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12QBOX-MD2
Mastering QuickBooks
Day 2
Learning Manual
Copyright
Copyright 2011 by David J. OBrien and/or National Real World Training, Inc. All rights
reserved. Screen shots Intuit Inc. All rights reserved. This publication, or any part thereof, may
not be reproduced or transmitted in any form or by any means, electronic or mechanical,
including photocopying, recording, storage in an information retrieval system, or otherwise,
without the prior written permission of David J. OBrien or National Real World Training, Inc.
Trademark Acknowledgements
Intuit, Quicken, QuickBooks, QuickBooks Pro, TurboTax, ProSeries, Lacerte, EasyStep, and
QuickZoom are registered trademarks of Intuit Inc. Windows, Microsoft, Excel, and Outlook are
registered trademarks of Microsoft Corporation. Other brand names and product names are
trademarks or registered trademarks of their respective holders.
Disclaimer
These training materials are provided without any warranty whatsoever, including, but not
limited to, the implied warranties of merchantability or fitness for a particular purpose. All names
of persons or companies in this manual are fictitious unless otherwise noted.
Table of Contents
CHAPTER 1-SPECIAL TOPICS ............................................................................................ 1
NSF CHECKS ................................................................................................................... 2
CUSTOMER DEPOSITS....................................................................................................... 5
USING CREDIT CARDS ...................................................................................................... 7
DOWNLOADING CREDIT CARD TRANSACTIONS ................................................................. 10
PETTY CASH................................................................................................................... 11
ONLINE BANKING ............................................................................................................ 13
CHAPTER 2-SETTING UP PAYROLL ........................................................................ 17
PAYROLL SETUP ............................................................................................................. 18
PREFERENCES................................................................................................................ 21
PAYROLL ITEMS .............................................................................................................. 22
EMPLOYEES ................................................................................................................... 24
CHAPTER 3-TIME TRACKING.................................................................................... 27
SET UP TIME TRACKING .................................................................................................. 28
ENTER TIME ................................................................................................................... 29
PRINT TIMESHEETS ......................................................................................................... 31
INVOICE TIME & EXPENSES ............................................................................................. 32
PRODUCTIVITY REPORTS ................................................................................................ 35
CHAPTER 4-RUNNING PAYROLL ............................................................................. 37
CREATE PAYCHECKS ...................................................................................................... 38
PRINT PAYCHECKS ......................................................................................................... 41
PRINT PAY STUBS........................................................................................................... 42
PAY LIABILITIES & TAXES ................................................................................................ 43
TAX FORM 941 ............................................................................................................... 45
REPORTS ....................................................................................................................... 46
CHAPTER 5-SECURITY & MULTI-USER ................................................................... 47
MULTI-USER QUICKBOOKS ............................................................................................. 48
ADMINISTRATOR ............................................................................................................. 49
USERS ........................................................................................................................... 50
USING IN MULTI-USER MODE ........................................................................................... 51
AUDIT TRAIL ................................................................................................................... 52
CHAPTER 6-WORKING WITH REPORTS.................................................................. 53
REPORT CENTER ............................................................................................................ 54
MODIFY COLUMNS .......................................................................................................... 55
SORT REPORT ................................................................................................................ 56
COLUMN W IDTH & ORDER .............................................................................................. 57
HEADER/FOOTER............................................................................................................ 58
FONTS & NUMBERS ........................................................................................................ 59
FILTER REPORTS ............................................................................................................ 60
REPORT PREFERENCES .................................................................................................. 61
MEMORIZE REPORTS ...................................................................................................... 62
REPORT GROUPS ........................................................................................................... 63
Mastering QuickBooks
Day 2
Special Topics-Chapter 1
NSF Checks
If someone writes you a bad check you will need to record several transactions in QuickBooks.
1) Record the money taken out of your account for the NSF check in the bank
account register.
2) Record the banks charge for the returned check in the bank account register.
3) Enter a statement charge for the NSF fee.
4) Send the customer a statement which includes the NSF check and the NSF fee.
2)
3)
4)
5)
6)
7)
Click Record.
2)
3)
4)
5)
6)
7)
Click Record.
2)
3)
4)
5)
6)
Click OK.
2)
Click the Customer:Job drop-down arrow and select the appropriate customer or job.
3)
Use the item called NSF Check Fee as the line item.
4)
5)
Click Record.
Special Topics-Chapter 1
Customer Deposits
There are several ways to handle customer deposits. Real World Training recommends the
method shown here because it is the easiest to follow for non-accountants. A journal entry to
reclassify unused deposits might be required to prepare year-end financial statements. To enter
customer deposits, follow these steps:
1) Record the deposit as a payment when you receive the money
2) Create an invoice when you provide the products or services
3) Apply the deposit to the invoice
2)
Click the Received From drop-down arrow and select the appropriate customer or
job.
3)
4)
5)
6)
Special Topics-Chapter 1
Invoice Customer
1)
2)
Click the Customer:Job drop-down arrow and select the appropriate customer or job.
3)
4)
5)
6)
7)
Click Done.
8)
Apply Credits
Use the steps to customize forms on Page 86 to add the Payments/Credits field to your invoice. You
can also change the title of Payments/Credits to Down Payment.
Enter Charges
Click the Enter Credit Card Charges icon on the Home page.
2)
Click the Credit Card drop-down arrow and select the appropriate credit
card.
3)
4)
Special Topics-Chapter 1
2)
Click the Account drop-down arrow and select the appropriate credit card.
3)
Enter the information for Statement Date, Ending Balance, and Finance Charge.
4)
5)
Click the Charges and Cash Advances that cleared the statement.
6)
7)
8)
Select whether to enter a bill or write a check in the Make Payment window.
9)
10)
Click Print.
11)
12)
13)
Begin Reconciliation
Make Payment
Special Topics-Chapter 1
10
Petty Cash
Some companies use a petty cash fund for small purchases, instead of writing checks. Use the
following steps to set up and use petty cash in QuickBooks.
2)
3)
4)
5)
Click Continue.
6)
7)
2)
3)
4)
5)
11
Special Topics-Chapter 1
2)
Click the Bank Account drop-down arrow and select Petty Cash.
3)
4)
5)
12
Online Banking
Use QuickBooks Online Banking to electronically manage bank accounts directly from QuickBooks.
First, set up online banking using the Online Banking Setup Wizard. Next, enter online transactions,
payments, and messages using the Online Banking Center. Next, download transactions into
QuickBooks using the Online Banking Center. Finally, match or add the downloaded transactions into
QuickBooks.
There are two ways to use Online Banking in QuickBooks. Your financial institution will let you know
which method they use.
1.
Web Connect
With Web Connect, you create an Export File or download a statement from your banks
website. Then you import it into QuickBooks.
2.
Direct Connect
With Direct Connect, QuickBooks Online Banking automatically connects and synchronizes
banking transactions.
2)
3)
4)
5)
Click Finish
13
Special Topics-Chapter 1
2)
Click the Pay to the Order drop-down arrow and select the payee.
3)
4)
5)
Online Payment
Fees may apply for online payments or online bill payments. Contact your financial institution for
more information.
14
2)
3)
4)
2)
3)
4)
5)
6)
For unmatched transactions, enter the Payee and Account on the right side
of the screen.
7)
Click Show splits, memo, date, numberto enter all of the transaction
details, then click Add to QuickBooks.
8)
9)
To change Renaming Rules, click the Renaming Rules link and enter
appropriate information.
15
Special Topics-Chapter 1
16
Chapter 2Setting Up
Payroll
Mastering QuickBooks
Day 2
17
Setting Up Payroll-Chapter 2
Payroll Setup
Perform these three steps to set up payroll from scratch:
1) Select Payroll Service
2) Payroll Setup Interview
3) Create Payroll Schedules
Enhanced Payroll
Enhanced Payroll offers all the features of Basic Payroll, plus additional features that make running
payroll faster and easier. You can print federal and state tax forms directly from QuickBooks. There is
also a built-in method for tracking, reporting, and calculating workers compensation. A service called Epay lets you electronically pay federal and selected state taxes. And, you can do net-to-gross calculations
easily when preparing paychecks. Enhanced Payroll requires a subscription, a unique EIN, Internet access
to download tax table updates, and a current version of QuickBooks*.
Assisted Payroll
An Assisted Payroll subscription provides all the features in Basic Payroll, plus the service prepares and
files your payroll tax forms and makes payroll tax deposits. Assisted Payroll fully integrates with
QuickBooks. This means that you will not have to re-enter payroll transactions into QuickBooks as you
do with most traditional payroll services.
After you enter payroll data into QuickBooks, the data is sent to Intuit via the Internet. When Intuit
receives your payroll file, they send you an electronic receipt and update your accounts in QuickBooks.
Then, Intuit transfers the funds from your bank account to make tax deposits. Also, any payroll tax forms
are filed. You can either print the paychecks or use the optional direct deposit service. Each quarter, Intuit
sends you a copy of the filed federal and state payroll tax forms. At the end of the year, Intuit prints and
mails you the W-2s. To use Assisted Payroll, you must have an internet connection, a unique employer
id number, state withholding and unemployment tax id numbers, and a current version of QuickBooks*.
Direct Deposit
With the Direct Deposit option, you enter bank account information for each employee. Then, you enter
paychecks in the normal fashion. Finally, you send the paycheck information to Intuit. The funds are
directly deposited in each employees bank account.
* Intuits payroll services are compatible with the latest version(s) of QuickBooks. However, supported versions are subject to change.
18
2)
3)
19
Setting Up Payroll-Chapter 2
2)
3)
4)
5)
6)
7)
Click OK.
8)
Click Yes to assign employees with the same pay frequency to the payroll
schedule (if prompted).
9)
Payroll Schedule
20
Preferences
!
2)
3)
4)
5)
Click OK.
Employee Defaults
21
Setting Up Payroll-Chapter 2
Payroll Items
QuickBooks uses Payroll Items for anything that affects the amount on a payroll check and for
company expenses related to payroll. After turning on QuickBooks Payroll, you can add payroll
items as needed.
When you add an item, you can use EZ Setup or Custom Setup. Real World Training
recommends EZ Setup.
Description
Compensation
Insurance
Benefits
Retirement
Benefits
Other
Additions
Mileage Reimbursement,
Employee Advance
Other
Deductions
Custom
22
Example
2)
3)
Select one of the top payroll item types and click Next.
4)
5)
Click Finish.
Select Employees:Manage Payroll Items:View/Edit Payroll Item List from the menu.
2)
3)
4)
5)
6)
Click Finish.
23
Setting Up Payroll-Chapter 2
Employees
!
Add Employees
1)
2)
3)
4)
5)
Click OK.
Employee List
Personal Information
24
Employment Information
25
Setting Up Payroll-Chapter 2
Federal Taxes
State Taxes
26
Chapter 3Time
Tracking
Mastering QuickBooks
Day 2
27
Time Tracking-Chapter 3
2)
Click the Time & Expenses icon in the list to the left.
3)
4)
5)
Click OK.
28
Enter Time
QuickBooks lets you track the time employees or subcontractors spend on each job. The time can be
used to pay employees, pay subcontractors, and invoice customers. There are four primary ways you
can enter time into QuickBooks.
1) Single Activity
2) Timesheet
3) Directly Onto Paycheck
4) QuickBooks Time & Billing Manager
Timesheet
This allows entry of an employee's time for a full week.
Click the Enter Time icon on the Home page and select Use Weekly
Timesheet from the drop-down arrow.
2)
Click the Name drop-down arrow and select the appropriate employee.
3)
4)
29
Time Tracking-Chapter 3
30
Print Timesheets
!
Print Timesheets
1)
Click the Enter Time icon on the Home page and select Use Weekly
Timesheet from the drop-down arrow.
2)
3)
4)
5)
Click OK.
6)
Click Print.
Print Timesheets
Timesheet
31
Time Tracking-Chapter 3
2)
3)
4)
Click the box next to Create invoices from a list of time and expenses.
2)
3)
4)
Check the box next to Let me select specific billables for this Customer:Job.
5)
6)
Select the time to bill in the Choose Billable Time and Costs window.
7)
Click OK.
8)
9)
32
33
Time Tracking-Chapter 3
Customer Invoice
34
Productivity Reports
!
Select Reports:Jobs, Time & Mileage:Time by Job Detail from the menu.
35
Time Tracking-Chapter 3
36
Chapter 4Running
Payroll
Mastering QuickBooks
Day 2
37
Running Payroll-Chapter 4
Create Paychecks
!
Create Paychecks
1)
Click the Pay Employees icon on the Home page. Or click the Payroll Center icon
on the Home page.
2)
If using payroll schedules, select the appropriate payroll schedule for payment.
Then click Start Scheduled Payroll.
3)
If not using payroll schedules, click Unscheduled Payroll. Then, select the
employees to pay in the Enter Payroll Information window.
4)
5)
Click Continue.
6)
7)
8)
9)
10)
Select whether to Print Paychecks and/or Print Pay Stubs in the Confirmation
and Next Steps window.
11)
Click Close.
38
39
Running Payroll-Chapter 4
40
Print Paychecks
You can print a paycheck while reviewing it in the Paycheck window. This method works well
if you are printing only one or two checks. If you are printing several paychecks at once, you
can click the Print:Print Paychecks button in the Payroll Center or select File:Print
Forms:Paychecks from the menu.
Print Paychecks
1)
2)
3)
Click Print.
Print Checks
41
Running Payroll-Chapter 4
2)
Click Print Pay Stubs in the Confirmation and Next Steps window.
3)
Select pay stubs to print, click Print, and click Print again.
Pay Stub
42
Pay Taxes/Liabilities
1)
2)
In the Pay Scheduled Liabilities section of the window, select the tax or liability
to pay in the list.
3)
4)
Enter expenses and/or penalties in the Liability Payment window (if applicable).
5)
6)
43
Running Payroll-Chapter 4
Pay Liabilities
Liability Payment
44
2)
3)
Click OK.
4)
5)
6)
Click OK.
7)
Answer all questions in the Interview for your Form 941/Schedule B, and click Next
until finished.
8)
9)
10)
11)
Click Print.
12)
45
Running Payroll-Chapter 4
Reports
!
2)
3)
Click the boxes next to Hours and Rate below Add subcolumns for.
4)
Click OK.
Select Reports:Jobs, Time & Mileage:Job Profitability Detail from the menu.
2)
Click the Customer:Job drop-down arrow and select the appropriate customer or
job.
3)
Click OK.
46
47
Multi-User QuickBooks
QuickBooks Pro and Premier allow up to five people to use the same company data at a time.
QuickBooks Enterprise Solutions allows up to 30 concurrent users. These users can all be
working at the same time; even in the same part of the program (for certain features).
To use QuickBooks in multi-user mode, you must install a licensed copy of QuickBooks on each
networked computer. The company file should be located on a shared resource (like a server or a
hard disk that can be accessed by all users).
48
Administrator
The first step is to designate one user as the QuickBooks Administrator. This one person has
unlimited access to all of QuickBooks. The Administrator is the only person who can:
1) Add new users
2) Change a user's access privileges
3) Import and export data*
4) Change company info and preferences*
5) Set and change the closing date and password*
6) Create portable company files*
Assign an Administrator
1)
2)
3)
4)
5)
6)
7)
Click Close.
Administrator Setup
Login Window
49
Users
The QuickBooks Administrator can add users to the company file and assign user security
levels. You can set up the accountant as an External Accountant user. An External Accountant
user can access all areas of QuickBooks, but cant view sensitive customer information, such as
credit card numbers.
2)
3)
4)
5)
6)
7)
Check the box if you want to add this user to your license.
8)
9)
In the first screen, select the users access level: Selected areas of QuickBooks,
All areas of QuickBooks, or External Accountant.
10)
11)
12)
Click Close.
Area
Purchases &
Accounts Payable
Checking &
Credit Cards
Inventory
Time Tracking
Payroll
Sensitive Accounting
Activities
Sensitive Financial
Reporting
Changing or Deleting
Transactions
50
!
!
2)
Click OK.
2)
3)
Click Next.
4)
5)
Click Open.
6)
7)
Click OK.
Login Window
51
Audit Trail
An important part of accounting is tracking which transactions have been added, changed, or
deleted during a period of timeand by whom. QuickBooks provides this information through
the Audit Trail report.
52
53
Report Center
The Report Center helps locate and run reports that show the information you need.
Report Center
1)
2)
3)
To open a report, click the Display icon below the report preview.
54
Modify Columns
!
2)
3)
4)
Click OK.
Modify Report-Columns
55
Sort Report
!
Sort Report
1)
2)
3)
Click the drop-down arrow next to Sort by to select the sort field.
4)
5)
Click OK.
Modify Report-Sort
Sorted Report
56
2)
Click and drag the small diamond between column headings to the left or right.
2)
Click and drag the column title over the small diamond between column headings.
57
Header/Footer
!
Change Header/Footer
1)
2)
3)
4)
5)
Click OK.
Modify Report-Header/Footer
58
2)
3)
4)
Select the appropriate report element in the Change Font For list.
5)
6)
7)
Click OK.
8)
9)
10)
Click OK.
59
Filter Reports
!
2)
3)
4)
5)
Click OK.
Modify Report-Filters
Reports w/Filter
60
Report Preferences
Report preferences allow you to customize and format reports for your business needs.
Report Preferences
1)
2)
3)
4)
Click Format.
5)
61
Memorize Reports
!
Memorize a Report
1)
2)
3)
4)
5)
Click OK.
2)
3)
4)
5)
62
Report Groups
QuickBooks lets you display/print multiple reports at one time. To do so, create a Memorized
Report Group. Once a group is added, you can click and drag memorized reports to make them
part of a group. Reports can also be added to a report group when you memorize the report.
2)
3)
4)
5)
Click OK.
2)
Move the cursor over the diamond to the left of the report that will become
part of the group.
3)
4)
63
2)
3)
4)
64
Mastering QuickBooks
Day 2
65
2)
3)
4)
5)
6)
Export Report
Report in Excel
66
2)
3)
Click Browse to select the location of your company file (if necessary).
4)
Click the drop-down arrows to change the date range for the report (if necessary).
5)
Click Update.
67
68
2)
3)
4)
5)
Close Microsoft Word, by clicking the Microsoft Office button and selecting
Exit Word.
6)
7)
8)
Click the Finish button in the last Letters and Envelopes window.
69
Design Letter
70
Chapter 8Utilities
Mastering QuickBooks
Day 2
71
Utilities-Chapter 8
Backup Options
72
Backup Frequency/Schedule
73
Utilities-Chapter 8
2)
3)
Click Next.
4)
5)
Click Next.
6)
7)
Click Open.
8)
Click Next.
9)
10)
Click Save.
11)
Enter the User Name: and Password: in the QuickBooks Login window
(if file is password protected).
12)
74
Updating QuickBooks
Versions
A new version of QuickBooks is released approximately every year. A new version adds new
features and improvements. Intuit charges a fee for the purchase of a new version. Contact Intuit
for current prices.
After the new version is installed, QuickBooks asks you whether your data file should be
updated to the new version. By typing YES, QuickBooks automatically updates your file to
the new version. Once the file is updated, you can no longer open the data file in the previous
version.
Maintenance Releases
Intuit occasionally creates maintenance releases for an existing version of QuickBooks. A
maintenance release usually corrects problems in QuickBooks not discovered until after
distribution of a new version. Also, Intuit might add features that were not available at the time
the version was distributed. Intuit does not charge a fee for maintenance releases.
To determine the current version and release of QuickBooks, display the Product Information
window.
Press the F2 key or hold down the Ctrl key and press 1 on the keyboard.
75
Utilities-Chapter 8
2)
3)
4)
5)
Click Save.
6)
Click Close.
2)
3)
4)
76
Chapter 9Year-End
Procedures
Mastering QuickBooks
Day 2
77
Year-End Procedures-Chapter 9
78
2)
3)
4)
5)
6)
Click OK.
7)
Click OK.
79
Year-End Procedures-Chapter 9
2)
3)
Click OK.
4)
5)
Select the role associated with the user(s) for which you want to restrict access.
6)
7)
8)
9)
10)
Click OK.
11)
Click Close.
80
81
Year-End Procedures-Chapter 9
82
Chapter 10Customizing
Forms
Mastering QuickBooks
Day 2
83
Customizing Forms-Chapter 10
84
Apply Design
85
Customizing Forms-Chapter 10
Additional Customization-Header
86
Additional Customization-Footer
Customized Invoice
87
Customizing Forms-Chapter 10
Duplicate/Download Templates
You can duplicate a custom form to use it as a starting point for other forms. This makes it easier to
create additional forms with the same look and feel.
2)
3)
4)
Select the form type to be created in the Select Template Type window.
5)
Click OK.
2)
3)
Select the form to download from the Intuit QuickBooks Community website
and click Download.
4)
88
89
QuickBooks Calendar
Keep track of when bills and invoices are due and set to dos to remind you of important
business tasks with the QuickBooks Calendar.
Add a To Do
1)
2)
3)
4)
5)
6)
90
Find
What if you make a mistake on an invoice or a check? Can you retrieve the original transaction
and make the necessary changes? Yes! QuickBooks lets you retrieve and change transactions
using the methods discussed in this chapter.
Previous/Next Buttons
Use the Previous/Next buttons to locate recently entered transactions.
Find Button
QuickBooks has a Find button on checks, invoices, bills, estimates, sales receipts, credit card charges,
purchase orders, credit memos, and sales orders. Use the Find button to quickly locate transactions.
91
Simple Find
2)
3)
4)
5)
6)
Find Transactions
1)
2)
3)
4)
Click the (List Name) Center icon, then click the (List Name) tab.
Click the View drop-down arrow and select the appropriate option.
Select the appropriate name in the list to the left.
Make appropriate selections from the drop-down arrows.
Find Transactions
1)
2)
3)
92
QuickBooks Search
QuickBooks Search helps you find list entries, transactions, and menu items. Not sure how to access a
feature? Not sure which list a name is on? Use Search to find it quickly.
2)
3)
4)
5)
93
Memorizing Transactions
If you have transactions that occur often, you can save time by memorizing the transaction. This allows
you to reuse the transaction whenever needed. QuickBooks lets you memorize checks, bills, invoices,
and many other transactions.
2)
3)
4)
5)
Click OK.
Rent Check
94
2)
3)
Click Enter Checked Now to enter transactions now, or Enter All Later to
enter no transactions.
4)
2)
3)
4)
5)
6)
7)
Click No (to avoid recording the entry before its scheduled date).
2)
3)
4)
5)
6)
Click OK.
2)
3)
95
Keyboard Shortcuts
Keyboard Strokes
Effect
Ctrl + 1
Ctrl + F
Find transaction
Ctrl + H
Ctrl + M
Memorize transaction
Ctrl + O
Ctrl + Q
Ctrl + R
Use register
Ctrl + U
Ctrl + V
Tab
Shift + Tab
Ctrl + Tab
Esc
Ctrl + Z
Up Arrow
Down Arrow
Space Bar
Ctrl + Up Arrow
Diamond
Use the diamond on lists to move the item to another position or to make
subaccounts, sub-items, or jobs
96
AppendixManaging
Employees
Mastering QuickBooks
Day 2
97
Managing Employees-Appendix
Employee Organizer
QuickBooks includes a powerful feature called the Employee Organizer*. This tool puts employee
information, compliance guidance, and critical reports where you need them.
Add Employee
2)
* To use Employee Organizer, internet access is required. Twelve months of Employment Regulations Update
service are complimentary with purchase of QuickBooks Enterprise Solutions. Fees may apply after 12 months.
98
2)
99
Managing Employees-Appendix
2)
Terminate Employee
Terminate Employee
1)
2)
100
Reports
!
2)
3)
Click the Employee drop-down list and select the appropriate employee.
4)
2)
Click the Display drop-down list and select Year-To-Date Payroll Summary.
3)
101
Managing Employees-Appendix
102
12QBOX-MD2 (9.1.2011)