Mastering quickbooks level 2 free download –

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

This ensures that both sides of the accounting equation always remain in balance. They don’t pay for the T-shirts right away, but the supplier will send a bill later on.

Since both assets and liabilities increased, our books remain in balance. Behind the scenes in QuickBooks, the following journal entry would be recorded for this transaction:.

In this section, we have covered the seven main areas of focus for managing the books for your business: money coming into your business in the form of sales to customers; money going out of the business for expenses such as office supplies and rent; inventory and fixed asset purchases, and how to record them on your books; money you owe to suppliers and creditors liabilities ; how to manage the chart of accounts; the two accounting methods cash-basis versus accrual ; and how double-entry bookkeeping works.

We also provided tips on how to choose the right software for your business, and we provided you with some bookkeeping basics. Having a good understanding of the QuickBooks product lines will help you to choose the best product for your business. In addition, having a basic knowledge of bookkeeping helps you understand the accounting that is taking place behind the scenes in QuickBooks when you enter an invoice or pay a bill.

In the next chapter, we will take an in-depth look at all of the features and benefits included in QuickBooks Online Advanced, including but not limited to customized fields, custom user permissions, workflow automation, importing invoices and budgets, batch-creating invoices, and much more.

Crystalynn Shelton is a licensed CPA and small business advisor specializing in financial accounting software training, coaching, and consulting. In addition to having experience as a small business owner, she has more than 20 years of experience in the entertainment, oil and gas, education, and computer technology fields.

When she is not in the classroom, Crystalynn enjoys trying new restaurants and curling up with a good book! About this book Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks independently. Publication date: January Publisher Packt.

Pages ISBN Download code from GitHub. We will cover the following key concepts in this chapter: What is QuickBooks? The U. If you are using a version that is outside of the United States, results may differ.

What is QuickBooks? Choosing the right QuickBooks Online edition QuickBooks Online is ideal for solopreneurs, freelancers, and mid-to-large-sized businesses with employees and contractors. The bonus features that you will find in QBO Advanced are as follows: Dedicated account team : With a QBO Advanced subscription, you will have access to a team of experts who will learn how your business works in order to answer your questions. They will also provide additional resources that will help you to better manage your business financials.

Smart Reporting with Fathom : With this reporting feature, you can measure profitability, cash flow, and other key performance indicators KPIs. This feature is not available in any other QBO edition. Custom user permissions : Provides a deeper level of user permissions that allows you to manage access to sensitive data, such as bank accounts.

Choosing the right QuickBooks Desktop version QBD is ideal for small-to-large-sized businesses that sell products or services, have employees and contractors, and are looking for a robust desktop accounting solution. QuickBooks Premier QuickBooks Premier is ideal for small-to-medium-sized businesses that fall into one of the following industries: Nonprofit Manufacturing and wholesale Professional services Contractor Retail Unlike QuickBooks Mac and Pro, QuickBooks Premier includes a customized chart of accounts, a custom products and services list, and reports customized for businesses that fall into the industries listed above.

QuickBooks Enterprise includes the following additional features: Up to 30 user licenses : You can purchase up to a maximum of 30 user licenses for multiuser access. Granular user access permissions : Includes more restrictive user permissions than other versions of QuickBooks.

Mobile inventory barcode scanning : Prioritizes sales orders to fulfill, creates customer picklists across multiple warehouses, and sends this information to a barcode scanner. Enhanced Pick, Pack, and Ship : Sends items to a picker or packer with just one click. Plus, you can fill out and print shipping labels for major carriers directly from QuickBooks.

For additional information, visit Intuit. Introducing new features and improvements in QuickBooks Desktop Each year, there are improvements and new features added to the QBD product line. There’s more flexibility and efficiency with bank rules and you are able to quickly review and resolve discrepancies.

Customer Groups : This new feature allows you to create customer groups based on a set of rules. You can manage communications with specific groups and add a new customer using select criteria and the customer group will update automatically. Payment Reminders : This new feature is also known as automated statements.

Create an automatic reminder to send recurring statements out on a specific day or date every month or as often as necessary. Create reminders for specific customer groups based on a set criteria. Customize Payment Receipts : A new template is available that allows you to customize customer payment receipts. You can add your company logo, add color, and select from various receipt formats. Improved Email Invoice and Attachment Preview : This feature was introduced in and has been improved to ensure confidence that the correct documents are attached to an email before you send it out.

This is ideal for accounting professionals that may need to install an older version of QuickBooks. This is also helpful to a small business looking for license details and a download link.

Improved Simplified Employee Payroll Setup : This is a guided payroll setup with an option to invite employees to set up their personal information such as home address, W4 tax withholding, and direct deposit details. Business owners can approve the information supplied by the employee and import it into QuickBooks. Improved Auto Matching of Merchant Payments: This tool has been improved to better match merchant payments to invoices so users can focus on specific transactions that need attention.

Faster funding of credit card payments is also included. Improved QuickBooks Capital Funding : Business owners can access transparent, flexible business funding from within their QuickBooks file.

There are no origination fees, prepayment penalties, or hidden charges. Bar Code Label Prices : This new feature automatically includes an item’s default sales price on printed barcode labels. This supplements the item name and description and helps to improve the shopping experience for customers by giving them visibility of the item’s sale price. Improved Alternate Vendors on Reports : Alternate vendors can now be included in inventory reports.

Improved Landed Cost Controls : Landed costs increase the cost of recorded inventory items to include shipping, freight, duties, and other similar costs. There is now an option to allocate landed costs in closed periods.

Small business bookkeeping If you are an aspiring accountant, the concepts that we will cover in this section will be familiar to you. The main areas of your business include the following: Money in sales Money out expenses Inventory and fixed asset purchases Liabilities Chart of accounts Accounting methods Double-entry bookkeeping Let’s discuss each of these areas in more detail.

Recording sales Every business generates sales by either selling products, services, or a combination of the two. Now that you understand sales, let’s take a look at expenses. Recording expenses The majority of the money that flows out of a business is used to pay for business expenses. Recording inventory and fixed asset purchases To keep track of all the costs and quantities for each item that you purchase, you would create a purchase order and send it to your vendor supplier to place an order.

Recording liabilities Many people think that liabilities are expenses, but they are not. Understanding the chart of accounts The chart of accounts is a systematic way of categorizing financial business transactions.

This page provides a number of free online tutorials that will teach you how to use the software. The training includes Part 1 – Introduction to QuickBooks Online. Part 4 – Viewing the Chart of Accounts. Part 5 – Adding and Editing Nominal Accounts.

Part 8 – Adding Customer Accounts. Part 9 – Editing Customer Accounts. Part 10 – Products and Services. Part 11 – Viewing Customer Accounts. Part 12 – Raising Customer Invoices. Part 13 – Editing Customer Invoices. Part 14 – Modifying Sales Invoice Layouts. Part 15 – Recording Customer Payments. Part 16 – Creating Customer Statements. Part 17 – Adding Supplier Accounts. Part 18 – Recording Supplier Invoices. Part 19 – Recording Supplier Payments.

Part 20 – Viewing and Editing Supplier Accounts. Part 21 – Viewing Reports. Advanced QuickBooks Training. The inventory transaction for a Group Item occurs when you sell the group. You should use multiple units of measure if you buy, stock, or sell items in different units or quantities. For example, you can purchase items by the case, track items by a single unit, and sell them by the pair or dozen.

Customer Center The customer center stores information about your customers and the jobs you perform for them. QuickBooks uses jobs to track income and expense by project. Estimates allow you to enter projected costs and revenue for jobs. Also, you can quickly compare projected costs and revenue for a job to actual costs and revenue.

Individual estimates can be e-mailed to customers, or you can batch them to send all at once. An estimate for a job might have many line items. QuickBooks lets you convert an estimate into an invoice, and will copy the line items saving you time. Per Item price levels allow custom prices to be set for individual items. Use sales orders to enter backorders for inventory you do not have on hand.

You can also use sales orders to record future sales of services or goods. Sales orders are non-posting, so they do not affect financial statements.

Invoice Sales Orders You can invoice a customer based on a sales order after receiving backordered parts. Batch invoicing makes it easy to invoice multiple customers for the same items or services.

If a customer prefers email, be sure there is an email address associated with that customer. The Collections Center keeps track of almost due and overdue invoices to make it easier to send collections emails.

QuickBooks offers a convenient way of invoicing based on your costs. Charging Multiple Sales Tax Rates If multiple sales taxes must be applied to different portions of a sale, the regular method for handling sales tax will not work. Instead, follow these procedures to charge multiple sales tax rates on the same invoice. Sales Taxes Paid Incorrectly What if sales tax was paid incorrectly?

For instance, the Write Checks feature was used to pay sales tax, instead of the built-in Pay Sales Tax feature. Correcting this is a two-step process: 1 Find the original payment and delete the check. If the original check was marked as cleared in QuickBooks, manually reconcile the new sales tax payment in the checking account register.

Prepare a numerical list of invoices and credit memos to help you find transactions and identify missing forms. Aging Errors Setting the Aging Reports preference to Age from transaction date means QuickBooks shows all invoices as due the day after they were issued! This causes errors on aging reports and customer statements. Follow these steps to fix this error. A journal entry to reclassify unused deposits might be required to prepare year-end financial statements.

Reclassification Journal Entry A journal entry to reclassify unused deposits might be required to prepare year-end financial statements.

To use this method, follow these steps. There are two ways to write off bad debts in QuickBooks. The easier method is to write off the receivable as a discount. However, this method does not adjust sales taxes. The second method uses a credit memo to write off the bad debt. This method does adjust for sales taxes. Method 1-No Sales Tax If the original sale did not include sales taxes, this is the recommended method. Method 2-Sales Tax If the original sale included sales taxes, this is the recommended method.

Customer Underpayments If a customer makes a partial payment, the invoice remains open until full payment is received. But a problem arises if the customer underpays by a nominal amount that you do not intend to collect. Write off small underpayments using the Receive Payments window. Customer Overpayments There are two methods for issuing customer refunds. If you know the customer wants a refund when you record the payment, use Method 1. If the customer has an existing credit, use Method 2.

Issue a Refund-Method 2 Follow these steps to refund an overpayment if the customer already has a credit in QuickBooks. This method uses a Clearing Account to transfer the credit between jobs. Turn this option on by selecting Edit:Preferences from the menu. Click Payments in the list to the left. Click the Company Preferences tab. Uncheck the box next to Use Undeposited Funds as a default deposit to account.

Optional 3 Enter remaining information in the Enter Sales Receipts window. To ensure proper processing of transactions and accurate reporting, enter transactions in the order presented on the Home page. You create Fixed Asset Items to track relevant information for each fixed asset. This is only necessary if you financed a portion of the purchase. The QuickBooks Loan Manager helps you manage loans for long term liability and other current liability accounts set up on your chart of accounts.

Use the following steps to track the use and payback of a line of credit. In QuickBooks, the Beginning Balance is the sum of all cleared transactions in the account.

If a cleared transaction is modified or deleted, the Beginning Balance changes. Then, the account cannot be reconciled until the problem is corrected. Follow steps 2 through 5 if you use QuickBooks Pro.

Compare these reports to the bank statements for those periods. Look for transactions that cleared on the statements but do not appear on the Reconciliation Detail reports. This report shows any cleared transactions that were modified or deleted since the last bank reconciliation. Look for any transactions that are missing or have changed in QuickBooks. QuickBooks Pro only lets you print a copy of the last report. Run Reconcile Discrepancy Report Run a Reconcile Discrepancy Report to identify why the beginning balance has changed since the last statement.

This report lists all previously reconciled transactions that were changed since the last statement date. Use this report to identify changed amounts and changes in cleared status.

This report does not show deleted transactions. If you suspect a deleted transaction, identify it by comparing a previous reconciliation report to the bank register. Changing Cleared Status The primary cause of beginning balance changes is when you change or delete a cleared transaction. This includes changing the cleared status of a transaction. If this occurs, change the cleared status in the account register. Manually change cleared transactions to fix errors only. Use the Reconcile window in QuickBooks to clear transactions.

A common mistake is paying bills using the Write Checks feature. This leaves the original bill unpaid and doubles the expense. There are two ways to handle this:. Pay the bill using Pay Bills and make sure the reconciled status and the check number of the new check matches that of the deleted check.

Bill payments on reports and in registers usually do not show what expenses were paid. To see what expenses were paid with a bill payment, run the Check Detail report. All five steps are accessed using the and Wizard. When an owner or employee pays for goods or services using their own funds, the transaction must be recorded to show that the services or goods were bought, and that the money is owed to the owner or employee.

This may be an Equity type account for owner purchases. An accountant can help with this decision. Prepaid Expenses You should track prepaid expenses as an asset when paid, and use a journal entry to expense the cost in the appropriate month. Use the following steps to record a prepaid expense. You could memorize this journal entry to automatically record the monthly expense for the rest of the fiscal year. Other Balance Sheet accounts can be reconciled. This can help provide a support schedule for accounts such as deposits, retainage, or employee advances.

To create a support schedule, follow these steps: 1 Reconcile the Balance Sheet account using the QuickBooks Reconcile feature.

Total the report by customer or vendor as appropriate. Filter the report to include only the Balance Sheet account and uncleared transactions. This should be the same as the Beginning Balance. Next, apply the vendor credit against this deposit in the Pay Bills window. Do you have a balance in accounts payable money you owe that you would like to offset against a balance in accounts receivable money owed to you?

You must show that the customer has paid you AND you have paid your vendor. First, you enter a bill for what you received. Then you offset that with the money the customer owes you. In these and other similar situations, use the following steps. To Pay. Void prior period checks using the built-in void feature if the check only used Expense type accounts simple check. Simple Check. Voiding a check in QuickBooks deletes the financial statement impact of the original check.

This changes the financial statements for the original accounting period. To avoid this, follow these steps: 1 Find the original check and run the Transaction Journal report. Note the Date, Debit and Credit amounts, and the Accounts in the entry. Date the journal entry in the current period.

Use the cash flow projector to predict your cash flow for the next six weeks. QuickBooks walks you step-by-step through the process. When complete, you can view a report that shows available cash.

QuickBooks uses Payroll Items for anything that affects the amount on a payroll check and for company expenses related to payroll. After turning on QuickBooks Payroll, you can add payroll items as needed. This method allows you to quickly set up common payroll items. Mapping Payroll Items QuickBooks suggests using just one liability account for payroll-related liabilities Payroll Liabilities , and one expense account named Payroll Expenses.

However, mapping payroll items to appropriate subaccounts provides more meaningful financial statements. For proper payroll item mapping, follow these steps: 1 Create subaccounts of Payroll Liabilities for each type of payroll liability 2 Create subaccounts of Payroll Expenses and Taxes to track these expenses in detail 3 Map payroll items to the appropriate subaccount This change is retroactive so adjusting history is not necessary.

Mapping Problems Financial statements typically show problems with incorrectly mapped Payroll Items. This indicates that a Payroll Item is mapped to a parent account instead of a subaccount. Run the Payroll Item Listing report and review the account columns to see which payroll items are incorrectly mapped. You can also use this report to check the tax table rates and limits QuickBooks uses for Payroll Items. If an Other Payroll Item performs calculations, the calculation includes only those items appearing above it in the list.

Therefore, Payroll Items that perform calculations should be last in the list. To do this, several options must be set: 1 Class tracking must be turned on 2 The proper payroll preferences must be set 3 The Payroll Item needs to be set up to track expenses by job. Job Cost for Salaried Employee What if you need job costing for a salaried employee?

This is confusing because the employee is not paid based on the number of hours worked. QuickBooks handles this by automatically allocating the salary based on the number of hours worked on each job. Void Paycheck What happens if a paycheck is lost or damaged? The paycheck should be voided in QuickBooks.

However, the new paycheck must be recreated from scratch. There are several ways to do this. This is the suggested method: 1 Reprint the original check with the next available check 2 Void a new check using the old check.

QuickBooks requires an account on voided checks. Create and use an Asset account called Voided Checks. This creates a register of all voided checks. Employee loans can be a tricky area in QuickBooks payroll. This example assumes that the loan is not taxable.

An effective way to handle this follows. This item should not be taxable. If the loan is paid on a regular check, use the Employee Loans account. You must decide how to treat the Employee Loan Repayment limit. Make this decision when setting up the Payroll Item deduction. If you DO click the box, the amount paid toward the limit is reset to zero at the beginning of each year. That means you have to edit the employee record each year, and change the employee limit to reflect their unpaid balance.

If you do NOT click the box, QuickBooks continues deducting the repayments until the limit is reached. What if an employee receives a second loan during the same year? One approach is to create separate payroll items for the repayment of each loan. A more efficient approach is to change the Limit to the sum of the first and second loan. What if a payroll liability payment includes amounts deducted from paychecks plus amounts not deducted from paychecks? However, the cost for dependents is paid by the employee through payroll deductions.

There are two ways to handle this situation. Then, record the employee and the company-paid portions on a regular bill or check. Then, the bill or check includes the full amount of the payment as an expense. Therefore, the resulting net expense will equal the gross expense less the employee-paid payroll deductions.

Process W-2s. To edit existing information, right-click on the amount and select Override from the menu. Workers Compensation The QuickBooks Enhanced Payroll service includes a Workers Compensation Setup wizard that walks you through the process of setting up workers compensation. If you have not started using QuickBooks workers compensation, you should use the wizard. You enter the net check amount and let QuickBooks calculate the correct gross check amount.

Modify Report: Time by Name Window. You can use the drop down arrows to change which views of your data you want. Select the worksheet tabs at the bottom of the Excel window to view the different reports.

QuickBooks makes it easy to enter your budgets and financial forecasts. QuickBooks Premier and Enterprise Solutions also have a forecast tool. Once entered, you can compare your actual results against your budget and forecast. Reports in QuickBooks can be classified into three types. QuickZoom produces different results on different types of reports.

You can modify any of the hundreds of reports available in QuickBooks. In addition, two custom reports are available that provide different levels of detail. These are excellent starting points for creating new reports. Filters Filters let you change what is included on the report. Filters can be applied individually or in combination. If no information appears in the column, then applying the filter will not work.

A hand appears. Memorizing Reports Memorizing a report saves the current settings for the report, but not the report data. When memorizing a report, pay attention to the Dates memorized with the report.

To do so, set up a Memorized Report Group. Once a group is added, you can click and drag memorized reports to make them part of a group. Report Shortcuts You can create a button on the Icon Bar for reports you access often. Reports will not provide needed information unless you enter transactions with the following considerations.

Other transactions will not appear on these reports. This is not necessary for inventory items because cost information is recorded at the time of invoicing. This includes invoices used to handle special situations. List reports are based on information you enter on lists.

QuickBooks has numerous fields available to track additional information and improve report customization. However, before using a field, confirm that the field is available and can be used on the desired reports. Class Use class tracking to track divisions or profit centers of your company. Classes can be linked to specific transactions. However, class tracking does not work for balance sheet transactions. Also, classes cannot be linked to list entries. Customer Type Use customer types to categorize your customers into meaningful groups.

This is useful for tracking customer or job related expenses and income. Mailing labels can be selected by Customer Type. Job Type Job types are similar to customer types.

This is useful for job related expenses and income.

 
 

Mastering quickbooks level 2 free download.Mastering QuickBooks Level 2 Learning Manual Download 240 Pages

 
2. QuickBooks Learning Center You can access quick learning modules, download PDF guides, and connect with other users for guidance all. Learn QuickBooks Desktop Pro accounting software with this comprehensive course from TeachUcomp, Inc. Mastering QuickBooks Made Easy features video. 99% Match on QuickBooks Free Download. Find Here – Free, Private and Secure.

 

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The Mastering QuickBooks Online Course Level 2 is designed to teach you more advanced features of QuickBooks Desktop, such as payroll, inventory including counts and adjustments , customer estimates, customized reports, management of the audit trail and setting up GST.

So, if You are thinking of working with the online software, or You are a bookkeeper or accountant and will be using this for clients or even You run your own business and want to know how to use Quickbooks for yourself. This course will be very beneficial for you. This valuable course is suitable for anyone interested in working in this sector or who simply wants to learn more about the topic.

It really is a sure pathway to success. All our courses offer 12 months access and are designed to be studied at your own pace so you can take as much or as little time as you need to complete and gain the full CPD accredited qualification.

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Assessment and Certification At the end of the course, you will be required to sit an online multiple-choice test. Career Path Not only does our CPD and CiQ accredited course look good on your CV, setting you apart from the competition, it can be used as a stepping stone to greater things. The sky really is the limit. Course Ratings 4. No Ratings found for this course. Related Courses. View More. Add to Cart. Your cart is empty Return to Shop. Continue Shopping.

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