Getting Started with Quickbooks
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Getting Started with Quickbooks

Getting Started with Quickbooks

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Getting Started with Quickbooks Presentation Transcript

  • 1. Getting Started with Quickbooks Jim Locke, Principal ResultWorx Technology Group Norman Blieden, CPA
  • 2. Agenda
    • Which version of Quickbooks is right for me?
    • Quickbooks Add-ons
    • Quickbooks Setup
    • CPA Tips
    • Establish Controls
    • Establish Procedures
    • Establish Standard Reports
    • Quickbooks Resources
  • 3. 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
  • 4. Quickbooks Add-ons
    • Payroll
    • Payment Solutions
      • Merchant Processing
      • Check Solutions
      • E-invoicing & Payments
    • Point of Sale Solutions
  • 5. Quickbooks Setup
    • Gather configuration information
    • Install Quickbooks
    • Create a new company file
    • Complete the Easy-Step Interview
    • Setup your Quickbooks accounts
    • Establish a backup strategy
    • Customize forms
    • Order supplies (checks, deposit slips, etc.)
  • 6. Preparation
    • Determine your start date
    • Gather 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 applicable
    • Account linking information for banks, credit cards, payroll, etc.
  • 7. 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
  • 8. Setup Quickbooks Accounts
    • Create second part of Easy Step Interview
    • Setup bank and credit card accounts
    • Setup your chart of accounts
    • Setup Intuit Online Account
    • Setup Lists
  • 9. Establish a Backup Strategy
    • Create a regular backup schedule for your Quickbooks data file.
    • 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
  • 10. Customize Forms
    • Identify and customize the forms you use routinely, including:
      • Invoices
      • Purchase Orders
      • Checks
    • Add logos and information pertinent to your business
  • 11. CPA Tips
    • Have your CPA review your Quickbooks setup
    • Don’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
  • 12. More CPA Tips
    • Establish credit card accounts to track credit cards
    • Regularly reconcile your accounts
    • Safeguard prior-year transactions by creating a transaction password
    • Use automation where appropriate to link bank accounts, credit cards, etc to Quickbooks
      • Data is entered in a timely manner
      • Creates a physical control
  • 13. Establish Controls
    • Quickbooks can be edited and has no audit trail
    • Establish strong password security
    • Consider securing Quickbooks by module
    • Establish physical staffing controls
    • Maintain an off-site backup
  • 14. Establish Procedures
    • Establish daily/weekly processing procedures
      • Invoicing
      • Deposits
      • Purchasing
      • Inventory control
    • Establish end of month procedures, including:
      • Bank reconciliation
      • Monthly closing
      • Prepare financial reports
  • 15. Establish Standard Reports Establish a list of reports for your business: Daily Weekly Monthly Daily Sales Report Accounts Receivable Profit & Loss Statement Daily Receipts Accounts Payable Balance Sheet Sales Tax Report Inventory Accounts Receivable Sales Month-to-Date Accounts Payable Check Register Inventory Bank Reconciliation
  • 16. Resources
    • Intuit Resources
      • Quickbooks Online Community
      • Quickbooks on YouTube
      • Quickbooks Knowledgebase
      • Quickbooks ProAdvisor
    • Other Resources
      • Practical Quickbooks
      • Quickbooks & Beyond
      • Quickbooks for Contractors
  • 17.
    • Please feel free to contact us:
    • Jim Locke
    • (626) 296-6892
    • [email_address]
    • Follow Us:
      • Facebook.com/ResultWorx Twitter.com/ResultWorx
      • ResultWorx.com