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QUICKBOOKS CONCEPTS & QUICKBOOKS DEEP DIVE

www.mendelsonconsulting.com 1

Presented by MENDELSON ACADEMY

2/1/2017

QB Concepts

QuickBooks Overview

Choosing the Right Edition

Navigating the Program

Working with Lists

Entering Transactions

Reports & Graphs

QB Deep Dive

Job‐Costing

Repeatable Estimates

Inventory vs Non‐Inventory Items

Time‐Tracking & Payroll

Adding labor into projects

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Founded in 1992 – national and international

Mario Nowogrodzki, CPA/CITP – Principal Master of Acctg Info Systems Original Intuit Solution ProviderAdvisory Council AdvCert QB, POS & ES ProAdvisor Intuit Trainer/Writer Network

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3‐time selection Top 100 ProAdvisor

2016 Intuit International Partner of the Year finalist

3‐time winner of Sleeter Group ‘Top Technologist’ award

2015 Top Integrations ProAdvisor and Top Ten ProAdvisor

4 case studies published by Intuit – firm with the most case studies

1st member firm of the Intuit Solution Provider program

Intuit Solution Provider Advisor Council – only one for 3 consecutive terms

Industry publication awards: ‘Killer VAR’ for commitment and character as a value‐added‐reseller ‘Technology Pacesetter’ for reputation among peers and participation on advisory boards

and speaker panels at industry events 5‐time selection to ‘VAR Stars’, for accomplishments in mid‐market financial software

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Use the rightQuickBooks product

Set upQuickBooks properly

UseQuickBooks correctly

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MENDELSON ACADEMY

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The QuickBooks product line

3rd party add‐ons

Versions, editions, releases

QuickBooks data files and types

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QuickBooks Online Edition

QuickBooks Pro

QuickBooks Premier *

QuickBooks Enterprise Solutions *

* ‐ available in industry “flavors”

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Accountant Contractor Manufacturing & Wholesale Nonprofit Professional Services Retail

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QB Point of Sale desktop

QB Point of Sale Powered by Revel

3rd‐Party Add‐Ons

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Warehouse Management Manufacturing Field Services Time Billing E‐Commerce Property Management Customer Relationship Management Hundreds more…

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Interim, same‐year patch updates

Fix problems (“bugs”) in earlier releases

To verify the release level, press F2(or Ctrl+1) while in QuickBooks

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.QBW = QuickBooks data file

To enter data, use QuickBooks (txns, reports, etc)

.QBB = QuickBooks backup file

Restore into a .QBW file before using

.QBM = QuickBooks portable file

Very compressed

To move/tfr data to another computer

Restore into a .QBW file before using

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MENDELSON ACADEMY

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Home Page

Centers

Snapshots

Icon Bar

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Common tasks are shown as icons

Five regions

Vendors

Customers

Employees

Company

Banking

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Selected activities Can be customized User‐specific

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OR

Viewmenu > Open Window List

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MENDELSON ACADEMY

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Chart of Accounts Customers & Jobs Vendors Employees Items More…

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Custom Fields Parent/Subs Managing Lists

Sorting

Merging

Renaming

Active/Inactive

Add/Edit Multiple List Entries

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MENDELSON ACADEMY

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Invoice

Used for credit customers

Sales Receipt

Used for cash customers

Both track detailed Customer& Item info

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Bills & Bill Payments

Used for credit vendors

Use Accounts Payable

Checks

Used for cash vendors

Do not use Accounts Payable

Both track detailed Vendor, Expense& Item info

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Enter Bills to record Accounts Payable, then enter Bill Payments to pay the bills

OR Use Write Check to write and print checks

OR Manually write a check and record the transaction in QuickBooks

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MENDELSON ACADEMY

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Cash vs Accrual Reporting

Management Reports

Custom Reports, Memorizing Reports

Exporting Reports

QuickBooks Graphs

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Preferences: Set default for all summary reports to the Accrual or Cash basis

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Customize/Modify Report: Switch between Accrual and Cash within any summary report

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Sales

Inventory

Job Costing

Profitability

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Customize/Modify Report button to add or delete columns and change several other formats of a report

Filters tab on the Customize/Modify Report window to narrow the contents of reports

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After modifying a report, you can save the format and filtering so you don’t have to perform all of the modification steps the next time you want to view the report

‘Memorizing’ reports does not memorize the data on the report – only the format, dates, and filtering

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Income & expenses by month as well as pie chart showing summary of expenses

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MENDELSON ACADEMY

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Estimating

Progress Invoicing


Job‐Costing

Assign costs to Customer:Jobs

Use Items instead of Expenses

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Progress Invoicing

Allows to charge customers a portion of the total Estimate for each stage of the Job

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Use Mem Txn as ‘Estimate Master’

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Job Profitability Detail

Track a specific Customer:Job profitability by Item

Job Estimates vsActuals Summary

Used partly for Percentage of Completion Acctg

Profit & Loss by Job

If use Expenses more than Items

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MENDELSON ACADEMY

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Inventory vNon‐Inventory

Inventory Parts: Track On‐Hand Quantity + Value

Weighted average cost

Perpetual inventory

Groups

Bundle products / services on transactions

Selling price of Group Item is the cumulative selling price of its components

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MENDELSON ACADEMY

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Entering Timesheets

How Timesheet Data Transfers to Payroll

Processing Payroll

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Enable time data for paychecks

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MENDELSON ACADEMY

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QuickBooks Backup Most widely used method Not preferred method

QuickBooks Accountant’s Copy Select the Dividing Date QBX QBA QBY

Accountant Send Journal Entries for import Simply click to import the entries automatically from an email attachment

No PDFs or printouts needed

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Adventures in Inventory

Inventory Beyond the Desktop

QuickBooks Action Reporting

QB Data File Management

QB Networking Deep Dive

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www.mendelsonacademy.com

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Mario Nowogrodzki, CPA/CITPmario@mendelsonconsulting.comwww.qbspecialists.com954.447.0250 main754.210.2165 direct

Connect with us!Text ‘MENDELSON’ to 22828

www.mendelsonconsulting.com/signuphttp://bit.ly/mendelsonFBook

@Mendels0n

http://bit.ly/mendelsonIN

quickbooks concepts and deep dive - ifaimarine.ifai.com › wp-content › uploads › sites › 12...

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