Getting Started with Quickbooks Jim Locke, Principal ResultWorx Technology Group Norman Blieden, CPA
Agenda <ul><li>Which version of Quickbooks is right for me? </li></ul><ul><li>Quickbooks Add-ons </li></ul><ul><li>Quickbo...
Quickbooks Versions <ul><li>Quickbooks Online ($12.95/mo) </li></ul><ul><li>Quickbooks Pro ($229 MSRP) </li></ul><ul><li>Q...
Quickbooks Add-ons <ul><li>Payroll </li></ul><ul><li>Payment Solutions </li></ul><ul><ul><li>Merchant Processing </li></ul...
Quickbooks Setup <ul><li>Gather configuration information </li></ul><ul><li>Install Quickbooks </li></ul><ul><li>Create a ...
Preparation <ul><li>Determine your start date </li></ul><ul><li>Gather financial information </li></ul><ul><ul><li>Bank & ...
Create a Company Profile <ul><li>Create your new company file </li></ul><ul><li>Complete the first part of the Easy-Step I...
Setup Quickbooks Accounts <ul><li>Create second part of Easy Step Interview </li></ul><ul><li>Setup bank and credit card a...
Establish a Backup Strategy <ul><li>Create a regular backup schedule for your Quickbooks data file. </li></ul><ul><li>Don’...
Customize Forms <ul><li>Identify and customize the forms you use routinely, including: </li></ul><ul><ul><li>Invoices </li...
CPA Tips <ul><li>Have your CPA review your Quickbooks setup </li></ul><ul><li>Don’t mix account types </li></ul><ul><ul><l...
More CPA Tips <ul><li>Establish credit card accounts to track credit cards </li></ul><ul><li>Regularly reconcile your acco...
Establish Controls <ul><li>Quickbooks can be edited and has no audit trail </li></ul><ul><li>Establish strong password sec...
Establish Procedures <ul><li>Establish daily/weekly processing procedures </li></ul><ul><ul><li>Invoicing </li></ul></ul><...
Establish Standard Reports Establish a list of reports for your business: Daily Weekly Monthly Daily Sales Report Accounts...
Resources <ul><li>Intuit Resources </li></ul><ul><ul><li>Quickbooks Online Community </li></ul></ul><ul><ul><li>Quickbooks...
<ul><li>Please feel free to contact us: </li></ul><ul><li>Jim Locke </li></ul><ul><li>(626) 296-6892 </li></ul><ul><li>[em...
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Getting Started with Quickbooks

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Getting Started with Quickbooks

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Transcript of "Getting Started with Quickbooks"

  1. 1. Getting Started with Quickbooks Jim Locke, Principal ResultWorx Technology Group Norman Blieden, CPA
  2. 2. Agenda <ul><li>Which version of Quickbooks is right for me? </li></ul><ul><li>Quickbooks Add-ons </li></ul><ul><li>Quickbooks Setup </li></ul><ul><li>CPA Tips </li></ul><ul><li>Establish Controls </li></ul><ul><li>Establish Procedures </li></ul><ul><li>Establish Standard Reports </li></ul><ul><li>Quickbooks Resources </li></ul>
  3. 3. Quickbooks Versions <ul><li>Quickbooks Online ($12.95/mo) </li></ul><ul><li>Quickbooks Pro ($229 MSRP) </li></ul><ul><li>Quickbooks Premier ($399 MSRP) </li></ul><ul><ul><li>General Business </li></ul></ul><ul><ul><li>Contractor </li></ul></ul><ul><ul><li>Manufacturing & Wholesale </li></ul></ul><ul><ul><li>Non-Profit </li></ul></ul><ul><ul><li>Professional Services </li></ul></ul><ul><ul><li>Retail </li></ul></ul>
  4. 4. Quickbooks Add-ons <ul><li>Payroll </li></ul><ul><li>Payment Solutions </li></ul><ul><ul><li>Merchant Processing </li></ul></ul><ul><ul><li>Check Solutions </li></ul></ul><ul><ul><li>E-invoicing & Payments </li></ul></ul><ul><li>Point of Sale Solutions </li></ul>
  5. 5. Quickbooks Setup <ul><li>Gather configuration information </li></ul><ul><li>Install Quickbooks </li></ul><ul><li>Create a new company file </li></ul><ul><li>Complete the Easy-Step Interview </li></ul><ul><li>Setup your Quickbooks accounts </li></ul><ul><li>Establish a backup strategy </li></ul><ul><li>Customize forms </li></ul><ul><li>Order supplies (checks, deposit slips, etc.) </li></ul>
  6. 6. Preparation <ul><li>Determine your start date </li></ul><ul><li>Gather financial information </li></ul><ul><ul><li>Bank & credit card information </li></ul></ul><ul><ul><li>Accounts receivable & payable information </li></ul></ul><ul><li>Gather list information </li></ul><ul><ul><li>Customers, vendors, sales items, sales tax items </li></ul></ul><ul><li>Perform a full inventory, if applicable </li></ul><ul><li>Account linking information for banks, credit cards, payroll, etc. </li></ul>
  7. 7. Create a Company Profile <ul><li>Create your new company file </li></ul><ul><li>Complete the first part of the Easy-Step Interview </li></ul><ul><li>Save your company file </li></ul><ul><li>Make an initial backup copy of the new file </li></ul>
  8. 8. Setup Quickbooks Accounts <ul><li>Create second part of Easy Step Interview </li></ul><ul><li>Setup bank and credit card accounts </li></ul><ul><li>Setup your chart of accounts </li></ul><ul><li>Setup Intuit Online Account </li></ul><ul><li>Setup Lists </li></ul>
  9. 9. Establish a Backup Strategy <ul><li>Create a regular backup schedule for your Quickbooks data file. </li></ul><ul><li>Don’t use unencrypted media that can be easily lost or misplaced, like USB keys. </li></ul><ul><li>Make sure that the file is password protected </li></ul><ul><li>Keep copies of the data off-site </li></ul>
  10. 10. Customize Forms <ul><li>Identify and customize the forms you use routinely, including: </li></ul><ul><ul><li>Invoices </li></ul></ul><ul><ul><li>Purchase Orders </li></ul></ul><ul><ul><li>Checks </li></ul></ul><ul><li>Add logos and information pertinent to your business </li></ul>
  11. 11. CPA Tips <ul><li>Have your CPA review your Quickbooks setup </li></ul><ul><li>Don’t mix account types </li></ul><ul><ul><li>Income </li></ul></ul><ul><ul><li>Cost of Goods Sold </li></ul></ul><ul><ul><li>Expense </li></ul></ul><ul><ul><li>Assets </li></ul></ul><ul><ul><li>Liabilities </li></ul></ul><ul><li>Keep it simple! </li></ul><ul><ul><li>Don’t go overboard on sub-accounts, etc. </li></ul></ul><ul><ul><li>Use classes to isolate divisions, not separate company files </li></ul></ul>
  12. 12. More CPA Tips <ul><li>Establish credit card accounts to track credit cards </li></ul><ul><li>Regularly reconcile your accounts </li></ul><ul><li>Safeguard prior-year transactions by creating a transaction password </li></ul><ul><li>Use automation where appropriate to link bank accounts, credit cards, etc to Quickbooks </li></ul><ul><ul><li>Data is entered in a timely manner </li></ul></ul><ul><ul><li>Creates a physical control </li></ul></ul>
  13. 13. Establish Controls <ul><li>Quickbooks can be edited and has no audit trail </li></ul><ul><li>Establish strong password security </li></ul><ul><li>Consider securing Quickbooks by module </li></ul><ul><li>Establish physical staffing controls </li></ul><ul><li>Maintain an off-site backup </li></ul>
  14. 14. Establish Procedures <ul><li>Establish daily/weekly processing procedures </li></ul><ul><ul><li>Invoicing </li></ul></ul><ul><ul><li>Deposits </li></ul></ul><ul><ul><li>Purchasing </li></ul></ul><ul><ul><li>Inventory control </li></ul></ul><ul><li>Establish end of month procedures, including: </li></ul><ul><ul><li>Bank reconciliation </li></ul></ul><ul><ul><li>Monthly closing </li></ul></ul><ul><ul><li>Prepare financial reports </li></ul></ul>
  15. 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. 16. Resources <ul><li>Intuit Resources </li></ul><ul><ul><li>Quickbooks Online Community </li></ul></ul><ul><ul><li>Quickbooks on YouTube </li></ul></ul><ul><ul><li>Quickbooks Knowledgebase </li></ul></ul><ul><ul><li>Quickbooks ProAdvisor </li></ul></ul><ul><li>Other Resources </li></ul><ul><ul><li>Practical Quickbooks </li></ul></ul><ul><ul><li>Quickbooks & Beyond </li></ul></ul><ul><ul><li>Quickbooks for Contractors </li></ul></ul>
  17. 17. <ul><li>Please feel free to contact us: </li></ul><ul><li>Jim Locke </li></ul><ul><li>(626) 296-6892 </li></ul><ul><li>[email_address] </li></ul><ul><li>Follow Us: </li></ul><ul><ul><li>Facebook.com/ResultWorx Twitter.com/ResultWorx </li></ul></ul><ul><ul><li>ResultWorx.com </li></ul></ul>
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