A Guide to Setting-up an Accounting System with QuickBooks

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Question: Do I need to be an accountant to use QuickBooks?

Answer: No, but it's helpful to understand the basics of small business accounting. Small business accounting is the process of identifying, measuring, and communicating a business' financial information to owners, financial institutions, and federal and state tax agencies. Knowing the accounting behind QuickBooks enables you to communicate your business' financial information better.

Question: Isn't using QuickBooks just a matter of creating checks and invoices?

Answer: No. QuickBooks is an effective accounting tool your small business can use to identify, measure, and communicate your business' financial information. Knowing and using the correct QuickBooks features properly increases your productivity and ensures the reliability, relevancy, and timeliness of your business' financial information.

Question: Doesn't setting up my accounting system with QuickBooks involve installing it on my computer and completing the EasyStep Interview?

Answer: No. Your accounting system is a compilation of methods and records you use to accurately report your business' transactions and maintain accountability for your assets and liabilities. Although QuickBooks does complete a good percentage of your accounting system, your accounting system should also include policies and procedures, internal controls, and the processing of documents and information.

Learn Accounting and QuickBooks

Overview
Our QuickBooks Accounting System Guide is the only guide that teaches you both small business accounting and QuickBooks. In addition, this guide presents and explains a practical step-by-step approach to developing an accounting system with QuickBooks.

QuickBooks is vital to the success of many small businesses. Yet, minimal guidance and few tools exist to help the typical QuickBooks users perform their duties. In most cases, employees are forced to develop their skills by trial and error and constant on-the-job training, otherwise referred to as the "school of hard knocks." This approach generally leads to periods of frustration and miscommunication of the business' financial information before users finally become proficient in their job.

This Guide provides the practical guidance to help fill this void. It provides how-to accounting, payroll, and QuickBooks guidance to help users perform the various accounting and payroll tasks with QuickBooks. It provides guidance on how to process the day-to-day transactions, maintain the general ledger, and prepare financial reports. It also focuses on monthly, quarterly, and annual tasks.

Guide Uses

Table of Contents
Chapter 1 - Introduction
Chapter 2 - Overview of Accounting and QuickBooks
Chapter 3 - Why and How You Process QuickBooks Sales and Receipts
Chapter 4 - Why and How You Process QuickBooks Purchases and Payments
Chapter 5 - Why and How You Process Payroll with QuickBooks
Chapter 6 - Why and How You Make Accounting Adjustments in QuickBooks
Chapter 7 - Why and How You Maintain the General Ledger in QuickBooks
Chapter 8 - Why and How You Prepare Financial Reports with QuickBooks

Chapter Summary
Chapter 1 - Introduction. This chapter introduces you to the Guide. It discusses what the Guide covers and how the Guide should be used.

Chapter 2 - Overview of Accounting and QuickBooks. This chapter summarizes the key elements of accounting and QuickBooks. It discusses the types of source documents, the day-to-day transaction processing covered in chapters 3 through 5, and basic internal controls. This chapter is intended to give QuickBooks users the big picture of the accounting process and QuickBooks before jumping into the more detailed discussion in the rest of the Guide.

Chapter 3 - Why and How You Process QuickBooks Sales and Receipts. This chapter discusses the accounting behind and various steps required to process sales invoices and cash receipts. The cash receipts discussion addresses processing of both mail receipts and over-the-counter receipts. The chapter also covers various period-end activities, such as reconciling the bank accounts and the subsidiary ledger.

Chapter 4 - Why and How You Process QuickBooks Purchases and Payments. This chapter provides the accounting behind and detailed guidance on processing vendor invoices, recording the invoices in QuickBooks, making the payments, and performing period-end reconciliation and cutoff procedures. The chapter addresses common problem areas, such as obtaining invoices, obtaining payment approvals, dealing with 1099 forms, and assigning proper general ledger accounts.

Chapter 5 - Why and How You Process Payroll with QuickBooks. This chapter begins by providing the background and guidance on obtaining key payroll information and computing wages. It then covers the steps required to process each period's payroll. The last three sections address specific monthly, quarterly, and annual payroll activities (including filing payroll tax reports) that must be completed.

Chapter 6 - Why and How You Make Accounting Adjustments in QuickBooks. The previous three chapters cover the processing of day-to-day transactions. This chapter provides accounting behind and guidance on preparing common period-end journal entries needed. It illustrates and explains the increases and decreases relating to recording cost of sales, making accrual entries, adjusting asset valuations, recording depreciation expense, and various other entries.

Chapter 7 - Why and How You Maintain the General Ledger in QuickBooks. This chapter builds on the previous four chapters. After day-to-day transactions (Chapters 3 through 5) and various adjustments (Chapter 4) have been posted to the general ledger, users are ready to complete the general ledger closeout. It explains why and how you prepare key general ledger supporting documents, review the general ledger, and protect and store files and records.

Chapter 8 - Why and How You Prepare Financial Reports with QuickBooks. This chapter provides the accounting behind and guidance on generating the basic monthly financial statements and modifying the format and presentation of the financial statements. It also shows how to prepare selected other management reports.

Price
Promotional Price $79 (purchase by Friday, June 9, 2006)
Standard Fee $99 (purchase after Friday, June 9, 2006)

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