QuickBooks 2017 All-In-One For Dummies

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Nelson Stephen L.. QuickBooks 2017 All-In-One For Dummies

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Book 1. An Accounting Primer

Chapter 1. Principles of Accounting

The Purpose of Accounting

Reviewing the Common Financial Statements

The Philosophy of Accounting

A Few Words about Tax Accounting

Chapter 2. Double-Entry Bookkeeping

The Fiddle-Faddle Method of Accounting

How Double-Entry Bookkeeping Works

Almost a Real-Life Example

A Few Words about How QuickBooks Works

Chapter 3. Special Accounting Problems

Working with Accounts Receivable

Recording Accounts Payable Transactions

Inventory Accounting

Accounting for Fixed Assets

Recognizing Liabilities

Closing Out Revenue and Expense Accounts

One More Thing …

Book 2. Getting Ready to Use QuickBooks

Chapter 1. Setting Up QuickBooks

Planning Your New QuickBooks System

Installing QuickBooks

Dealing with the Presetup Jitters

Running the QuickBooks Setup Wizard

Identifying the Starting Trial Balance

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

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 & Graphs Preferences

Setting Sales & 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 & Expenses Preferences

Book 3. Bookkeeping Chores

Chapter 1. Invoicing Customers

Choosing an Invoice Form

Customizing an Invoice Form

Invoicing a Customer

Billing for Time

Printing Invoices

Emailing Invoices

Recording Sales Receipts

Recording Credit Memos

Receiving Customer Payments

Assessing Finance Charges

Using Odds and Ends on the Customers Menu

Chapter 2. Paying Vendors

Creating a Purchase Order

Recording the Receipt of Items

Simultaneously Recording the Receipt and the Bill

Entering a Bill

Paying Bills

Reviewing the Other Vendor Menu Commands

Chapter 3. Tracking Inventory and Items

Looking at Your Item List

Adding Items to the Item List

Editing Items

Adjusting Physical Counts and Inventory Values

Adjusting Prices and Price Levels

Managing Inventory in a Manufacturing Firm

Chapter 4. Managing Cash and Bank Accounts

Writing Checks

Making Bank Deposits

Transferring Money between Bank Accounts

Working with the Register

Using Edit Menu Commands

Reconciling the Bank Account

Reviewing the Other Banking Commands

Chapter 5. Paying Employees

Setting Up Basic Payroll

Scheduling Payroll Runs

Paying Employees

Editing and Voiding Paychecks

Paying Payroll Liabilities

Book 4. Accounting Chores

Chapter 1. For Accountants Only

Working with QuickBooks Journal Entries

Updating Company Information

Working with Memorized Transactions

Reviewing the Accountant & Taxes Reports

Creating an Accountant’s Copy of the QuickBooks Data File

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

Modifying a Report

Processing Multiple Reports

A Few Words about Document Retention

Chapter 3. Preparing a Budget

Reviewing Common Budgeting Tactics

Taking a Practical Approach to Budgeting

Using the Set Up Budgets Window

Managing with a Budget

Some Wrap-Up Comments on Budgeting

Chapter 4. Using Activity-Based Costing

Reviewing Traditional Overhead Allocation

Understanding How ABC Works

Implementing a Simple ABC System

Seeing How QuickBooks Supports ABC

Turning On Class Tracking

Using Classes for ABC

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

Book 5. Financial Management

Chapter 1. Ratio Analysis

Some Caveats about Ratio Analysis

Liquidity Ratios

Leverage Ratios

Activity Ratios

Profitability Ratios

Chapter 2. Economic Value Added Analysis

Introducing the Logic of EVA

Seeing EVA in Action

Reviewing Some Important Points about EVA

Using EVA When Your Business Has Debt

Presenting Two Final Pointers

And Now, a Word to My Critics

Chapter 3. Capital Budgeting in a Nutshell

Introducing the Theory of Capital Budgeting

Calculating the Rate of Return on Capital

Measuring Liquidity

Thinking about Risk

What Does All of This Have to Do with QuickBooks?

Book 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

Recognizing the Downside of the Profit-Volume-Cost Model

Using the Profit-Volume-Cost Analysis Workbook

Chapter 2. Creating a Business Plan Forecast

Reviewing Financial Statements and Ratios

Using the Business Plan Workbook

Understanding the Workbook Calculations

Customizing the Starter Workbook

Chapter 3. Writing a Business Plan

What the Term “Business Plan” Means

A Few Words about Strategic Plans

Look, Ma: No Strategy

A White-Paper Business Plan

A New-Venture Plan

Book 7. Care and Maintenance

Chapter 1. Administering QuickBooks

Keeping Your Data Confidential

Using QuickBooks in a Multiuser Environment

Using Audit Trails

Enabling Simultaneous Multiuser Access

Maintaining Good Accounting Controls

Chapter 2. Protecting Your Data

Backing Up the QuickBooks Data File

Restoring a QuickBooks Data File

Condensing the QuickBooks Company Files

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 …

Book 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

Formatting Cell Contents

Recognizing That Functions Are Simply Formulas

Saving and Opening Workbooks

Printing Excel Workbooks

One Other Thing to Know

Appendix B. Government Web Resources for Businesses

Bureau of Economic Analysis

Bureau of Labor Statistics

Census Bureau

Securities and Exchange Commission

Federal Reserve

Government Printing Office

Internal Revenue Service

Appendix C. Glossary of Accounting and Financial Terms

About the Author

Dedication

Author’s Acknowledgments

Publisher’s Acknowledgments

WILEY END USER LICENSE AGREEMENT

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QuickBooks® 2017 All-in-One For Dummies®

To view this book's Cheat Sheet, simply go to www.dummies.com and search for “QuickBooks 2017 All-in-One For Dummies Cheat Sheet” in the Search box.

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The contributed-capital thing is more complicated. Here’s how it works. If you buy a share of stock in some new corporation – for, say, $5 – typically, some portion of that price per share is for par value. Now, don’t ask me to justify par value. It stems from business practices that were common a century or more ago. Just trust that typically, if you pay some amount – again, say $5 – for a share, some portion of the amount that you pay – maybe 10 cents a share or $1 a share – is for par value.

In the owner’s equity section of a corporation’s balance sheet, capital that’s contributed by original investors is broken down into the amounts paid for this mysterious par value and the amounts paid in excess of this par value. In Table 1-6, you can see that $100 of shareholders’ equity or owner’s equity represents amounts paid for par value. Another $400 of the amounts contributed by the original investors represents amounts paid in excess of par value. The total shareholders’ equity, or total corporate owner’s equity, equals the sum of the capital stock par value, the contributed capital and excess of par value, and any retained earnings. So in Table 1-6, the total shareholders’ equity equals $1,000.

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