progress Invoicing function will be able to document lease contracts effectively; and also to account for contracts with specified after-sales service.

The last step in this EasyStep interview allows companies to set up their chart of accounts to start tracking the company’s finance position.

Additional help is also being offered in the event the Help Menu does not address relevant issues.

Setting UpCustomising Features

Once the basic set-up is completed, users will be directed to the Homescreen. Users can also customise the various features to suit their preferences. They can also refer to the Help Menu by typing a question in the Ask box.

Users can choose which icons they want to be displayed on the Homescreen. Other settings for other features can be configured by clicking on the different tabs on the left.

Since TTS has sales transactions with international customers, it needs to enable the multicurrency feature in QuickBooks so that revenue received in foreign currency will be automatically converted into local currency when presented in the overall reports.

It is important that a system warning is generated whenever the sales amount keyed in exceeds the quantity available. This will ensure that no orders are being accepted in the event of insufficient inventory.

Creating EntriesSetting up Master Files

Customer Master File

TTS Copiers will have to import all of its existing customers into the QuickBooks system. The full list of customers are shown on the left sidebar, and upon selection of a single entry, the customer’s details will be shown in full. The steps to create a new customer are shown in the following slides.

Customer information is categorised into individual tabs and all information can be entered and accessed in one page.

Entering of Accounts Receivable Account

TTS Copiers has numeral overseas customers and as such, an Accounts Receivable/Accounts Payable account has to be created for the specific currency. If it was not previously created, QuickBooks will generate a prompt to create a new account.

Inventory Master File

Creating new inventory

QuickBooks also includes the function of exporting inventory into Excel for more convenient viewing.

Using Excel for viewing of inventory lists allows users to view details of all inventory at a glance.

Price levels can also be set for different groups of customers.

Creating EntriesDocumenting the Revenue Cycle

Creating of Estimates

Creating of estimates can be done conveniently as all the details can be viewed all at once. The layout is also simple and neat, making it easier for employees to acquire the skills required to use it.

When an estimate has been created with the total sales amount exceeding the credit limit of the customer, QuickBooks will generate a prompt to inform the user.

In the Transactions tab, an overview of the estimates are reflected, and the user is able to obtain information regarding whether the estimate is currently active.

Chosen Estimates can also be exported and viewed in Excel, and Excelfunctions then enable efficient generation of reports, in the form of tables, bar graphs, pie charts etc.

Creating Sales Orders

Sales Orders can be generated with reference to the Estimate. After clicking on the chosen estimated, click the Create Invoice button and choose Sales Order.

The user will be directed to the Create Sales Orders page and all the information from the Estimate is reflected . To trace which Estimate this Sales Order is being created upon, the user can refer to the Memo field below.

A new line item can be added, for example, a discount.

Delivery charges (e.g. shipping charges) can also be recorded.

The system will generate a prompt when the customer’s credit limit has been accepted. However, the sales order will still be created if the option Yes is chosen. The changes to the order will also be reflected, to show that changes have been made.

Creating Delivery Notes

Delivery Notes can be created under the Create Invoice tab, under Trade Receivables.

Creating Invoices

Tax Invoices are also generated under the Create Invoice tab.

Receiving of Payments

When payment has been received from the customer, it can be recorded under the Receive Payments function.

Payments can be selected and deposited at the company’s own decisions.

The user can choose which entity the payments are being deposited to, and the transaction is reflected for the user to check through discrepancies, if any.

Generating Inventory Reports

Inventory reports can also be generated to track inventory movement. They can also be printed out for future reference, if the company intends to file a hard copy.

Configuration of SettingsUser Restrictions

The administrator has the authority to add, edit or delete users.

QuickBooks allows the administrator to limit access to specific areas.

The next few steps takes the user through 9 areas of the company’s processes.

• Sales and Accounts Receivable

• Purchases and Accounts Payable

• Chequing and Credit Cards

• Inventory

• Time Tracking

• Payroll and Employees

• Sensitive Accounting Activities

• Sensitive Financial Reporting

• Changing or Deleting Transactions

Before this user is created, the administrator is able to see an overview of the access given to this new user.

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