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How to install the QuickBooks software How to work with the practice files in this
book How to open QuickBooks data files Editions of the QuickBooks software Some of the basic principles of accounting About Academy Glass, the sample company How to install QuickBooks Releases How to use Navigators, Menus, Icon Bars,
and the Shortcut list in QuickBooks About QuickBooks Help and Support
Insert the QuickBooks CD into CD-ROM drive
The installation program will start automatically
Follow the onscreen instructions
If the installation program does not start automatically:Select the windows start menu and then select
runEnter [D]:\ Setup.exe (where D is the drive
letter of your CD-ROM drive)Click OK
The practice files are located at www.quickbooksupportdesk.com/support/
Download the file QuickBooks_2005_Classroom_Files.exe to your local hard disk and install (double-click) it
Installed files will be placed in C:\QuickBooks 2005 Classroom Files and backup
files into the QuickBooks 2005 Backup Files directory.
All the chapter computer files are In the .QBB format Located inside the QuickBooks 2005 backup files
sub directory Example: Intro-05.QBB
The practice files used for every chapter are In the .QBW format Created by restoring the corresponding backup
file Example: Intro-05.QBW
QuickBooks has two primary types of files: Data files (extension “.QBW”)
To enter data or create reports Select File menu and then select Open
company
Backup files (extension “.QBB”) To create a condensed version of the data
fileRestore into a .QBW file before using itSelect File menu and then select Restore
To create a backup, select the File Menu and then choose Backup
Creates a smaller version of the data file with the file extension “.QBB”
Most important safeguard for safety of your data file
Main reasons for restoring backup files in QuickBooks:To transfer files between computers To recover damaged or lost data
files
Restoring does not add information to your file
Launch the QuickBooks program Select the File menu and then select Restore Restore From: Set the filename and location
fields of your backup disk and backup file name (.QBB file)
Restore To: Set the filename and location fields to where you want to store your file (.QBW file)
Click Restore QuickBooks will then restore your backup file
to a “.QBW” file in the directory you specified
Launch the QuickBooks program: Double-click the icon on your desktop orSelect it from the Windows Start menu
Previously opened data file will be opened (unless you specifically closed the data file before exiting File/Close Company)
To open a different file, select the File menu and then select Open Company
Comprehensive set of accounting tools that’s very powerful and easy to useGeneral JournalChart of AccountsAccounts ReceivableAccounts PayableInventoryFinancial ReportingFee based Payroll services
Simple Start Basic Pro
Premier Accountant Contractor Non Profit Manufacturing &
Wholesale Professional
Services Retail
To assess: The financial position of the organization
relative to its debts (liabilities) Its capabilities to satisfy those debts and
continue operations (assets), and The difference between liabilities and assets
(net worth or equity)
The Accounting Equation,Assets = Liabilities + Equity
Business transactions are recorded in several types of ledgers, called accounts
The summary of all transactions in all ledgers for a company is called the General Ledger
A listing of every account in the General Ledger is called the Chart of Accounts.
Each account has a type (i.e., asset,
liability, equity, income, or expense)
Total debits must always equal total credits
In QuickBooks, every transaction creates a debit in one or more accounts and a credit in one or more accounts to handle double-entry accounting
Depending on the type of account, a debit might increase the account or decrease it; the same is true of credits
Therefore, debits are not always bad and credits are not always good
The accrual basis method Revenues and expenses are recognized in
the period in which the transactions occur, rather than in the period in which cash changes hands
The cash basis methodRevenues and expenses are not
recognized until cash changes hands
With QuickBooks, you can create reports for either method
Transactions are entered in familiar-looking forms such as Invoices, Bills and Checks
QuickBooks handles the accounting debit and credit entries
This allows you to focus on the business transaction rather than the debits and credits in the General Ledger
Fictitious sample company used in the text book
A home improvement and contracting corporation
A service and a merchandising company
Has two stores, one located in San Jose and another located in Walnut Creek
Release Level refers to the patches provided by Intuit to fix the problems found in the program To verify the release level, press Ctrl+1 (or F2)
while QuickBooks is running
To patch your software with the latest maintenance release Download the latest release by selecting the File
menu and then selecting Update QuickBooks Follow the instructions on these screens to
download and install maintenance releases in QuickBooks via the Internet
There are five methods of accessing the data entry windows: MenusIcon BarShortcut ListNavigatorsShortcut Keys
MenusIcon Bar
Navigators
Menus run along the top of the screen
To open a menu, select the menu name and then choose the option desired
Allows you to select activities and lists by clicking icons on the bar
The contents or position of the icons on the Icon Bar can be modified by selecting the View menu, and then choosing Customize Icon Bar
Allows you to select activities and lists by picking them from items on a bar located at the right or left of the screen
Click Customize at the bottom of the shortcut list to modify the contents or position of the list
QuickBooks has several navigators that help you work through the program and understand how it functions.
The Customer Navigator shows a flowchart of the sales process as well as several other icons that relate to the sales part of your business
You may use your mouse or the keyboard shortcut keys to select the menu options.
To use the keyboard, press the ALT key then press the underlined letter of the desired menu item.
Some of the menu items have control-key shortcuts.
You can open a previous company file by selecting it from the Open Previous Company submenu of the File menu
QuickBooks lists the last few companies you have most recently accessed, allowing you to open any one of them
You can set the number of previous companies on the list from 1 to 20
Transactions are created by filling out familiar-looking forms such as invoices, bills, and checks.
As you fill out forms, you choose names from lists such as the customer list, the Item list, and the account list.
When you finish filling out a form, QuickBooks automatically records the accounting entries behind the scenes.
QuickBooks provides a variety of support resources that assist in using the program
Some of these resources are on the Internet and others are in help files on disk
To access the support resources, select the Help menu and then select Help & Support
You can access onscreen Help by clicking the How Do I button on any screen, or by pressing the F1 key.
Depending on what you are doing at the time, you’ll get advice from the Help system that is relevant to what you’re doing
This is known as Context-Sensitive Help
How to install the QuickBooks software How to work with the practice files in this
book How to open QuickBooks data files Editions of the QuickBooks software Some of the basic principles of accounting About Academy Glass, the sample
company How to install QuickBooks Releases How to use Navigators, Menus, Icon Bars,
and the Shortcut list in QuickBooks About QuickBooks Support and Help