Quick Books Chart of Accounts
February 24th, 2008 Filed Under "How to", Free resources, Resources, Tips
Quickbook Chart of Accounts
Now that you have completed your quickbooks easy interview process, you will find that quickbooks has automatically set up certain accounts based on the information you provided when completing quickbooks easy interview process.
Chart of Accounts
Let’s look at the chart of accounts, that was automatically set up by quickbooks. To locate your chart of accounts, click the list menu and then click on chart of accounts. This will open your windows showing your chart of accounts created by quickbooks.
Numbering of Quickbook Accounts
Notice the number of your various accounts and then decide if your company would like to organize your different accounts in a numbering sequence. For example your accounts payable numbering category could look something like the below:
2000-2999 = Accounts Payable
3000-3999 = Accounts Receivable
4000-4900 = Equity
5000-5999 = Income
6000-6999 = Expense
Notice that each chart of accounts has its own numbering. If you choose to implement this type of numbering system for your accounts, you will need to choose the correct preferences in quickbooks.
Go to preferences and click on accounting from the list of choices. Next you will click company preferences and then select the box for using account numbers and then click okay.
Historical Transactions
In the article titled “Setting up your company using Quickbooks” we gave you information on how your starting date relates to the amount of historical data you will have to enter. If you entered a start date earlier then today’s date, you will need to enter all past transactions from the starting date you entered.
When you begin entering historical transactions, it is best to use the account register. Listing historical transactions in your account register will allow quickbooks to credit a customers payment. It is also very important to list your historical transactions in chronological order.
Some historical transactions to list would be bills you’ve received since your start date, bills you’ve paid, cash or checks you’ve received, purchase orders, statements and invoices, bank deposits made, payroll data and employee year-to-date accrued.
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Setting up your company using Quickbooks
February 19th, 2008 Filed Under "How to", Resources, Tips
Quickbooks Company setup
Setting and customizing your company to use quick books is a very easy process. Quickbook setup allows you to set-up your company using a easy to follow interview process. This process can take anywhere from 15 minutes up to several hours, depending on how detailed your company information may be.
You can choose to set up your quickbook company providing only essential information about the company or you may choose to provide a more detailed account of historical transactions on your customers, vendors, employees, products and services. Your choice will determine the lenght of time it takes you to complete the quickbook setup.
Quickbook Company File
The company file that quickbook uses consist of the data information used by quickbooks to store and manage information about your company’s fiancial transactions. You will see the extension .qbw at the end of your quick books company files.
Quick book Set up Checklist
Before you begin quickbooks you will need to have important records, files and information on hand. Having this information available will help you to be able to complete the quick books interview process more efficiently.
Quick book Checklist
1. Your quick book company name and address
Be sure to have the legal name of your company. This is the name that you use on all your official, tax forms and documentations. Your legal name may be different from the company name you use on your customized invoices, statements and reports.
2. Federal Tax Identification Number
Your federal ID Number is the 9 digit number that was issued to you by the IRS (internal revenue service). This number is also called an EIN or Employer Identification number. If you do not have one, you can file an application for an EIN online or by calling the Internal Revenue Service at 800-tax-form. You should also know that some businesses with no employees, sometimes use there social security number, however I think it’s best to apply for your federal Identification number.
3. Your Company/Business start date
This is very important, because using quickbooks you will have to enter ALL data from the start date you put in, up to the present date. Therefore, if you use a start date of one year ago, you will have to locate all your historical data, idating back to the start date you entered and enter all information accordingly.
4. Sales Tax Information
If you company or business charges sales tax, you have to enter data regarding how much your sales tax is, how much you currently ow in sales tax, and the address where you are to pay your taxes.
5. Bank Statement, cancelled & outstanding checks and credit cards.
In order to input data on your company or business banking you will need to have your most recent bank statements of all business accounts. When quickbooks ask you for your opening balance, you will pull this information from you closing balance from your current bank statement. Then locate your credit card statements and enter the information accordingly.
6. Payroll Information
If you will be doing payroll with quickbooks you need to have information on your employees’ such as tax information, deductions, benefits year to date information, payment and/or direct deposit information.
Completing this checklist and having all necessary paperwork available will make setting up quick books an easier process.
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Starting Quickbooks
February 18th, 2008 Filed Under "How to", Resources, Tips
Starting Quickbooks
Quickbooks menu will show your home menu, customer center menu, vendor center, employee center and your report center for quickbooks. You may also see tabs for services, payroll, credit cards, reminders, search and feedback.
Quickbooks Home menu
Clicking on the quickbooks home tab will take you to a window displaying your Vendor information, Customer information and Employee information on the left side of the window. Next you will see the company information, banking information , and in the far right side of the window will display quickbooks getting started information that consist of your first steps, upgrading your payroll services, accepting credit cards, where to order your checks and supplies, and other recommended services.
Quickbooks Vendor Information
In the quickbooks vendor category you will see options for creating purchase orders, receiving inventory, entering bills, entering bills against inventory, pay bills and managing your business sales tax.
Quickbooks Customers Information
In the quickbooks customer category you will see options for creating sales orders, creating estimates, changing orders, creating invoices, statement charges, statements, payments received, creating sales receipts, refunds, credits and getting online payments.
Quickbooks Employee Information
In the quickbooks employee category you will see options for the payroll center, entering time, paying employees, pay liabilities and processing payroll forms.
Quickbooks Company Information
Under the quickbooks company category you will find a company chart of accounts, build assemblies, items and services, adjust quantity on hand and various marketing tools tab.
Quickbook Banking Information
Under the quickbook banking category you will find options for recording your deposits, reconcile, write check, check register, print checks and enter credit card charges.
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Starting Quickbooks
February 18th, 2008 Filed Under "How to", Resources, Tips
Starting Quickbooks
Quickbooks menu will show your home menu, customer center menu, vendor center, employee center and your report center for quickbooks. You may also see tabs for services, payroll, credit cards, reminders, search and feedback.
Quickbooks Home menu
Clicking on the quickbooks home tab will take you to a window displaying your Vendor information, Customer information and Employee information on the left side of the window. Next you will see the company information, banking information , and in the far right side of the window will display quickbooks getting started information that consist of your first steps, upgrading your payroll services, accepting credit cards, where to order your checks and supplies, and other recommended services.
Quickbooks Vendor Information
In the quickbooks vendor category you will see options for creating purchase orders, receiving inventory, entering bills, entering bills against inventory, pay bills and managing your business sales tax.
Quickbooks Customers Information
In the quickbooks customer category you will see options for creating sales orders, creating estimates, changing orders, creating invoices, statement charges, statements, payments received, creating sales receipts, refunds, credits and getting online payments.
Quickbooks Employee Information
In the quickbooks employee category you will see options for the payroll center, entering time, paying employees, pay liabilities and processing payroll forms.
Quickbooks Company Information
Under the quickbooks company category you will find a company chart of accounts, build assemblies, items and services, adjust quantity on hand and various marketing tools tab.
Quickbook Banking Information
Under the quickbook banking category you will find options for recording your deposits, reconcile, write check, check register, print checks and enter credit card charges.
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Learning Quickbooks
February 17th, 2008 Filed Under "How to", Resources, Tips
Learning Quickbook
This is a condensed version providing information on learning how to easily manage quickbooks. Here we will share week by week tips that will allow you to learn the various features of quickbook.
Learning quickbooks will allow you to manage your business easily, by keeping track of your income sales and expense. Quickbook also provides up-to-date financial information based on the details that you provide on your business. If your business has an accountant, using quick books allow you to process information more efficiently.
Customizing Quickbooks
A very important feature of quick books allow you to customize your quickbook forms to your businesses specifications for a more personalized and professional feel.
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Shore Savings Bank gave away my money
February 7th, 2008 Filed Under Business Options, Free resources, Resources
Recently, I was told that if you have a joint account and you are not the Primary on the account, that your money can be moved to another account without your permission.
I opened a business checking account with Shore Savings Bank in Exmore, Virginia over 15 years ago, with my husband as the primary account holder.
Recently, I was informed that my husband was allowed to move the entire funds of the account from our joint account to another account at the same bank, without permission from me. The account was not only depleted of the funds, but it was closed without my authorization.
So, if you have a bank account and you are not the primary, be sure to protect yourself, or at least check with the bank before opening the account to be sure that you have control over your account.
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