QuickBooks 2013 In Depth

Introduction?1

How This Book Is Organized?1

Conventions Used in This Book?3

Menu Commands?3

Web Pages and Manufacturer Information?4

Special Elements?4

What's New in QuickBooks 2013 5

Easy to Learn and Use?5

What's New Tips Overlay Help?6

New Modern Design?6

New Transaction Ribbon Toolbar?7

Icon Bar Selection?7

Assign a Company Flag Color?10

New and Improved Features?10

Time and Expenses Preference?11

Improved Customer, Vendor, and Employee Centers?11

Assign Default Method of Payment for Customers?13

Print Vendor Bill?13

Reporting Preference for Item-Based Reports?14

Hide Zero Quantity Items on Inventory Reports?15

Use Available Quantity on Inventory Reorder Reports?15

Collapse Summary Report Line Details?16

Item Group Limit Increased?17

Improved Upgrade Experience for Plus Subscribers?17

For the Accounting Professional?18

Send General Journal Entries?18

Batch Enter Transactions?20

Improved: Find and Fix Client Errors Faster?21

Easier Access to Creating New Data File from Template?22

For QuickBooks Enterprise Users?23

Default Class Assignment?23

Create Auto Purchase Orders?24

Increased List Limits?25

QuickBooks Enterprise with Advanced Inventory Subscription?25

Row, Shelf or Bin Location Tracking?26

Barcode Scanning?27

FIFO Cost Lot History Report?29

1 Getting Started with QuickBooks?31

Understanding QuickBooks?31

Using QuickBooks Sample Data?33

Creating a New QuickBooks File?34

Express Start?35

Advanced Setup or Detailed Start-Formerly the EasyStep Interview?41

Creating a New File from an Existing Company File?45

Converting from Other Accounting Software?46

Converting from Quicken to QuickBooks?46

Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks?48

Setting Up Users and Permissions?50

External Accountant?50

Other QuickBooks Users?51

User Security in QuickBooks Enterprise?52

Overview?53

Set Up and Modify User Roles?53

Set Up Users?57

Reporting on User Activity?59

2 Getting Around QuickBooks?61

Home Page and Navigation?61

Title Bar?62

Menu Bar?63

Top Icon Bar?63

Left Icon Bar?66

Home Page?68

Open Windows List?71

Tutorials?72

Preferences?72

Accounting-Company Preferences?73

Desktop View-My Preferences?73

General-My Preferences?75

Spelling-My Preferences?76

Help Options?76

Selecting a Company File to Open?77

Opening Your Data for the First Time?77

Choosing from a List of Multiple Data Files?78

3 Accounting 101?81

Basic Principles of Accounting?81

The Matching Principle?81

Accrual Versus Cash Basis Reporting?83

Basic Financial Reports?84

Balance Sheet?85

Income Statement?85

Statement of Cash Flows?86

Other Accounting Reports?86

Accounting Checklist to Help You Manage Your Financials?87

Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting?88

Cash or Accrual Basis Startup Transactions: Accounts Receivable?89

Cash or Accrual Basis Startup Transactions: Accounts Payable?94

Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance?98

Cash or Accrual Basis Startup Transactions: Recording Uncleared Bank Checks?99

4 Understanding QuickBooks Lists?101

Chart of Accounts?102

Account Types?102

Adding a New Account?104

Items?106

Adding an Item?106

Understanding Items?108

Item Types?109

Class?111

Customer Type?113

Managing Lists?114

Chart of Account Preferences?114

Add/Edit Multiple List Entries?115

Add Your Excel Data to QuickBooks Utility?118

Importing an Intuit Interchange Format File (IIF)?123

Reporting on Lists?125

Finding and Fixing Chart of Account Errors?126

QuickBooks Required Accounts?126

Making an Account Inactive?127

Merging Duplicated Accounts?127

Modifying an Account in the Chart of Accounts?129

Assigning or Removing a Subaccount Relationship?130

Finding and Fixing Item List Errors?132

Reviewing the Item List on the Computer Screen?132

Item Listing Report?134

Profit & Loss Standard Report?135

Correcting One-Sided Items?137

Making an Item Inactive?140

Merging Items?141

Creating Items as Subitems?142

5 Setting Up Inventory?145

Inventory Features by QuickBooks Edition?146

QuickBooks Pro 2013?146

QuickBooks Premier 2013?147

QuickBooks Enterprise Solutions 13.0?147

Enabling Inventory Preferences?149

Inventory Item Type Descriptions?152

Inventory Part?152

Non-inventory Part?153

Group Items and Inventory Assemblies?153

Adding or Editing Inventory Items?154

Adding or Editing Individual Items?155

Using Add/Edit Multiple List Entries?159

Importing an Intuit Interchange Format File (IIF)?161

Changing Item Prices?162

Creating Inventory Assemblies?164

Creating Group Items?166

Setting Up Multiple Unit of Measurement?168

Proper Inventory Processes?171

Purchasing, Receiving, and Entering the Vendor Bill?173

Paying for Inventory?181

Selling Inventory?183

Working with Group Items?184

Working with Assemblies?185

Handling Inventory Backorders?187

Handling Customer Inventory Returns?191

Handling Vendor Inventory Returns?194

6 Managing Inventory?195

Adjusting Inventory?195

Performing a Physical Inventory Count?196

Quantity Adjustments?197

Value Adjustments?198

Inventory Reporting?201

Inventory Center?201

Report Center?202

Inventory Valuation and Your Financials?203

Reviewing the Recorded Average Cost Valuation?206

Reviewing Aged Item Receipts?208

Reviewing Aged Accounts Payable?212

How QuickBooks Handles Negative Inventory?212

When Inventory Has an Average Cost from Prior Purchase Transactions?213

When Inventory Does Not Have a Prior Average Cost?215

7 Setting Up Vendors?219

Customizing Your Home Page for Vendor Activities?219

Preferences That Affect Accounts Payable?220

Accounting?220

Bills?221

Calendar?222

Checking?222

General?223

Reminders?224

Reports and Graphs?225

Tax:1099?226

Time & Expenses?227

Working with the Vendor Center?228

Adding or Modifying Vendors?230

Finding Vendor Transactions?233

The Accounts Payable Process?235

Accounts Payable Transactions?236

Accounts Payable Workflow?238

Entering a Purchase Order?240

Recording Vendor Bills?240

Recording Vendor Credits?243

Paying Vendor Bills?245

Applying Vendor Credits?248

Taking Discounts on Vendor Bills?250

8 Managing Vendors?253

Accounts Payable Reporting?253

Reconciling Balance Sheet Accounts Payable Balance to A/P Aging Summary Report Total?253

Reviewing the Unpaid Bills Detail Report?255

Reviewing Aged Open Item Receipts?256

Reviewing Item Setup?258

Accounts Payable Balance on Cash Basis Balance Sheet?260

Tracking and Reporting Vendor 1099-MISC Payments?263

Correcting Accounts Payable Errors?273

Open Vendor Bills Paid with a Write Checks Transaction?273

Misapplied Vendor Credit?276

Removing Aged Open Item Receipts or Vendor Bills?277

Making General Journal Adjustments to Accounts Payable?279

Handling Unique Accounts Payable Transactions?282

Bartering Services with Your Vendors?282

Recording Vendor Prepayments?283

Entering Midyear 1099 Balances?286

Memorizing Recurring Transactions?287

Depositing a Vendor Refund?288

Paying and Recording a Credit Card Bill?289

9 Setting Up Customers?291

Customizing Home Page Customer Activities?292

Preferences That Affect Accounts Receivable?292

Payments?293

Sales & Customers?295

Checking?296

Finance Charge?296

Jobs & Estimates?297

Reminders?298

Reports & Graphs?299

Sales Tax?301

Send Forms?302

Spelling?303

Time & Expenses?304

Working with the Customer Center?305

Adding or Modifying Customers and Jobs?307

Finding Customer Transactions?311

Working with Prospects in the Lead Center?312

Setting Up Sales Tax?314

Creating Sales Tax Items?315

Creating Sales Tax Group Items?316

Creating Sales Tax Codes?317

Assigning Sales Tax Codes to Products or Services?318

Assigning Sales Tax Codes and Sales Tax Items to Customers?319

Creating Price Level Lists?320

Creating Payment Terms?321

Customizing QuickBooks Forms?322

Using the Customize My Forms Wizard?323

Using the Customize Data Layout Tool?325

Accounts Receivable Processes?329

Using QuickBooks Estimates?331

Using QuickBooks Sales Orders?332

Creating Customer Invoices?333

Recording a Sales Receipt?350

Recording a Statement Charge?351

Recording the Customer Payment?352

Making the Bank Deposit?355

Recording and Applying a Customer Credit Memo?359

Refunding a Customer's Overpayment?360

10 Managing Customers?363

Accounts Receivable Reporting?363

Reviewing A/R Aging Summary and Detail Reports?364

Reviewing the Open Invoices Report?365

Reconciling Balance Sheet Accounts Receivable Amount to A/R Aging Summary Total?367

Viewing the Accounts Receivable Balance on a Cash Basis Balance Sheet?368

Using the Collections Center?370

Generating the Missing Customer Invoices Report?372

Sales Tax Payable Reports?374

Reviewing Customer Lists for Tax Code and Tax Item Assigned?374

Reviewing the Item List for Tax Code Assigned?375

Reconciling Total Sales to Total Income?375

Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable?376

When a Check or Bill Was Used to Pay Sales Tax?377

Paying Sales Tax?378

Paying Sales Tax Without an Adjustment?378

Paying Sales Tax with an Adjustment?379

Correcting Accounts Receivable Errors?381

Removing an Open Balance from a Customer Invoice?382

Correcting Customer Payments?385

When a Credit Memo Is Applied to the Wrong Customer Invoice?390

When Deposits Were Made Incorrectly?391

Eliminating the Print Queue for Customer Invoices Marked to Print?396

Correcting Sales Tax Errors?397

When a Check or Bill Was Used to Pay the Sales Tax?397

When the Sales Tax Liability Report Shows Past Sales Tax Due?399

When Total Sales Does Not Equal Total Income?400

Correcting Undeposited Funds Account Errors?404

Reviewing the Balance in the Undeposited Funds Account?404

Removing Old Dated Payments in the Undeposited Funds Account?407

Unique Customer Transactions?409

Recording Your Accountant's Year-End Adjusting Journal Entry to Accounts Receivable?409

When a Customer Is Also a Vendor?409

Recording a Customer's Bounced Check?411

Tracking Customer Deposits in QuickBooks?413

Unique Sales Tax Transactions?414

When Your State Imposes a Maximum Sales Tax?415

Multiple Sales Tax Rates on One Invoice?416

Issuing Credit Memos When Sales Tax Should Not Have Been Charged?417

11 Setting Up Payroll?419

Getting Started?419

Payroll Process Overview?419

Selecting and Activating a Payroll Service Subscription?421

Updating Payroll Tax Tables?423

Employer Resources?424

Creating Payroll Accounts in the Chart of Accounts?426

Setting Up Payroll Tax Vendors?427

Payroll Preferences?429

Using the Payroll Setup Interview?432

Using the Run Payroll Checkup Diagnostic Tool?439

Setting Up Employees?442

Using the Employee Center?442

Adding or Editing Employee Information?443

Finding Payroll Transactions?446

Setting Up Payroll Items?447

Adding or Editing Payroll Items?448

Reporting About Payroll Items?450

Paying Employees?452

Payroll Home Page Workflow?452

Entering Employee Time?453

Preparing Employee Paychecks?455

Printing Paychecks or Paystubs?457

ViewMyPaycheck?458

Preparing Payroll Liability Payments?459

Paying Scheduled Liabilities?459

Adjusting Payroll Liabilities?460

12 Managing Payroll?463

Report Center Payroll Reports?463

Excel Reports?465

Tax Forms and Filings?466

Preparing and Printing Tax Forms?466

E-Filing Tax Payments and Forms?469

Troubleshooting Payroll?469

Comparing Payroll Liability Balances to the Balance Sheet?469

Comparing Payroll Summary to Filed Payroll Returns?472

Reconciling Payroll Reports to Business Financials?472

Recording Unique Payroll Transactions?473

Employee Loan Payment and Repayment?473

Reprinting a Lost Paycheck?477

Paying a Taxable Bonus?478

Adjusting an Employee Paycheck?480

Allocating Indirect Costs to Jobs Through Payroll?481

Depositing a Refund of Payroll Liabilities?485

Recording Payroll When Using an Outside Payroll Service?486

13 Working with Bank and Credit Card Accounts?489

Preferences That Affect Banking and Credit Card Management?489

Working with Write Check Transactions?490

Using the Expenses Tab and Items Tab?490

Writing a Check?493

Printing Checks?496

Entering a Bank Debit Charge?498

Entering Credit Card Charges?499

Paying the Credit Card Bill?500

Transferring Funds Between Bank Accounts?501

Online Banking Center?502

Choosing an Online Banking Mode Preference?502

Activating Online Services with Your Financial Institution?502

Retrieving Online Transactions?504

Adding Downloaded Transactions to QuickBooks?505

Renaming Rules in Online Banking?507

Other Online Banking Features?508

Reconciling the Bank or Credit Card Account?512

Troubleshooting Reconciliations?514

Determining Whether the Account Has Been Reconciled?515

Verifying That All Account Transactions Have Been Entered?516

Identifying All Uncleared Transactions?518

Completing the Multiyear or Multimonth Bank Reconciliation?518

Reviewing Uncleared Transactions?519

Reviewing Previous Bank Reconciliation Reports?521

Locating Bank Account Reconciliation Discrepancies?522

Reviewing the Voided/Deleted Transactions Reports?523

Restarting a Previously Completed Bank Reconciliation?524

Undoing a Previous Bank Reconciliation?524

Reconciling with an Adjustment?525

14 Reporting in QuickBooks?527

Using the Company Snapshot?527

Customizing the Company Snapshot?527

Defaulting the Company Snapshot as Home Page?530

Report Center?530

Reports & Graphs Preferences?533

My Preferences?533

Company Preferences?533

Modifying Reports?536

Modifying Options Available on the Report Window?536

Customizing Reports?537

Report Groups?538

Creating Report Groups?538

Using Report Groups?539

Managing Report Groups?541

Memorized Reports?542

Exporting and Importing Report Templates?543

Exporting a Report or Report Group Template?543

Importing a Report or Report Group Template?544

Exporting Reports to a .CSV File or to Excel?544

Emailing Reports?546

15 Reviewing Your Data?549

Reviewing the Balance Sheet?549

Account Types?551

Prior Year Balances?551

Bank Account Balance(s)?552

Accounts Receivable?553

Undeposited Funds?554

Inventory?555

Other Current Assets?555

Fixed Assets?557

Accounts Payable?557

Credit Cards?558

Payroll Liabilities?558

Sales Tax Payable?559

Other Current Liabilities and Long-Term Liabilities?560

Equity?560

Reviewing the Profit & Loss Report?560

Other Reviews?561

Tracking Changes to Closed Accounting Periods?561

Using the Audit Trail Report?562

Using the Credit Card Audit Trail Report?563

Reporting on Voided/Deleted Transactions?565

Viewing the Transactions List by Date Report?566

Troubleshooting Open Balance Equity Account?568

16 Sharing QuickBooks Data with Your Accountant?571

Overview?571

Benefits for the Business Owner?571

Benefits for the Accountant?572

QuickBooks File Types?572

Choosing a Method to Share Data?573

Data Sharing for the Business Owner?577

Reviewing Your QuickBooks Data?578

Creating an Accountant's Copy of Your Data?578

What the Business Owner Can and Cannot Do?583

Importing Your Accountant's Changes?584

Canceling an Accountant's Copy?589

Data Sharing for the Accountant?590

File Manager 2013?590

Creating an External Accountant User Type?591

Preparing Your Client for Data Exchange?592

Receiving an Accountant's Copy File?592

What the Accountant Can Do?596

What the Accountant Cannot Do?599

Returning the Accountant's Copy Change File to the Client?599

What to Request from the Client When the Import Is Complete?602

Converting the Accountant's Copy to a Regular Company File?603

Other Methods of Sharing Data?603

Send General Journal Entries?603

Batch Enter Transactions?606

17 Managing Your QuickBooks Database?609

The QuickBooks Database?609

System Requirements?610

Express Installation of QuickBooks?612

Installing QuickBooks for Multiuser Mode?612

The QuickBooks Database Server Manager?613

Windows Permissions Required for QuickBooks?615

Using the QuickBooks Connection Diagnostic Tool?616

Keeping Your Software Current?617

Upgrading Your QuickBooks Version?617

Installing a QuickBooks Maintenance Release?618

Protecting Your QuickBooks Database?619

Creating a QuickBooks Backup?619

Protecting the QuickBooks Operating Environment?622

Using Intuit Data Protect Online Backup Service?625

Monitoring Your QuickBooks Database?626

The Product Information Dialog Box?626

Using the Verify Data Utility?628

Monitoring QuickBooks Performance Using Windows Task Manager?629

QuickBooks Database Corruption?630

Common Causes of Corruption?630

Signs of Data Corruption?630

The QBWin.log File?631

Repairing List Corruptions?634

Reducing Database File Fragments?634

Rebuilding Your Company File?636

Using the QuickBooks File Doctor?636

Resolving QuickBooks Program File Corruption Issues?638

18 Using Other Planning and Management Tools?639

Planning and Budgeting?639

Create a Budget?639

Edit a Budget?641

Print Budget Reports?643

Delete a Budget?644

QuickBooks Loan Manager?645

Information to Collect?645

Getting QuickBooks Ready?646

Setting Up a New Loan?646

Setting Up a Loan Payment?647

Using the Year-End Guide?649

Synchronizing QuickBooks Lists with Microsoft Outlook?650

Using the QuickBooks Timer?654

Installing the QuickBooks Timer?654

Preparing the Timer for Activities?655

Tracking Time with the Timer?655

Exporting Timer Activities?656

Importing Timer Activities into QuickBooks?657

A Client Data Review?659

B QuickBooks Statement Writer?717

C QuickBooks Enterprise Solutions Inventory Features?747

D QuickBooks Shortcuts?785

TOC, 1/31/2031, 9780789750396