QuickBooks: Setting up and Trouble Shooting

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This presentation was given by QuickBooks ProAdvisor and Guru Laura Madeira. You can watch it on QuickBooksGroup.com

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  • QuickBooks: Setting up and Trouble Shooting

    1. 1. QuickBooks Items A Deep Dive into Setup and Troubleshooting Presented by: Laura Madeira Owner, American Computer Staffing, Inc. Plano, Texas
    2. 2. Laura Madeira <ul><li>American Computer Staffing, Inc. – Owner </li></ul><ul><li>Plano, Texas </li></ul><ul><li>QuickBooks Enterprise Solutions Provider </li></ul><ul><li>QuickBooks Advanced Certified ProAdvisor </li></ul><ul><li>Advanced Trainer, Intuit ATN Network </li></ul><ul><li>Member, Speakers Bureau </li></ul><ul><li>Bachelors of Accounting, Florida Atlantic University </li></ul><ul><li>Author, QuickBooks 2008 Solutions Guide , published by QUE </li></ul>www.quick-training.com
    3. 3. Session Objective: Enjoy <ul><li>You’ll learn more about Items in QuickBooks! </li></ul><ul><li>We will be working in the data today, very little PowerPoint </li></ul><ul><li>So relax and have fun in this class…. </li></ul><ul><li>Let’s Get Started! </li></ul>
    4. 4. Agenda <ul><li>Understanding QuickBooks Lists and their Purposes </li></ul><ul><li>Review of the Theory Behind the Use of Items </li></ul><ul><li>Product Demonstration </li></ul><ul><ul><li>Using Excel to Import Products and Services </li></ul></ul><ul><ul><li>Managing Price Changes Globally </li></ul></ul><ul><ul><li>Troubleshooting and Fixing Item Setup </li></ul></ul>Plus Bonus Industry Specific Demonstration!
    5. 5. Notes and Navigation <ul><li>Demo - QuickBooks Premier: Accountant Edition 8.0 </li></ul><ul><li>Corrections assume that you are using a working file or a file with a .QBW file extension </li></ul><ul><li>Navigation choice differs by user; today we will navigate from the Menu Bar </li></ul>
    6. 6. Agenda <ul><li>Understanding QuickBooks Lists and their Purposes </li></ul><ul><li>Review of the Theory Behind the Use of Items </li></ul><ul><li>Product Demonstration </li></ul><ul><ul><li>Using Excel to Import Products and Services </li></ul></ul><ul><ul><li>Managing Price Changes Globally </li></ul></ul><ul><ul><li>Troubleshooting and Fixing Item Setup </li></ul></ul>Plus Bonus Industry Specific Demonstration!
    7. 7. Understanding QuickBooks Lists <ul><li>Chart of Accounts </li></ul><ul><ul><li>Income </li></ul></ul><ul><ul><li>Cost of Goods Sold </li></ul></ul><ul><ul><li>Expenses </li></ul></ul><ul><ul><li>Other Income/Expenses </li></ul></ul><ul><li>Classes </li></ul><ul><ul><li>East Coast Office </li></ul></ul><ul><ul><li>West Coast Office </li></ul></ul>These are just examples… <ul><li>Items </li></ul><ul><ul><li>Floor Plans </li></ul></ul><ul><ul><li>Framing </li></ul></ul><ul><ul><li>Electrical </li></ul></ul><ul><ul><li>Subcontracted Labor </li></ul></ul><ul><li>Customer or Job Types </li></ul><ul><ul><li>Commercial </li></ul></ul><ul><ul><li>Residential </li></ul></ul><ul><ul><li>Government </li></ul></ul>
    8. 8. Chart of Accounts vs. Items <ul><li>Items </li></ul><ul><li>Can’t see the “Forest through the trees”! </li></ul><ul><li>Example of overuse of Chart of Accounts </li></ul>Chart of Accounts
    9. 9. Chart of Accounts vs. Items <ul><li>Items compliment the Chart of Accounts </li></ul><ul><li>Make management decisions based on summary or detail </li></ul>Chart of Accounts Items
    10. 10. Agenda <ul><li>Understanding QuickBooks Lists and their Purposes </li></ul><ul><li>Review of the Theory Behind the Use of Items </li></ul><ul><li>Product Demonstration </li></ul><ul><ul><li>Using Excel to Import Products and Services </li></ul></ul><ul><ul><li>Managing Price Changes Globally </li></ul></ul><ul><ul><li>Troubleshooting and Fixing Item Setup </li></ul></ul>Plus Bonus Industry Specific Demonstration!
    11. 11. Theory Behind the Use of Items <ul><li>QuickBooks forms require the use of Items </li></ul><ul><ul><li>- Purchase Order Form </li></ul></ul><ul><li>Improved accounting accuracy </li></ul><ul><ul><li>Pre-define accounting results </li></ul></ul><ul><ul><li>Customer Invoice Form </li></ul></ul>
    12. 12. Theory Behind the Use of Items <ul><li>Improved accounting accuracy when using Items </li></ul><ul><ul><li>Ability to pre-define the accounting result </li></ul></ul><ul><ul><li>Eliminates question of “where should this be posted?” </li></ul></ul>
    13. 13. Theory Behind the Use of Items <ul><li>QuickBooks Job and Item Reports Depend on the use Items </li></ul><ul><ul><li>Job Profitability Summary and Detail </li></ul></ul><ul><ul><li>Item Profitability Reports </li></ul></ul>
    14. 14. QuickBooks Reports dependant on Items: More reporting with items
    15. 15. Item Types a Brief Review <ul><li>Service </li></ul><ul><ul><li>Purchase/Sale of Services </li></ul></ul><ul><li>Inventory </li></ul><ul><ul><li>Stock held then later sold </li></ul></ul><ul><li>Inventory Assembly </li></ul><ul><ul><li>BOM of materials for one finished product held as stock </li></ul></ul><ul><li>Non-Inventory </li></ul><ul><ul><li>Drop-shipped products </li></ul></ul><ul><li>Other Charge </li></ul><ul><ul><li>Freight, special charges, etc. </li></ul></ul><ul><li>Subtotal </li></ul><ul><ul><li>Used to total items on sales forms </li></ul></ul><ul><li>Group </li></ul><ul><ul><li>Multiple items but NOT tracked as a finished product </li></ul></ul><ul><li>Discount </li></ul><ul><ul><li>Used on sales forms </li></ul></ul><ul><li>Payment </li></ul><ul><ul><li>Alternate method of recording customer payments </li></ul></ul><ul><li>Sales Tax Item </li></ul><ul><ul><li>For collecting and reporting sales tax </li></ul></ul><ul><li>Sales Tax Group </li></ul><ul><ul><li>For grouping multiple tax entities </li></ul></ul><ul><ul><li>More Item Types…Lists…. </li></ul></ul>
    16. 16. Additional List Items <ul><li>Payroll Items List </li></ul><ul><ul><li>Used to control payroll deductions and additions </li></ul></ul>
    17. 17. Additional List Items <ul><li>Fixed Asset Items List </li></ul><ul><ul><li>Track purchase and sale of capitalized equipment </li></ul></ul>
    18. 18. Agenda <ul><li>Understanding QuickBooks Lists and their Purposes </li></ul><ul><li>Review of the Theory Behind the Use of Items </li></ul><ul><li>Product Demonstration </li></ul><ul><ul><li>Using Excel to Import Products and Services </li></ul></ul><ul><ul><li>Managing Price Changes Globally </li></ul></ul><ul><ul><li>Troubleshooting and Fixing Item Setup </li></ul></ul>Plus Bonus Industry Specific Demonstration!
    19. 19. Why Import Items into QuickBooks? <ul><li>Initial software setup, entering multiple items easily </li></ul><ul><li>Converting from another software </li></ul><ul><li>Updating list “type” or “account” and re-import </li></ul>Saves Time !
    20. 20. Method #1 – Import “Products I Sell” <ul><li>File – Utilities – Import - Excel </li></ul><ul><li>Advantages </li></ul><ul><li>Easy format to type into </li></ul><ul><li>Automated import directly from excel worksheet </li></ul><ul><li>Disadvantages </li></ul><ul><li>All items are assigned either Inventory or Non-inventory (account) </li></ul><ul><li>Cannot auto enter other critical information easily </li></ul>
    21. 21. Method #1 – Import “Products I Sell” cont . <ul><li>Easy, yes. But not my personal favorite </li></ul>
    22. 22. Method #2 – Import IIF Files <ul><li>File – Utilities – Import – IIF Files </li></ul><ul><li>Advantages </li></ul><ul><li>Can specify multiple fields for import </li></ul><ul><li>Can import and assign types to items </li></ul><ul><li>Disadvantages </li></ul><ul><li>Difficult format for editing </li></ul><ul><li>Import can be tedious </li></ul>
    23. 23. Method #3 – Import – Advanced Import <ul><li>File – Utilities – Import - Excel </li></ul><ul><li>Advantages </li></ul><ul><li>Easy format to type into </li></ul><ul><li>Can save “mappings” for future use </li></ul><ul><li>Disadvantages </li></ul><ul><li>Don’t have access to “all” item fields – </li></ul>
    24. 24.
    25. 25. Bonus Material <ul><li>Specific Industries </li></ul><ul><li>Construction </li></ul><ul><ul><li>Unique considerations </li></ul></ul><ul><ul><li>Use Item Groups effectively </li></ul></ul><ul><li>Retail </li></ul><ul><ul><li>Daily Sales Summary </li></ul></ul><ul><ul><li>Tracking Profitability by Item </li></ul></ul><ul><li>Case Study </li></ul><ul><ul><li>Negative Inventory </li></ul></ul><ul><ul><li>Step by Step Demonstration </li></ul></ul>Time Permitting….
    26. 26. Q A &
    27. 27. Thanks for Attending! [email_address] www.quick-training.com

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