introduction to quickbooks pro for farms and · pdf fileintroduction to quickbooks for farms...
TRANSCRIPT
![Page 1: Introduction to QuickBooks Pro for Farms and · PDF fileIntroduction to QuickBooks for Farms and Agribusinesses (Module #1) Lara L. Worden Area Agriculture Agent](https://reader031.vdocument.in/reader031/viewer/2022022502/5aabfcbc7f8b9aa9488ca682/html5/thumbnails/1.jpg)
Introduction to QuickBooks for
Farms and Agribusinesses (Module #1)
Lara L. Worden
Area Agriculture Agent
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Why QuickBooks???
Fairly inexpensive
Fast & easy to use for day-to-day transactions
Write checks
Automated check writing & speeds up billing process
Reconcile bank statements
Manage accounts payable
Alerts you when bills are due
Handles payroll
Enterprise accounting
Profit & Loss statements for each enterprise
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Why QuickBooks???
Export reports directly to Microsoft Excel spreadsheets
Create letters in Microsoft Word
Examples:
Send letter to last years hay customers on current hay inventories
Announce livestock sale to anyone who purchased breeding stock from you in past
Multi-user capacity
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Setting Up a New QuickBooks Company A Company means a single business entity, such
as a farm business, or your personal finances
All accounting info – all transactions, chart of accounts, preferences, etc. – is stored in a single file called a company file
Named with a .QBW extension, such as OURFARM.QBW
You can set up as many company files as you want
Each company will have a separate file (.QBW)
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Creating Your New Company File “Easy Step” Interview
Basic info to have
ready ahead of time:
1. Tax ID#
2. Fiscal year
3. Type of tax form filed
4. Business structure
5. Cash vs. Accrual
6. Start date
7. Balances on bank accounts/loans/etc.
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Company Information
Company name = Our Farm
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Select Your Type of Business
Select Agriculture, Ranching, or
Farming
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Business Structure
Select Sole Proprietorship
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Fiscal Year
Select January
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Administrator Password
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Create Company File
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Customizing Company File
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What Do You Sell?
Select Products Only
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Do You Sell Online?
Select “I don’t sell online and I am not interested in doing
so.”
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Sales Tax???
Select YES
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Estimates???
Select NO
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Sales Receipts???
Select YES
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Billing Statements???
Select NO
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Invoices???
Select YES
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Progress Invoicing???
Select NO
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Managing Bills
Select YES
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Print Checks???
Select “I don’t currently, but I would like to.”
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Tracking Inventory
QuickBooks’ inventory system was designed for retail businesses. It is very difficult to use for most farm inventories (stored grain, feed, & growing livestock). However, if your business involves buying and reselling things such as seed, feed, or even feeder livestock, then by all means choose YES!
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Do You Accept Credit Cards?
Select “I don’t currently accept credit cards, but I
would like to.”
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Tracking Time???
Select NO
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Employees???
Select YES we have W-2 employees and 1099
contractors
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Accounts in QuickBooks
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Start Date???
Select Beginning of this fiscal year: 01/01/2011
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Add Bank Account???
Select YES
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Bank Account
Bank Account Name = State Bank – Checking Bank Acct. No. = 123456789 When did you open this account? Before 01/01/2011
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Bank Account
Statement ending date = 12/31/2010 Statement ending balance = $25450.36
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Add More Accounts???
Select NO
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Income & Expense Accounts
Check the following: Farmers Market Sales Custom Hire & Cont. Labor Dues & Subscriptions Equipment Rental Feed Purchased Health Insurance Miscellaneous Expenses Postage & Delivery Taxes – Property Veterinary, Breeding, Medicine Proceeds from Sales of Assets
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Choose “Finish” and then choose “Begin using QuickBooks.”
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The “Ground Rules”
QuickBooks menu commands are printed in sequence, each separated from the next by a (/). For example, File/Open means to select File command from QuickBooks main menu, then the Open command from the drop-down menu.
Control key commands are written like this: “Ctrl-C”, which means press the “C” key while holding down the key labeled Ctrl on the keyboard.
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Navigating QuickBooks
Menu Bar
Navigation Bar Icon Bar
Centers
Customize Icon Bar
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Any Questions???