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Mastering QuickBooks:Software Updates, General Ledger and Tips &TricksPresented by Dharma Diaz-Azcuy, CPAFall 2015
Introductions WBL is a full service accounting firm WBL’s Client Accounting Group support clients with accountingmatters, software needs, special projects and controllershipfunctions Laura Speir, Partner-in-Charge, Accounting Services Molly Dyer, Accounting Services Senior Staff, QuickBooks ProAdvisor Dharma Diaz-Azcuy, Accounting Services Manager, QuickBooksPro Advisor 15 years experience as a CPA12 years experience as a certified QuickBooks ProAdvisor (2003present)Bachelor of Business Administration, Accounting, Georgia StateUniversity2
Training Outline1. Overview of QuickBooks2. Software Updates3. General Ledger Maintaining the data base Maintaining the transaction4. Tips & Tricks3
1. Overview1. Overview of QuickBooks Intuit continues its focus on the growth of QuickBooksOn-Line Improvements more in line with desktop version Bank feeds rules, updated “pay bills” page, improved register functionality Able to improve continuously (vs. once-per-year) Desktop version will not be abandoned Licensing options for Desktopversions will remain the same Enterprise version now subscription vs. license Lateral growth Partnership with other software providers toenhance product4
1. OverviewOverview of QuickBooks (cont’d) Desktop improvements Using centers to improve efficiency QuickBooks Centers allows users to track the people andcompanies you do business with Users can manage and view all information and transactions QuickBooks Centers include customers, vendors andemployees Using forms improves data entry All of your everyday QuickBooks tasks, like invoicing, payingbills and writing checks, are done on forms You can reach every form in QuickBooks from the Home pageor the menus5
1. OverviewOverview of QuickBooks (cont’d) Easy way to view company information and input data Company Insights page has been improved A new dashboard replaces Company Snapshot feature (still available)A more up-to-date, cleaner looking user interfaceReal-time company informationPerform tasks from a single placePreview of business financial stateAccess frequent transactions Company Snapshot More than 20 “widgetized” graph/chartsthat you can add to the screen on threeseparate tabs Some customization and printing options Shows company’s financial state, accountbalances, income breakdown, customerswho owe you money, best-selling items, and reminders6
2. Software Updates 2. SoftwareUpdatesInsights tab in the Home windowIncome Tracker upgradesUpdated Reminders windowPinned notesNew report formattingUpdated online payments7
Software Updates2. SoftwareUpdates Insights tab in the Home window Highlights your company’s financial status andactivity Creates high-level graphs Details income and expenses Combines pie and bar charts Income Tracker upgrades Makes customer transaction information easierto find using colored boxes Displays unbilled time and expenses on new tab8
Software Updates (cont’d)2. SoftwareUpdates Updated reminders window Customizable Relevant reminders with specific details Financial calendar can be customized Pinned notes Pin a note to list names for vendor, customer, oremployee It appears at the center’s top right when youselect that name in the centers New report formatting Shaded rows based on levels9
Software Updates (cont’d)2. SoftwareUpdates Updated online payments QuickBooks Payments--Eventually all other paymentaccounts are going to be rolled up into this one account New online payments feature replaced the Intuit MerchantServices, Intuit Payment Network, Intuit Go Payment, andmore Now there is one set of rates and rules, one applicationprocess, one website to manage them all10
Software Updates (cont’d)2. SoftwareUpdates Updated online payments If you already have a payment account and were using itin QuickBooks, your account should automatically getconverted to a QuickBooks Payments If you already have a payment account with Intuit buthave NOT used it in QuickBooks, use the Link PaymentService to Company File11
Software Updates (cont’d)2. SoftwareUpdates Updated online payments12
Software Updates (cont’d)2. SoftwareUpdates Updated online payments13
Software Updates (cont’d)2. SoftwareUpdates Updated online payments14
Software Updates (cont’d)2. SoftwareUpdates Updated online payments15
Software Updates (cont’d)2. SoftwareUpdates Updated online payments16
Software Updates (cont’d)2. SoftwareUpdates Updated online payments17
Software Updates (cont’d)2. SoftwareUpdates Updated online payments18
Software Updates (cont’d)2. SoftwareUpdates Updated online payments19
Software Updates (cont’d)2. SoftwareUpdates Updated online payments20
Software Updates (cont’d)2. SoftwareUpdates Updated online payments21
Software Updates (cont’d)2. SoftwareUpdates Updated online payments To see your payments and reconcile with your accountselect the Make Merchant Service Deposits option in theBanking menu.22
Software Updates (cont’d)2. SoftwareUpdates Updated online payments This opens a window that shows you the bank activity foryour merchant account23
3. General Ledger3. General Ledger Maintaining your database Important to maintain and protect database Can risk losing all data due to improper maintenance If no back-up exists, data must be restored/reentered manually Make sure to contact your accountant Restoration is costly and time-consuming Can delay financial and tax reporting24
3. General LedgerDatabase maintenance (cont’d) Most common problems are corruption, data loss Improper shut down Power failure Surge protectors Poor work habits Leaving too many screens opened Not shutting the program down properly PC crashes Hardware failure One loose cable Lack of data base maintenance25
3. General LedgerDatabase maintenance (cont’d) Recommended file size (not to exceed) Pro/Premier 120-150 MGEnterprise 1-1.2 gigDB file frags should be single digitIf file is too large Consider starting a new file26
3. General LedgerDatabase maintenance (cont’d) Control “1” to get info on: File sizeDB file fragmentsTotal transactionsLists27
3. General LedgerDatabase maintenance (cont’d) Create a back-up! Run defragmentation routinely Fragmentation slows down the system Run utilities in QuickBooks Verify and/or rebuild data Create a portable file Restore the portable file into new file, do not replace Resort lists Unhide inactive lists items Copy data file to USB with no other files in it Run defragmentation Condense data28
3. General Ledger3. General Ledger Overview A complete record of all financial transactionsover the life of the company Holds account information needed to preparefinancial statements Gathers accounting data from all sub-ledgers Accounts Receivable Accounts Payable Sales Tax Payroll29
3. General LedgerWorking with the General Ledger How to save time entering data Memorize transactions Duplicate transactions Income tracker Record invoice from sales order Receive multiple payments Email multiple invoices30
3. General LedgerAccurate reporting requires datamaintenance Apply credit memos Customers Vendors Correct misapplied payments or credits Identify old outstanding checks Void Reissue Set up closing date31
3. General LedgerGeneral Ledger Use forms when ever possible Invoices, receive payments and credit memos Bills, pay bills and credit memos Transfer funds Avoid journal entries to the following accounts: Accounts Receivable Accounts Payable Bank Accounts When is it okay to use journal entries? Record depreciation expenseRecord payrollRecording year end transactionsReclassifications and correctionsRecording owners contributions other than cash32
4. Tips & Tricks4. Tips and Tricks Admin Login Create a login for each user Limit the use of the admin user33
4. Tips & TricksTips and Tricks (cont’d) Editing Payments linked to Deposits Why? May have been posted to wrong customer Want to preserve the clear status How? Create a new payment Add it to the deposit Delete the incorrect payment34
4. Tips & TricksTips and Tricks (cont’d) Adjust items to create correctsales reports Why? Accounts impact the general ledger and itemsimpact sales reports Correcting one and not the other results insales report not matching the general ledger How? Use a form (bill, invoice or check for 0) ratherthan recording a journal entry35
4. Tips & TricksTips and Tricks (cont’d) Track owner-paid businessexpenses Encourage owner to use business forms ofpayments Create a Credit Card account named“purchases by owner” Owner may either be reimbursed orbalance may be transferred to loan fromowner or contribution to company36
4. Tips & TricksTips and Tricks (cont’d) Prevent users from makingchanges to chart of account Use the 1099 setup Use one of the categories you will neveruse in the normal course of business Link all unlinked accounts to thecategory chosen above37
4. Tips & TricksTips and Tricks (cont’d) Terminate QuickBooks on aworkstation Available with Pro, Premier, Accountantsand Enterprise Use chat screen to close file Unsaved data will be lost38
4. Tips & TricksTips and Tricks: Use Your Preferences Configure company and userpreferences Saves time Streamlines daily data entry39
4. Tips & TricksUse Your Preferences “Show lowest subaccount only” Prevent users from posting to main accounts Checking: select preferred bank accounts Automatically pulls up correct account Show/not show Home page when opening a company file Enable the “search” function to appear on each screen If you do not bill expenses turn off “mark all expenses asbillable” If your company does reimbursable expenses, turn on“track reimbursable expenses as income”40
4. Tips & TricksUse Your Preferences Keep QuickBooks running for quick startups Program launches faster Launches when you reboot your computer Uses more of your computer’s memory Turning on “automatically calculatepayments” automatically writes offinsignificant balances “Prompt me to refresh” avoids refreshingreports after each transaction is changed41
4. Tips & TricksCustomize Settings Allow QuickBooks to sync with Outlook contacts Build your favorites menu Customizing the icon bar42
4. Tips & TricksCustomize Settings Allow QuickBooks to sync with Outlook rt/tools/contact sync/43
4. Tips & TricksResources Websites in QuickBooks that Intuit has testedand work well with QuickBooks Intuit App Center(http://appcenter.intuit.com) Intuit Marketplace(http://marketplace.intuit.com)44
4. Tips & TricksTips and Tricks (cont’d) Exiting QuickBooks Close all opened reports Click on file and exit Backup regularly45
Questions?Dharma Diaz-Azcuy770-512-0500ddiaz-azcuy@wblcpa.com46
Pinned notes Pin a note to list names for vendor, customer, or employee It appears at the center’s top right when you select that name in the centers New report formatting Shaded rows based on levels 9 2. Software Updates. Software Updates (cont’d) Updated online payments QuickBooks Payments--Eventually all other payment accounts are going to be rolled up into this one account New .
