Click Edit Account during the EasyStep Interview. Select Import My Chart of Accounts during the EasyStep Interview. The rest of this chapter explains how to create a company file, and then how to open company files you create.

This is just to get you off to a good start with your file. What transaction/form do you begin with to enter a vendor credit? Vendor Credit  There is no such transaction in QuickBooks.b. Enter Bill  This is the correct answer.

There is less money in the checking account.  Do not edit or delete the original deposit. You must record that you now have less money.

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So to prevent work disruptions, plan to upgrade all copies of QuickBooks and the company file during downtime. In the “Set Number of Previous Companies” dialog box, type the maximum number of companies you want to see on the submenu, and then click OK. Moving a file from QuickBooks for Mac to QuickBooks for Windows is mainly about getting the file into a QuickBooks for Windows format. To do that, simply create a backup of the file in QuickBooks for Mac, and then restore that backup in QuickBooks for Windows.

The account you selected when you set up the item. The account you choose determines how items affect financial statements.b. Other Income account. How do you combine or merge two list entries? Rename the unwanted list entry to match the name of the list entry you want to merge into.

Adding Details to Your Company File

Lists additional setup tasks you need to perform to flesh out your company file—and where in this book to learn more about those tasks. Which of the following Payroll Services are available with QuickBooks? Basic  With this option, you record paychecks, and QuickBooks calculates taxes for you. Only use this option if an accountant is responsible for filing federal and state tax forms.b. Enhanced  With this option, you get the Basic features, plus QuickBooks can automatically complete your federal and state tax forms. You can also pay and file electronically in most states.c.

Ctrl + L  This shortcut works when your cursor is in a field. QuickBooks opens the list for that field. For example, if the cursor is in the expense field on a check, QuickBooks opens the Chart of Accounts.c.

• It will also provide a layer of extra security against accidental data tempering, i.e., it prevents any changes in the previous year’s tax reporting data.
• If you work for a company or own a business, it’s important to understand your choices for running payroll.
• If you copy and paste the password from one box to the other, you could copy a typo and not be able to open the company file you just created.
• With a clever workaround, you can also clear out old entries that you don’t want to see.
• If you prepare quotes, bids, or estimates for your customers and want to do so in QuickBooks , select Yes.
• This means they do not affect accounts at all.

You can return to this Accrual vs Deferral at any time by choosing Company→Bulk Enter Business Details. Screen appears only if you chose No on the “Do you want to create estimates in QuickBooks? ” screen. If you answer No , QuickBooks jumps to the “Managing bills you owe” screen. Consider storing your company file in a folder with the rest of your company data so that it gets backed up along with everything else.

Fine-Tuning Your Converted Quicken Data

Subaccounts cannot be hidden, as they will be lost once the report is collapsed. Sure to run all reports prior to completing this process. The standard check, with a paper check stub as backup. Manually change the Amount field to the discounted total for the item. Click Add Discount at the top of the invoice and apply it to the correct item. Invoice remains available for reference with a zero balance due.

You can also drag your cursor over checkmark cells to turn several accounts on or off. QuickBooks Pro doesn’t include sales orders. If you want to call the file something other than the company name you entered earlier in the interview, simply type a new name in the “File name” box. For example, you may want one that’s shorter or that better identifies the company’s records within.

The Quickbooks EasyStep Interview is the best way to get started using the software for the first time. The first step in using Quickbooks is to set up a New Company. This is done by choosing ‘Create a new company’ from the ‘File’ menu. Doing this will open the EasyStep Interview which will walk you through the process of setting up Quickbooks for your company.

The next time you open that company file, the EasyStep Interview continues where you left off. Figure 1-2. QuickBooks’ list of industries is robust, so chances are good you’ll find one that’s close to what your company does. Or you can click the “Help me choose” link to see all the industries the program offers. The next best start date is the last day of the previous fiscal quarter . A backup of the company file shall be created before the start of the Condense process.

Edit the user’s access to restrict their ability to work with transactions. Create a sales order and then create an invoice when payment is due. You are immediately prompted to back up the company file.

c. Click Edit Account during the EasyStep Interview.

As you step through the screens in this section, make a list of the features you’re turning on for reference. If you decide to change any of these settings later, Chapter 25 tells you how. The password in both the “Administrator password” and “Retype password” boxes. If you copy and paste the password from one box to the other, you could copy a typo and not be able to open the company file you just created.

QuickBooks does it for you.  In some cases, QuickBooks will recommend frequencies, but these frequencies differ from company to company. So you should consult your accountant and enter this information. If your Quicken file contained unpaid bills, simply write checks to pay them in QuickBooks. After your vendor balances are zero, you’re ready to enter new bills in QuickBooks. When you record your first bill, the program automatically adds a new account called Accounts Payable to your chart of accounts.

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Restore the condensed data file to the new computer. After the close date, only certain users are allowed to access data for reporting purposes. Click Yes and enter the administrator password to continue. It is supposed to select file and new company option. The bills will be directly charged to the un-categorized expense account, as opposed to individual expense accounts. First of all, move to the file menu and opt for the utilities option and then click on the Condense data.

When entering a journal entry, what happens if the debits don’t equal the credits? QuickBooks sends the difference to an adjustment account. QuickBooks will not allow you to record the transaction. QuickBooks asks you what to do with the “unequal” amount.