QuickBooks 2008 Solutions

QuickBooks 2008 Solutions Guide for Business Owners and Accountants contains a wealth of information useful to both the business owner and the accountant who services such businesses. To make finding the right information easier, the book is organized into chapters specific to each accounting module in QuickBooks. http://www.dropshippers.co.za/

The author has worked many years with businesses that use QuickBooks to manage their financials and knows that every company has its own unique needs, yet all share one common goal—to more accurately track how the business is performing financially. http://www.dropshippers.co.za/

The goal of this book is to provide easy-to-read and easy-to-follow QuickBooks “consulting” advice that business owners, bookkeepers, or accountants can use. After reading the chapters in this book, business owners and accountants will be able to efficiently troubleshoot a QuickBooks data file and make needed corrections, so they can accurately report how the business is performing financially. http://www.dropshippers.co.za/

This book helps you http://www.dropshippers.co.za/

o Get started with a QuickBooks data file and learn how to modify the file you already have http://www.dropshippers.co.za/

o Analyze your data and troubleshoot reports http://www.dropshippers.co.za/

o Review and correct any data errors in your balance sheet accounts such as Banking, A/R, Undeposited Funds, Employee Advances, Inventory, A/P, Sales Tax, and Open Bal Equity Account http://www.dropshippers.co.za/

o Use the tools in QuickBooks to properly review your payroll data and avoid costly mistakes http://www.dropshippers.co.za/

o Efficiently share your business data with your accountant http://www.dropshippers.co.za/

o Make the most of the QuickBooks reporting tools http://www.dropshippers.co.za/

Laura Madeira graduated from Florida Atlantic University with a major in accounting and is a certified trainer for Intuit’s Certified Trainer Network. As a member of this select group, she provides training to accountants and consultants each fall when the new version of QuickBooks is released. http://www.dropshippers.co.za/

She also is a guest instructor for Intuit at many trade shows throughout the year, and she writes published QuickBooks technical documentation and presentations for Intuit. http://www.dropshippers.co.za/

Laura owns a software and accounting firm that has for more than 20 years helped a large variety of businesses manage their financials using Intuit’s QuickBooks software (Intuit’s Quicken in those early years). In fact, she has been training users on QuickBooks since the very first version was released many years ago. http://www.dropshippers.co.za/

Category Business | Finance http://www.dropshippers.co.za/

Covers QuickBooks 2008 http://www.dropshippers.co.za/

User Level Intermediate—Advanced http://www.dropshippers.co.za/

Front cover quote: http://www.dropshippers.co.za/

“Laura Madeira has created an extremly valuable QuickBooks resource that belongs on every business and accountant’s bookshelf” http://www.dropshippers.co.za/

—Rich Walker, CPA, Intuit Accountant Relations http://www.dropshippers.co.za/

Table of Contents

• Introduction
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Chapter 1

Creating a New QuickBooks Data File http://www.dropshippers.co.za/

• EasyStep Interview—Overview
• Select a Start Date
• Enter Bank Account Information
• Review Income and Expense Accounts
• Converting from Other Accounting Software to QuickBooks
• Converting from Quicken to QuickBooks
• Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks
• Converting from QuickBooks for Windows to QuickBooks Online Edition
• Converting from QuickBooks Pro for MAC to QuickBooks for Windows
• Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting
• Cash or Accrual Basis Startup Transactions: Accounts Receivable
• Cash or Accrual Basis Startup Transactions: Accounts Payable
• Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance
• Cash or Accrual Basis Startup Transactions: Checking Uncleared Bank Checks
• Creating a QuickBooks Data File Checklist
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Chapter 2

Reviewing the QuickBooks Chart of Accounts http://www.dropshippers.co.za/

• Understanding the Chart of Accounts
• Assets
• Liabilities
• Equity
• Income
• Cost of Goods Sold
• Expense
• Importing a Chart of Accounts
• Importing from an Excel File Format
• Importing from an Intuit Interchange Format (IIF) File
• Preferences That Affect the Chart of Accounts
• Accounts That QuickBooks Creates Automatically
• Methods to Troubleshoot and Correct Chart of Account Issues
• Removing Duplicated Accounts by Marking an Account Inactive
• Merging Duplicated Accounts
• Wrong Account Type Assigned to a Chart of Accounts Listing
• Assigning or Removing a Subaccount Relationship
• Chart of Accounts Chapter Checklist
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Chapter 3

Reviewing and Correcting Item List Errors http://www.dropshippers.co.za/

• Understanding the Differences Between the Chart of Accounts, Items, Classes, and Customer Types
• Chart of Accounts
• Items
• Classes
• Customer Types
• Using Item Types in QuickBooks
• Finding Item Errors in QuickBooks
• Reviewing Accounts Assigned to Items
• Item Listing Report
• Profit & Loss Summary Report
• Fixing Item Errors in QuickBooks
• Correcting One-Sided Items
• Making an Item Inactive
• Merging Items
• Creating Items as Subitems
• Item List Review Checklist
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Chapter 4

Easily Review Your QuickBooks Data http://www.dropshippers.co.za/

• Choosing a Reporting Basis
• Reviewing the Balance Sheet
• Account Types
• Prior Year Balances
• Bank Account Balance(s)
• Accounts Receivable
• Undeposited Funds
• Inventory
• Other Current Assets
• Fixed Assets
• Accounts Payable
• Credit Cards
• Payroll Liabilities
• Sales Tax Payable
• Other Current Liabilities and Long-Term Liabilities
• Equity
• Additional Data Reviews
• Payroll Summary Total and Payroll Expense Total
• Sales by Item Summary Compared to Total Income
• Net Income or (Loss) Agrees with Balance Sheet
• Reconcile Discrepancies Account
• Cash Basis Balance Sheet Has Accounts Receivable or Payable
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Chapter 5

Power Reports for Troubleshooting Beginning Balance Differences http://www.dropshippers.co.za/

• How Can These Power Reports Help Me?
• The Working Trial Balance Window
• Tracking Changes to Closed Accounting Periods
• Setting a Closing Date and Password
• Setting User-Specific Security
• Creating the Closing Date Exception Report
• Using the Audit Trail Report
• Using the Credit Card Audit Trail
• Using the Voided/Deleted Transactions Summary or Detail Report
• Creating the Retained Earnings QuickReport
• Using the Ctrl+Y Keyboard Shortcut
• Running the Transaction List by Date Report
• Documenting Changes Made to a Data File
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Chapter 6

Bank Account Balance or Reconciliation Errors http://www.dropshippers.co.za/

• The Importance of Correct Bank Balances in Your QuickBooks Data
• Reconciling a Bank Account for the First Time
• Verify That the Bank Account Has Not Been Reconciled
• Verify That All Banking-Related Transactions Have Been Entered
• Identify All Uncleared Transactions
• Complete the Multiple Year or Month Bank Reconciliation
• Troubleshooting an Incorrectly Reconciled Bank Account
• Review Uncleared Bank Transactions
• Reviewing Previous Bank Reconciliation Reports
• Locating Bank Account Reconciliation Discrepancies
• Reviewing the Voided/Deleted Report
• Restarting a Previously Completed Bank Reconciliation
• Undoing a Previous Bank Reconciliation
• Reconciling with an Adjustment
• Bank Reconciliation Troubleshooting Checklist
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Chapter 7

Reviewing and Correcting Accounts Receivable Errors http://www.dropshippers.co.za/

• Accounts Receivable Forms and Workflow
• Preferences That Affect Accounts Receivable
• Sales & Customers Preferences
• Checking Preference
• Finance Charge Preference
• Jobs & Estimates
• Reminders
• Reports & Graphs
• Send Forms
• Spelling
• Sales Tax Preference
• Time and Expenses
• Reports to Review When Troubleshooting Accounts Receivable Errors
• Reconcile Balance Sheet Accounts Receivable Amount to A/R Aging Summary Total
• Review Open Invoices Report
• Generate a Missing Customer Invoices Report
• When an Accounts Receivable Balance Appears on a Cash Basis Balance Sheet
• Correcting Accounts Receivable Errors
• Removing an Open Balance from a Customer Invoice
• Correcting Customer Payments Applied to the Incorrect Invoice, Customer, or Job
• When a Credit Memo Is Applied to the Wrong Customer Invoice
• When Deposits Were Made Without Using the Receive Payment Form
• Grouping Deposited Items
• Eliminating the Print Queue for Customer Invoices Marked to Print
• Unique Customer Transactions
• Recording Your Accountant’s Year-End Adjusting Journal Entry to Accounts Receivable
• When a Customer Is Also a Vendor
• Recording Customer’s Bounced Check
• Accounts Receivable Checklist
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Chapter 8

Troubleshooting and Correcting Errors with the Undeposited Funds Account http://www.dropshippers.co.za/

• The Purpose of the Undeposited Funds Account
• Preference Settings that Affect Undeposited Funds
• Reviewing the Balance in the Undeposited Funds Account
• Creating an Undeposited Funds Detail Report
• Creating a General Ledger Report of the Undeposited Funds Account
• Reviewing the Open Invoices Report
• Viewing Deposits in the Bank Register
• Viewing the Deposit Detail Report
• Fixing Errors with the Undeposited Funds Account
• Removing Old Dated Payments in the Undeposited Funds Account
• Reconciling Your Bank Register with the Bank Statement’s Deposits
• Undeposited Funds Account Checklist
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Chapter 9

Handling Current Asset Accounts Correctly http://www.dropshippers.co.za/

• Defining an Other Current Asset
• Reviewing and Troubleshooting the Other Current Asset Accounts
• Matching Other Current Asset Balances to an Outside Document
• Creating a Custom Transaction Detail Report
• Reconciling Other Current Asset Accounts
• Troubleshooting and Creating Unique Other Current Asset Account Transactions
• Correcting Balance Errors in Your Other Current Asset Accounts
• Deducting Employee Loan Payments from the Employee’s Payroll Checks
• Recording Prepaid Expenses in QuickBooks
• Tracking Customer Retainage in QuickBooks
• Other Current Asset Accounts Checklist
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Chapter 10

Reviewing and Correcting Inventory Errors http://www.dropshippers.co.za/

• Overview of the Accounting for Inventory
• Preferences That Affect Inventory
• Inventory Processes and Forms and Their Effect on Accounting
• Reviewing and Troubleshooting Inventory Balances
• Perform a Physical Inventory Count
• Reconciling the Inventory Valuation Summary Report with the Balance Sheet Inventory Balance
• Reviewing the Recorded Average Cost Valuation
• Reviewing Aged Open Item Receipts
• Reviewing Aged Accounts Payable
• Correcting Inventory Errors
• Creating an Inventory Quantity Adjustment
• Creating an Inventory Value Adjustment
• How QuickBooks Handles Negative Inventory
• When Inventory Has an Average Cost from Prior Purchase Transactions
• When Inventory Does Not Have a Prior Average Cost
• Inventory Summary
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Chapter 11

Reviewing and Correcting Accounts Payable Errors http://www.dropshippers.co.za/

• Accounts Payable Forms and Workflow
• Accounts Payable Forms
• Accounts Payable Workflow
• Preferences That Affect Accounts Payable
• Accounting
• Bills
• Checking
• General
• Reminders
• Reports and Graphs
• Tax:1099
• Reports to Review When Troubleshooting Accounts Payable Errors
• Reconcile Balance Sheet Report Accounts Payable Balance to A/P Aging Summary Report Total
• Review the Unpaid Bills Detail Report
• Reviewing Aged Open Item Receipts
• Reviewing Item Setup
• When an Accounts Payable Balance Appears on a Cash Basis Balance Sheet
• Reviewing and Printing Year-end Vendor Tax Forms
• Correcting Accounts Payable Errors
• When a Vendor Was Paid with a Check
• Misapplied Vendor Credit
• Removing Aged Open Item Receipts or Vendor Bills
• General Journal Adjustments to Accounts Payable
• Unique Accounts Payable Transactions
• When Your Vendor Is Also Your Customer
• Recording Vendor Prepayments
• Entering Mid-year 1099 Balances
• Taking Discounts on Vendor Bills
• Memorizing Recurring Transactions
• Depositing a Vendor Refund
• Paying and Recording a Credit Card Bill
• Accounts Payable Checklist
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Chapter 12

Reviewing and Correcting Sales Tax Errors http://www.dropshippers.co.za/

• Preferences That Affect Sales Tax
• Sales Tax Items, Groups, and Codes
• Creating and Using Sales Tax Items
• Creating and Using Sales Tax Group Items
• Creating and Using Sales Tax Codes
• Assigning Sales Tax Codes to Products or Services
• Assigning Sales Tax Codes and Items to Customers
• Reports to Review When Troubleshooting Sales Tax Errors
• Reviewing Customer Lists for Tax Code and Tax Item Assigned
• Reviewing Item List for Tax Code Assigned
• Reconciling Total Sales to Total Income
• Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable
• When a Check or Bill Form Was Used to Pay Sales Tax
• Properly Paying Sales Tax
• Paying Sales Tax Without an Adjustment
• Paying Sales Tax with an Adjustment
• Correcting Sales Tax Errors
• When a Check or Bill Form Was Used to Pay the Sales Tax
• When the Sales Tax Liability Report Shows Past Sales Tax Due
• When Total Sales Does Not Equal Total Income
• Unique Sales Tax Transactions
• Tracking and Collecting Multiple Sales Tax Rates
• When Your State Imposes a Maximum Sales Tax
• Multiple Sales Tax Rates on One Invoice
• Issuing Credit Memos When Sales Tax Should Not Have Been Charged
• Sales Tax Checklist
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Chapter 13

Reviewing and Correcting the Opening Balance Equity Account http://www.dropshippers.co.za/

• Purpose of the Opening Bal Equity Account
• Transactions in the Opening Bal Equity Account
• Bank Statement Ending Balance Entered in the EasyStep Interview
• Opening Balance in the Add New Account Dialog
• Entering a Total Value for a New Inventory Item
• Bank Reconciliation Adjustments (QuickBooks 2005 or Older)
• Accrual Basis Startup Records
• Reports to Review and Troubleshoot the Opening Bal Equity Account
• Closing Opening Bal Equity into Retained Earnings
• Setting a Closing Date and Password
• Opening Bal Equity Checklist
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Chapter 14

Reviewing and Correcting Payroll Errors http://www.dropshippers.co.za/

• Payroll Service Options
• Payroll & Employees Preference
• Payroll Forms and Workflow in QuickBooks
• Payroll Forms
• Payroll Workflow
• Using the Payroll Setup
• Using the Run Payroll Checkup Diagnostic Tool
• Reports to Review When Troubleshooting Payroll
• Payroll Item Listing
• Comparing Payroll Liabilities Balances to the Balance Sheet
• Compare Payroll Summary to Filed Payroll Returns
• Adjusting Payroll Liabilities
• Unique Payroll Transactions and Processes
• Scheduled Payroll and Liabilities
• Deposit a Refund of Payroll Liabilities
• Reprint a Lost Payroll Check
• Setting Up Payroll Mid-Year
• Paying a Taxable Bonus
• Employee Loan Payment and Repayment
• Adjusting an Employee Paycheck
• Payroll Checklist
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Chapter 15

Sharing Data with Your Accountant or Your Client http://www.dropshippers.co.za/

• Sharing QuickBooks Data
• Benefits for the Business Owner
• Benefits for the Accountant
• QuickBooks File Types
• Choosing a Method to Share Data
• Data Sharing for the Business Owner
• Reviewing Your QuickBooks Data
• Using the Accountant’s Copy Feature
• What the Business Owner Can and Cannot Do
• Importing Your Accountant’s Changes
• Canceling an Accountant’s Copy
• Data Sharing for the Accountant
• Preparing Your Client for the Data Exchange
• Working with an Accountant’s Copy File
• What the Accountant Can Do
• What the Accountant Cannot Do
• Returning the Accountant’s Copy Change File to the Client
• What to Request from the Client When the Import Is Complete
• Converting the Accountant’s Copy to a Regular Company File
• Sharing Data Checklist
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Chapter 16

Reporting Tips and Tricks http://www.dropshippers.co.za/

• Using the Report Center
• Reporting Preferences
• My Preferences
• Company Preferences
• Modifying Reports
• Modifying Options Available on the Report Window
• Modify Report Button
• Report Groups
• Creating Report Groups
• Using Report Groups
• Managing Report Groups
• Memorized Reports
• Exporting and Importing Report Templates
• Exporting a Report or Report Group Template
• Importing a Report or Report Group Template
• Exporting Reports to a .CSV File or to Excel
• Emailing Reports
• About Financial Statement Designer
• 0789737116 TOC 10/31/2007
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