Course Introduction

Course Introduction: 

Course Introduction James C. Wangerin, CPA Instructor Contact information at www.wangerin.com

Download and restore the data file : 

Download and restore the data file Download and save the Data Training File by clicking on in the course menu To restore the data file for trial exercises: 1 From the File menu in QuickBooks, choose Open or Restore Company. 2 Select 'Restore a backup copy (.QBB) and click Next. 3 In the Restore Backup: Method window, select Local Backup and click Next. 4 In the Open window, navigate to where you saved the Data Training File. 5 Select the qblesson.qbb file, and then click Open. 6 In the 'Restore Backup: To Location' window, click Next. 7 Click next and the Sample Rock Castle Construction Company will open 8 When you see the message about the sample file’s default date, click OK. 9 Click OK when you see the message that the file has been successfully restored.

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Entering sales One of a business’s primary concerns is revenue, so let’s begin with that. Suppose your business has made a sale and you need to invoice the customer. To do that in QuickBooks, you fill out an invoice that looks just like a paper form.

You will enter an invoice.The top of the invoice looks like this.: 

You will enter an invoice. The top of the invoice looks like this.

The bottom of the invoice will look like this.: 

The bottom of the invoice will look like this.

The money owed to your business, by customers or from other sources, is your accountsreceivable. When you fill out and save an invoice form, QuickBooks automaticallymakes an entry for you in your customer’s accounts receivable register.: 

The money owed to your business, by customers or from other sources, is your accounts receivable. When you fill out and save an invoice form, QuickBooks automatically makes an entry for you in your customer’s accounts receivable register.

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Receiving a customer payment When you receive a payment from a customer for outstanding invoices, you want to record receipt of the payment and indicate which invoices are being paid. Suppose you’ve received a check in the mail from Pretell Real Estate, a customer that has several outstanding invoices for different jobs. This check is for the job at 155 Wilks Blvd.

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When you record a customer payment, you have a choice of where to put the payment. If you want to deposit several payments at once, the best way to handle the deposit in QuickBooks is to have QuickBooks hold the payment in an account called 'Undeposited Funds' until you deposit the payments in a bank account. The Undeposited Funds account is like a cash drawer. Using the Undeposited Funds account makes it easier to reconcile the bank account because the deposits match those made at the bank.

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When you group deposits into the Undeposited Funds account, QuickBooks keeps customer payments in the account until you’re ready to go to the bank. Then you just tell QuickBooks you’re ready to make a deposit.

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Accounts payable is the record of outstanding bills your business owes. By tracking your account payable, you’ll know exactly how much you owe and when. This is the only way you can get an accurate picture of your business’s finances.

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QuickBooks has a reminder system that can tell you when you have transactions due. You can set up QuickBooks to display a Reminders window that lists the due dates for each transaction coming due. You can decide whether you want QuickBooks to remind you, and choose exactly which transactions you want to be reminded of.

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When you pay for a purchase on the spot, you don’t need to enter a bill first. You can write a check at the Write Checks window for a manually written check or a check you want to print. (You can even set up a QuickBooks 'bank' account for petty cash and record 'checks' for payments made from petty cash.)

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If your business has inventory items to resell, you can use QuickBooks to keep track of ordering items, receiving items, paying for items, and selling items.

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Receiving items is the second step. A few days after you order the doors, they are delivered, and you want to receive the shipment to update your inventory records (the amount of the item you have on hand). Suppose you’ve received the inventory items, but you haven’t received a bill with the items. (This is a very common occurrence.)

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You can sell inventory items by creating an invoice the same way you did earlier. QuickBooks automatically keeps track of the items sold and updates your financial reports. If you sell three doors, QuickBooks automatically reduces the number of doors on hand by three, and adds both the revenue and the cost of goods sold associated with these doors to your financial reports.

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QuickBooks has a variety of inventory reports to tell you everything you might want to know about your inventory. Now that you’ve entered the bill, you can generate an inventory stock status by item report to make sure that all the items you’ve received are accounted for.

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The Reports menu has a wide variety of preset reports. You can customize any of the preset reports to show the exact data you need. To create a report, you choose the report you want from the QuickBooks Reports menu.

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