Quickbooks 101: A Guide for Getting the Most Out of Your Software
Please see below for additional instructions and information regarding this program.
Quickbooks continues to be one of the most popular accounting software programs on the planet. Whether you are an accountant, business owner, office manager or simply interact with your companies financials there is a good chance you have had to work with Quickbooks. Without proper training, however, mistakes can be made. Those mistakes can lead to cash-flow problems, late bills, missed invoices, incorrect reporting, and even tax issues. This webinar will provide you with some hands-on training to start getting the most out of QuickBooks and to avoid those costly mistakes.
Your Benefits of Attending:
- Get up and running by setting up a company file
- Learn how to make changes to the Chart of Accounts
- Know exactly how to add a bank account to your company
- Walk through the process of setting up Customers. Vendors, and Items (anything you buy or sell)
- Understand the AP Cycle & the AR cycle and why that is so crucial
- Learn how to effectively use the Built-in Reports
- Learn how to create customized reports and when that is necessary
- Know how to check your account balances
- Set up your company Snap-shot
Tom Fragale brings more than 30 years of professional experience to the table in this information packed webinar. Register today and come prepared with your pen and notepad (or laptop).
Topics Include 00:02:17
Quickbooks PC Version 00:03:37
Quickbooks Home Screen 00:04:26
Company Snapshot 00:08:14
Making a Manual Entry 00:09:55
QuickBooks Online Version 00:13:41
Creating a Company File-Desktop Version 00:18:00
Chart of Accounts-Desktop Version 00:23:58
How to Set up a Bank Account-Desktop Version 00:25:00
How to Set up a Credit Card Account-Desktop Version 00:26:45
Chart of Accounts-Online Version 00:30:25
How to Set up Vendors, Customers and Items-Desktop Version 00:32:37
Accounts Payable/Accounts Receivable Cycle-Desktop Version 00:40:26
Built-In Reports in Quickbooks-Desktop Version 00:53:29
Built-In Reports in Quickbooks-nine Version 00:58:57
- Accounts Payable (AP) 00:40:38
- Accounts Receivable (AR) 00:40:38
- AP Cycle 00:40:17
- AR Cycle 00:40:16
- Asset 00:27:28
- Chart of Accounts 00:23:58
- Equity 00:27:34
- Liabilities 00:27:32
- Purchase Order 00:23:49
- QuickBooks Desktop 00:03:37
- QuickBooks Online 00:13:41
- Reports 00:15:05, 00:53:29
- Snapshots 00:08:14
- Transaction 00:39:04
- Vendor 00:36:50
Accounts payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
Accounts receivable (AR): The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
AP Cycle: The record of the outstanding bills of a business. It is the money you owe your vendors for goods or services that you purchased on credit. Accounts Payable is called A/P for short. (Even though the word "accounts" is plural, QuickBooks uses a single account on the Chart of Accounts to track all outstanding bills.) There are 2 usual A/P workflows available in QuickBooks Desktop. To record your A/P transactions, choose one workflow that suits your business process and follow the steps in creating each transaction from your selected workflow. Workflow 1: Purchase Order - Receive Inventory - Enter Bills against Inventory - Bill Payment and Workflow 2: Enter Bills - Pay Bills.
AR Cycle: The record of money owed to your business for goods or services; that is, invoices for which your business hasn't received payment yet. Accounts Receivable is called A/R for short. (Even though the word "accounts" is plural, QuickBooks uses a single account on the chart of accounts to track all outstanding invoices.) Other terms for Accounts receivable are Notes and Collectibles. There are five usual A/R workflows available in QuickBooks Desktop. To record your A/R transactions, choose one workflow that suits your business process and follow the steps in creating each transaction from your selected workflow. Workflow 1: Estimate - Sales Order - Invoice - Payment - Deposit, Workflow 2: Sales Order - Invoice - Payment Deposit, Workflow 3: Estimate – Invoice – Payment – Deposit, Workflow 4: Invoice – Payment – Deposit, and Workflow 5: Statement Charges – Finance Charges – Statement – Payment – Deposit
Asset: Property owned by a person or company, regarded as having value and available to meet debts, commitments or legacies.
Chart of Accounts: Chart of Accounts is the complete list of all the company’s accounts and balances. In QuickBooks, it represents and organizes the company's assets, liabilities, income, and expense. QuickBooks automatically creates your chart of accounts based on the industry and type of company you choose when creating your company file. If you just created your file, make sure to record the accounts' opening balances.
Equity: The total value of your business after you’ve subtracted what you owe [“liabilities”] from what you own [“assets”].
Liabilities (current and long-term) (CL, LTL): A company's debts or financial obligations incurred during business operations. Current liabilities (CL) are those debts that are payable within a year, such as a debt to suppliers. Long-term liabilities (LTL) are typically payable over a period of time greater than one year. An example of a long-term liability would be a multi-year mortgage for office space.
Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).
QuickBooks Desktop: QuickBooks Desktop is a one-time purchase accounting software to be installed on your office desktop computer.
QuickBooks Online: QuickBooks Online is our cloud-based subscription service that gives you the freedom to work from any device — anytime, anywhere.
Reports: A report is a set of instructions that the program uses to display data from your company file. All available reports can be accessed through the QuickBooks Reports menu.
Snapshots: The Company Snapshot is a panel that is updated in real time with all of your company's information that's entered into QuickBooks. The program parses the information and presents it in an easy-to-read overview that's invaluable to a busy business owner.
Transaction: In QuickBooks, a transaction type identifies what kind of transaction occurred, such as a customer transaction, bill payment or a bank transfer. When you submit a transaction, you type in a transaction code to represent it.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
Tom Fragale is a computer professional with over 30 years of experience. He is a Microsoft Certified Trainer, a Microsoft Certified Office Master, and a Microsoft Certified Expert in Word and Excel. He has trained over 30,000 business people in on-line webinars, public seminars, and on-site training. His clients include many Fortune 500 companies, government agencies, military bases, and companies large and small across a variety of industries, including manufacturing, banking, pharmaceutical, e... View Full Profile
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You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.