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August 14 2013

abasthecpa23

The Bookkeeping Approach Refined




From the Banking menu, choose “Reconcile.” Notice that withdrawals and deposits are displayed side-by-side for easy review during the reconciliation process. Another nice feature is the check box that allows users to view only transactions dated on or before the statement ending date. The “Reconcile Now” button finishes the reconciliation. When the reconciliation is complete, QuickBooks provides the option to create a reconciliation report or simply close the window.

A modifiable form includes a drop-down Template box in the Header Area and a “Customize” button. For 2012, it has been improved and includes separate Vendor (or Customer) and Transaction tabs. The history pane can be hidden by clicking on the right-arrowhead that appears in its upper left corner. Using the “Create New Design” option, users can select a background, add a logo, etc. and apply these changes to multiple forms. Once again, Intuit has done a very good job of making a lot of features available from one place. Basic Customization and Additional Customization provide a broad range of ways to customize QuickBooks forms to meet company needs. Click the “OK” button in the Basic Customization window to display the Additional Customization window. Also notice that titles displayed for data fields can be changed; in some cases, so can the order of field display. Certain tabs include “Other” fields. User-defined fields can be used for employees, customers, vendors, and items (the button used for items may read “Custom Fields” rather than “Define Fields”). This allows the user to assign a different class to each item of a multiple-distribution transaction rather than simply to assign one class to the transaction as a whole.

If users set the transaction for automatic entry, Accounting Advice will prompt them to confirm before execution. Look for the word "Memorize" followed by the type of transaction you have selected; you may also use the CTRL-M hotkey sequence. Second, the QuickBooks window that prompts users to approve or delay automatic entry of memorized transactions now gives users the ability to approve or delay such entries on an individual basis. This box is checked by default when a new transaction is created on a form. Rather, it provides a means to batch print forms – the second method. If for any reason, a form requires a reprint later, simply locate the individual transaction and print it while the form is open or recheck the box on a group of transactions and repeat the batch print process.

August 01 2013

abasthecpa23

The Bookkeeping Procedure Refined

The Chart of Accounts template numbering scheme now appears to more closely conform to standard account numbering logic. Non-Posting accounts, such as Estimates, Purchase Orders, and Sales Orders, are displayed at the bottom of the Chart of Accounts. QuickBooks templates for the Chart of Accounts primarily include income and expense accounts; balance sheet accounts for banking, notes payable, etc. must be added by the user. Subaccounts will be discussed later. In the past, QuickBooks account numbering logic has needed work.




When users create a new company file, an Express Start window will open, offering to help. The information entered in the Company field will be used as a default for the name of the company file and will be displayed in the title bar of the QuickBooks window. This will be discussed later in the course. Certain accounts, such as “Accounts Payable,” “Accounts Receivable,” “Opening Balance Equity,” and “Retained Earnings,” are included with each template or are set up automatically when the related feature is activated. If they already have a Chart of Accounts, they may select “Other/None.” This will allow them to enter their Chart of Accounts from scratch. In this case, no password will be set. The Express Start button allows you to skip the interview process (older versions of QuickBooks had a Skip Interview button) and enter the minimum necessary to set up the company file.




Once the basic setup work is in place, the next step is to actually begin recording transactions. In some cases, however, use of this feature may not be desirable. Another example would be concerning bulk adjustments when entering the underlying individual transactions is not considered necessary. For instance, the Journal Entry number can now be set using an “auto ¬numbering” feature. Notice the “Name,” “Billable,” and “Class” fields. This window can be accessed by right-clicking from within the Item List window, or by selecting the “Adjust QuickBooks help Quantity/Value on Hand” option from the Inventory Activities submenu of the Vendors menu.

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