QuickBooks 2014 the missing manual

www.it-ebooks.info www.it-ebooks.info QuickBooks 2014 The book that should have been in the box® Bonnie Biafore Beijing | Cambridge | Farnham | Köln | Sebastopol | Tokyo www.it-ebooks.info QuickBooks 2014: The Missing Manual by Bonnie Biafore Copyright © 2014 Bonnie Biafore All rights reserved Printed in the United States of America Published by O’Reilly Media, Inc., 1005 Gravenstein Highway North, Sebastopol, CA 95472 O’Reilly books may be purchased for educational, business, or sales promotional use Online editions are also available for most titles (http://my.safaribooksonline.com) For more information, contact our corporate/institutional sales department: (800) 998-9938 or corporate@oreilly.com October 2013: First Edition Revision History for the First Edition: 2013-10-11 First release See http://oreilly.com/catalog/errata.csp?isbn=0636920027478 for release details The Missing Manual is a registered trademark of O’Reilly Media, Inc The Missing Manual logo, and “The book that should have been in the box” are trademarks of O’Reilly Media, Inc Many of the designations used by manufacturers and sellers to distinguish their products are claimed as trademarks Where those designations appear in this book, and O’Reilly Media is aware of a trademark claim, the designations are capitalized While every precaution has been taken in the preparation of this book, the publisher assumes no responsibility for errors or omissions, or for damages resulting from the use of the information contained in it ISBN-13: 978-1-449-34175-6 www.it-ebooks.info Contents The Missing Credits xi Introduction xv What’s New in QuickBooks 2014 xv When QuickBooks May Not Be the Answer xvii Choosing the Right Edition xviii Accounting Basics: The Important Stuff xxi About This Book xxiii About the Outline xxiv The Very Basics xxv About→These→Arrows xxvi About the Online Resources xxvi Safari® Books Online xxviii Part One: CHAPTER 1: Setting Up QuickBooks Creating a Company File Opening QuickBooks Before You Create a Company File Creating a Company File Converting from Another Program to QuickBooks 20 Opening an Existing Company File 23 Modifying Company Info 26 CHAPTER 2: Getting Around in QuickBooks 29 Menus and the Icon Bars 30 Switching among Open Windows 32 The Home Page 34 The Company Snapshot 42 CHAPTER 3: Setting Up a Chart of Accounts 43 Acquiring a Chart of Accounts 44 Planning the Chart of Accounts 46 Creating Accounts and Subaccounts 51 Working with Accounts 58 iii www.it-ebooks.info CHAPTER 4: Setting Up Customers, Jobs, and Vendors 63 Creating Customers in QuickBooks 64 Creating Jobs in QuickBooks 75 Setting Up Vendors 78 Working with Customers, Jobs, and Vendors 81 Managing Leads 90 CHAPTER 5: Setting Up Items 93 What Items Do 93 When You Don’t Need Items 95 Should You Track Inventory with Items? 95 Planning Your Items 98 Creating Items 101 Service Items 104 Product Items 107 Other Types of Items 108 Working with Items 113 CHAPTER 6: Data Entry Shortcuts for Lists 117 Adding and Editing Multiple Records 118 Importing Customer, Vendor, and Item Information 126 CHAPTER 7: Setting Up Other QuickBooks Lists 133 Categorizing with Classes 134 Price Levels 136 Customer and Vendor Profile Lists 139 Fixed Asset Items 146 Managing Lists 147 Part Two: Bookkeeping CHAPTER 8: Tracking Time and Mileage 157 Setting Up Time Tracking 158 Entering Time in QuickBooks 161 Running Time Reports 168 Tracking Mileage 168 Generating Mileage Reports 174 CHAPTER 9: Paying for Expenses 175 When to Pay Expenses 175 Entering Bills 176 Recording a Deposit to a Vendor 181 Handling Reimbursable Expenses 183 Paying Your Bills 185 iv Contents www.it-ebooks.info Writing Checks Without Entering Bills 193 Producing Checks 197 Paying Using Other Payment Methods 203 Recording Vendor Refunds and Credits 207 Running Expense-Related Reports 208 CHAPTER 10: Invoicing 211 Choosing the Right Type of Form 212 Sales Forms and Accounts 214 Creating Invoices 216 Creating Batch Invoices 236 Deposits, Down Payments, and Retainers 240 Invoicing for Billable Time and Costs 245 Invoicing for Backordered Products 252 Estimating Jobs 258 Creating Progress Invoices 264 Handling Customer Refunds and Credits 268 Modifying Invoices 275 CHAPTER 11: Producing Statements 277 Generating Statements 277 CHAPTER 12: Transaction Timesavers 289 Printing Forms 290 Emailing Forms 299 Memorizing Transactions 303 Finding Transactions 310 CHAPTER 13: Managing Accounts Receivable 319 Receivables Aging 320 Receiving Payments for Invoiced Income 326 Applying Credits to Invoices 332 Discounting for Early Payment 334 Correcting Misapplied Customer Payments 338 Applying Finance Charges 340 Cash Sales 342 Making Deposits 349 CHAPTER 14: Bank Accounts and Credit Cards 355 Entering Transactions in an Account Register 356 Handling Bounced Checks 360 Transferring Funds 368 Reconciling Accounts 371 Managing Loans 383 Contents www.it-ebooks.info v CHAPTER 15: Doing Payroll 393 Getting Started with QuickBooks Payroll 394 Intuit Payroll Services 397 Signing Up for an Intuit Payroll Service 399 Setting Up Payroll in QuickBooks 400 Running Payroll 414 Paying Payroll Liabilities 421 Preparing Payroll Tax Forms 424 Running Payroll Reports 426 Recording Transactions from a Payroll Service 427 Paying Yourself 428 CHAPTER 16: Making Journal Entries 433 Balancing Debit and Credit Amounts 434 Some Reasons to Use Journal Entries 435 Creating Journal Entries 436 Checking Journal Entries 440 Reclassifications and Corrections 441 Recording Depreciation with Journal Entries 442 Recording Owners’ Contributions 445 CHAPTER 17: Performing Year-End Tasks 449 Checking for Problems 449 Viewing Your Trial Balance 452 Generating Financial Reports 453 Generating Tax Reports 467 Sharing a Company File with Your Accountant 470 1099s 476 Closing the Books for the Year 480 Part Three: Managing Your Business CHAPTER 18: Keeping Track of Financial Tasks 485 Tracking To-Dos 486 Adding Notes 489 Reminders 491 Your Financial Calendar 494 CHAPTER 19: Managing QuickBooks Files 497 Switching Between Multi- and Single-User Mode 497 Backing Up Files 499 Restoring Backups 508 Sending Company Files to Others 511 vi Contents www.it-ebooks.info Verifying Your QuickBooks Data 514 Condensing Data 516 Cleaning Up after Deleting Files 521 CHAPTER 20: Managing Inventory 523 Following the Inventory Money Trail 524 Setting Up Inventory Items 525 Purchasing Inventory 529 Selling Inventory 538 Running Inventory Reports 539 Working with the Inventory Center 544 Performing a Physical Inventory 546 Adjusting Inventory in QuickBooks 548 CHAPTER 21: Working with Sales Tax 553 Setting Up Sales Tax 553 Producing Reports of the Sales Tax You Owe 560 Paying Sales Tax 561 CHAPTER 22: Budgeting and Planning 563 Types of Budgets 564 Ways to Build Budgets 564 Creating Budgets in QuickBooks 565 Creating Customer:Job or Class Budgets 568 Filling in Budget Values 570 Creating and Copying Budgets with Excel 573 Running Budget Reports 578 CHAPTER 23: Tracking Finances with Reports and Graphs 583 Finding the Right Reports 584 Running Reports 588 Printing and Saving Reports 591 Customizing Reports 595 Memorizing Reports 606 Swapping Reports Between Company Files 609 Part Four: QuickBooks Power CHAPTER 24: Banking Online with QuickBooks 613 Setting Up Your Accounts for Online Services 614 Exchanging Data with Your Bank 617 Banking Online Using Express Mode 622 Banking Online Using Classic Mode 631 Contents www.it-ebooks.info vii CHAPTER 25: Configuring Preferences to Fit Your Company 637 Preferences: The Basics 638 Accounting 639 Bills 642 Calendar 643 Checking 644 Desktop View 647 Finance Charge 650 General 652 Integrated Applications 656 Items & Inventory 657 Jobs & Estimates 657 Multiple Currencies 659 Payments 660 Payroll & Employees 661 Reminders 662 Reports and Graphs 663 Sales & Customers 665 Sales Tax 667 Search 668 Send Forms 668 Service Connection 671 Spelling 672 Tax: 1099 672 Time & Expenses 672 CHAPTER 26: Integrating QuickBooks with Other Programs 675 Mail Merge to a Word Document 676 Synchronizing Contacts 682 Working with Other Apps 685 Exporting QuickBooks Data 688 Importing Data from Other Programs 696 CHAPTER 27: Customizing QuickBooks 699 Customizing the Home Page 700 Fast Access to Favorite Features 703 Customizing the Company Snapshot 709 Customizing Forms 711 CHAPTER 28: Keeping Your QuickBooks Data Secure 725 Setting Up the Administrator 726 Creating QuickBooks Users 730 Restricting Access to Features and Data 733 viii Contents www.it-ebooks.info exchange rates (foreign currencies), 468 expenses. See also bills adding markups to billable, 252 expense accounts, 52, 80 Expenses by Vendor Summary report, 466 home-office (journal entries),  445–447 Income & Expense Graph report, 466 recording deposits to vendors, 181– 183 reimbursable, 183–185 Review income and expense accounts screen, 18–19 Time & Expenses preferences,  672–673 when to pay, 175–176 exporting addresses, 691 budgets to Excel, 574–575 lists to text files, 690–691 QuickBooks data, 688–690 reports to Excel, 593–594, 691–694 report templates, 609 Express mode (online banking) See banking online, Express mode Express Start button (Setup dialog box), 10 setup, 10–13 external accountant users, 475–476 F Favorites menu, 704–705 federal income tax, 395 feeds, bank. See bank feeds FIFO costing, 551 files attaching to records/ transactions, 295 cleaning up after deleting, 521 saving reports as, 593–595 filtering Add/Edit Multiple List Entries table, 120–121 deposits by payment method, 350 reports, 602–604 transactions (Income Tracker), 321 finance charges assessing, 285 assessing on overdue balances,  341–342 Finance Charge preferences, 340, 650–652 Financial Accounting Standards Board (FASB), 44 financial reports balance sheets, 459–462 other helpful reports, 465–467 overview, 453 Profit & Loss reports, 453–460 Statement of Cash Flows report, 462–465 Find feature, 315–316 FishBowl Inventory add-on, 97 fixed asset accounts, 443 defined, 52 Fixed Asset Item List, 146–147 Fixed Fee invoice template, 223 fixed-percentage price levels, 138 fixed-price contracts, 231 F.O.B field (invoices), 225 fonts in reports, 604–606 in templates, 716 forecasts and budgets, 565 foreign currencies bills and, 181–182 Exchange Rate [currency] = box, 330 gains and losses, 468 invoices and, 226 journal entries and, 437 making deposits in, 350 Multiple Currencies preferences, 659–660 online banking and, 614 paying bills in, 187 statement charges and, 279 forms customizing templates. See  customized form templates emailing. See emailing forms printing. See printing funds transferring between accounts,  368–371 transferring between online accounts, 621–622 INDEX www.it-ebooks.info FUNDS 767 GAAP (GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) G GAAP (generally accepted accounting principles), 453 general journal entries (GJE). See journal entries (JE) General preferences, 652–656 Grid View (Report Center), 585 gross profit (Profit & Loss), 455 Group items invoicing, 100 Sales Tax Group items, 559–560 setting up, 110–111 groups adding memorized transactions to, 308–310 billing, 237, 239 creating memorized report groups, 608 H handwritten checks, 197–198, 359 headers and footers (reports),  604–605 Help, 751–753, 755–757 hiding accounts, 58–59 entries in lists, 150–151 form templates, 720 items, 114–115 records of customers/jobs/ vendors, 86–87 Upcoming and Due pane (Calendar), 495 home-office expenses (journal entries), 445–447 Home page Banking panel, 41–42 Company panel, 41 Customers panel, 38–41 customizing, 700–703 Employees panel, 41 overview, 34–36 preferences, 650 Vendors panel, 36 I I-9 tax form, 395 icon bars customizing, 705–709 overview, 30-32 QuickBooks window, 30–32 768 iif files, 45–46 importing accountant’s changes, 473-474 budgets into QuickBooks, 577–578 chart of accounts, 45–46 data from existing Excel files, 128–131 delimited files, 696–697 with Excel import wizard, 127–128 Import Excel and CSV toolkit, 129 report templates, 610 vendor/customer information,  126-131 income accounts, 52 creating accounts for broad categories of, 85 Income by Customer Summary report, 466 Income & Expense Graph report, 466 Income Tax Preparation report,  468–469 Income Tax Summary report, 468 Income Tracker, 320–322, 327 reimbursable expenses, setting up as, 183–185 Review income and expense accounts screen, 18–19 independent contractors, 396, 476–480 installing QuickBooks first-time installation, 741–744 installing/upgrading to new versions, 744–746 multiple versions, 740 preparation for, 739–740 integrated applications preferences, 656 setting up, 687–688 interest rates (loans), 388–389 Internet Connection Setup wizard, 615 Intuit Advanced Inventory service, 551 App Center, 686 Community, 753–755 Data Protect, 504 invoices, 222 invoice templates, 228 Marketplace, 686 online bill-pay service, 614 PaymentNetwork, 72, 233–234 INDEX www.it-ebooks.info payroll services, 397–400 website, 22 inventory adjusting records in QuickBooks, 548–551 advanced settings (Enterprise edition), 658 Inventory Assembly items, 528–529, 530 Inventory Center, 311, 544–545 inventory money trail, 524–525 Inventory Part items creating, 525–530 uses for, 107 Items and Inventory preferences, 657 Non-inventory Part items, 107–108 overview, 523–524 performing physical, 546–547 preferences, 525 preparing for company files, 7 purchasing. See purchasing inventory running reports, 539–543 selling, 538 Tracking inventory in QuickBooks screen, 17 tracking with items, 95–97 invoices adding billable time and costs to, 245–246 adding customer messages to,  233–234 adding Group items to, 229 adding memos to, 236 adding online payment links, 233– 235 applying credits to, 271, 332–335 applying deposits/down payments/ retainers to, 242–243 applying subtotals/discounts/ percentage charges to, 230–232 basics, 214 batch invoices, 236–239 correcting mistakes, 338–339 creating, 217–218 creating credit memos from, 268– 270 creating from estimates, 263–264 deleting, 275 entering line items, 226–230 header fields choosing customer or job,  219–221 choosing templates, 221–223 other header fields, 223–226 Invoice for Time & Expenses feature, 246–250 mileage rates and, 172 numbering, 224–225 online payment links on, 72 Open Invoices report, 325, 681 overview, 216–217 pending, 253–254 price levels and, 226, 227 progress invoices, 109, 264–268 Progress Invoice template, 222 sending, 235 Shipping Manager and, 236 Using invoices in QuickBooks screen, 17–18 voiding, 275 invoicing for backordered products.  See backordered products billable time and costs, 245–246 choosing type of sales form, 212–214 customers for bounced check charges, 366 fixed-price contracts, 231 for nonprofits, 219 receiving payments for invoiced income, 326–331 re-invoicing for bounced checks, 366–368 sales forms and accounts, 214–216 time and expenses, 218 items assigning tax codes to, 557 basics, 93–94 for bounced-check service charges, 364–365 creating individual, 101–103 multiple, 118–126 deleting, 115 descriptions for, 100 Discount items, 112 editing, 113 editing payroll, 414 INDEX www.it-ebooks.info ITEMS 769 finding, 312–313 Fixed Asset Item List, 146–147 generic vs specific, 98 Group items. See Group items hiding, 114–115 importing, 126-131 Inventory Assembly items, 528–529, 530 Inventory Item QuickReport, 543 Inventory Part items, 525–530 Items and Inventory preferences, 657 naming, 98–100 Non-inventory Part items, 97, 107–108 operating without, 95 Other Charge items, 108–109 payment items, 112–113 payroll items, 411–414 product items, 107–109 for removing bounced check amounts from bank accounts, 364 Sales by Item Summary report, 467 sales tax items, 555–556, 558–560 seasonal items (inventory), 539 Service items, 104–107 setting up for time tracking, 160–161 Stock Status by Item report, 542 subitems, 100–101 Subtotal items, 110–111 Time by Item reports, 168 tracking inventory with, 95–97 working with online (Classic mode), 632–633 JOBS J jobs budgets, 568–570 categorizing, 82–86 creating, 75–78 Customer:Job field (invoices),  219–221 deleting records of, 87–89 editing records of, 81–82 estimating. See estimating jobs hiding records of, 86–87 invoicing one job for time and expenses, 247–248 Job Estimates vs Actuals Summary report, 264 770 Jobs and Estimates preferences, 657–659 Job Type List, 143 merging records of, 88–90 profit-and-loss budgets, 564 Profit & Loss by Job report, 458 reassigning, 441–442 specifying information about, 77 Time by Job reports, 168 tracking by job type, 135 transferring credits between, 274 journal entries (JE) balancing debits and credits,  434–435 checking, 440–441 creating, 436–440 creating opening balances with, 439–440 defined, 57 overview, 433–434 reasons for using, 435–436 reclassifications and corrections, 441–443 recording depreciation with,  442–444 recording home-office expenses with, 445–447 recording initial non-cash contributions with, 445 for starting QuickBooks mid-year, 8 year-end tasks and, 469 K keyboard shortcuts Create Invoices window, 245 for dates, 358 editing list entries, 149 Product Information window, 115 Vendor Center, 78 keywords (delimited files), 696 L leads, managing, 90 Learning Center window, 20 letters, QuickBooks creating, 678–681 customizing templates, 677 types of, 676–678 liabilities (balance sheets), 460 liability balances, 7 INDEX www.it-ebooks.info LIFO (Last In, First Out) costing, 551 valuing inventory with, 551 line items in invoices, 226–230 lists Add/Edit Multiple List Entries feature. See Add/Edit Multiple List Entries feature creating entries in, 147–148 Customer Message List, 145–146 Customer Type List, 142–143 customizing columns in list windows, 149 defining custom fields for, 73 deleting entries in, 150 editing entries in, 149 exporting to text files, 690–691 finding list entries in transactions, 150–151 Fixed Asset Item List, 146–147 hiding entries in, 150–151 Job Type List, 143 List View (Report Center), 585 Other Names List, 141 Payment Method List, 145 printing, 152–154 Sales Rep List, 140–141 selecting, 118 Ship Via List, 145 sorting, 151 Terms List, 143–144 Vehicle List, 146–147 Vendor Type List, 142 loans adding to Loan Manager, 385–389 modifying terms of, 389 overview, 383 setting up, 384–385 setting up payments, 390–391 login practices (company files), 15 logos, adding to templates, 715–716 long-term assets/liabilities, 48 long-term liability accounts, 52 M Mac, converting QuickBooks from, 22 mailing labels, printing, 297–298 mail merge to Word documents,  676–681 Make Deposits window, 350–351 Manage Sales Tax window, 554 Mark all time entries as billable checkbox, 159 matching principle (accrual accounting), xxiii memorized transactions basics, 303–304 batch sales transactions, 346–348 creating, 304–307 editing, 308 groups of, 308–310 Memorize Transaction dialog box, 281 memorizing batch sales transactions, 346–348 recording automatically, 308 recording for occasional use, 307 recurring bills and, 177 using, 307 memorizing budget reports, 581 reports, 587, 606–608 memos journal entries and, 437–438 Memo box (invoices), 236 menus, 30–32 Merchant Services feature, 301, 330 merging accounts, 60 customer/job/vendor records, 88–90 messages adding to invoices, 233–234 customer, 270 preferences for customizing,  669–670 sending to banks through QuickBooks, 621 mileage tracking adding vehicles, 169–170 generating reports, 174 overview, 168 recording mileage driven, 172–173 setting mileage rate, 170–172 Modify Report dialog box, 595 Multiple Currencies preferences,  659–660 multiple reports, running, 590 multi-user mode (company files), 497–499 My Company dialog box, 26 INDEX www.it-ebooks.info MY COMPANY DIALOG BOX 771 NAMING N naming accounts, 47–51 automatic backup files, 506 customers/vendors, 66 downloaded transactions (Express mode), 631 editing values in name fields, 82 items, 98–100 renaming customers, 88 scheduled backup files, 508 National Center for Charitable Statistics, 44 net income (Profit & Loss report), 455, 462 net ordinary income (Profit & Loss report), 455 net other income (Profit & Loss report), 455 networks setting up QuickBooks on, 747 storing company files on, 748–749 New Customer window, 67 No Company Open window, 9 nonbillable work, 161 non-cash contributions, 445 Non-inventory Part items, 97, 107–108, 530 non-posting accounts defined, 52 uses for, 259 non-posting transactions, 530 nonprofits invoicing for, 219 Nonprofit edition of QuickBooks, xxi tracking donors for, 64 Unified Chart of Accounts for, 44 notes, adding to records, 489–490 numbering accounts, 47–51 numbers, formatting in reports,  604–606 O online backup services, 504 banking. See banking online Intuit Online PaymentNetwork,  233–234 Intuit payroll service, 397 772 payment links on invoices, 72 QuickBooks training, 757 services activating for QuickBooks accounts, 615–617 applying for, 614–615 overview, 613–614 transferring funds between accounts, 368–371, 621–622 opening delimited text files with Excel, 692 existing company files, 23–26 portable company files, 25–26, 513–514 QuickBooks, 3–4 register windows, 356 opening balances adding for new customers, 69 correct bookkeeping for, 57 creating with journal entries,  439–440 Enter Opening Balance button, 56 Open Invoices report, 236, 325, 681 Open Purchase Orders dialog box, 534 Other Asset accounts, 52 Other Charge items, 108–109 Other Current Asset accounts, 52 Other Current Liability accounts, 52 Other Expense accounts, 52 Other Income accounts, 52 Other Names List, 141 Outlook, Microsoft Contact Sync for, 682–685 synchronizing records with QuickBooks, 681–685 overdue balances, 341–342 overhead expenses (Profit & Loss report), 455 Overhead item, 161 Owners’ Contribution/Draw account, 429–430 P packing slips Packing Slip template (Intuit), 222 printing, 299 parent accounts, 55 Partners’ Contribution/Draw account, 429–430 INDEX www.it-ebooks.info passwords assigning administrator, 726–728 basics, 15 for closing books, 481 resetting administrator, 728 resetting users’, 732–733 paychecks creating from timesheets, 408 deleting duplicate, 418 Preview Paycheck dialog box,  416–417 printing, 419–421 reissuing lost, 421 paying bills applying discounts/credits to payments, 188–191 with cash, 205–207 with checks. See checks with credit cards, 203–204 with debit cards, 204–205 with PayPal, 204 in foreign currencies, 187 modifying payment amounts,  187–188 online, 620–621 online bill-pay service (Intuit), 614 overview, 185–186 Pay Bills window, 186 paying selected bills, 186–187, 192 sales tax, 561–562 setting payment method and account, 192 when cash is tight, 188 writing checks without entering. See checks payments applying discounts and credits to, 188–192 applying, methods for, 331 choosing for deposits, 349–350 correcting misapplied customer, 338–340 correcting misapplied invoice, 338 discounts for early, 334–337 matching checks with (Express mode), 627–629 online links on invoices, 72 Payment Card Industry Data Security Standard, 729 payment information (new customers), 70–72 Payment items, 112–113 Payment Method List, 145 payment settings (vendors), 79–80 Payments to Deposit window, 41, 372 prepayments. See prepayments Receive Payments preferences,  660–661 Receive Payments window, 326–330 receiving for invoiced income,  326–331 receiving PayPal, 345 scheduling for payroll taxes, 410 setting up for loans, 390–391 unapplied payments and credits reports, 681 PayPal paying bills with, 204 receiving payments from, 345 payroll. See also taxes employee-related forms, 395–396 employees vs independent contractors, 396 Enter Payroll Information window, 411 IDs/accounts/forms needed from government, 394–395 Intuit payroll services, 397–400 overview, 393–394 paying yourself, 428–429 Payroll & Employees preferences, 661–662 preferences for company-wide accounts, 646 preparing data for company files, 7 preparing tax forms, 424–425 recording transactions from payroll services, 427–429 remitting payroll taxes, 421–424 running basics, 414–417 deleting duplicate paychecks, 418 printing paychecks/pay stubs, 419–421 reissuing lost paychecks, 421 running reports, 426–427 sending taxes before recording transactions, 7 setting up in QuickBooks adding/editing items, 414 INDEX www.it-ebooks.info PAYROLL 773 PDF FILES, SAVING REPORTS AS 774 choosing start date, 401 compensation and benefits setup, 401–404 creating paychecks from timesheets, 408 direct deposit setup, 410 employees setup, 404–409 entering historical payroll, 410 overview, 400 Payroll items, 411–414 setup decisions, 396–397 taxes, 409–410 tracking payroll, 412–414 W-2 forms, 476 withholding taxes, 395 PDF files, saving reports as, 595 pending invoices, 253–254 per-item price levels, 139 percentage charges (invoices),  230–232 percentage gross profit (Profit & Loss report), 456 percentage price levels, 138 permissions, user, 734–736 petty cash advances, 207 recording deposits to, 205–206 recording purchases made with, 206 physical inventories, 546–547 Point of Sale add-on, 97 portable company files, 25–26, 512–514 posting inventory received, 536 preferences 1099 tax form, 672 accounting, 639–642 Automatically apply payments, 329, 335 basics, 638–639 bills, 642–643 calendar, 643–644 checking account, 644–647 Company Preferences tab, 480 customizing Home page, 650 customizing messages, 669–670 Desktop View, 470, 700 finance charges, 340, 650–652 General, 652–657 Integrated Applications, 656, 687–688 Inventory, 525 Items and Inventory, 657 Jobs and Estimates, 258, 657–659 Multiple Currencies, 659–660 online payment links, 234–235 overview, 637 Payroll & Employees, 661–662 Preferences dialog box, 638 Receive Payments, 660–661 Reminders, 491, 662–663 Reminders List, 307 Reports & Graphs, 662–664, 604 Sales & Customers, 665–667 Sales Receipts, 241 Sales Tax, 554–556, 667 saving the desktop, 648–650 Search box, 668 Send Forms, 668–670 Service Connection, 671 spell checker, 672 statements, 278 Summary Reports Basis, 456 Time & Expenses, 672–673 tuning QuickBooks behavior,  652–655 Use Undeposited Funds, 330 Window, 647–648 prepayments deposits/down payments/ retainers, 242–243 recording, 240–241 refunding, 243–245 setting up for, 240–241 previewing form templates, 719 Preview dialog box, 130 Preview Paycheck dialog box,  416–417 Preview Your Company Settings dialog box, 12–13 statements, 285–286 price levels applying to single items, 227 assigning to customers, 226 creating, 137–139 methods for applying, 139 overview, 136–137 per-item, 139 rounding values, 140 INDEX www.it-ebooks.info printing 1099-MISC forms, 477–479 aligning forms and paper, 292–293 in batches, 296–297 checks, 197, 200–201 choosing method for, 294–295 from Income Tracker window, 322 leftover checks, 202 Letterhead option, 292 lists, 152–154 mailing/shipping labels, 297–298 overview, 290 packing slips, 299 paychecks/pay stubs, 419–421 printer options for forms, 718 printing one form, 296–297 Print Preview window, 285–286 reports, 591–592, 592 setting options for, 290–292 setting up for checks, 198–200 statements, 286 Process Multiple Reports feature, 590 products assembling, 528–529 items for, 107–109 Product Information window, 115 turning parts into, 530 profit-and-loss budgets, 564 Profit & Loss Budget Performance report, 580 reports, 440, 453–460 progress invoices, 109, 264–268 Progress Invoice template, 222 project-based work, 75 purchasing Open Purchase Orders dialog box, 534 Purchase reports, 540 Purchases by Item Detail report, 551 things with petty cash, 206 purchasing inventory creating purchase orders, 530–533 overview, 529 receiving inventory and bills simultaneously, 533–536 receiving inventory before bills,  536–538 turning parts into products, 530 Q QuickBooks Accountant Edition, 10, 23 Billing Solution, 301 converting from Mac to Windows, 22 converting Quicken Home & Business to, 20–22 editions of, xviii–xxi Enterprise edition, 23, 64, 97 experimenting with sample files, 9 Find feature, 315–316 Help, 751–753, 755–757 Home page. See Home page installing. See installing QuickBooks Learning Center window, 20 limitations of, xvii menus and icon bars, 30–32 new features in 2014 version, xv–xvii Nonprofit edition, xxi opening, 3–4 Point of Sale add-on, 97 preferences for tuning, 652–655 Pro edition, 64 registering, 746 restoring backups to earlier versions of, 511 Search feature, 313–315 setting up on networks, 747 Setup dialog box, 9–10 switching among open windows, 32–34 updating to latest version of, 26 QuickReport, Inventory Item, 543 Quick Start Center window, 19–20 RECONCILIATION OF ACCOUNTS R Realized Gains & Losses report, 468 reassigning jobs, 441–442 Rebuild Data utility, 515–516 Receive Payments preferences,  660–661 Receive Payments window, 326–330 reclassifying accounts, 441 reconciliation of accounts adjusting non-reconciling accounts, 376 bank errors, 383 correcting discrepancies, 378–382 modifying transactions during,  377–378 INDEX www.it-ebooks.info 775 RECORD BOUNCED CHECK FEATURE 776 preparing for, 371–372 reconciling excess and short cash, 348–349 reconciling transactions, 374–376 reports, 376 starting a reconciliation, 372–374 stopping/restarting reconciliations, 378 undoing last reconciliation, 382 Record Bounced Check feature,  362–363 records adding/editing multiple. See Add/ Edit Multiple List Entries feature adding notes to, 489–490 adjusting inventory, 548–551 attaching files to, 295 creating employee, 406–409 deleting customer/job/vendor,  87–89 hiding customer/job/vendor, 86–87 merging customer/job/vendor,  88–90 refunds customer, 268–271 prepayment, 243–245 refund checks, 271 from vendors, 207 registering QuickBooks, 746 register windows (accounts), 356 reimbursable expenses, 183–185 reminders basics, 491–493 memorized transactions and, 307 preferences, 662–663 Rep field (invoices), 225 Report Center finding frequently used reports,  587–588 overview, 584–585 running reports from, 588–589 sharing reports, 586 viewing reports in, 585 working with reports in, 585–587 reports 1099, 476–480 adding to icon bar, 708–709 adjusting view of, 596 aging (accounts payable), 209 aging (accounts receivable), 323–325 Audit Trail, 449–450 balance sheet, 441, 461–462 budget, 578–581 Cash Flow Forecast, 467 customizing. See customizing reports exporting, 691–694 financial. See financial reports generating tax, 467–468 Income by Customer Summary, 466 Income & Expense Graph, 466 Income Tax Preparation, 468–469 Income Tax Summary, 468 inventory, 539–543, 546 Job Estimates vs Actuals Summary, 264 memorizing, 606–608 mileage, 174 Modify Report dialog box, 595 Open Invoices, 236, 681 payroll, 426–427 preferences, 662–664 printing, 591–592, 592 printing lists, 152–154 Profit and Loss, 440 Purchases by Item Detail, 551 Realized Gains & Losses, 468 reconciliation, 376 reports that show what customers owe, 324–325 running, 588–591 Sales by Customer Summary, 466 Sales by Item Summary, 467 Sales Graph, 466–467 sales tax, 560–561 saving as files, 593–595 sharing, 586 Statement of Cash Flows, 462–465 Summary Reports Basis preference, 456 swapping report templates between company files, 609–610 time, 168 Trial Balance, 452 Unbilled Costs by Job, 252 Unpaid Bills Detail, 186 Unrealized Gains & Losses, 468 Voided/Deleted Transactions, 450 restoring backup files, 508–511 retained earnings, 462 INDEX www.it-ebooks.info retainers, applying to invoices,  242–243 retirement benefits, 404 return on assets, 460 reversing journal entries, 441 Review income and expense accounts screen, 18–19 S salary, reclassifying shareholder’s distribution to, 430 sales cash. See cash sales Sales by Customer Summary report, 466 Sales by Item Summary report, 467 sales commission add-on, 140 Sales & Customers preferences,  665–667 sales forms and accounts, 214–216 Sales Graph reports, 466–467 Sales Rep List, 140–141 sales orders for backordered products, 254–258 Create Sales Order window, 256 in Premier and Enterprise editions, 212 sales receipts basics, 213 creating, 343–344 editing, 344 voiding/deleting, 344–346 sales tax codes, 555–558 invoices and, 229 items, 558–560 Manage Sales Tax window, 554 paying, 561–562 preferences, 553–554, 555, 667 reports, 560–561 Sales Tax Group items, 559–560 settings (customers), 72 settings (vendors), 79 setting up features, 555–556 sample company files, 9 saving changes in Add/Edit Multiple List Entries table, 126 company files, 14–15 desktop setup, 648–650 reports as files, 593–595 Save Portable Company File dialog box, 512 schedules, payroll, 416 scheduling backups, 506–508 searching Find feature, 315–316 finding items, 312–313 journal entries, 439 overview, 310 with QuickBooks’ Centers, 310–312 Search box preferences, 668 Search feature, 313–315 seasonal items (inventory), 539 security recommended measures, 736 regulations for credit cards, 729 selecting billable time and costs, 250–252 Select a date to start tracking your finances screen, 17 Select Reconciliation Report dialog box, 376 selling inventory, 538 Send Forms preferences, 668–670 Service Connection preferences, 671 Service items, 104–107 Set Number of Previous Companies dialog box, 25 Set Up Bank Feed dialog box, 57 Set Up Budgets wizard, 565 Set up Custom Fields for Names dialog box, 74 Setup dialog box, 9–10, 20 shareholder’s distribution reclassifying to salary, 430 Shareholders’ Distribution account, 429–430 Share Template dialog box (Report Center), 587 sharing reports, 586 shipping printing labels, 297–298 Ship field (invoices), 225 Shipping Manager feature, 236 ship-to addresses, defining, 70 Ship To field (invoices), 224 Ship Via List, 145 Simple Port program, 205 INDEX www.it-ebooks.info SIMPLE PORT PROGRAM 777 SINGLEUSER MODE (COMPANY FILES) single-user mode (company files), 497–499 Snapshots icon, 42 sorting lists, 151 reports, 601–602 transactions (Income Tracker), 321 spell-checker, 218, 672 Standard option (terms), 144–145 start dates (company files), 5–6 Statement of Cash Flows report,  462–465 statements basics, 213–214 downloading with Web Connect, 619 emailing, 286 generating customer, 282–285 overview, 277–278 previewing, 285–286 printing, 286 statement charges, 213, 278–281 Using statements in QuickBooks screen, 16 state withholding tax forms, 396 status stamps, 717 Stock Status by Item report, 542 storing company files, 747–749 stubs, pay, 419–421 subaccounts adding detail with, 55 creating, 54–55 subitems, 100–101 subtotals applying to invoices, 230–232 Subtotal items, 110–111 Summary Reports Basis preference, 456 Supermax view, 33–34 synchronizing Outlook contacts with QuickBooks, 681–685 T taskbar, Windows, 3–4 taxes Income Tax Preparation report,  468–469 Income Tax Summary report, 468 payroll tax forms, 395–396, 424–425 remitting payroll, 421–424 sales tax See sales tax 778 setting up payroll, 409–410 tax ID number, 12 Tax-Line Mapping field, 56 tax reports, generating, 467–468 W-2 forms, 476 W-9 forms, 80 templates Fixed Fee Invoice template, 223 form, 712 invoice, 221–223 letter, 677 report, 609–610 Share Template dialog box (Report Center), 587 Time & Expense invoice template, 223 Terms field (invoices), 224 Terms List, 143–144 time billable. See billable time and costs entering for one activity, 165–168 in QuickBooks, 161 running reports, 168 Time & Expense Invoice template, 223 Time & Expenses preferences,  672–673 Tracking time in QuickBooks screen, 17 timesheets batch, 162 creating paychecks from, 408 weekly, 162–165 time tracking with Intuit Online Payroll, 398 methods, 158 setting up items/customers for,  160–161 setting up people who track time, 160 turning on, 158–159 to-dos creating, 486–488 editing, 488–489 tracking, 486–489 viewing, 489 tracking credit card charges, 360 donors (nonprofits), 64 INDEX www.it-ebooks.info finances with accounts, 135 finances using classes, 135–136, 137 inventory with items, 95–97 mileage. See mileage tracking reimbursable expenses, 183–185 time. See time tracking to-dos, 486–489 Tracking inventory in QuickBooks screen, 17 Tracking time in QuickBooks screen, 17 tracking details payroll, 412–414 training, online, 757 transactions adding multiple (Express mode), 629 adding multiple unmatched (Classic mode), 635 attaching files to, 295 deleting downloaded (Express mode), 630 entering in account registers,  356–359 entering in right order, 6 filtering (Income Tracker), 321 finding. See searching finding list entries in, 150–151 matching (Classic mode), 633–635 matching (Express mode), 623–625 matching unmatched (Express mode), 625–629 memorized. See memorized transactions modifying during reconciliation,  377–378 non-matching (Express mode), 629 non-posting, 530 preparing for company files, 6–7 reconciling, 374–376 reconciling corrected, 380 recording from payroll services,  427–429 renaming downloaded (Express mode), 631 sending/receiving (Express mode), 622–624 sorting (Income Tracker), 321 transferring funds between accounts, 368–371 funds between accounts online,  368–371, 621–622 trial balances defined, 57 Trial Balance report, 452 VENDORS U unbilled costs, 252, 326 unhiding items, 114 records, 86–87 Unpaid Bills Detail report, 186 Unrealized Gains & Losses report, 468 updating to latest version of QuickBooks, 26 upgrading QuickBooks, 744–746 users adding new, 731–732 administrator, 726–728 external accountant, 475–476 multiple users for company files, 731 overview, 730–731 resetting passwords for, 732–733 restricting access to features/ data, 733–735 single- vs multi-user mode, 497–499 Using invoices in QuickBooks screen, 17–18 Using statements in QuickBooks screen, 16 V Valuation reports (inventory),  540–541 vehicles adding for mileage tracking, 169–170 Vehicle List, 146–147 vendors 1099 reports, 476–477 categorizing, 82–86 creating, 78-80 deleting records of, 87–89 editing records of, 81–82 Expenses by Vendor Summary report, 466 hiding records of, 86–87 importing, 126-131 merging records of, 88–90 naming, 66 preparing vendor balances for company files, 7 profile lists. See customer & vendor profile lists INDEX www.it-ebooks.info 779 VERIFY DATA UTILITY recording deposits to, 181–183 recording refunds and credits from, 207 searching with Vendor Center,  310–312 tracking by type, 135 turning icons on/off, 700–702 Vendor Center, 78 Vendors panel (Home page), 36 Vendor Type List, 142 Verify Data utility, 514–516 viewing account numbers, 49–50 one inventory item, 543 reports in Report Center, 585 reports on monitors, 596 Supermax view, 33–34 to-dos, 489 View menu, 30 voiding invoices, 275 sales receipts, 344–346 transactions, 359 Voided/Deleted Transactions reports, 450 voucher option (check printing), 200, 202 W W-2 tax forms, 476 W-4 tax forms, 395 W-9 tax forms, 80 Web Connect, 619 websites for downloading add-on apps, 686–687 App Center (Intuit), 157 FishBowl Inventory add-on, 97 Import Excel and CSV toolkit, 129 Intuit App Center, 685 preprinted 1099 forms, 477 restaurant-oriented chart of accounts, 45 sales commission add-on, 140 Simple Port program, 205 tax Form 941, 395 Unified Chart of Accounts for nonprofits, 44 W-4/I-9 tax forms, 395 websites for further information 401(k) contributions, 408 780 accounting/bookkeeping course, xxii barcode readers, 542 cleanup and repair services, 517 community message boards, 755 construction-estimating programs, 100 EFTPS accounts, 394 employees vs independent contractors, 396 exchange rates, 468 installing QuickBooks, 740 Intuit Data Protect, 504 Intuit payroll services, 397 online backup services, 504 Point of Sale add-on, 97 QuickBooks ProAdvisor, 401 QuickBooks training, 757 Quicken conversion to QuickBooks, 21 time-tracking solutions, 157 weekly timesheets, 162–165 windows adding to icon bar, 708–709 preferences, 647–648 switching among open, 32–34 Windows adding QuickBooks icon to taskbar, 3-4 converting QuickBooks from Mac to, 22 Word, Microsoft (mail merge),  676–681 Write Checks window, 193–195 writing off bad debt, 369 Y year-end tasks 1099 reports, 476–480 accountant use of company files. See accountant use of company files checking for problems, 449–451 closing books for fiscal year,  480–481 financial reports. See financial reports generating tax reports, 467–468 journal entries, 469 Trial Balance report, 452 Year-End Guide, 451 INDEX www.it-ebooks.info TH QuickBooks 2014 E SSING CD I M no ’s ; There book s i h t ith CD w aved $5.0 st s u j u yo , and e file s c i t c a pr in thi d ess, r e d n d o enti eb a le W oftware m uals.com g n i s an le s very adab singm on) ad, e s o l i e t n m s w t n I of vailable a ing CD ic inks, piece iss is a t of l book click the M a tidy lis ( ter find chap ou’ll y y b e r The ized organ Don’t miss a thing! 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