About an Accountant's Review Copy
An Accountant's Review is made when your accountant needs the file to review and to make some adjustments to your books, but you cannot afford to lose access to your books yourself. By giving an accountant's review copy of your data to your accountant, you can continue your day-to- day operations with QuickBooks while your accountant enters the adjustments.
When your accountant finishes, you merge the accountant's changes along with your own. At no point during the process do you lose the ability to work with your QuickBooks data yourself.
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You will lose the ability to perform some functions within QuickBooks, while your accountant has the review copy. These functions include deleting a list entry, renaming existing accounts or items, and reorganizing your lists. However, you will not lose the ability to perform daily activities like time tracking, recording deposits, invoicing, creating new list entries, customer entries, vendor entries, etc.
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You should make a backup copy of your QuickBooks file before creating an Accountant's Review Copy. Backing up is a safeguard in case anything goes wrong when you try to merge the changes. For instructions on how to create a backup copy, please refer to the section in this book, "Backing Up Company Data".
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Making an Accountant's Review Copy
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From the "File" menu within QuickBooks, choose "Accountant's Review "and then choose "Create Accountant's Copy".
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The Save Accountant's Copy to box will appear. You can either change the filename or keep the file name that QuickBooks suggests for the accountant's copy (usually the company name and the .QBX extension.) You do not have to change the name, but if you do, the file name you assign must have a .QBX extension.
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Change the suggested location for the file, if necessary. Most people will be sending the Accountant's Review to their accountant, so the review must be saved to a 3.5-inch disk, so make sure that you are at the a: drive. If you are putting the file on a 3.5 inch disk, insert the disk and choose your disk drive as the "Save In" location.
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Click "Save".
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The phrase "Accountant's copy exists" appears in the title bar of the QuickBooks program window, and will remain there until you have received your disk back from your accountant and merged the accountant's changes into your QuickBooks file.
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Merging your Accountant's Changes
When you receive the Accountant's Review file back from your accountant you need to merge the file with your current QuickBooks file. The file will normally be on a 3.5" disk with the extension of ".AIF".
You should make a backup of your company data before attempting to merge the accountant's changes. See the instructions for "Backing Up Company Data" to learn how to do this.
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If the accountant's changes are on a floppy disk, insert the disk into your floppy drive.
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Open the master company file. Then from the "File" menu, choose "Accountant's Review", and then choose "Import Accountant's Changes".
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When the message about backing up your data appears, click "OK".
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Backing up is a safeguard in case anything goes wrong when you try to merge the changes.
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Enter the filename and location for the backup file and click "Back Up". When the "Import Changes from Accountant's Copy" window appears, select the drive that contains the file (usually your a: drive) and click "Open".
For all other versions of QuickBooks:
Enter the filename and location for the backup file and click "Save". In the "Import Changes from Accountant's Copy" window, select the drive that contains the file (usually your a: drive) and click "Open".
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Keeping an Audit Trail
The Audit Trail feature is designed to maintain a record of all changes made to transactions. Each time a transaction is created, modified, or deleted, QuickBooks keeps a record of the change within the data file. A record of the user who made a particular change is also maintained. All of this information is accessible by running the Audit Trail Report.
To activate the audit trail feature, the administrator must take the following steps:
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From the "Edit" menu, choose Preferences.
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In the Preferences window, Select Accounting in the scroll box.
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Select the Use Audit Trail checkbox.
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Click OK.
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About Backups
The QuickBooks Backup command does not simply copy the data for your QuickBooks Company. Instead, it compresses the data into a compact file that is smaller than your company file. To protect your information from a hard drive failure it is recommended that you back up your data at the end of each session. If your computer has more than one drive, back up onto a different drive from the one where you keep your working data. You should backup onto either a zip drive or 3.5 inch disk.
Backup copies are important insurance because if you should lose data for any reason you can restore that data from your backup copy. You should make a backup copy of your QuickBooks company on a daily basis.
Before you perform several functions within QuickBooks, the program will ask you to make a backup copy first. For example, before you create an Accountant's Review Copy, QuickBooks requests that you make a backup of your file before it will perform the function, to protect your information if something were to be lost while creating the Accountant's Review Copy.
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How to Back Up Company Data
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If you are backing up to a disk, put the disk in the disk drive (A: drive) of your computer. QuickBooks will display a message if the disk needs to be formatted prior to backup. Do not choose "Quick Format"; instead, choose "Full Format" option.
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Caution: Even if it's labeled as preformatted, it's a good idea to fully format a new disk before using it. Sometimes new disks can be stripped of their formatting during shipping.
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From the "File" menu, choose "Back Up".
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In the "Back up Company File" window, choose a drive where the file will be saved in by clicking on "Browse." If you are using a disk, choose "3.5 inch disk (A: Drive)", from the drop down list, in which to save the file. If you are using a zip drive, choose the drive letter.
For Quickbooks 2001, 2000, 1999:
In the "Back up Company to" window, choose a drive for the file to "Save in". If you are using a disk, choose "3.5 inch disk (A: Drive)", from the drop down list, in which to save the file. If you are using a zip drive, choose the drive letter.
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Give the backup a name. QuickBooks puts the company name in the "File Name" field by default. You can change the name if you feel it is more appropriately called something else, but you do not have to.
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The "Save as Type" should already read "QBW Backup (*.QBB)". Do not change this.
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Click Save.
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For large files you will need more than one disk. QuickBooks asks you to insert an additional disk as each disk fills up. Be sure to label the disks so that you will know which one was first, which was second, and so on. This will help you if you ever need to restore the data from the disks.
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When the filename and location have been selected, click on "Back Up".
For Quickbooks 2001, 2000, 1999:
This step is not included in these versions of Quickbooks.
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Merging your Accountant's Changes
When you receive the Accountant's Review file back from your accountant you need to merge the file with your current QuickBooks file. The file will normally be on a 3.5" disk with the extension of ".AIF".
You should make a backup of your company data before attempting to merge the accountant's changes. See the instructions for "Backing Up Company Data" to learn how to do this.
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If the accountant's changes are on a floppy disk, insert the disk into your floppy drive.
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Open the master company file. Then from the "File" menu, choose "Accountant's Review", and then choose "Import Accountant's Changes".
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When the message about backing up your data appears, click "OK".
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Backing up is a safeguard in case anything goes wrong when you try to merge the changes.
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Enter the filename and location for the backup file and click "Back Up". When the "Import Changes from Accountant's Copy" window appears, select the drive that contains the file (usually your a: drive) and click "Open".
For all other versions of QuickBooks:
Enter the filename and location for the backup file and click "Save". In the "Import Changes from Accountant's Copy" window, select the drive that contains the file (usually your a: drive) and click "Open".
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Restoring Data from a Backup Copy
If you have created a backup copy of your company data, you can bring the backup copy back into QuickBooks by using the Restore command. Restore creates a new QuickBooks company using the data from the backup copy. You may need to do this if one of the following has occurred:
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Your working data has been damaged.
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Your hard drive has malfunctioned.
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You need to put the data on another computer.
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You want your data to revert to the state it was in at an earlier date.
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Once you have opened QuickBooks, put the 3.5-inch disk in your A: drive. If the backup copy is on several disks, insert the first disk in the disk drive
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From the "File" menu, choose "Restore".
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Click "OK" to confirm that you want to close the current company.
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QuickBooks asks you this question because you cannot have two company files open at the same time.
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In the "Restore Company Backup" window, select the filename and location from the "Get Company Backup from" section
For Quickbooks 2001, 2000, 1999:
If the name of the backup file does not appear in the "Restore From" window, use the drop-down list to choose the location that contains the backup copy (i.e. the A: drive). Click on the name of your backup to highlight it, and click "Open".
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Note: The backup file will have a ".QBB" extension.
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Next, select the location and name to restore your company to from the "Restore company Backup to" section".
For Quickbooks 2001, 2000, 1999:
In the "Restored To" window, enter a name for the new company file in the "File Name" field.
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(Optional) If you want the new company file to be in a different location than where you installed QuickBooks, choose the location where you want to put the file.
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After all filenames have been selected, click on restore.
For Quickbooks 2001, 2000, 1999:
Click "Save".
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Respond to any messages QuickBooks may display. If QuickBooks finds a company file with the same name in the folder you specified, QuickBooks asks you if you want to replace the existing file. If you click "Replace", QuickBooks erases the existing file from your hard disk and replaces it with the file you are restoring. To be absolutely safe, click "Cancel" and give the file you are restoring a different name.
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If your backup file spreads over more than one disk, QuickBooks will ask you to insert the next disk when it is finished with the first one.
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Entering a Bill for Expenses
You can enter a bill for any kind of expense you track through expense accounts.
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From the "Vendors" menu, choose "Enter Bills".
For QuickBooks 1999:
From the "Activities" menu, choose "Pay Bills".
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In the "Vendor" field, choose or enter a new vendor.
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If an open purchase order exists for this vendor, you are prompted to receive against it:
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Click Yes to receive against one or more purchase orders.
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In the Open Purchase Orders window, click each purchase order that contains items you've received and are being billed for.
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Click OK.
Note: All item information (quantity received, etc.) can be edited.
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(Optional) Change the date of the bill.
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In the "Amount Due" field, enter the amount of the bill.
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Complete the "Ref. No", "Terms", and "Memo" fields as needed.
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In the detail area, assign the bill to one or more expense accounts.
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(Optional) To correct mistakes in the detail area, click "Clear Splits" or "Recalculate".
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Click "Save & Close" to save the transaction and close the window. Click "Save & New" to save the transaction and enter a new one.
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Entering a Bill for Items
You can enter bills for the following types of items: inventory part, non-inventory part, service, and other charge.
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From the "Vendors menu" choose "Enter Bills".
For QuickBooks 1999:
From the "Activities" menu, choose "Pay Bills".
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In the "Vendor" field, choose or enter a new vendor.
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If an open purchase order exists for this vendor, you are prompted to receive against it:
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Click Yes to receive against one or more purchase orders.
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In the Open Purchase Orders window, click each purchase order that contains items you've received and are being billed for.
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Click OK.
Note: All item information (quantity received, etc.) can be edited.
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(Optional) Change the date of the bill.
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In the "Amount Due" field, enter the amount of the bill.
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Complete the "Ref. No", "Terms", and "Memo" fields as needed.
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Click the "Items" tab. You can edit items that were entered from your purchase order and/or enter new items.
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To enter shipping charges or taxes not associated with any one item, click the Expenses tab. In the detail area, enter each charge and associate it with its correct expense account.
(Optional) Click Recalculate.
- Click "Save & Close" to save the transaction and close the window. Click "Save & New" to save the transaction and enter a new one.
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Overview of Paying Bills
In the Pay Bills window, QuickBooks lists all unpaid bills or all bills due as of a date you enter. You mark the bills you want to pay, and QuickBooks then writes and saves the checks or credit card charges.
You don't have to use the Pay Bills window. You can enter checks, credit card payments, and cash expenditures in the appropriate account register. However, if you've entered bills into QuickBooks using the Enter Bills window or the Accounts Payable register, you must use the Pay Bills window for your bill payment.
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Paying a Bill with a Check
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From the "Vendors" menu choose "Pay Bills".
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In the left had column, select the bills to be paid.
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Under Payment Method choose Check. If you plan to print this check from QuickBooks (instead of handwriting it), select "To be printed". Then select the name of the checking account from which you will pay the bills.
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After all bills to be paid have been selected, click "Save & Close" to save the transaction and close the window. Click "Save & New" to save the transaction and enter a new one. If you are paying by check, QuickBooks prepares one check for each vendor and records the checks in the check register with BILLPMT in the Type field.
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To print your checks, from the File menu, choose Print Forms, and then choose Checks.
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Note: If you did not select the "To be printed" checkbox, QuickBooks saves the checks with the next sequence of unused check numbers for handwritten checks. You can correct these check numbers if necessary.
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Paying a Bill with a Credit Card
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From the "Vendors" menu choose "Pay Bills".
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In the left hand column, select the bills to be paid.
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Under "Payment Method, choose Credit Card. Then select the name of the credit card account from which you will pay the bills.
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After all bills to be paid have been selected, click "Save and Close" to save the transaction and close the window. Click "Save and New" to save the transaction and enter a new one. If you pay with a credit card, QuickBooks records a charge for each vendor in your credit card register.
For Quickbooks 2001, 2000, and 1999:
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From the "Vendors" menu, choose "Pay Bills".
For QuickBooks 1999:
From the "Activities" menu, choose "Pay Bills".
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Under "Payment Method", choose Credit Card. Then enter the name of the credit card account from which you will pay the bills.
For QuickBooks 2000 and QuickBooks 1999:
Under "Pay By", choose Credit Card.
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Fill in the optional fields in the "Pay Bills" window.
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Select the bills you want to pay by clicking in the far left column marked with a check.
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Record the bill payment. If you pay with a credit card, QuickBooks records a charge for each vendor in your credit card register.
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Paying a Bill with Cash
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From the "Vendors" menu, choose "Pay Bills".
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Under Payment Method, choose Check, Then select the name of your cash account from which you will pay the bills.
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After all the bills to be paid have been selected, click "Save & Close" to save the transaction and close the window. Click "Save & New" to save the transaction and enter a new one. If you pay with cash, QuickBooks records a payment for each vendor in your cash account register.
For Quickbooks 2001, 2000, and 1999:
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From the "Vendors" menu, choose "Pay Bills".
For QuickBooks 1999:
From the "Activities" menu, choose "Pay Bills".
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Under Pay By, choose Check. Then enter the name of your cash account from which you will pay the bills.
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Fill in the optional fields in the Pay Bills window.
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Select the bills you want to pay.
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Record the bill payment. If you pay with cash, QuickBooks records a payment for each vendor in your cash account register.
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About Budgeting
QuickBooks provides the ability for creating budgets so you can see how well your company is meeting your budget goals. For each account, customer or job, and class combination, you can create one budget per fiscal year. For example, if you create a 1999 budget for lumber (an expense account) for the Harahan remodel (a job for your customer Harahan), you cannot create a second 1999 budget for lumber on the Harahan remodel.
However, you can create as many separate budgets as you want within the same fiscal year as long as each budget applies to something different. For example, it's OK to have a 1999 budget for lumber for the Harahan remodel and a 1999 budget for lumber on the O'Conner remodel (the Harahan and O'Conner remodels are different Customer:Job combinations). ou can enter a bill for any kind of expense you track through expense accounts.
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Creating a Budget for Income and Expense Accounts
To see variances between budgeted and actual amounts by time period, set up budgets for accounts.
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From the "Company" menu, choose "Set Up Budgets".
For QuickBooks 1999:
From the "Activities" menu, choose "Set Up Budgets".
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Choose the Fiscal Year you are setting up the budget for in the "Budget for Fiscal Year" field by using the up and down arrows.
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Choose the account you are setting up the budget for in the "Account" field, by using the drop-down list. Leave the "Customer:Job" and "Class" fields blank.
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Enter the budget amount for the first month, and then fill in the remaining months in the appropriate month fields.
You can use the "Fill Down" button to speed up entering the amounts. If you want to copy the same amount to each month click "Fill Down" and leave the amount 0.00 in the "Fill Down" window and click "OK".
If you want to increase each month by a specific amount or percentage, click "Fill Down" then enter that percentage or specific amount in the "Fill Down" window and click "OK".
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Click "Save" when you are done filling in the budget amounts for the months in this particular account.
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If you are budgeting for several accounts, you can then choose another account and repeat steps 2-5. When you are finished entering the information for all the accounts you are budgeting for, click "OK" to close the window.
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Creating a Budget for a Customer or Job
To budget for all the income and expenses related to a customer or job, leave the Account and Class fields blank.
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From the "Company" menu, choose "Set Up Budgets"
For QuickBooks 1999:
From the "Activities" menu, choose "Set Up Budgets".
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Choose the Fiscal Year you are setting up the budget for in the "Budget for Fiscal Year" field by using the up and down arrows.
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Choose a Customer:Job in the "Customer:Job" field using the drop-down list.
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Enter the budget amount for the first month, and then fill in the remaining months.
You can use the "Fill Down" button to speed up entering the amounts. If you want to copy the same amount to each month click "Fill Down" and leave the amount 0.00 in the "Fill Down" window and click "OK".
If you want to increase each month by a specific amount or percentage, click "Fill Down" then enter that percentage or specific amount in the "Fill Down" window and click "OK".
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When you are finished creating your budgets, click "OK".
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Copying a Budget to a New Year
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From the "File" menu, choose "Utilities" then "Export".
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In the "Export" window, choose "Budgets".
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Click "OK".
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You will now be in a different "Export" window where you can give your budget file a name and choose where to save the file. Enter a filename (like budget.iif) in the "File Name" field. It must have an .IIF extension.
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Choose a place to save the file in so you can open it in Microsoft Excel in the next step.
-
Close QuickBooks.
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Open the "budget.IIF" file with Microsoft Excel. Once open, change the year in the column called "Startdate" to the new year that you are copying the budget to.
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Save the changes and close Microsoft Excel file.
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Reopen your QuickBooks file. From the "File" menu, choose "Utilities", then "Import".
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In the "Import" window, select the "budget.IIF" file in which you changed the date and put it in the "File Name" field. In the "Look In" field, select where you saved the file.
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Click "Open".
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Editing a Budget
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Display the "Set Up Budgets" window by choosing "Setup Budgets" from the "Company" menu.
For QuickBooks 1999:
From the "Activities" menu, choose "Set Up Budgets".
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Choose the fiscal year, account, customer or job, and/or class that describe your budget and enter them in the appropriate fields.
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When QuickBooks displays the monthly budget amounts, change the amounts as desired.
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Click "Save".
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Continue by choosing another account (or another job or class for the same account), and repeat Step 3 and Step 4 until you have made all the changes to the budget that you need.
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When you are finished entering all the changes, click "OK".
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Printing to see Budget Amounts
To see budget amounts, use a "Budget Overview" report.
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From the "Reports" menu, choose "Budget ".
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Choose the appropriate overview report, depending on how your budget is set up:
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Choose "Profit and Loss Budget Overview" if you would like to see a print out of the Income and Expense accounts budget you have set up.
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Choose the "Profit and Loss Budget By Job Overview" report if you would like to see the budget for a particular Customer or Job. Click "Customize" and in the "Columns" field, choose either a date value (like month) or "Total Only," and in the "Rows Axis" field, choose "Customer:Job".
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To see a budget by class, choose the "By Job Overview" report and click "Customize". In the "columns field, choose either a date value or "Total Only, and in the "Rows Axis" field, choose "Class".
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To see a budget by Customer:Job and Accounts, choose the "By Job Overview". Click "Filter", and choose "Name" in the "Filter" field, then click "OK".
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For Balance Sheet accounts, choose "Balance Sheet Overview".
This report shows monthly budget amounts for each balance sheet account for which you have entered a budget amount.
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For Balance Sheet comparison, choose "Balance Sheet Budget vs. Actual".
This report shows monthly budget amounts for each balance sheet account for which you have entered a budget amount. It also shows the actual account balances as of the last day of the month, the difference between your budgeted and actual account balances, and the difference between your budgeted and actual account balances, shown as a percentage of the budgeted amount.
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Once you have the report that shows the parts of the budget you want to print, click "Print".
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Manual Checks
Follow these instructions if you intend to enter a manual check that was written.
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Click on the "Write Check" icon on your toolbar, or select the "Banking" menu and choose "Write Checks".
For QuickBooks 1999:
From The "Activities" Menu choose "Write Checks".
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In the "Bank Account" field at the top left corner of the "Write Checks" window, choose the checking account out of which the check was written.
-
Enter the check number of the check you are entering in the "No." field.
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In the "Date" field, enter the date that you wrote the check.
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On the "Pay To The Order Of" line, write the name of the person/company to whom you are writing the check.
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If this vendor has already been set up within QuickBooks, QuickBooks will automatically enter the name of the closest match to the name as you start to type. (You can also use the drop-down list to enter the name.) When the name appears as you would like it, hit the tab key on your keyboard or use the mouse to click on the next field you would like to enter. (This will typically be the "$" field immediately to the right of the "Pay to the order of" line.)
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If your preferences are set to recall the last transaction, when you enter the name, the last transaction for this vendor is going to show on your screen. Usually all you need to do is change the amount you enter, if the account is correct. If you need to change anything, you can use your mouse to click on any field and enter the correct information.
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If this vendor has not been previously used (or set up) QuickBooks will prompt you with a "Name Not Found" window which provides you with these three choices: "Quick Add", "Set-up", and "Cancel". (QuickAdd allows you to enter just the name of the vendor whereas Setup allows you to enter all the vendor information including address, phone number, account number, etc.) Use your mouse to click "Set-up" and QuickBooks will prompt you with the "Select Name Type" window. Click the button next to "vendor" then click "Save and Close".
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You will now see the "New Vendor" window where you will fill in the fields for "Vendor; Company Name; Address; Print on Check as". The other fields you should fill in if you have the proper information to enter. These will not affect your ability to write a check. Click on the "Additional Information" tab, and enter the account number for the vendor if applicable. If you enter the account number here, it will print in the memo section of the check. When you have entered all the appropriate information, click "Ok". (For more detailed instructions about how to set up a vendor see the section on "Setting up a Vendor" in this book.)
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Hit your tab key to move to the next field when you have finished filling out the "Pay To The Order Of" field. QuickBooks moves you to the "$" (Amount) field (you can also use your mouse to click on this field to move your cursor to it.) In this field you will enter the amount you are writing the check for. You must remember to enter the decimal unless the number you are entering is an even dollar amount. In this case QuickBooks automatically fills in zeros as 'cents'.
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When you hit your tab key to move to the next field, QuickBooks writes the amount of the check out in words for you and moves you to the "Address" field. The address should already be entered because you have previously entered this information when you set up the vendor. (You can alter the address if you need to. However, when you save at the end of the transaction QuickBooks will notify you that you have changed address information for this transaction and ask you if you want this new information to show up the next time you write a check to this vendor. Typically the information is a permanent change, click "Yes", to have the information registered as a permanent change.)
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"Memo" - any information you enter in this field will be printed on the memo section of the check. This space is often used to write your account number for the vendor associated with the invoice you are paying or any other detail you want to give the vendor, like the invoice number you are paying. Anything you enter here will not be seen on the General Ledger or anywhere else in QuickBooks, except in this check template. If you entered the account number in the "Additional Information" tab when this vendor was set up, it will automatically print on your check every time, but not anywhere else in QuickBooks (except of course in the Vendor Setup window). This is a time-saver feature QuickBooks has created to save you the time entering your account number each time you create a check.
-
In the "To Be Printed" box in the middle of the "Write Checks" window: Unclick the "To Be Printed" box so that the check mark does NOT appear within the box.
-
In the "Online Payment" box in the middle of the check template in the "Write Checks" window: Unclick the "Online Payment" box so a checkmark does NOT appear within the box.
-
When you hit tab, you will move to the "Account" column on the "Expenses" tab. You will see the amount you have written the check for in the column immediately to the right of the "Account" column. You use these columns to enter the information regarding what expense accounts are going to be assigned to the purpose of the check. You begin to enter the name of the account, or you can choose the drop down arrow in the right side of the column to pick the account you are assigning an amount of the check to. When you have entered the account, hit the tab key.
-
You will now be moved to the "Amount" column. QuickBooks has already entered the amount you have written the check for.
-
-
If the entire amount is being assigned to the same expense account you can hit tab.
-
If only part of the amount is being assigned to this account, enter that amount now and hit tab. (QuickBooks will automatically enter the balance of the check into the amount column directly underneath this entry when you have tabbed through the other columns.)
-
Type a memo of what the expense is in the "Memo" column. Whatever you type in this column will be able to be seen in the General Ledger (as opposed to the memo field on the check template). Hit the tab key.
-
If applicable, enter a Customer:Job name in the "Customer:Job" column (again, you can use the drop down list, if you are more comfortable doing so). If you assign the expenses or items to a customer, you will be able to import the information to an invoice for that customer, and you will be able to print a Profit & Loss report, to assess your gross profit for that Customer or Job.
-
When you enter a Customer:Job, you will see a picture of an invoice appear in the next column. If you are billing this cost back to a client leave the invoice as is. If you are not billing this cost back to the client, (i.e.- entering the Customer:Job as a means of tracking business costs back to specific jobs.), you should use your mouse to click on the picture of the invoice in order to make an "X" appear on top of the invoice icon.
-
If you are splitting the total amount into separate expense accounts, continue following steps B-E until the entire amount of the check has been placed in the appropriate expense accounts.
-
You can also split the amount of the check into items on the "Item" tab. The "Item" tab should be used for reimbursable items. If you have items set up that you use to invoice your clients, and you have received these items (either purchases or services) from an outside vendor that you are now paying, this is the space that you use to split the amount of the check you are creating. Like above you will see several columns in which you are required to make entries before the check is created.
-
Fill in the "Item" column with the specific item (or service) you are splitting out, by either typing in the item or using the drop down list to choose an item.
-
If the item is not already set up QuickBooks will prompt you to set it up. You will then see the "New Item" window.
-
Choose the type of item it is from the drop down list in the "Type" field.
-
Give the item a name (or number) in the "Item Name" field.
-
Fill in the "Purchase Information" field, making sure to assign a Cost of Goods Sold/Expense account to the item.
-
Fill in the "Sales Information" field, making sure to assign an Income account to the item.
-
If this is an item you typically keep in stock, be sure to fill in the "Inventory Information field."
-
Click "Ok" when all the applicable information has been entered.
-
(For more information on how to set up items, see the instructions in this book for "Creating Items".)
-
Fill in the "Description" and "Quantity" columns. The "Cost" and "Amount" columns QuickBooks should already have calculated for you because that information was set up when you set up the item.
-
Assign a Customer:Job if applicable, and as on the Expense tab, click on the picture of the invoice to put an "X" on it if you do not want to charge the expense back to the customer.
-
When you are finished entering all the information, the amount shown on the Expense tab, and the amount shown on the Items tab should equal the original amount that you entered in the "$" field in the check template.
-
If these amounts do not total to the amount for which you are writing the check you have not assigned all the costs to the various expense/item accounts and you will need to go back and check that everything is entered correctly. QuickBooks will not accept the transaction until everything is in balance.
-
When everything is entered click "Next" or "Save & New" to write another check, or click "Save & Close" or "OK" if you are done writing checks.
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Online Payments
Follow these instructions if you intend to enter a check to make a payment online.
-
Click on the "Write Check" icon on your toolbar, or select the "Banking" menu and choose "Write Checks".
For QuickBooks 1999:
From The "Activities" Menu choose "Write Checks".
-
In the "Bank Account" field at the top left corner of the "Write Checks" window, choose the checking account from which you would like to write this check.
-
On the "Pay To The Order Of" line, write the name of the person/company to whom you are writing the check.
-
If this vendor has already been set up within QuickBooks, QuickBooks will automatically enter the name of the closest match to the name as you start to type. When the name appears, as you would like it, hit the tab key on your keyboard or use the mouse to click on the next field you would like to enter. (This will typically be the "$" field immediately to the right of the "Pay to the order of" line.)
-
If your preferences are set to recall the last transaction, when you enter the name, the last transaction for this vendor is going to show on your screen. Usually all you need to do is change the amount you enter, if the account is correct. If you need to change anything, you can use your mouse to click on any field and enter the correct information.
-
If this vendor has not been previously used (or set up) QuickBooks will prompt you with a "Name Not Found" window which provides you with these three choices: "Quick Add", "Set-up", and "Cancel". (QuickAdd allows you to enter just the name of the vendor whereas Setup allows you to enter all the vendor information including address, phone number, account number, etc.) Use your mouse to click "Set-up" and QuickBooks will prompt you with the "Select Name Type" window. Click the button next to "vendor" then click "Save & Close".
-
You will now see the "New Vendor" window where you will fill in the fields for "Vendor; Company Name; Address; Print on Check as". The other fields you should fill in if you have the proper information to enter. These will not affect your ability to write a check. Click on the "Additional Information" tab, and enter the account number for the vendor. You must enter the account number here in order to make an online payment. When you have entered all the appropriate information, click "Ok". (For more detailed instructions about how to set up a vendor see the section on "Setting up a Vendor" in this book.)
-
Hit your tab key to move to the next field when you have finished filling out the "Pay To The Order Of" field. QuickBooks moves you to the "$" (Amount) field (you can also use your mouse to click on this field to move your cursor to it.) In this field you will enter the amount you are writing the check for. You must remember to enter the decimal unless the number you are entering is an even dollar amount. In this case QuickBooks automatically fills in zeros as 'cents'.
-
When you hit your tab key to move to the next field, QuickBooks writes the amount of the check out in words for you and moves you to the "Address" field. The address should already be entered because you have previously entered this information when you set up the vendor. (You can alter the address if you need to. However, when save at the end of the transaction QuickBooks will notify you that you have changed address information for this transaction and ask you if you want this new information to show up the next time you write a check to this vendor. Typically the information is a permanent change. Click "Yes", to have the information registered as a permanent change.)
-
"Memo" - any information you enter in this field will be printed on the memo section of the check. This space is often used to write your account number for the vendor associated with the invoice you are paying or any other detail you want to give the vendor, like the invoice number you are paying. Anything you enter here will not be seen on the General Ledger or anywhere else in QuickBooks, except in this check template. If you entered the account number in the "Additional Information" tab when this vendor was set up, it will automatically print on your check every time, but not anywhere else in QuickBooks (except of course in the Vendor Setup window). This is a time-saver feature QuickBooks has created to save you the time entering your account number each time you create a check.
-
When you hit tab, you will move to the "Account" column on the "Expenses" tab. You will see the amount you have written the check for in the column immediately to the right of the "Account" column. You use these columns to enter the information regarding what expense accounts are going to be assigned to the purpose of the check. You begin to enter the name of the account, or you can choose the drop down arrow in the right side of the column to pick the account you are assigning an amount of the check to. When you have entered the account, hit the tab key.
-
In the "To Be Printed" box in the middle of the "Write Checks" window: Unclick the "To Be Printed" box so that the check mark does NOT appear within the box.
In the "Online Payment" box in the middle of the check template in the "Write Checks" window: Click the "Online Payment" box so a checkmark does appear within the box. If you have not setup the vendor with an account number QuickBooks will prompt you to enter the account number now.
-
You will now be moved to the "Amount" column. QuickBooks has already entered the amount you have written the check for.
-
If the entire amount is being assigned to the same expense account you can hit tab.
-
If only part of the amount is being assigned to this account, enter that amount now and hit tab. (QuickBooks will automatically enter the balance of the check into the amount column directly underneath this entry when you have tabbed through the other columns.)
-
Type a memo of what the expense is in the "Memo" column. Whatever you type in this column will be able to be seen in the General Ledger (as opposed to the memo field on the check template). Hit the tab key.
-
If applicable, enter a Customer:Job name in the "Customer:Job" column (again, you can use the drop down list, if you are more comfortable doing so). If you assign the expenses or items to a customer you will be able to import the information to an invoice for that customer. You will also be able to print a Profit & Loss report to assess your gross profit from that customer.
-
When you enter a Customer:Job, you will see a picture of an invoice appear in the next column. If you are billing this cost back to a client leave the invoice as is. If you are not billing this cost back to the client, (i.e.- entering the Customer:Job as a means of tracking business costs back to specific jobs.), you should use your mouse to click on the picture of the invoice in order to make an "X" appear on top of the invoice icon.
-
If you are splitting the total amount into separate expense accounts, continue following steps B-E until the entire amount of the check has been placed in the appropriate expense accounts.
-
You can also split the amount of the check into items on the "Item" tab. Items should be used for reimbursable expenses. If you have items set up that you use to invoice your clients, and you have received these items (either purchases or services) from an outside vendor that you are now paying, this is the space that you use to split the amount of the check you are creating. Like above you will see several columns in which you are required to make entries before the check is created.
-
Fill in the "Item" column with the specific item (or service) you are splitting out, by either typing in the item or using the drop down list to choose an item.
-
If the item is not already set up QuickBooks will prompt you to set it up. You will then see the "New Item" window.
-
Choose the type of item it is from the drop down list in the "Type" field.
-
Give the item a name (or number) in the "Item Name" field.
-
Fill in the "Purchase Information" field, making sure to assign a Cost of Goods Sold/Expense account to the item.
-
Fill in the "Sales Information" field, making sure to assign an Income account to the item.
-
If this is an item you typically keep in stock, be sure to fill in the "Inventory Information field."
-
Click "Ok" when all the applicable information has been entered.
-
(For more information on how to set up items, see the instructions in this book for "Creating Items".) .
-
Fill in the "Description" and "Quantity" columns. The "Cost" and "Amount" columns QuickBooks should already have calculated for you because that information was set up when you set up the Item.
-
Assign a Customer:Job if applicable, and as on the Expense tab, click on the picture of the invoice to put an "X" on it if you do not want to charge the expense back to the customer.
-
When you are finished entering all the information, the amount shown on the Expense tab, and the amount shown on the Items tab should equal the original amount that you entered in the "$" field in the check template.
-
If these amounts do not total to the amount for which you are writing the check you have not assigned all the costs to the various expense/item accounts and you will need to go back and check that everything is entered correctly. QuickBooks will not let you enter the transaction until everything is in balance.
-
When everything is entered click "Next" or "Save & New" to write another check, or click "Save & Close" or "OK", if you are done writing checks.
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Closing Your Books
Use credit memos to record a return when a customer returns items for which you have already recorded an invoice or cash sale.
When writing a refund check to a customer, always complete a credit memo first in order to track the sale, return, and refund correctly in QuickBooks.
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About Credit Memos
These steps will prevent you from changing any information from previous years. You need to be logged in as an Administrator to do this. The Administrator will still have access and the ability to change any information at all times. The only way to make this useful to your company is to make sure each user has their own login name - This will enable you to limit that particular person from changing any information. The administrator login should not be used for entering data.
To activate the audit trail feature, the administrator must take the following steps:
-
You must be in Single User Mode..
-
From the "Company" Menu, choose setup users.
-
Click on the closing date.
-
Enter the closing date and click OK.
-
To limit another user from having access to transactions entered before the closing date, do the following:
-
From the User List, Select the name of the User.
-
Click Edit User.
-
Click Next until the changing or deleting transactions window appears.
-
Select NO in response to the question: Should this user also have the ability to change or delete transactions that were recorded before the closing date? This will not allow the user to edit, delete, or void transactions before the closing date.
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Entering a Credit Memo
-
From the "Customer" menu choose "Create Credit Memos/Refunds".
For Quickbooks 1999:
From the "Activities" Menu, choose "Create Credit Memos/Refunds".
-
In the "Customer:Job" field, choose the customer or job the return is for by either typing in the name, or using the drop-down list to click on the name you choose.
-
Assign a class to this credit memo. You will only be able to assign a class if the class option has been turned on in QuickBooks.
-
Make sure the template you want to use for your credit memo is displayed in the "template" field.
-
Choose which Accounts Receivable account to use.
-
This field appears only when you have more than one accounts receivable account (most companies have only one).
-
Enter the items being returned in the line item area. Use the same information that was on the original invoice or billing statement. QuickBooks decreases the income accounts of the invoice items by the amount of the return.
-
(Optional) In the "Customer Message" field, choose a message from the drop-down list or enter a new message to your customer.
-
(Optional) Enter a memo for this transaction in the "Memo" field. The memo does not print on the credit memo, but it does appear in the Accounts Receivable register and the customer register.
-
Click "Print" to print the form now, or select the "To be printed" checkbox by clicking on the box to make a checkmark appear within it, to add the credit memo to a list of forms to print in a batch later.
-
Record the credit memo by clicking "Save & Close" or "OK" if you are finished entering credit memos, or by clicking "Next" or "Save & New" if you would like to enter another one.
-
QuickBooks enters a negative amount in your A/R register for the credit memo.
-
If you now owe the customer money, write a refund check.
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Applying a Credit Memo
-
Choose "Receive Payments" icon if setup or from the "Customer" menu.
For QuickBooks 1999:
From The "Activities" Menu, choose " Receive Payments".
-
Choose the customer's name that you just wrote the credit memo for. The amount of the credit memo will appear in the "Existing Credits" field.
-
Click on the "Apply Existing Credits?" checkbox so a check mark appears within it, to apply the credit amount to any invoice for this customer.
QuickBooks will enter the credit amount in the payment field of the oldest outstanding invoice if you have set QuickBooks to automatically apply payments. If you did not set QuickBooks to automatically apply payments, click in the checkmark column next to the invoice being credited.
If you would like to credit a different invoice, you can unclick the checkmark in the left column of the "Receive Payments" window, next to the invoice that QuickBooks has just applied the credit to. When the checkmark is not next to the invoice,
QuickBooks unapplies the amount. You then click next to the invoice you wish to apply the amount to, and a checkmark appears like the one you just deleted, and QuickBooks applies the credit to the invoice you have just selected
-
Click "Save & Close" or "OK".
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Writing a Refund Check
-
Display the credit memo you created for the amount and customer you are writing the refund check for. You do this by clicking "Customers" then "Create Credit Memos/Refunds". You can click the "Previous" button until you memo you created and want to write the refund check for, is displayed on your screen.
For QuickBooks 1999:
From The "Activities" Menu, choose "Create Credit Memos/Refunds".
-
Click the "Refund" to create the refund check. QuickBooks will display the "Write Checks" window with a refund check with all the relevant information from this credit memo, already entered.
-
Make sure all the information on the check is correct. Caution: Leave "Accounts Receivable" as the account in the detail area of the refund check. This ensures that QuickBooks will account for the credit and refund correctly.
-
(Optional) Select the "To be printed" checkbox to print this check later, or click "Print" to print the check now.
-
Click "OK" to record the check.
-
Select Receive payments from the icon bar or from the "Company" menu, choose "Receive Payments".
For QuickBooks 1999:
From The "Activities" Menu, choose "Receive Payments".
-
Important: Although you have recorded both the credit memo and the check, you still need to connect the check to the credit memo so that QuickBooks can track the transaction correctly.
-
In the "Customer:Job" field, use the drop-down list to choose the customer to whom you just wrote the refund check.
-
You will see under "Outstanding Invoices/Statement Charges" at the bottom of the screen, a listing under "Type" that says "Refund Chk" for the amount that you just entered in the credit memo. Enter that amount in "Amount" field at the top right of your screen.
-
Then click "Save & Close" or "OK".
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Creating Customer: Jobs
Creating Customer: Jobs
-
Display the Customer:Job list by clicking on the Customer List icon or choosing "Lists" then Customer:Job.
-
Choose "New" from the "Customer:Job" menu button in the bottom left corner of the "Customer:Job List" window.
-
You will now be in the "New Customer" window. In the "Customer" field, enter the name of the customer as you'd like it to appear on your "Customer:Job List". For example, if the customer is Joan Green and you want the list to show last names first, enter Green, Joan.
-
Complete the "Address Info." Tab, which is the tab that first appears in the "New Customer" window. The "Address Info." Tab holds contact information about the customer.
-
Enter the customer's first and last names, along with their middle initial and salutation or title (Mr./Mrs./Dr.).
-
In the "Bill to" section, complete the customer's billing address (QuickBooks has partially filled in the address based on what you've entered so far). Enter the address as you want it to appear on printed invoices, checks, and other forms.
-
Note: The address information you enter can be exported for mail merge. If you use mail merge, be sure to include in the last line of the address the two-letter state abbreviation and the zip code. This ensures that the address will print correctly in mail merge documents.
-
In the "Ship To" field, if the customer has a separate shipping address, enter the address as you'd like it to appear on printed invoices and other forms. If the shipping address is the same as the billing address, click "Copy" to copy the billing address to the "Ship To" field.
-
Enter the fax number, phone number, alternate phone number, and alternate contact person in the "FAX", "Phone", "Alt. Ph.", "Alt. Contact", and "E-mail" fields.
-
Click on the "Additional Info." Tab and fill in the information fields you see there. The "Additional Info." Tab holds credit, sales tax, and other information about the customer.
-
In the "Account" field, enter the name or number of the account you want to associate with this customer.
-
Note: An account number is required if you want to set up this customer as an online payee. The payee uses this number to identify you.
-
Enter a type in the "Type" field. This is a word or phrase that categorizes this customer for your reports. From this drop-down list, you can choose a customer type you have already set up, or you can enter a new customer type and have QuickBooks add it to the list.
-
For example, a building contractor might use customer types to record a client's market segment: residential, commercial, industrial, etc.
-
Once you have assigned a customer type to each customer, you can create reports that provide useful information about your customers in terms of how you have categorized them.
-
In the "Terms" field, fill in the specific set of payment terms you would like to apply to this customer. When you write an invoice to the customer, QuickBooks uses the terms to calculate when the invoice is due and, if you specified a discount for early payment, when the customer is entitled to the discount.
-
For example: 2% 10 Net 30 means "2% discount if paid within 10 days, net due in 30 days" if the terms are standard terms, or "2% discount if paid by the 10th of the month, net due by the 30th of the month" if the terms are date-driven terms.
-
In the "Rep" field, fill in the sales person, or rep, that typically handles the services provided to this customer. If this field is not applicable, you can leave it blank. In the "Credit Limit" field, enter the credit limit that the customer has with your company. QuickBooks remembers the limit and warns you when the customer is about to exceed the limit.
-
The "Opening balance… as of" field has already been established for you, so you need to enter no further information here. This field is only used when you are setting up the company.
-
Click in the "Customer is taxable" checkbox to make a check appear in the checkbox if you charge sales tax to this customer. When you select this checkbox, QuickBooks automatically calculates sales tax for each taxable item you sell to this customer. QuickBooks uses the sales tax rate specified in the "Tax Item" field. If you do not charge sales tax to this customer, unclick the box so a check does not appear in the box.
-
In the "Tax Item" field, specify the sales tax rate you want QuickBooks to use to calculate sales tax when you sell taxable items to this customer. If the rate shown is incorrect for this customer, choose the correct rate from the drop-down list.
-
(Optional) If the customer has a resale number, enter the number in the "Resale Number" field. This field is for your information only so what you enter here will not affect your reports or how sales tax works in QuickBooks.
-
Fill in the "Custom Fields" information. If you have set up any custom fields for the customer, they appear here on the "Additional Info" tab. You can fill in any or all of these fields that apply to the customer. These are used to setup additional information fields that you may want for your vendors. If custom fields have been set up for vendors then you will see the fields for each vendor. These additional fields can be used to print or filter on reports. An example of a custom field might be a birthday.
-
Fill in the "Job Info" tab. The "Job Info" tab lets you enter job-related information when you are performing a single job for a customer. Use the "Job Info" tab when you don't want or need to set up multiple jobs for a customer in your Customer:Job list. If you are going to be doing multiple jobs for a customer you want to set the job up separately.
-
To do this, leave the "Job Info" tab blank. Highlight the customer you want to set the job up for.
-
Click the "Activities" button at the bottom of you screen and select "Add Job".
-
The "Address Info" tab will fill in the information from your customer that you have previously filled in. You can adjust any information that may have changed for this particular job (for example, the contact name may be different than that of the original Customer:Job.).
Follow the rest of the instructions to fill in the "Job Info" tab.
-
In the "Job status" field choose from the drop-down list, the status (Pending, Awarded, etc.) that best applies to this job. Job status information is for your records only. It gives you a way to keep track of each job. When you create a job administration report, QuickBooks Pro includes the status of each job on the report. You can also see the status of each job on the Customer:Job list.
-
Note: When a job's status changes, you must edit the job record and change the status yourself. QuickBooks Pro does not do this for you.
-
In the "Start date" field, enter the date you started the job.
-
The start date (along with the projected end and end dates) helps you track how long each job takes, and how well you estimated the length of a job. When you create a job administration report, you can add to the report columns that show the start date, your projected end date, and the actual end date for each job.
-
Note: When the date changes. You must edit the job record and change the date yourself. QuickBooks Pro cannot change the date for you.
-
In the "Projected end" field, enter your projected completion date for the job.
-
Note: When the date changes. You must edit the job record and change the date yourself. QuickBooks Pro cannot change the date for you.
-
In the "End date" field, enter the date of completion once the job is finished.
-
In the "Job description" field, enter a short description of the job. The descriptions you enter will appear on job administration reports. When you enter a job description, enter information that will be useful to you when you see the job listed among other jobs in the report. (For example, if you have performed several jobs for the same customer, you could use the job descriptions to help you distinguish the jobs from each other.)
-
Note: If you want to write a longer description of the job, or if you want to jot down notes while the job progresses, use the job's Notepad.
-
In the "Job type" field, enter a word or short phrase to classify the job. This helps you to classify your jobs so you can group and subtotal similar jobs on your reports. By using them, you'll be able to determine which kinds of jobs are the most profitable for your business. (Customer types can be used independently of job types to help you classify your jobs and clientele.)
-
You will now be moved to the "Amount" column. QuickBooks has already entered the amount you have written the check for.
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Depositing Invoice Payments
When you receive a payment on an invoice you've sent to a customer, use the "Receive Payments" window to apply the payment to the invoice.
-
Display the "Receive Payments" window by choosing "Customer" and then "Receive Payments".
For QuickBooks 1999:
From The "Activities" Menu choose "Receive Payments".
-
Fill in the "Customer:Job" field at the top of the "Receive Payments" window by using the drop-down list and clicking on the name you need. If the payment is for a particular job on your Customer:Job list, make sure you choose the job as well as the customer's name in the Customer:Job field.
-
Press the tab key to move into the "Date" field. QuickBooks automatically displays the current date. You should make sure the date is the same date that you are making the deposit to the bank.
-
Press the tab key again, to move into the "Amount" field. Enter the amount of the payment.
-
Press the tab key to move into the "Pmt Method" field, and either write in the payment method of the payment you are entering (cash, check, Visa, etc.) or use the drop down list to choose the payment method.
-
If the payment you have received is a check, you should enter the check number in the next field you tab down to which is the "Check No." field.
-
In the "Memo" field, you should enter anything you would like to appear on the General Ledger associated with this payment. Typically, people like to enter the invoice number to which this payment is being applied, in this space.
-
If this is the first time you are entering a customer payment, indicate whether you want QuickBooks to group this payment with other undeposited funds, or deposit it directly into a bank account. (You can choose whether you would like to "Group with other undeposited funds" or "Deposit to checking" by clicking the button next to whichever is your choice for this payment. Group with undeposited means that you can group all the deposits for the day so that only one total entry is made to the Checking account. If you use Deposit to checking it deposits each individual check into checking separately. If you deposit a lot of checks it is easier to do the bank reconciliation if you use Group to undeposited funds. The only thing is that you have to remember to go into make deposit and record the deposit so that the amount is moved to checking when it is deposited. Most businesses have a standard that all payments are put into one or the other category, but QuickBooks gives you this option for each payment you enter.)
-
If there are credits associated with this Customer:Job, the next field you tab into is "Apply existing credits". You can click on the box next to "Apply existing credits" to make a checkmark appear in the box, and apply the credits. If there are no credits to be applied or if you do not wish to apply the credits at this time, there should be no checkmark in the box. Then you can tab into the next field.
-
At the bottom of the "Receive Payments" window you will see a box with eight columns in it, which allow you to distribute or redistribute the payment. These boxes contain your invoice information for this Customer:Job, and are automatically filled in when you enter the Customer:Job name at the top of the window. Normally, QuickBooks is set to apply the payment to the oldest invoice first, then to the next oldest, and so on. If you want to distribute the amount of the payment differently, do the following:
-
You can change this amount by just clicking the column and entering the amount that you want applied to each particular invoice.
-
Note: Each time you select an invoice, QuickBooks automatically inserts the amount to be applied to the invoice in the Payment column. When the undistributed amount of the customer's payment is greater than the amount due, QuickBooks pays the invoice in full. When the undistributed amount is less than amount due, QuickBooks applies the entire amount to the invoice, leaving a balance due on the invoice.
-
Record the payment by clicking "Save & Close" or "OK" if you are done entering payments, or by clicking "Next" or "Save & New" if you will be entering more payments
-
Note: If you received one payment that covers multiple jobs, you'll need to apply the appropriate amount of payment to each job separately.
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Depositing Statement Payments
When you receive payment for a statement you've sent to a customer, you use the Receive Payments window to record the payment. You cannot enter customer payments directly in the customer or A/R registers, you need to apply the amount against the proper invoices.
To record this payment, you should follow the instructions under "Recording an Invoice Payment".
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Depositing Non-Sales Receipts
You should only enter deposits that are not associated with an invoice in the system here.
-
From the "Banking" menu choose "Make Deposits".
For QuickBooks 1999:
From The "Activities" Menu choose "Make Deposits".
-
If QuickBooks displays the "Payments to Deposit" window, click the ones you'd like to deposit now, and then click "OK". The payments shown here are those that you entered in the "Receive Payments" or the "Enter Cash Sales" windows, or they are from "Payment" items you entered on invoices or other sales forms. If when in those functions, if you clicked the "Deposit to Checking" field, you will not see this window, and QuickBooks will take you directly to the "Make Deposits" window. You will be using the "Make Deposits" window to select the account into which you want to deposit the payments selected in the "Payments to Deposit" window.
-
Note: If you are not going to deposit any of the payments now, you can skip this step by clicking just clicking "OK". (There should be no check marks next to any of the deposits listed in this window if you are not making the deposit now.) This will open the "Make Deposits" window.
-
In the "Deposit to" field, select the cash account you are making the deposit to.
-
Enter the date that the deposit was made (or is being made) in the "Date" field. (This should be the date it is deposited in the bank account).
-
Enter a memo to be associated with the deposit in the "Memo" field in the top right corner of the window. The beginning of this memo appears in your checking account register and on reports that show the details of the deposit.
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