©2012 Pearson Education, Inc. publishing as Prentice Hall 1-1 QUICKBOOKS 2011: A COMPLETE COURSE...

©2012 Pearson Education, Inc. publishing as Prentice Hall

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QUICKBOOKS 2011: A COMPLETE COURSE

CHAPTER 1—LECTURE INTRODUCTION TO

QUICKBOOKS® 2011 AND COMPANY FILES

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any

means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the

United States of America.

Copyright © 2011 Pearson Education, Inc. publishing as Prentice Hall


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Chapter Focus

• Overview of QuickBooks Program Features

• Begin using QuickBooks

• Open, backup, and restore company files


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Manual Accounting vs. Computerized Accounting with

QuickBooksManual Accounting

• Analyze Transactions

• Prepare business documents by hand—Invoice, Check, Sales Receipts

• Record transactions in Debit/Credit format

• Post transactions to General Ledger and Subsidiary Ledgers

• Prepare Reports by hand

• Record Closing Entries manually

Computerized Accounting with QuickBooks

• Analyze Transactions

• Prepare business documents using the computer to record information directly on the business form—Invoice, Check, Sales Receipt

• Based on the business form entry, QuickBooks enters transactions in Debit/Credit format automatically

• QuickBooks automatically posts transactions

• Prepare reports by clicking a button

• Close period by entering a closing date


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Open QuickBooks

• Click the QuickBooks icon on the desktop or

• On the Start Menu, point to All Programs, point to QuickBooks, click QuickBooks 2011


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Open a Sample File

• On the No Company Open screen: Click the Open a Sample File button Click Sample service-based business


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Open a Sample File

• Click OK on the QuickBooks Information screen


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QuickBooks Desktop Features

• Desktop Features include: Title Bar Menu Bar Icon Bar


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QuickBooks Desktop Features: Title Bar

• Title Bar Contains Company Name—Larry’s Landscaping &

Garden Supply Program Name Minimize, maximize, and close buttons


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QuickBooks Desktop Features: Menu Bar

• Menu Bar Has a list of menus available in QuickBooks


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QuickBooks Menus

• File Menu: Access company files

• Edit Menu: Make changes


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QuickBooks Menus

• View Menu: Select an open window list, icon bar, and one or multiple windows

• Lists Menu: Show lists used by QuickBooks


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QuickBooks Menus

• Favorites Menu place and access your favorite or most frequently used commands

• Accountant Menu perform client data review, make General Journal Entries, and other accounting functions


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QuickBooks Menus

• Company Menu: Access the Home Page, change company information, and other company related tasks

• Customers Menu: Access Customer Center and other tasks related to customers and sales


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QuickBooks Menus

• Employees Menu: Access the Employee Center, the Payroll Center, and other tasks related to employees and payroll

• Vendors Menu: Access the Vendor Center and other tasks related to vendors and purchases


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QuickBooks Menus

• Banking Menu: Perform tasks related to banking and checking

• Reports Menu: Access Report Center ,prepare reports


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QuickBooks Menus

• Window Menu: Switch between windows and arrange icons

• Help Menu: Access Help• Online Services

Menu: Access Online tools


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QuickBooks Desktop Features: Icon Bar

• Icon Bar and Command Centers Icons are pictures that may be clicked to give

instructions or perform tasks Centers contain information about the company,

customers, employees, vendors, and reports


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QuickBooks Centers

• QuickBooks Centers provide access to specialized areas of information.

• To access a center, click the appropriate icon on the icon bar.

• The Centers are: Company Snapshot Customer Vendor Employee Online Banking Doc Report Statement Writing App


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QuickBooks Centers: Company Snapshot

• Company Snapshot provides three tabs used to display information about the company, payments, and customers. You may customize the Company Snapshot and select from among different options to determine what you want displayed.


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QuickBooks Centers: Customer• Customer Center shows a Customers tab and a

Transactions tab. • The Customers Tab displays a list of customers and their

balances, customer information and transactions for a selected customer. This is the default tab.

• Clicking the Transactions tab displays transaction categories and allows you to get information about transaction groups.


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QuickBooks Centers: Vendor

• Vendor Center has a Vendors tab and a Transactions tab.

• The Vendors tab allows you to display information about the vendors and is the default tab.



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QuickBooks Centers: Employee

• Employee Center has an Employees tab, a Transactions tab, and a Payroll tab.

• The Employees tab allows you to display a list of employees, employee information and payroll transactions for a selected employee and is the default tab.


• The Payroll tab provides information regarding payroll dates, payroll taxes, and payroll forms.


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QuickBooks Centers: Online Banking

• Online Banking Center allows you to perform online banking transactions through the center.


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QuickBooks Centers: Doc

• The Online Document Center is a subscription service that lets you access and manage your online documents without using QuickBooks.

• User access to your online documents can be managed.

• All uploaded documents are listed.• New documents may be uploaded.• A single online document can be shared without

having to make the recipient an attached documents user.


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QuickBooks Centers: Report• Report Center accesses

the Reports available in QuickBooks and allows all of them to be prepared.

• Reports are arranged by category.

• The available reports in each category may be displayed in a carousel (view shown), a list view, or a grid view.


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QuickBooks Centers: Statement Writer

• Statement Writer is a subscription service

• It provides a "live link" between QuickBooks Accountant and some versions of Microsoft Excel

• Can compile documents and statements into pdf formats for reports


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QuickBooks Centers: App

• App Center is a link to Intuit subscription services with workplace applications.

• Some applications are: Run My Business Manage My Work Grow and

Manage Customers

Reduce Costs Small Business

Scheduler Professional

Services Apps Financial

Services Apps Field Services

Apps, and others


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QuickBooks Home Page

• The QuickBooks Home Page allows you to give commands to QuickBooks.


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QuickBooks Home Page

• The Home Page tasks are organized into logical groups: Vendors Customers Employees Company Banking


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QuickBooks Home Page:Vendors Section

• The Vendors section allows you to enter your bills and record payment of bills

• Companies with inventory can create purchase orders, record receipt of items, and pay sales tax

• Clicking the Vendors button on the left side of the Vendor section will access the Vendor Center


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QuickBooks Home Page:Customers Section

• Used for transactions associated with sales• Graphic icons used to prepare invoices, sales receipts,

receive payments, statement charges, finance charges, statements, and refunds and credits are available

• Clicking the Customers button on the left side of the Customers section will access the Customer Center


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QuickBooks Home Page:Employees Section

• Used for payroll transactions • Allows paychecks to be created, payroll tax

liabilities to be paid, payroll forms to be processed, and access optional subscription employee benefits

• Clicking the Employees button on the left side of the Employee section will access the Employee Center


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QuickBooks Home Page: Company Section

• Displays information about your company• Graphic icons can be clicked to show Chart of

Accounts, Items & Services, QuickBooks Connect and Inventory Activities


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QuickBooks Home Page:Banking Section

• Used for banking and checking

• Allows you to make bank deposits, write checks, print checks, reconcile accounts, access the check register, and enter credit card charges


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QuickBooks Forms

• Used to record business transactions• Transactions are automatically recorded in the

Journal in Debit/Credit format when entered on a form

• Two categories of forms: Forms you want to send or give to people—invoices,

sales receipts, credit memos, checks, deposit slips, and purchase orders

Forms you have received—payments from customers, bills, credits for a bill, and credit card receipts


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QuickBooks Forms: Invoice• An invoice is prepared to record a sale on account to a

customer.

• Access by clicking the Create Invoices icon in the Customer Section of the Home Page

• Invoice:


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Areas used in an invoice

• Field: area on a form requiring information—Customer:Job is a field

• Text box: area within a field where information may be typed or inserted—area to be filled in to identify the Customer:Job is a text box


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Drop-down List arrow: used to access a drop-down list

Drop-down list: contains information that may be used to complete a field


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• Title bar: Indicates what you are completing and has buttons to minimize, maximize, and close an invoice

Minimize button: click to clear the invoice from the screen, yet keep it open for further use

Maximize button: click to make the invoice the full size of the screen

Close button: click to close the invoice


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Invoice Toolbar

Click the Toolbar icons to give commands to QuickBooks or to get information regarding linked or related transactions

• Previous: click to go back to the previous invoice. Continue clicking Previous to go back one invoice at a time

• Next: click to go to the next invoice• Save: click to save the invoice and keep it on the screen• Print icon: click to print the invoice on paper, view a

preview of the invoice, print a batch of invoices, print labels, and order business forms


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Invoice Toolbar

• Send: click to e-mail invoices• Ship: click to ship merchandise• Find: click to find invoices that have been previously prepared• Spelling: click to check spelling in the invoice• History: click to view information regarding any payments that have

been made on the invoice• Journal: display the Transaction Journal report after you select an

existing transaction • Letters: click to prepare letters for invoices• Customize: click to customize the invoice form• Attach: click to attach a scanned copy of supporting documents to

the invoice (available with a subscription)


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Invoice Buttons

• Save & Close button: click to save the invoice and exit the Create Invoices screen

• Save & New button: click to save the invoice and go to a new invoice for completion

• Clear button: click to clear the information entered on the current invoice


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QuickBooks Lists

• In order to expedite entering transactions, QuickBooks uses lists as an integral part of the program.

• There are lists for: Customers Vendors Sales items Accounts


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QuickBooks Lists: Customer:Job

• Click the Customers button to access the Customer Center and view the Customer: Job List

• The Customer:Job list is also the Accounts Receivable Subsidiary Ledger


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QuickBooks Lists: Chart of Accounts

• Click the Lists menu and Chart of Accounts to access the chart of accounts

• The Chart of Accounts is also the General Ledger

• Each individual account has a register that records all of the account activity


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QuickBooks Lists:Vendor

• Click the Vendors button to access the Vendor Center and view the list of vendors

• The Vendor list is also the Accounts Payable Subsidiary Ledger


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QuickBooks Reports

• QuickBooks’ Report Center contains lists for all the reports available in QuickBooks

• Access the Report Center by clicking the Reports menu and then click Report Center

• Reports are organized by category


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QuickBooks Reports

• To view Company and Financial Reports, click Company & Financial in the report list

• To display the reports in Grid view, click the Grid View button


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QuickBooks Reports: Balance Sheet

• To view a standard balance sheet, scroll down until you see the sample

• Click the Display report button for the Balance Sheet Standard in the Balance Sheet & Net Worth section


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QuickBooks Reports: Balance Sheet

• View the report (Notice the cursor. )


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QuickZoom

• When looking at the Balance Sheet, you may view transaction details for individual accounts

• Position the cursor over the amount for Total Truck• When the cursor turns into double-click the amount and

view the transaction details for the account


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QuickBooks Graphs

• Click the List View button to see a listing of reports

• Click on the Net Worth Graph


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QuickBooks GraphsQuickBooks has

graphs to show Net Worth, Accounts Receivables, and Sales

• Graphs are both bar charts and pie charts

• Click the Carousel View button to see an example of the Net Worth Graph


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QuickBooks Graphs

To view a Net Worth Graph, click Company & Financial in the Report Center and Net Worth Graph


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QuickMath

QuickBooks can calculate amounts in business documents

• Click in an Amount column, enter the numbers, press +, enter the next numbers, press +, etc.

• When finished press Enter to insert the total


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Close the Sample Company

• To close Larry’s Landscaping, click the File menu, and Close Company


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Install Trial Version of QuickBooks 2011

• If the textbook containing the trial version of QuickBooks 2011 was ordered, you may install the software on your home computer.

• The school should have a site license for QuickBooks for classroom use.

• If you already have any version of QuickBooks 2011 on your computer, you may not install the Trial Version for 2011. For example, if you currently have QuickBooks Pro

2011, you may not install QuickBooks Premier Accountant 2011 on the same computer.


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• Note: The steps shown to install the program were current at the time of writing.

• If your installation procedures do not match and you are unable to install the program or if you run into difficulties with the installation, go to the Intuit Install Center at http://support.quickbooks.intuit.com/Support/InstallCenter/default.aspx or www.quickbooks.com/support to find help on how to install QuickBooks.


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• To install the software, insert the CD into your CD/DVD drive, wait for a period of approximately one minute until you see


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• OR: If it the QuickBooks screen does not appear after several seconds, click the Start button, click Run, and enter E:\Setup.exe (E:\ represents the location of your CD/DVD drive) and then, click OK


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• Follow the screens to install the software. • Click Next on the Welcome to QuickBooks!

screen


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• Scroll through and read the License Agreement. After reading, click the checkbox for “I accept the terms of the license agreement

• Click Next


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• Use Express installation type, and click Next


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• Enter the License Number and Product Number that appear on the CD cover without the hyphens, and then click Next


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• Your license and product numbers will be shown, click Install


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• After a successful installation, you will get a congratulations screen, click Finish


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• If you get a screen regarding Active content, click Yes


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• At the time of writing, you get a message regarding QuickBooks Update Service

• If this occurs, click Install Now


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• Wait for the installation


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• When the update has been installed, you will see the Update complete screen

• Click OK


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• If you are taken to the QuickBooks Install: Getting Started screen, click the Close button in the upper-right corner of the screen


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• Remember, if you run into difficulties with the installation, go to the Intuit Install Center at http://support.quickbooks.intuit.com/Support/InstallCenter/default.aspx or www.quickbooks.com/support to find help on how to install QuickBooks.


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Download Company Files from Web Site

• Open Internet Explorer• Enter the address:

http://www.pearsonhighered.com/horne/


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• Click Company Master Files (Student Data Files) Note the exact cover was not yet available when this was

written. Look for the cover for the 2011 edition.


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• On the File Download screen, click Save


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• Download Company Files from Web Site When the Save As screen appears, click the drop-down list arrow next to Save In.

• Select the location of your USB drive The drive designation may differ from the one

shown in the lecture (O\:)

Accept the file name given QB_11_cm_files.zip Click the Save button


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• When download is complete, close Internet Explorer and right-click the Start button in the lower-left corner of your screen

• Click Explore• Click your USB drive

location• In this example, it is (O:\)


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• Notice the zipper on the qb_11_cm_files folder. This means the compressed file needs to be unzipped.

• Double-click the qb_11_cm_files folder


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Extract Company Files

• The files are copied in a compressed format and need to be extracted.

• Click Extract all files


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• Click Next to begin the extraction using the Extraction Wizard


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Extract Company Files• Verify the name of the USB drive and the

folder This example uses O:\ for the USB drive storage location The Folder location of qb_11_cm_files is shown, click Next

Click after O:\qb_11_cm_files, backspace until you see only the letter designating your USB drive location (O:\)


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• Verify the extraction location • Make sure the files will be extracted to your USB

drive (O:\ in this example), click Next


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• When the files have been extracted: Make sure

“Show extracted files” has a checkmark

Click Finish


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Remove Read Only and Archive Properties from a Company File

• It is possible that the company file will be marked as “Read Only” and/or “Archive”

• Once the file has been extracted, right-click on the file

• Click Properties


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Remove Read Only and Archive Properties from a Company File

• If there is a checkmark next to Read Only and/or Archive, click the check box to remove the mark Click the Apply button, and then click OK

• The file is now ready for use.


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Open QuickBooks and a Company File

• After the company files are downloaded open QuickBooks

• On the No Company Open screen, click the button to Open or restore an existing company


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Open a Company File

• Make sure “Open a company file (.QBW)” is selected, click the Next button


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Open a Company File

• If need be, click the location of your USB drive• Click the company file “Computer”


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Open a Company File

• Notice the File type is QuickBooks Files (*.QBW, *QBA) .QBW stands for

QuickBooks Working file and is used to record all transactions for a company

.QBA is the copy of the company file used by the company’s accountant

• Click the Open button


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Begin Using QuickBooks

• You may not get all of the opening screens shown in lecture

• Close any QuickBooks screens that appear • Some of the screens that may need to be closed include:

Update company file Setup an External Accountant User Alerts Products and Services Setting Up Your Intuit Account


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• If QuickBooks has been updated, you may get a message to update your company file

• Click Yes


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• If the Set Up an External Accountant User appears, click the checkbox Don’t show this again, and then click Yes


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• If you get a screen for User List, click Close


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• QuickBooks has built in reminders and alerts• If you get an Alert message, click Mark as Done


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Add Your Name to a Company Name

• Click Company on the Menu bar, click Company Information

• Click to the left of Student’s Name, drag through the words Student’s Name to highlight


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Add Your Name to a Company NameType your actual name (the author’s name is shown in

this exampleRepeat the steps to change the legal name to

Computer Consulting by Your Name, click OK

Verify the name change on the title bar heading


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Back Up a Company

• A backup file is a condensed version of a QuickBooks Company file

• A backup file contains all entries made for a company up to the time it is created

• Any new transactions are not included until a new backup is made

• A QuickBooks backup company file CANNOT be used to record transactions or perform any QuickBooks tasks


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Back Up a Company

• Click File on the Menu bar, click Create Back Up…


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Back Up a Company

• Select Local Backup as the backup method, click Next


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Back Up a Company

• The first time you backup a company file, you may get the Backup Options screen, so you can tell QuickBooks where to save the backup copy.

• You may also select or remove different backup items: adding the date and time of

backup back up reminders verifying that company data

is ok


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Back Up a Company

• On the Backup Options screen, click the Browse button

• Enter the location of your USB drive (O\:) in the

example

• Click OK


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Back Up a Company

• Click “Add the date and time of the backup to the file name” to remove the checkmark

• Click “Remind me to back up when I close my company file every 4 times” to remove the checkmark

• Click the OK button


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Back Up a Company

• If you get a notification about the backup location, click Use this Location


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Back Up a Company

• Make sure Save it now is selected, click Next


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Back Up a Company

• Add Ch. 1 at the end of Computer (Backup)

• Note that the file type is *.QBB .QBB

means QuickBooks Backup

• Click the Save button


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Back Up a Company

• You will get one of the two following QuickBooks Information screens.• Click either OK or No, Thanks


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Change Account Names

• Click Lists on the menu bar

• Click Chart of Accounts

• Scroll through accounts until you see Student’s Name, Capital

• Click Student’s Name, Capital

• Click the Account button


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• Click Edit Account Notice the keyboard shortcut

is Ctrl+E

• Change Student’s Name to your name, then click the Save & Close button


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Verify the name change in the Chart of Accounts


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Restore a Backup File

• Restoring the file will erase any changes made since the backup was made

• You would restore a backup file if you made errors that you cannot find or to start over on a chapter

• The backup file for Chapter 1 was made prior to changing the Capital account

• Restoring the file will show Student’s Name, Capital not Janet Horne, Capital


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• Click the File menu, click Open or Restore Company

• Click Restore a backup copy (.QBB)

• Click Next


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• Click Local backup, then click Next


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• On the Restore From screen

• Look in: USB drive location (O:\ in this example)

• Click Computer (Backup Ch. 1)

• Click the Open button


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• Click Next on the Restore Backup: To Location screen


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Restore a Backup File• On the Restore To screen, Save in should be the

location of your USB drive (O:\)• The file name should be Computer• Click the Save button


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• Click Yes to erase the original Computer.qbw file and replace it with the Computer (Backup Ch 1) file

• To confirm the deletion of the original file, type Yes and click OK

• Click OK when the file has been restored


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Open a Restored Company File

• When the company file has been restored, the Chart of Accounts should show Student’s Name, Capital

• The change to the account name was erased and “restored” to the original


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Close the Company and Exit QuickBooks

• Click the File menu and Close Company to close the company

• Click the Close button to Close QuickBooks


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Remove the USB drive

• Click the icon for the USB drive in the lower right portion of the Taskbar

• Click the message, then remove your USB drive

©2012 Pearson Education, Inc. publishing as Prentice Hall 1-1 QUICKBOOKS 2011: A COMPLETE COURSE...

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Transcript of ©2012 Pearson Education, Inc. publishing as Prentice Hall 1-1 QUICKBOOKS 2011: A COMPLETE COURSE...