Getting Startedwith QuickbooksJim Locke, PrincipalResultWorx Technology Group

Norman Blieden, CPA

Agenda

•Which version of Quickbooks is right for me?

•Quickbooks Add-ons•Quickbooks Setup• CPA Tips•Establish Controls•Establish Procedures•Establish Standard Reports•Quickbooks Resources

Quickbooks Versions

•Quickbooks Online ($12.95/mo)•Quickbooks Pro ($229 MSRP)•Quickbooks Premier ($399 MSRP)

▫General Business▫Contractor▫Manufacturing & Wholesale▫Non-Profit▫Professional Services ▫Retail

Quickbooks Add-ons

•Payroll•Payment Solutions

▫Merchant Processing▫Check Solutions▫E-invoicing & Payments

•Point of Sale Solutions

Quickbooks Setup

•Gather configuration information•Install Quickbooks•Create a new company file•Complete the Easy-Step Interview•Setup your Quickbooks accounts•Establish a backup strategy•Customize forms•Order supplies (checks, deposit slips, etc.)

Preparation

•Determine your start date•Gather financial information

▫Bank & credit card information▫Accounts receivable & payable information

•Gather list information▫Customers, vendors, sales items, sales tax

items•Perform a full inventory, if applicable•Account linking information for banks,

credit cards, payroll, etc.

Create a Company Profile

•Create your new company file•Complete the first part of the Easy-Step

Interview•Save your company file•Make an initial backup copy of the new

file

Setup Quickbooks Accounts

•Create second part of Easy Step Interview•Setup bank and credit card accounts•Setup your chart of accounts•Setup Intuit Online Account•Setup Lists

Establish a Backup Strategy

•Create a regular backup schedule for your Quickbooks data file.

•Don’t use unencrypted media that can be easily lost or misplaced, like USB keys.

•Make sure that the file is password protected

•Keep copies of the data off-site

Customize Forms

•Identify and customize the forms you use routinely, including:▫Invoices▫Purchase Orders▫Checks

•Add logos and information pertinent to your business

CPA Tips• Have your CPA review

your Quickbooks setup• Don’t mix account types

▫ Income▫ Cost of Goods Sold▫ Expense▫ Assets▫ Liabilities

• Keep it simple!▫ Don’t go overboard on

sub-accounts, etc. ▫ Use classes to isolate

divisions, not separate company files

More CPA Tips• Establish credit card

accounts to track credit cards

• Regularly reconcile your accounts

• Safeguard prior-year transactions by creating a transaction password

• Use automation where appropriate to link bank accounts, credit cards, etc to Quickbooks▫ Data is entered in a timely

manner ▫ Creates a physical control

Establish Controls

•Quickbooks can be edited and has no audit trail

•Establish strong password security •Consider securing Quickbooks by module•Establish physical staffing controls•Maintain an off-site backup

Establish Procedures•Establish daily/weekly processing procedures

▫Invoicing▫Deposits▫Purchasing▫Inventory control

•Establish end of month procedures, including:▫Bank reconciliation▫Monthly closing ▫Prepare financial reports

Establish Standard Reports

Daily Weekly Monthly

Daily Sales Report Accounts Receivable Profit & Loss Statement

Daily Receipts Accounts Payable Balance Sheet

Sales Tax Report Inventory Accounts Receivable

Sales Month-to-Date Accounts Payable

Check Register Inventory

Bank Reconciliation

Establish a list of reports for your business:

Resources

•Intuit Resources▫Quickbooks Online Community▫Quickbooks on YouTube▫Quickbooks Knowledgebase▫Quickbooks ProAdvisor

•Other Resources▫Practical Quickbooks▫Quickbooks & Beyond▫Quickbooks for Contractors

Please feel free to contact us:

Jim Locke(626) 296-6892jlocke@ResultWorx.com

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