QuickBooks Pro

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Start new year off

QuickBooks Support - Start a new year off with a new company file in QuickBooks - http://support.quickbooks.intuit.com/support/articles/INF12329

"Start a new year off with a new company file in QuickBooks. QuickBooks enables you to create a new company file each year; thus, eliminating the data entry required during the initial file setup. Creating a new company file provides an extra measure of security against accidental changes to data for a previous tax-reporting period. It can also be used to clean up or restructure your current data by removing unused items, names, and accounts."

Closing end of year

QuickBooks Support - About closing your books at year-end - http://support.quickbooks.intuit.com/support/pages/inproducthelp/Core/QB2K6/taxes_n/yeg_n/task_closebooks.html

"About closing your books at year-end. You can choose whether to close your books at the end of the year ornot. QuickBooks doesn't require you to do so. "


"Edit - preferences - accounting - Company Preferences Tab - Set Date/Password - enter Closing Date - I recommend but you set up a password. If you don't set a password and try to post to a prior period, you will get a popup that tells you what you are about to do. " [1]


QuickBooks Support - Setting a closing date and closing date password - http://support.quickbooks.intuit.com/support/pages/inproducthelp/Core/QB2K6/admin_n/permissions_n/task_period_close.html

"You close your books by setting a closing date. You can also limit access to the closed accounting period by setting a closingdate password.
If you decide to set a password, QuickBooks requires the password for changes that would alterbalances for the accounting period you have closed. This includesadding, modifying, or deleting transactions dated on or before theclosing date. You can change the password at any time."

New Company Setup

1. Enter Company Information

  • Company Name
  • Address

2. Industry: Information Technology (Computers, Software)

3. Company Organized: LLC - Multi-member LLC (Form 1065)

4. First month of fiscal year: January

5. Sell: Services only

NOTE: *** Pretty much just answer no to everything ***

6. Sales tax: No

7. Estimates: No

8. Sales receipts: No

9. Billing statements: No

10. Progress invoicing: No

11. Track bills you owe: No

12. Print checks: I don't currently and don't plan to.

13. Credit cards: I don't currently and don't plan to.

14. Track time: No

15. Employees: No

16. Multiple currencies: No

17. Start date: 1/1/2012

18. Add bank account: No

19. Acconts: Remove all selected accounts

Finish.


Remove all default buttons from the toolbar and add:

  • Chart of Accounts
  • Create Invoices

Accounts - Remove remaining default accounts, but leave these two:

  • Opening Balance Equity - (Equity)
  • Retained Earnings - (Equity)

Accounts

Create the following accounts:

Bank:

  • Checking Account

Equity:

  • Opening Balance Equity
  • Retained Earnings

Income:

  • Consulting Income

Expenses:

  • Accounting
  • AUTO
    • Fuel
    • Insurance
    • Nissan
    • Repairs
  • COMPUTER
    • Domain Names
    • External Equipment
    • Repairs
    • Software
  • Licenses and Permits
  • Management Meeting
  • Office Supplies
  • Training and Certification
  • Utilities
    • Cell Phone
    • Internet
    • Telephone

Disable Undeposited Funds

Preferences -> Payments -> Company Preferences -> [ ] Use Undeposited Funds as a default deposit to account

Cash or Accrual

Users can select or change the accounting basis for summary reports by:

  1. selecting "Preferences" from the "Edit" menu
  2. selecting "Reports & Graphs" from the scroll box
  3. selecting the "Company Preferences" tab
  4. selecting either "Accrual" or "Cash" as the "Summary Reports Basis."

References:

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