QuickBooks 2023 All-in-One For Dummies (For Dummies (Computer/Tech))

✍ Scribed by Stephen L. Nelson

• Publisher: For Dummies
• Year: 2022
• Tongue: English
• Leaves: 643
• Edition: 1
• Category: Library

✦ Synopsis

The quickest way to learn everything there is to know about QuickBooks

QuickBooks is the leading small business accounting software, designed to help you handle your financial and business tasks more effectively. QuickBooks 2023 All-in-One For Dummies answers all your QuickBooks questions, with 8 content-rich mini books in one complete package. You can get the most out of the latest QuickBooks release, thanks to this go-to reference covering account setup, double entry bookkeeping, invoicing customers, paying vendors, tracking inventory, creating a business plan, cloud storage, and everything else QuickBooks can do for you. Plus, you can access your information from any device with new online features, making it easy to manage your business on the go. Dummies walks you through everything, step by step.

• Set up QuickBooks for your small business and import all your accounts and data
• Manage invoices, payments, and inventory—and see it all on quick statements and reports
• Make the most of the latest version of QuickBooks with this updated guide
• Use economic value-added analysis and other analysis tools to identify potential savings and profit opportunities

Small business owners, managers, and employees who use QuickBooks already or want to switch to the leading software package will find everything they need in QuickBooks 2023 All-in-One For Dummies.

✦ Table of Contents

Title Page
Copyright Page
Table of Contents
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
1 An Accounting Primer
Chapter 1 Principles of Accounting
The Purpose of Accounting
The big picture
Managers, investors, and entrepreneurs
External creditors
Government agencies
Business form generation
Reviewing the Common Financial Statements
The income statement
Balance sheet
Statement of cash flows
Other accounting statements
Putting it all together
The Philosophy of Accounting
Revenue principle
Expense principle
Matching principle
Cost principle
Objectivity principle
Continuity assumption
Unit-of-measure assumption
Separate-entity assumption
A Few Words about Tax Accounting
Chapter 2 Double-Entry Bookkeeping
The Fiddle-Faddle Method of Accounting
How Double-Entry Bookkeeping Works
The accounting model
Talking mechanics
Almost a Real-Life Example
Recording rent expense
Recording wages expense
Recording supplies expense
Recording sales revenue
Recording cost of goods sold
Recording the payoff of accounts payable
Recording the payoff of a loan
Calculating account balance
Using T-account analysis results
A Few Words about How QuickBooks Works
Chapter 3 Special Accounting Problems
Working with Accounts Receivable
Recording a sale
Recording a payment
Estimating bad-debt expense
Removing uncollectible accounts receivable
Recording Accounts Payable Transactions
Recording a bill
Paying a bill
Taking some other accounts payable pointers
Inventory Accounting
Dealing with obsolete inventory
Disposing of obsolete inventory
Dealing with inventory shrinkage
Accounting for Fixed Assets
Purchasing a fixed asset
Dealing with depreciation
Disposing of a fixed asset
Recognizing Liabilities
Borrowing money
Making a loan payment
Accruing liabilities
Closing Out Revenue and Expense Accounts
The traditional close
The QuickBooks close
One More Thing . . .
2 Getting Ready to Use QuickBooks
Chapter 1 Setting Up QuickBooks
Planning Your New QuickBooks System
What accounting does
What accounting systems do
What QuickBooks does
And now for the bad news
Installing QuickBooks
Dealing with the Presetup Jitters
Preparing for setup
Seeing what happens during setup
Running the QuickBooks Setup Wizard
Getting the big welcome
Supplying company information
Customizing QuickBooks
Setting your start date
Reviewing the suggested chart of accounts
Adding your information to the company file
Customers, vendors, and employees
Services and inventory items you sell
Business bank accounts
Identifying the Starting Trial Balance
A simple example to start
A real-life example to finish
Chapter 2 Loading the Master File Lists
Setting Up the Chart of Accounts List
Setting Up the Item List
Working with the Price Level List
Using Sales Tax Codes
Setting Up a Payroll Item List
Setting Up Classes
Setting Up a Customer List
Setting Up the Vendor List
Setting Up a Fixed Assets List
Setting Up a Price Level List
Setting Up a Billing Rate Level List
Setting Up Your Employees
Setting Up an Other Names List
Setting Up the Profile Lists
Chapter 3 Fine-Tuning QuickBooks
Accessing the Preferences Settings
Setting the Accounting Preferences
Using account numbers
Setting general accounting options
Setting the Bills Preferences
Setting the Calendar Preferences
Setting the Checking Preferences
Changing the Desktop View
Setting Finance Charge Calculation Rules
Setting General Preferences
Controlling Integrated Applications
Controlling Inventory
Controlling How Jobs and Estimates Work
Dealing with Multiple Currencies
Starting Integrated Payment Processing
Controlling How Payroll Works
Telling QuickBooks How Reminders Should Work
Specifying Reports and Graphs Preferences
Setting Sales and Customers Preferences
Specifying How Sales Are Taxed
Setting the Search Preferences
Setting the Send Forms Preferences
Fine-Tuning the Service Connection
Controlling Spell Checking
Controlling How 1099 Tax Reporting Works
Setting Time and Expenses Preferences
3 Bookkeeping Chores
Chapter 1 Invoicing Customers
Choosing an Invoice Form
Customizing an Invoice Form
Choosing a template to customize
Reviewing the Additional Customization options
Specifying header information
Specifying columns information
Specifying prog columns information
Specifying footer information
Specifying print information
Moving on to basic customization
Logo, please
Color you beautiful
Fiddle with invoice fonts
Specifying company and transaction information
Working with the Layout Designer tool
Working with the web-based Forms Customization tool
Invoicing a Customer
Billing for Time
Using a weekly time sheet
Timing single activities
Including billable time on an invoice
Printing Invoices
Emailing Invoices
Recording Sales Receipts
Recording Credit Memos
Receiving Customer Payments
Assessing Finance Charges
Setting up finance-charge rules
Calculating finance charges
Using Odds and Ends on the Customers Menu
Chapter 2 Paying Vendors
Creating a Purchase Order
Creating a real purchase order
Using some purchase order tips and tricks
Recording the Receipt of Items
Simultaneously Recording the Receipt and the Bill
Entering a Bill
If you haven’t previously recorded an item receipt
If you have previously recorded an item receipt
Paying Bills
Reviewing the Other Vendor Menu Commands
Vendor Center window
Sales Tax menu commands
Inventory Activities menu commands
Print/E-file 1099s commands
Item List command
Chapter 3 Tracking Inventory and Items
Looking at Your Item List
Using the Item Code column
Using the Item List window
Using inventory reports
Adding Items to the Item List
Adding an item: Basic steps
Adding a service item
Adding an inventory part
Adding a noninventory part
Adding an other-charge item
Adding a subtotal item
Adding a group item
Adding a discount item
Adding a payment item
Adding a sales tax item
Setting up a sales tax group
Adding custom fields to items
Editing Items
Adjusting physical counts and inventory values
Adjusting prices and price levels
Using the Change Item Prices command
Using price levels
Creating a price level
Using a price level
Enabling advanced pricing
Managing Inventory in a Manufacturing Firm
Handling manufactured inventory the simple way
Performing inventory accounting in QuickBooks
Adding inventory assembly items
Recording manufacture or assembly of items
Managing multiple inventory locations
Chapter 4 Managing Cash and Bank Accounts
Writing Checks
Recording and printing a check
Customizing the check form
Making Bank Deposits
Transferring Money between Bank Accounts
Working with the Register
Recording register transactions
Using Register window commands and buttons
The Go To button
The Print button
The Edit Transaction button
The QuickReport button
The Download Bank Statement button
The 1-Line check box
The Sort By list
Using the Edit Menu Commands
Reconciling the Bank Account
Reviewing the Other Banking Commands
Order Checks & Envelopes command
Enter Credit Card Charges command
Bank Feeds command
Loan Manager command
Other Names list
Chapter 5 Paying Employees
Setting Up Payroll
Signing up for a payroll service
Setting up employees
Providing payroll and tax information
Providing other employment-related information
Setting up year-to-date amounts
Checking your payroll setup data
Scheduling Payroll Runs
Paying Employees
Editing and Voiding Paychecks
Paying Payroll Liabilities
4 Accounting Chores
Chapter 1 For Accountants Only
Working with QuickBooks Journal Entries
Recording a journal entry
Reversing a journal entry
Editing journal entries
Updating Company Information
Working with Memorized Transactions
Reviewing the Accountant and Taxes Reports
Creating an Accountant’s Copy of the QuickBooks Data File
Creating an accountant’s copy
Handling the accountant’s copy manually
Sending the accountant’s copy electronically
Using an accountant’s copy
Reusing an accountant’s copy
Exporting client changes
Importing accountant’s changes
Canceling accountant’s changes
Troubleshooting accountant’s copy transfers
Using the Client Data Review Commands
Chapter 2 Preparing Financial Statements and Reports
Some Wise Words Up Front
Producing a Report
Working with the Report Window
Working with Report window buttons
Customize Report
Comment on Report
Share Template
Memorize
Print
E-mail
Excel
Hide Header
Collapse
Refresh
Using the Report window controls
Dates, From, and To
Show Columns
Sort By
Report Basis
Modifying a Report
Using the Display tab
Using the Filters tab
Using the Header/Footer tab
Formatting fonts and numbers
Processing Multiple Reports
A Few Words about Document Retention
Chapter 3 Preparing a Budget
Reviewing Common Budgeting Tactics
Top-line budgeting
Zero-based budgeting
Benchmarking
Putting it all together
Taking a Practical Approach to Budgeting
Using the Set Up Budgets Window
Creating a new budget
Working with an existing budget
Managing with a Budget
Some Wrap-Up Comments on Budgeting
Chapter 4 Using Activity-Based Costing
Reviewing Traditional Overhead Allocation
Understanding How ABC Works
The ABC product-line income statement
ABC in a small firm
Implementing a Simple ABC System
Seeing How QuickBooks Supports ABC
Turning On Class Tracking
Using Classes for ABC
Setting up your classes
Classifying revenue amounts
Classifying expense amounts
Making after-the-fact classifications
Producing ABC reports
Chapter 5 Setting Up Project and Job Costing Systems
Setting Up a QuickBooks Job
Tracking Job or Project Costs
Job Cost Reporting
Using Job Estimates
Progress Billing
5 Financial Management
Chapter 1 Ratio Analysis
Some Caveats about Ratio Analysis
Liquidity Ratios
Current ratio
Acid-test ratio
Leverage Ratios
Debt ratio
Debt equity ratio
Times interest earned ratio
Fixed-charges coverage ratio
Activity Ratios
Inventory turnover ratio
Days of inventory ratio
Average collection period ratio
Fixed-asset turnover ratio
Total-assets turnover ratio
Profitability Ratios
Gross margin percentage
Operating income/sales
Profit margin percentage
Return on assets
Return on equity
Chapter 2 Economic Value Added Analysis
Introducing the Logic of EVA
Seeing EVA in Action
An example of EVA
Another example of EVA
Reviewing Some Important Points about EVA
Using EVA When Your Business Has Debt
The first example of the modified EVA formula
Another EVA with debt example
Presenting Two Final Pointers
And Now, a Word to My Critics
Chapter 3 Capital Budgeting in a Nutshell
Introducing the Theory of Capital Budgeting
The big thing is the return
One little thing is maturity
Another little thing is risk
The bottom line
Calculating the Rate of Return on Capital
Calculating the investment amount
Estimating the net cash flows
Calculating the return
Measuring Liquidity
Thinking about Risk
What Does All This Have to Do with QuickBooks?
6 Business Plans
Chapter 1 Profit-Volume-Cost Analysis
Seeing How Profit-Volume-Cost Analysis Works
Calculating Break-Even Points
Using Real QuickBooks Data for Profit-Volume-Cost Analysis
Sales revenue
Gross margin percentage
Fixed costs
Recognizing the Downside of the Profit-Volume-Cost Model
Using the Profit-Volume-Cost Analysis Workbook
Collecting your inputs
Understanding the Break-Even Analysis Forecast
Understanding the Profit-Volume Forecast
Looking at the profit-volume-cost charts
Chapter 2 Creating a Business Plan Forecast
Reviewing Financial Statements and Ratios
Using the Business Plan Workbook
Understanding the Workbook Calculations
Forecasting inputs
Balance Sheet
Cash & Equivalents
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Plant, Property, & Equipment
Less: Accumulated Depreciation
Net Plant, Property, & Equipment
Other Noncurrent Assets
Total Assets
Accounts Payable
Accrued Expenses
Other Current Liabilities
Total Current Liabilities
Long-Term Liabilities
Other Noncurrent Liabilities
Total Noncurrent Liabilities
Owner Equity
Total Liabilities and Owner Equity
Common Size Balance Sheet
Income Statement
Sales Revenue
Less: Cost of Sales
Gross Margin
Operating Expenses: Cost Centers 1, 2, and 3
Total Operating Expenses
Operating Income
Interest Income
Interest Expense
Net Income (Loss) Before Taxes
Income Tax Expenses (Savings)
Net Income (Loss) After Taxes
Common Size Income Statement
Cash Flow Statement
Beginning Cash Balance
Net Income After Taxes
Addback of Depreciation
Accounts Payable Financing
Accrued Expenses Financing
Other Current Liabilities Financing
Long-Term Liabilities Financing
Other Noncurrent Liabilities Financing
Accounts Receivable Investments
Inventory Investments
Other Current Assets Investments
Plant, Property, & Equipment Investments
Other Noncurrent Assets Investments
Other Owner Equity Changes
Net Cash Generated (Used)
Ending Cash Balance
Financial Ratios Table
Current Ratio
Quick Ratio
Working Capital to Total Assets
Receivables Turnover
Inventory Turnover
Times Interest Earned
Sales to Operational Assets
Return on Total Assets
Return on Equity
Investment Turnover
Financial Leverage
Customizing the Starter Workbook
Changing the number of periods
Performing ratio analysis on existing financial statements
Calculating taxes for a current net loss before taxes
Combining this workbook with other workbooks
Chapter 3 Writing a Business Plan
What the Term “Business Plan” Means
A Few Words about Strategic Plans
Cost strategies
Differentiated products or services strategies
Focus strategies
Look, Ma: No Strategy
Two comments about tactics
Six final strategy pointers
A White-Paper Business Plan
A New-Venture Plan
Is the new venture’s product or service feasible?
Does the market want the product or service?
Can the product or service be profitably sold?
Is the return on the venture adequate for prospective investors?
Can existing management run the business?
Some final thoughts
7 Care and Maintenance
Chapter 1 Administering QuickBooks
Keeping Your Data Confidential
Using Windows security
Using QuickBooks security
Using QuickBooks in a Multiuser Environment
Setting up additional QuickBooks users
Adding users in QuickBooks Enterprise Solutions
Adding users in QuickBooks Pro and Premier
Changing user rights in Enterprise Solutions
Changing user rights in QuickBooks Pro and Premier
Using Audit Trails
Enabling Simultaneous Multiuser Access
Maintaining Good Accounting Controls
Chapter 2 Protecting Your Data
Backing Up the QuickBooks Data File
Backing-up basics
What about online backup?
Some backup tactics
Restoring a QuickBooks Data File
Condensing the QuickBooks Company Files
Cleanup basics
Some cleanup and archiving strategies
Chapter 3 Troubleshooting
Using the QuickBooks Help File and This Book
Browsing Intuit’s Product-Support Website
Checking Another Vendor’s Product-Support Website
Tapping into Intuit’s Online and Expert Communities
When All Else Fails . . .
8 Appendixes
Appendix A A Crash Course in Excel
Starting Excel
Stopping Excel
Explaining Excel’s Workbooks
Putting Text, Numbers, and Formulas in Cells
Writing Formulas
Scrolling through Big Workbooks
Copying and Cutting Cell Contents
Copying cell contents
Moving cell contents
Moving and copying formulas
Formatting Cell Contents
Recognizing That Functions Are Simply Formulas
Saving and Opening Workbooks
Saving a workbook
Opening a workbook
Printing Excel Workbooks
One Other Thing to Know
Appendix B Government Web Resources for Businesses
Bureau of Economic Analysis
Finding information at the BEA website
Downloading a BEA publication
Uncompressing a BEA publication
Using a BEA publication
Bureau of Labor Statistics
Finding information at the BLS website
Using BLS information
Census Bureau
Finding information at the Census Bureau website
Using the Census Bureau’s publications
Using the Census Bureau’s search engine
Using the Census Bureau’s Subjects index
Securities and Exchange Commission
Finding information through EDGAR
Searching the EDGAR database
Federal Reserve
Finding information at the Federal Reserve website
Using the Federal Reserve website’s information
Government Publishing Office
Information available at the GPO website
Searching the GPO database
Internal Revenue Service
Appendix C Glossary of Accounting and Financial Terms
Index
EULA