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Setting Up Your QuickBooks Software Program

Lists form the basic foundation for everything in QuickBooks; of these, one of the most important is the Chart of Accounts. Note the “Include Inactive” check box. QuickBooks templates for the Chart of Accounts primarily include income and expense accounts; balance sheet accounts for banking, notes payable, etc. must be added by the user. Indented account titles indicate the account is a subaccount of the last account shown that is not indented. Both of these accounts are automatically created by QuickBooks.

QuickBooks Payroll has continued to evolve. Called Time Tracker, and looking very similar to the Weekly Timesheet data entry form, it allowed company employees to enter their own time into a web-based database that could then be downloaded directly into QuickBooks. Online Payroll Basic, Online Payroll Plus, Online Payroll for Accounting Professionals, and Full Service Payroll do not require QuickBooks. One way to begin this process is to search Help for “process payroll manually.” Our QuickBooks Training Program can help you get acquainted. The setup interview may be paused for return at any time by choosing “Finish Later.” As the screens are completed for insurance and retirement benefits, the user should be sure to add the vendor and the account number used by the vendor to post related payments. Employers may pay by check or Direct Deposit.

A problem lies with how the Fixed Asset Manager handles asset numbers. It then overwrites the information in the Name field, creating its own asset name by concatenating a truncated version of the information in the Purchase Description field and the number it assigned in the FAM Number field. Physical property tags affixed to fixed assets are similarly impacted since they no longer agree with the Fixed Asset Item List either. Unfortunately, this workaround also causes problems, since the Asset Description field is not viewable in the Fixed Asset Item List window.

Bookkeeping in Today's World

From the Banking menu, choose “Reconcile.” QuickBooks also includes an “undo” feature that allows users to remove the effect of the last reconciliation. The screen offers plenty of other options to help you reconcile quickly. The “Go To” button allows the user to make changes to the underlying data of a highlighted item during the reconciliation. When the reconciliation is complete, QuickBooks provides the option to create a reconciliation report or simply close the window.

QuickBooks Payroll has continued to evolve. Online Time Tracking is currently available in as a monthly charge in addition to the Intuit Online Payroll Basic or Plus payroll service fee. Intuit provides some ability within QuickBooks to manually process payrolls and manage payroll tax obligations, but they strongly recommend taking advantage of one of their fee-based payroll services. Follow the link on the page for “process payroll manually (without a subscription to QuickBooks payroll).” Our QuickBooks Training Program can help you get acquainted. Select Payroll Setup to begin the interview and display the screen (notice the progress indicator in the upper left corner the Payroll Setup window). As shown in these screens, the user can choose from available compensation types or add new ones to customize QuickBooks for a company’s unique situation. For this example, Celebration Creations will pay by check.

Each asset was recorded as purchased. Beginning with QuickBooks 2004, Intuit introduced the Fixed Asset Item List, accessed via the Lists menu. While this approach has the advantage of allowing the user to quickly determine the net book value of a specific asset, it leads to cumbersome, time-consuming administration and eventually to a bloated chart of accounts. Intuit’s Fixed Asset Manager captures more information than the Fixed Asset Item List, and is intended for use by accountants using QuickBooks Accountant or Enterprise editions and by tax preparers using Intuit’s ProSeries tax products. This means the external accountant must supply the QuickBooks help owner with all entries regarding depreciation, loss or gain on asset disposal, etc. – whether those calculations are for book or tax purposes. For now, use of the Fixed Asset Item List without the Fixed Asset Manager still requires that depreciation be calculated externally – and entered manually – for each asset or group of assets.

Keeping Your Company Organized

Many service and retail organizations are able to use the software “right out of the box.” Auto sellers may require specific identification of inventory for resale. Many organizations require robust itemized fixed asset management and accounting. Third-party software was not integrated with QuickBooks and required downloading and uploading data, otherwise additional manual entries were required to synchronize data. Intuit, the maker of QuickBooks, recognized the problems experienced by their users. In 2003, Intuit began to provide a QuickBooks software development kit (SDK) to allow third-party software integration.

Credit card reconciliation follows much the same process as that for bank accounts. Conversely, some small businesses may have a credit card, but the business owner may also make personal purchases with the card. This is particularly true when the business owner has not made personal purchases using the company credit card. An alternate approach might be to simply flag business transactions on the credit card statement, classify and enter them into QuickBooks, and add an entry for interest expense and bank charges based on calculation. If the business uses the owner’s personal credit card, each business purchase should be entered into QuickBooks.

As the name implies, the FAM Number field is reserved for use by the Fixed Asset Manager (and is therefore unavailable for use by the business owner). It then overwrites the information in the Name field, creating its own asset name by concatenating a truncated version of the information in the Purchase Description field and the number it assigned in the FAM Number field. This means such cross-references are now orphaned and useless. The only viable way to overcome this problem is to use the Purchase Description for the user-assigned fixed asset number.

3 Business Skills You Cannot Do Without

No matter what type of business you're in, there are certain skills that will help you succeed. You will be held back if you don't have these skills. If you can identify an area of weakness, and improve the skills there, you can turn around a business. Before you can make your business a success, you are going to need certain skills, which can be found in this article.

A business owner with good writing skills has one of the most important communications skills that can be of benefit to any business. You will be able to sell effectively if you master the valuable skill of copywriting. You may not need to write sales copy, as such, but knowing how to write well will still benefit your business. You have to have the ability to compose effective, and accurate, business letters, website articles, email, and blog posts. This has become essential in today's business world. Writing is a key to social media success, which many businesses are finding to be very important for their businesses. There are numerous writing courses and books you can use to hone your writing abilities, and they are available both offline and on the internet. You need to have the ability to communicate effectively to future customers as well as your present clients and customers, and to do this well, you need writing skills.

Any type of business you are running, can use the skill of negotiating. You can be the CEO of a major corporation or running a business by yourself, it is an important skill to have. Even the smallest business has to negotiate with suppliers, service providers and customers. You might be working on deals with partners, and you certainly want to know if the offer is any good. You also want to be able to bargain and negotiate with people without making it personal. Trying to get the best deal is what happens in business, so getting offended won't help. Keep your attitude professional because this is what business is all about.

If you are selling or marketing anything, you have to learn how to close the sale. There are lots of marketing methods, and what you do will change, when your methods change. It may have to do with the way you write a sales letter, talk to someone on the phone or explain your offer in person. You want the people to buy your product or service, in each case, so you need to explain what benefits they will receive. Your buy button needs to be clearly visible in several places, if you are selling with a web site. When you are on the phone with people, or with them in person, when they want to buy, they will let you know they are ready. The reason you are in business, is to get people to buy from you, and don't forget it.

You have certain skills and abilities, and it is only natural that you will use them to start your business. There are some areas, where you will need a little education. Some of the most important skills that are needed by anyone in business, are those above. There should be at least a level of comfort you have with these skills, but being an expert is not necessary.