QuickBooks 2018 for dummies

QuickBooks 2018 ® QuickBooks 2018 ® by Stephen L Nelson, MBA, CPA, MS in Taxation QuickBooks® 2018 For Dummies® Published by: John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030-5774, www.wiley.com Copyright © 2018 by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/ permissions Trademarks: Wiley, For Dummies, the Dummies Man logo, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc and may not be used without written permission QuickBooks is a registered trademark of Intuit, Inc All other trademarks are the property of their respective owners John Wiley & Sons, Inc is not associated with any product or vendor mentioned in this book LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE.  NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT.  NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM.  THE FACT THAT AN ORGANIZATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANIZATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ For general information on our other products and services, please contact our Customer Care Department within the U.S at 877-762-2974, outside the U.S at 317-572-3993, or fax 317-572-4002 For technical support, please visit https://hub.wiley.com/community/support/dummies Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com Library of Congress Control Number: 2017954701 ISBN: 978-1-119-39738-0 (pbk); 978-1-119-39739-7 (ebk); 978-1-119-39740-3 (ebk) Manufactured in the United States of America 10 Contents at a Glance Introduction Part 1: Quickly into QuickBooks CHAPTER 1: QuickBooks: The Heart of Your Business CHAPTER 2: The Big Setup 17 CHAPTER 3: Populating QuickBooks Lists 35 Part 2: Daily Entry Tasks 81 CHAPTER 4: CHAPTER 5: CHAPTER 6: CHAPTER 7: CHAPTER 8: CHAPTER 9: Creating Invoices and Credit Memos 83 Reeling in the Dough 107 Paying the Bills 131 Inventory Magic 155 Keeping Your Checkbook 175 Paying with Plastic 193 Part 3: Stuff You Do from Time to Time CHAPTER 10: Printing 203 Checks CHAPTER 12: Building the Perfect Budget CHAPTER 13: Online with QuickBooks 205 217 229 237 Part 4: Housekeeping Chores 247 CHAPTER 11: Payroll CHAPTER 14: The Balancing Act 249 CHAPTER 15: Reporting on the State of Affairs Estimating, Billing, and Tracking CHAPTER 17: File Management Tips CHAPTER 18: Fixed Assets and Vehicle Lists 259 273 283 295 Part 5: The Part of Tens 307 CHAPTER 16: Job CHAPTER 19: Tips for Handling (Almost) Ten Tricky Situations 309 CHAPTER 20: (Almost) Ten Secret Business Formulas 317 Part 6: Appendixes 333 APPENDIX A: Installing QuickBooks in 10 Easy Steps 335 Numbers Are Your Friends 339 APPENDIX C: Sharing QuickBooks Files 357 APPENDIX B: If Index 367 Table of Contents INTRODUCTION About This Book Foolish Assumptions Icons Used in This Book Beyond the Book Where to Go from Here 3 PART 1: QUICKLY INTO QUICKBOOKS CHAPTER 1: QuickBooks: The Heart of Your Business Why QuickBooks? Why you need an accounting system What QuickBooks does Why not QuickBooks online? 10 What Explains QuickBooks’ Popularity? 11 What’s Next, Dude? 12 How to Succeed with QuickBooks 13 Budget wisely, Grasshopper 13 Don’t focus on features 14 Outsource payroll 15 Get professional help 16 Use both the profit and loss statement and the balance sheet 16 CHAPTER 2: The Big Setup 17 Getting Ready for QuickBooks Setup 17 The big decision 18 The trial balance of the century .19 The mother of all scavenger hunts 22 Stepping through QuickBooks Setup 23 Starting QuickBooks 23 Using the Express Setup 25 The Rest of the Story 32 Should You Get Your Accountant’s Help? 33 CHAPTER 3: Populating QuickBooks Lists 35 The Magic and Mystery of Items Adding items you might include on invoices Creating other wacky items for invoices Editing items Adding Employees to Your Employee List Table of Contents 35 37 45 48 49 vii Customers Are Your Business It’s Just a Job Adding Vendors to Your Vendor List The Other Lists The Fixed Asset Item list The Price Level list The Billing Rate Levels list The Sales Tax Code list The Class list The Other Names list The Sales Rep list Customer, Vendor, and Job Types list The Terms list The Customer Message list The Payment Method list The Ship Via list The Vehicle list The Memorized Transaction list The Reminders list Organizing Lists Printing Lists Exporting List Items to Your Word Processor Dealing with the Chart of Accounts List Describing customer balances Describing vendor balances Camouflaging some accounting goofiness Supplying the missing numbers Checking your work one more time 51 55 58 62 63 64 64 64 64 65 65 66 66 66 67 67 67 67 68 68 68 69 69 70 70 70 77 79 PART 2: DAILY ENTRY TASKS 81 CHAPTER 4: Creating Invoices and Credit Memos 83 Making Sure That You’re Ready to Invoice Customers 84 Preparing an Invoice 84 Fixing Invoice Mistakes 91 If the invoice is still displayed onscreen 91 If the invoice isn’t displayed onscreen 91 If you need to delete an invoice 92 Preparing a Credit Memo 92 Fixing Credit Memo Mistakes .96 Taking Lessons from History 96 Printing Invoices and Credit Memos 97 Loading the forms into the printer 97 Setting up the invoice printer 97 Printing invoices and credit memos as you create them 100 viii QuickBooks 2018 For Dummies CHAPTER 5: CHAPTER 6: Printing invoices in a batch Printing credit memos in a batch Sending Invoices and Credit Memos via Email Customizing Your Invoices and Credit Memos 101 103 104 105 Reeling in the Dough 107 Recording a Sales Receipt Printing a Sales Receipt Special Tips for Retailers Correcting Sales Receipt Mistakes Recording Customer Payments Correcting Mistakes in Customer Payments Entries Making Bank Deposits Improving Your Cash Inflow Tracking what your customers owe Assessing finance charges Dealing with deposits 108 112 114 115 116 120 121 124 124 125 129 Paying the Bills 131 Pay Now or Pay Later? 131 Recording Your Bills by Writing Checks 132 The slow way to write checks 132 The fast way to write checks 138 Recording Your Bills the Accounts Payable Way 140 Recording your bills 141 Entering your bills the fast way 144 Deleting a bill 146 Remind me to pay that bill, will you? 147 Paying Your Bills 148 Tracking Vehicle Mileage 152 Paying Sales Tax .153 CHAPTER 7: Inventory Magic 155 Setting Up Inventory Items When You Buy Stuff Recording items that you pay for up front Recording items that don’t come with a bill Paying for items when you get the bill Recording items and paying the bill all at once When You Sell Stuff How Purchase Orders Work Customizing a purchase order form Filling out a purchase order Checking up on purchase orders Receiving purchase order items 156 157 157 157 159 161 161 162 163 163 166 166 Table of Contents ix Form 941, 225, 226 Form 942, 226 Form Name drop-down menu, 107, 206 Formatting tab, 105 forms Blank paper option for, 98, 100, 103, 112 Check/Pay Check form, 206 Create Invoices form, 277 Form 941, 225, 226 Form 942, 226 I-9 tax form, 218 Letterhead option for, 98, 100, 101, 103, 112 online resources for payroll forms, 226 Plain paper option for, 101 Preprinted option for, 101 production of, 10 Forms Customization web page, 106 Full Access role, 361 Full Name text boxes, 53, 57, 60 G General Journey Entry window, 309, 353 General Rules for Methods of Accounting, Get All the Details into QuickBooks Desktop dialog box, 28 Glad You’re Here! dialog box, 25 Gmail, 105 Google’s Gmail, 105 Grace Period (Days) text box, 127 gridlines, 98 Group type item, 39, 46 H historical information, 96, 111 historical-information panel, 96 History button, 165 History panel (Create Invoices window), 90 374 QuickBooks 2018 For Dummies Home key, 191 Home Networking For Dummies, 4th Edition (Ivens), 358 “How Do I Break Even?” formulas, 320–325 Hurley, Pat (author) Wireless Home Networking For Dummies, 4th Edition, 358 I I-9 tax form, 218 icons used in book, Income Account field, 41, 43 income statement, 263 income tax accounting laws, 355 Industry Specific reports, 261 installation for network use, 359–360 of QuickBooks, 335–338 Interest Earned text box (reconciliation), 251 interim accounting periods, 344 Internal Revenue Code, Internal Revenue Service (IRS) Application for Employer Identification Number form (SS-4), 218 for assistance on federal tax forms, 228 Circular E publication, 50 as examining your returns, I-9 and W-4 tax forms, 218, 219 rules for deducting business miles, 152–153 as saying big corporations must use accrual accounting for tax returns, 269 standard mileage rate, 305 as telling you how often to make payroll tax payments, 225 website, 218 Intuit online banking service, 238, 239 Intuit Payroll service options, 226 Intuit Preprinted Forms, 98, 100, 103, 112 inventory buying stuff, 157–161 dealing with multiple inventory locations, 171–172 “fake” inventory account, 173 inventory adjustments expense account, 170 lazy person’s approach to, 172–174 management of, 155–174 manually keeping separate inventory-bylocation counts, 171 paying for items when you get the bill, 159–160 periodic inventory system, 172–174 perpetual inventory system, 172 physical inventory worksheet, 169 reality check about, 169–170 recording items and paying bill all at once, 161 recording items that don’t come with bill, 157–159 recording items you pay for up front, 157 selling stuff, 161–162 setting up inventory items, 156 upgrading to QuickBooks Enterprise Solutions, 172 using different item numbers for different locations, 171–172 Inventory and Purchase Orders Are Active check box, 137 Inventory Assembly type item, 42–43 Inventory Part type item, 39, 41–42 inventory records, 32 Inventory reports, 261 invoice window, Invoice/Bill To text box, 53, 57 invoices customizing, 105–106 deleting, 92 dummy invoice, 98–99 faxing, 105 fixing mistakes on, 91–92 forms for, 97 making sure you’re ready to invoice customers, 84 preparation of, 84–91 printing, 97–104 printing of as you create them, 100–101 printing of in a batch, 101–103 progress invoicing, 274 sample, 37 saving as PDF document, 105 sending via email, 104–105 turning estimate into an invoice, 278–279 voiding, 92 Item Code drop-down menu, 88, 89 Item Code field, 88 Item drop-down menu, 110, 144, 156, 165 Item Estimates vs Actuals report, 280 item file, 89, 110 Item list Account drop-down menu, 41 adding items you might include on invoices, 37–40 Amount of % text box (for Other Charge type), 40 Description on Purchase Transactions text box, 40 Description on Sales Transactions text box, 40 Description text box, 40 Discount type item, 39, 45, 47 editing items, 48–49 Group type item, 39, 46 Inventory Assembly type item, 42–43 Inventory Part type item, 39, 41 Inventory Part type items, 41–42 Item List window, 38 Item Name/Number text box, 40 as master file, 75 New Item window, 38 Index 375 Item list (continued) Non-Inventory Part type item, 39, 40 Other Charge type item, 39, 40 overview, 35–36 Payment type item, 39, 44 Price text box (for Non-Inventory Part type), 40 Rate text box (for Service type), 40 Sales Tax Group type item, 39, 48 Sales Tax Item type item, 39 Sales Tax type item, 43–44 Service type item, 39, 40 Subitem Of check box, 40 Subtotal type item, 39, 45 Tax Code drop-down menu, 41 Type drop-down menu, 39 Item List window, 49 Item list window, 38 Item Not Found message box, 158 Item/Description/Qty list box, 46 Item/Description/Qty/Rate/Amount/Tax list box, 110 Items & Inventory icon, 156 Items list, 276 Items tab, 158 Ivens, Kathy (author) Home Networking For Dummies, 4th Edition, 358 J job costing, 273–274, 282 Job Description field (Job Info tab), 57 job estimate, creating, 275–277 Job Info tab, 55, 57 Job Name text box, 56 Job Status drop-down menu, 57 Job Type drop-down menu, 57 Job Type (Job Info tab), 57 Job Type list, 62, 66 376 QuickBooks 2018 For Dummies jobs New Job window, 56–57 setting up, 274 setting up of for customers, 55–58 Jobs, Time & Mileage reports, 260, 280, 282 Jobs & Estimates icon, 273 journal entries, 309, 349, 350–351, 352–353 L Layout Designer button, 105 Layout Designer window, 105 Letterhead (form option), 98, 100, 101, 103, 112 liabilities, defined, 345 liability account balances, defined, 19 Limit the Number of Backup Copies in This Folder To [X] check box, 287 List reports, 261 lists Billing Rate Level list, 62, 64 Chart of Accounts, 69–79 Classes list, 62, 64–65 Customer list, 51-55, 73 Customer Messages list, 62, 66–67 Customer Type list, 62, 66 Employee list, 49–51 exporting list items to word processor, 69 Fixed Asset list, 62, 63 inactivating list items, 51 Item list, 35–36 Job Type list, 62, 66 Memorized Transactions list, 62, 67–68 organizing, 68 Other Names list, 62, 65 Payment Method list, 62, 67 Price Level list, 62, 64 printing, 68–69 Reminders list, 68 Sales Rep list, 62, 65 Sales Tax Code list, 62, 64 Ship Via list, 62, 67 Terms list, 62, 66 Vehicle list, 62, 67 Vendor list, 58-62, 75 Vendor Type list, 62, 66 Lists menu, 62 LLC tax return options, 26 loan getting, 314–315 repaying, 315–316 Loan Manager window, 315–316 Local Backup radio button, 286, 290 Locate Discrepancies button, 257 Logo dialog box, 208 Lowe, Doug (author) Networking For Dummies, 11th Edition, 358 M magnifying glass, 277 Make Copy button, 105 Make Deposits window, 122, 123, 182, 183, 184, 253 Make General Journal Entries window, 77, 78, 79, 353 Make Journal Entries, 309 Make Payment dialog box, 200 Manage Templates button, 163 MAP Survey (American Institute of Certified Public Accountants), 232 Mark All button (finance charges), 129 Mark Finance Charge Invoices “To Be Printed” check box, 128 Markup Account, 281 Markup Amount, 281 Markup field (job estimate), 276 measurement, using multiple units of, 45 Medicare, 227 Memo column (checks), 135 memo descriptions bank deposits, 123 invoices, 89 payments, 118 sales receipts, 111 Memo field Create Item Receipts window, 158 Create Purchase Orders window, 165 job estimate, 276 Memo line (checks), 135 Memo text box credit card transactions, 198 A/P, 143 Memorize button (reports), 267 Memorize Report dialog box, 267 Memorized Transactions list, 62, 67–68 merchant credit card service, 246 Method drop-down menu, 150 Microsoft Excel business-planning templates, 236 creating financial statements in, 271 creating report in, 267–268 emailing workbook from, 267 importing into, 216, 264–265 keeping track of accumulated depreciation in, 310 pasting from, 28, 62 Microsoft Word, creating collection letters in, 126 Mileage Rates button/dialogue box, 305 Mileage Reports window, 305 Minimum Finance Charge text box, 127 Modify Report dialog box, 265 “Most Expensive Money You Can Borrow” formulas, 318–320 Multiple Currencies, 187–188 multiple-state accounting, 314 Multiuser Mode, 364–365 My Preferences tab, 262 Index 377 N Name Not Found message box, 134, 138, 139 negative amounts, as indicated by parentheses, 10 Net 15 (payment term), 62 Net 30 (payment term), 62 net worth, 323–324 network, defined, 358 Networking For Dummies, 11th Edition (Lowe), 358 New Account dialog box (A/P), 143 New Customer & Job button, 51, 58 New Customer Message box, 111 New Customer window, 51, 52 New Employee button, 49, 220 New Employee window, 49–50 New Item dialog box Create Item Receipts window, 158 new assembly, 167, 168 New Item window, 38, 42, 46, 48, 137, 298, 299, 300 New Job window, 56, 274 New Payment Method dialog box, 44, 109–110 New Quantity column, 170 New Transactions, 116, 163 New User dialog box, 361, 362, 363 New Vehicle window, 302, 303 New Vendor button, 59 New Vendor dialog box, 146, 158 New Vendor window, 59, 61 Newton, Isaac (inventor), 329 Next button, 90, 91, 96, 111, 115, 116, 138, 179 Next Page button, 277 940 Federal Unemployment (FUTA) Tax Return, 227 No Verification option (backup), 287 noninventory part items, 114, 115 Non-Inventory Part type item, 39, 40 378 QuickBooks 2018 For Dummies nonsufficient funds (NSF), 189 Number of Checks on First Page text box, 212 O On Hand field, 42, 43 1-line display (register window), 180 Online Backup radio button, 286 Online Backup service, 289 online backup tool/online backup service, 283–284 online banking cautions about, 238–239 changing instructions, 244 finding bank you can trust, 241 making online payment, 241–243 making sense of, 241 message to, 245 overview, 237 signing up for, 240 transferring money electronically, 243 transmitting instructions, 244–245 Online Banking Center window, 244 online bill payment feature, 150, 237, 241 Online Funds Transfer check box, 243 online opportunities (other than banking), 246 online search marketing service, 246 Open Backup Copy dialog box, 290, 291 Open or Restore Company dialog box, 290, 293 Open Purchase Orders dialog box, 142, 166, 167 Open Purchase Orders report, 166 Opening Balance Equity (Chart of Accounts), 72, 74, 76, 312 Opening Balance text box, 52, 56, 61 opening balance, why isn’t my opening balance the same as the one in QuickBooks? 255 Options button (Printer Setup dialog box), 99 Orientation settings, 264 Other text box (New Vendor window), 60 Other Charge type item, 39, 40 Other Current Asset type account, 173 Other Names list, 62, 65 Other Payroll Items input area/text box, 222–223 owner’s equity, 312-314 P Pacioli, Lucia (inventor of double-entry bookkeeping), 347–354 Page Down key, 190, 262 Page Up key, 190, 262 Page-Oriented (Printer Type option), 98, 206 paper orientation (printing), 216 Partial Page tab (Printer Setup dialog box), 208, 210 Participating Financial Institutions (Banking), 238 partnership, owner’s equity in, 312–313 password choosing good password, 360 using a closing password, 293–294 Pay Bills icon, 148 Pay Bills window, 148, 149, 150 Pay More Bills button, 150 Pay Online check box, 137, 242 Pay Sales Tax dialog box, 153–154 Pay Selected Bills button, 150 Pay to the Order Of line (checks), 134 Paychex, 224, 226 Payment Amount field, 117 Payment Method drop-down menu, 44, 109 Payment Method list, 62, 67 payment methods, 44, 67, 109–110, 118, 182 Payment Method’s More drop-down menu, 118 Payment Settings tab, 53, 54, 57, 60 Payment Summary dialog box, 150 payment terms, 62, 66, 87, 119, 142, 160, 318 Payment type item, 39, 44 payments correcting mistakes in entries for, 120–121 early-payment discount, 119 recording, 107 recording of, 116–120 Payments icon, 121 Payments to Deposit dialog box, 121, 122, 182, 183 payroll doing payroll without help from QuickBooks, 217–218 filing annual returns and wage statements, 227–228 getting ready to with QuickBooks, 219–220 outsourcing of, 15 paying other nontax liabilities, 225 paying payroll liabilities, 224–225 paying your employees, 221–223 payroll tax deposits, 225 preparing quarterly payroll tax returns, 225–227 Payroll Center window, 221, 224 Payroll Forms & W-2s, 226 Payroll Liability Balances, 227 Payroll report, 226 Payroll Schedule button, 220 Payroll Schedule List window, 220 Payroll Summary report, 227 Payroll Tax and Liabilities, 225 PDF document, saving invoice as, 105 periodic inventory system, 172–174 perpetual inventory system, 172 personal identification number (PIN), 244 Personal tab (New Employee window), 49, 50 Index 379 petty-cash account, 180 Physical Inventory Worksheet, 169 Plain paper (form option), 101 Planning & Budgeting submenu, 236 plastic, paying with, 193–202 Portable Company File option button, 293 portable file, defined, 292 portable-files feature, 292–293 Preferences dialog box, 126, 127, 128, 136, 143, 147, 148, 156, 268, 269 Preferred Vendor field, 41 Prepare Letters with Envelopes, 126 preprinted forms (form option), 101 Prev Page button, 277 Preview Paycheck window, 222, 223 Preview Your Settings button, 26–27 Previous button, 90, 91, 96, 111, 115, 116, 120, 138, 179, 278 Price Each text box, 88, 89 Price Level list, 62, 64 price levels, defined, 64 Print button, 68, 71, 84, 100, 101, 102, 103, 104, 112, 113, 137, 169, 184, 209, 211, 215, 216, 245, 263, 264, 277, 279 Print Checks button, 150 Print Checks dialog box, 209, 210, 212 Print Checks–Confirmation dialog box, 210, 211, 212 Print Credit Memos dialog box, 104 Print dialog box, 69 Print Forms command, 69 Print in Color check box, 264 Print Invoices dialog box, 102 Print Items in Group check box, 46 Print Later check box, 90, 101, 111, 113, 137, 177 Print List, 69 Print Lists dialog box, 215 Print On options, 103 Print One Credit Memo/Refund dialog box, 100 380 QuickBooks 2018 For Dummies Print One Estimate dialog box, 277 Print One Invoice dialog box, 100 Print One Sales Receipt dialog box, 112, 113 Print Preview screen, 277 Print Register dialog box, 215 Print Report dialog box, 71 Print Reports, 263 Print Sales Receipts dialog box, 113 Print Sample button, 98 Print Selected Time and Costs As One Invoice Item check box, 281 Print Splits Detail check box, 215 Print To panel, 264 Printer Name drop-down menu, 206 Printer Name field, 210 printer options, 112 Printer Setup dialog box, 97, 98, 99, 206 Printer Type drop-down menu, 98 printing check register, 214–216 checks, 137, 205–216 estimates, 277 invoices, 90 invoices and credit memos, 97–104 lists, 68–69 paper orientation, 216 payroll checks, 223 purchase orders, 165 reports, 262–268 sales receipts, 107, 112–113 Printing Features dialog box, 263 Process Multiple Reports dialog box, 270–271 Process Payroll Forms, 226, 227 product credit memo, 93 products, assembling of, 167–169 professional credit memo, 93 professional help, 16, 33 Profit and Loss radio button, 232 profit and loss report/profit and loss statement as chart of accounts, 348 defined, 16 illustration of, 9, 263, 343 profits and losses, forecasting of, 235 progress billing, 274 progress invoicing, 274 Prompt Me to Modify Report Options Before Opening a Report, 262 Properties dialog box (printer), 207 Purchase Information section, 299 purchase order (PO) feature checking up on purchase orders, 166 customizing purchase order form, 163 filling out purchase order, 163–165 overview, 162 printing purchase order, 165 receiving against a PO, 142 receiving purchase order items, 166–167 recommendation for using PO, 157 using Items tab to record what you’re purchasing, 136 purchase order (PO) numbers, 87 Purchase Orders icon, 163 Purchase/Charge option button, 198 Purchased From field, 197, 199 Purchases reports, 261 Q Qty on Hand column, 170 Qty text box, 110 Quantity text box, 88 Quantity to Build text box, 168 Quantity/ItemCode/Description/PriceEach/ Amount/Tax list box, 88 quarterly payroll tax returns, preparation of, 225–227 Quick Add method, 134, 138, 142, 145, 146, 242 QuickBooks data file, 27–28 flavors of, 23 installation, 335–338 lists See lists online bill payment feature, 60 online version vs desktop version, 10–11 popularity of, 11–12 reasons to use, 7–11 registering product, 31–32 setup work, 12–13 See also Setup starting, 23–24 succeeding with, 13–16 website, 246 what it does, 9–10 QuickBooks 2016 For Dummies (Nelson), QuickBooks Basic Payroll service, 226, 227 QuickBooks data, 255 QuickBooks Email service, 105 QuickBooks Enhanced payroll service, 226, 227 QuickBooks Enterprise Solutions, 23, 42, 172, 273, 361 QuickBooks Payroll service, 220, 221, 246 QuickBooks Point of Sale system, 115 QuickBooks Premier, 23, 42, 172, 273, 362–363 QuickBooks Pro, 23, 42, 172, 273, 277, 362–363 Quicken, 19, 177 Quicker Verification option (backup), 287 QuickReports, 259, 272 QuickSetup dialog box, 27 QuickZoom feature, 264 R Rate text box, 110 Rathbone, Andy (author) Windows For Dummies, Windows 8.1 For Dummies, Windows 10 For Dummies, Index 381 Recalculate button (A/P), 143 Recalculate button (checks), 137 Receive Inventory icon, 157 Receive Payments icon, 116 Receive Payments window, 116, 117, 121 Received From drop-down menu, 117 reconcile, 200 Reconcile Adjustment dialog box, 255, 256 Reconcile icon (home screen), 250 Reconcile Now, 200 Reconcile Now button, 254 Reconcile window, 252–254, 255 reconciliation, 250–256 reconciliation report, 254 record, defined, 359 Record Deposits icon, 182 Record Deposits option, 121 record locking, 359 references of business financial statistics, 231 register Accounts Payable register, 141, 144, 146, 151, 159, 201 big register phenomenon, 190–192 Checking register, 196, 201, 214, 242 Credit Card register, 196, 199, 201 defined, 72 illustration of, 139, 152 printing check register, 214–216 transfer transaction in, 186 voided check illustration, 189 Register icon, 138, 177 Register QuickReport window, 272 register window, 178, 180 Remind Me column, 147 Remind Me To Back Up When I Close My Company File Every [X] Times check box, 287 Reminders icon, 147 Reminders list, 68 Reminders message box, 147 382 QuickBooks 2018 For Dummies Reminders window, 148 Reorder Point field, 42 Rep drop-down menu, 87 Report Center icon, 71, 260 Report Center window, 261–262 Report Format Preferences dialog box, 270 Report Title dialog box, 266 reports Accountant & Taxes report, 261 accounts receivable (A/R) reports, 124 agings, 124 Audit Trail report, 255 Banking reports, 261 Budgets & Forecasts reports, 261 commenting on, 266 Company & Financial reports, 260 Contributed Reports, 261 Custom reports, 261 editing and rearranging, 265 emailing, 267 Employees & Payroll reports, 261 exporting, 267–268 Industry Specific reports, 261 Item Estimates vs Actuals report, 280 Inventory reports, 261 Item Estimates vs Actuals report, 280 Jobs, Time & Mileage reports, 260, 280, 282 List reports, 261 made to order, 268–270 memorizing, 267 modifying, 265 Open Purchase Orders report, 166 other buttons and boxes, 268 other reporting options, 271 Payroll Summary Report, 227 printing, 69 processing multiple reports, 270–271 Purchases reports, 261 QuickReports, 259, 272 reconciliation report, 254 Sales reports, 260 sharing templates, 266 templates for, 266 tricks with, 264–265 vehicle reports, 304–305 Vendors & Payables reports, 260 Reports – Show Items By or Show Accounts By group, 269 Reports & Graphs icon, 262, 268 Reports Center, 166 Reports feature creating and printing, 262–268 kinds of reports, 260–262 report categories, 260–261 Reports icon, 124 Restore button 146, 179 retailers, special tips for, 114–115 retainers, dealing with, 129–130 Return to Reconcile button, 255 Revert button, 91, 115 Review and Create Paychecks window, 222 Risk Management Association (RMA) Reference, 231 Robert Morris Associates Survey, 231 Rule of 72, 330–331 S S corporation tax return options, 26 Sales Price field, 41, 43 sales receipts correcting mistakes on, 115–116 deleting, 116 printing, 107, 112–113 recording of, 108–112 Sales Rep list, 62, 65 Sales reports, 260 sales tax payment of, 153–154 setting up function for collection of, 47 Sales Tax Code list, 62, 64 Sales Tax Group type item, 39, 48 Sales Tax Item type item, 39 Sales Tax Name and Description field, 44 Sales Tax Setting tab (New Customer window), 53 Sales Tax type item, 43–44 Save As PDF command, 264 Save Backup Copy dialog box, 288 Save Company File As dialog box, 290, 291 Save In drop-down menu, 290 Schedule B of Form 941, 225 scrolling, 190 Section 179 depreciation, 310 Section 446 (General Rules for Methods of Accounting), Select Address Font dialog box, 207 Select All Bills button, 149 Select Checks to Print dialog box, 212 Select Credit Memos to Print dialog box, 103 Select Invoices to Print dialog box, 102 Select Item Receipt dialog box, 159 Select Name Type message box, 138 Select None button (Payments to Deposit dialog box), 122 Select Receipts to Print dialog box, 113 Selected Areas of QuickBooks option button, 364 Send Forms, 105 Send Invoice dialog box, 104 Send Report to Excel dialog box, 267, 268 Service Charge text box, 251 service credit memo, 93 Service type item, 39, 40 Set Closing Date and Password dialog box, 294 Set Credits button, 150 Index 383 Set Date/Password button, 294 Set Up Bank Feed For an Account, 241 Set Up Budgets window, 233, 234, 235 Set Up Forecast, 235 Set Up method/option, 79, 134, 138, 142, 145, 146, 165, 242 Set Up User Password dialog box, 364 Settings button (Assess Finance Charges window), 126 Settings tab, 206, 263 Setup Detailed Setup, 24 Express Setup, 25–31 first QuickBooks Setup window/dialog box, 24 getting ready for, 17–23 starting QuickBooks, 23–24 stepping through, 23–32 three jobs when Setup is over, 32 Share Template button/dialog box, 266 shell games, danger of, 356 Shift+Tab key, 262 Ship text box, 87 Ship To address, changing, 86–87 Ship To text box, 53, 57 Ship Via list, 62, 67 Shipping item, 36, 37 shipping method, 87 shipping point, 88 Show All Bills option button, 149 Show Bills Due On or Before date field, 149 Show History button, 111 Show List option button, 147, 148 Show Next Months button, 233 Show Prev Months button, 233 Show Summary option button, 147, 148 Signature button (Printer Setup dialog box), 208 Simple Find screen, 116 Simple Start, 42 384 QuickBooks 2018 For Dummies Simply Accounting program, 19 small-business banking relationship, 239 Smart Page Breaks, 264 Social Security, 227 Sold To address, changing, 109 sole proprietorship, owner’s equity in, 312 Sort By drop-down menu (bills), 149 Splits button (checks), 179 Splits button (entering bills), 146 SS-4 (Application for Employer Identification Number form), 218 Standard checks, 207 Start Scheduled Payroll button, 221 state employer ID number, 218 state payroll taxes, 224, 228 state unemployment annual summary, 227 subitems, 40 Subtotal item, 36, 37 Subtotal type item, 39, 45, 89 suspense accounts, 70 sustainable growth, how to calculate, 324–325 Switch to Multiuser Mode, 364 T Tab Delimited File option, 216, 264 Tab key, 262 Tax Agency field, 44 Tax Code drop-down menu, 47 Tax Code field, 41, 43 Tax drop-down menu, 89 Tax Item/Rate/Tax Agency/Description list box, 48 tax liabilities, paying payroll liabilities, 224–225 Tax Rate field, 44 tax return options, 26 Tax Settings tab (New Vendor window), 60 Taxable check box, 88, 110 taxes, doing payroll taxes right way, 218–219 Tell Us Where to Save Your Backup Copies box, 286 Template drop-down menu, 85 Template name field, 112 templates, for reports, 266 Terms drop-down menu (A/P), 142 Terms list, 62, 66 Time & Expenses icon, 282 Time tab (invoices), 89 Time/Enter Single Activity window, 89 Timer program, 89 time-tracked clock, 282 Title 26 (Internal Revenue Code), Total Value field, 42, 43 Transaction tab (Create Invoices window), 90 Transaction Type list box, 116 transactions to delete or to void? 188–189 entering credit card transactions, 196–202 finding, 191–192 Transfer Funds Between Accounts dialog box, 185 Transfer Funds Between Accounts window, 187, 243 Transfer Funds From drop-down menu, 185, 243 Transfer Funds To drop-down menu, 243 transferring money between accounts, 184–187 trial balance, 19, 20–21, 71, 76, 79, 350, 351 TurboTax, 364 2% 10 Net 30 (payment term), 62 Type drop-down menu (Item list), 39 Type field option (Employment Info tab), 50 U Uncategorized Expenses account balance, 73, 74, 76 Uncategorized Income account balance, 73, 74 unemployment tax ID number, 218 Unmark All button (finance charges), 129 up-front deposits, dealing with, 129–130 U.S. Treasury, Electronic Federal Tax Payment System (EFTPS), 218, 219, 224, 225 Use Business Plan Tool, 236 Use Class Tracking check box, 65, 85, 136, 143, 164, 198 Use Register dialog box, 177, 182 Use Register drop-down menu, 178 Use Undeposited Funds As a Default Deposit to Account option, 121 User List dialog box, 362 Users and Roles dialog box, 362 V variable costs, 321 Vehicle list, 62, 67 Vehicle List window, 302, 304 vehicle mileage, 152–153, 302-305 vendor balances, 70 Vendor Center window, 59, 62, 154, 159, 163 Vendor drop-down menu, 144, 159, 164 Vendor list, 58–62, 75 Vendor Message field, 165 Vendor Name text box, 59 Vendor Not Found message box, 145 vendor payables, 32 Vendor Type list, 62, 66 Vendors & Payables reports, 260 Vendors area (home page), 141 Via drop-down menu, 87 View Payment Method Type drop-down menu, 121, 122, 182 View Permissions dialog box, 362 voiding checks, 211, 213–214 transactions, 188–189 Voucher checks, 207 Index 385 W W-2 wages statement, 227 W-3 wages statement, 227 W-4 tax form, 218, 219 wage statements, filing of, 227–228 Wallet option (checks), 207 Webmail option button, 105 Weekly Timesheet, 89 “What Happens If  . .?” formulas, 325–329 Windows For Dummies (Rathbone), Windows 8.1 For Dummies (Rathbone), Windows 10 For Dummies (Rathbone), Windows Calculator, 317, 319 386 QuickBooks 2018 For Dummies Wireless Home Networking For Dummies, 4th Edition (Briere and Hurley), 358 withholding account amounts, 227 Write Checks window, 132–133, 137, 139, 176, 178, 200, 209, 242, 316 Y “You Can Grow Too Fast” formula, 323 Z Zoom In button, 277 Zoom Out button, 277 About the Author Stephen L. Nelson, CPA, MBA (finance), MS (taxation), has a simple purpose in life: He wants to help you (and people like you) manage your business finances by using computers Oh, sure, this personal mandate won’t win him a Nobel Prize or anything, but it’s his own little contribution to the world Steve’s experiences mesh nicely with his special purpose The managing member of a CPA firm in Redmond, Washington, his past business experience includes a stint as an adjunct professor of taxation (S corporations and limited liability companies) at Golden Gate University graduate tax school and a few years working as a senior consultant and CPA with Arthur Andersen & Co (er, yeah, that Arthur Andersen — but, hey, it was nearly 30 years ago) Steve, whose books have sold more than million copies in English and have been translated into 11 other languages, is also the bestselling author of Quicken For Dummies Dedication To the entrepreneurs and small business people of the world You folks create most of the new jobs Author’s Acknowledgments Hey, reader, lots of folks spent lots of time working on this book to make QuickBooks easier for you You should know who these people are You may just possibly meet one of them someday at a produce shop, squeezing cantaloupe, eating grapes, and looking for the perfect peach First, a huge thanks to the wonderful folks at Intuit who helped me by providing the beta software and other friendly assistance for this and past editions of this book Another big thank-you goes to the editorial folks at John Wiley & Sons, Inc., including Charlotte Kughen (project editor), Kathy Simpson (copy editor), and Katie Mohr (executive editor) Thanks also to David Ringstrom for his technical assistance and superb attention to detail and my work colleague Matt Donohoe, who helped assemble the art for this book Finally, thanks, too, to the composition staff Publisher’s Acknowledgments Executive Editor: Katie Mohr Production Editor: G. Vasanth Koilraj Project Editor: Charlotte Kughen Cover Image: © Monkey Business Images/ Shutterstock Copy Editor: Kathy Simpson Technical Editor: David Ringstrom Editorial Assistant: Matthew Lowe Sr Editorial Assistant: Cherie Case ... Windows: Windows For Dummies, Windows 8.1 For Dummies, or Windows 10 For Dummies, all by Andy Rathbone (and all from John Wiley & Sons, Inc.) QuickBooks 2018 For Dummies Quickly into QuickBooks IN... even though I’m no fortune-teller, I’m willing to predict that you’ll be able to buy a QuickBooks 2019 For Dummies book when QuickBooks 2019 comes out.) QuickBooks 2018 For Dummies Icons Used.. .QuickBooks 2018 ® QuickBooks 2018 ® by Stephen L Nelson, MBA, CPA, MS in Taxation QuickBooks 2018 For Dummies Published by: John Wiley & Sons, Inc.,