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Introducing QuickBooks

Introducing QuickBooks. 2012. Objectives. An overview of the QuickBooks product line Some of the basic principles of accounting The accounting behind the scenes in QuickBooks An overview of QuickBooks data files and types Opening Portable Files How to restore backup files

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Introducing QuickBooks

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  1. Introducing QuickBooks 2012

  2. Objectives • An overview of the QuickBooks product line • Some of the basic principles of accounting • The accounting behind the scenes in QuickBooks • An overview of QuickBooks data files and types • Opening Portable Files • How to restore backup files • Entering Transactions in QuickBooks • QuickBooks user interface features • About QuickBooks help and support

  3. Editions of QuickBooks • Online Edition • Pro • Premier and Enterprise • Accountant • Contractor • Nonprofit • Manufacturing & Wholesale • Professional Services • Retail

  4. QuickBooks Releases • Patches provided by Intuit • Fixes problems with earlier release • To verify the release level, press Ctrl+1 (or F2) while QuickBooks is running

  5. Accounting’s Focus • To assess: • The financial position of the organization relative to its debts (liabilities) • Its capabilities to satisfy those debts and continue operations (assets), and • The difference between liabilities and assets (net worth or equity) • The Accounting Equation, Assets = Liabilities + Equity

  6. Accounts and Chart of Accounts • Business transactions are recorded in several types of ledgers, called accounts • The summary of all transactions is called the GeneralLedger • A listing of every account is called the Chart of Accounts. • Each account has a type (i.e., asset, liability, equity, income, or expense)

  7. Accounting Types • Primarily five account types: • Asset • Liability • Equity • Income • Expense

  8. Double-entry Accounting • Total debits must always equal total credits • Debits = Credits • Double Entry Accounting • Every transaction creates a debit in one or more accounts and a credit in one or more accounts. • A debit might increase or decrease an account; the same is true of credits • Depending on the type of account • Debits are not always “bad” and credits are not always “good”

  9. The Accounting in QuickBooks • Transactions are entered in forms • Invoices, Bills and Checks • QuickBooks handles the debits and credits

  10. Cash Versus Accrual • The accrual basis method • Revenues and expenses are recognized when the transaction occurs • The cash basis method • Revenues and expenses are recognized when the cash changes hands • With QuickBooks, you can create reports for either method

  11. Academy Photography Sample Company • Fictitious sample company used in the text book • A photo studio and retail corporation • A service and a merchandising company • Has two locations, one in San Jose and Walnut Creek

  12. About QuickBooks Files QuickBooks has three primary types of files: • Data files (extension “.QBW”) • To enter data or create reports • Backup files (extension “.QBB”) • A condensed, stable version of the data file • Restore into a .QBW file before using • Portable files (extension “.QBM”) • Very condensed • To move your QuickBooks data to another computer • Restore into a .QBW file before using

  13. Open QuickBooks Data Files • Launch the QuickBooks program • Previously opened data file will be opened • To open a different file, select the File menu and then select Open or Restore Company

  14. Restoring Backup Files • Main reasons for restoring backup files in QuickBooks to recover damaged or lost data files • Restoring does not add information to your file

  15. Steps to Restore a Portable File • Launch QuickBooks • File menu > Open orRestore Company • Follow on screen directions • New “.QBW” file

  16. Backup Files • Ensures safety of your data file • Online backup safer than local • To create a backup, select the File Menu and then choose Backup • Scheduled backups

  17. Entering Transactions in QuickBooks • Forms • Lists • Accounts • Registers • Items • Calendar

  18. QuickBooks User Interface Features • There are various methods for entering information and transactions: • Home Page • Centers • Snapshots • Icon Bar

  19. Home Page Menus Icon Bar Home Page

  20. Home Page • Common tasks are shown as icons. • Five regions • Customers • Vendors • Employees • Company • Banking • Account Balances

  21. Icon Bar • Select activities • Can be customized.

  22. Support Resources • Variety of support resources • To access the support resources, select the Help menu and then select QuickBooks Help • QuickBooks Learning Center

  23. Summary of Key Points • An overview of the QuickBooks product line • Some of the basic principles of accounting • The accounting behind the scenes in QuickBooks • An overview of QuickBooks data files and types • Opening Portable Files • How to restore backup files • Entering Transactions in QuickBooks • QuickBooks user interface features • About QuickBooks help and support

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