Mastering QuickBooks 2014 Made Easy Training Tutorial

Learn Introductory through Advanced material with this complete QuickBooks course. Video lessons & manuals included.
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  • Lectures 181
  • Contents Video: 8 hours
    Other: 4.5 hours
  • Skill Level All Levels
  • Languages English
  • Includes Lifetime access
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About This Course

Published 11/2013 English

Course Description

Learn QuickBooks Accounting software with this comprehensive course from TeachUcomp, Inc. Mastering QuickBooks Made Easy features 178 video lessons with over 9 hours of introductory through advanced instruction. Watch, listen and learn as your expert instructor guides you through each lesson step-by-step. During this media-rich learning experience, you will see each function performed just as if your instructor were there with you. Reinforce your learning with the text of our two printable classroom instruction manuals (Introductory and Advanced), additional images and practice exercises. You will learn how to set up a QuickBooks company file, pay employees and vendors, create custom reports, reconcile your accounts, use estimating, time tracking and much more.

Whether you are completely new to QuickBooks or upgrading from an older version, this course will empower you with the knowledge and skills necessary to be a proficient user. We have incorporated years of classroom training experience and teaching techniques to develop an easy-to-use course that you can customize to meet your personal learning needs. Simply launch a video lesson or open one of the manuals and you’re on your way to mastering QuickBooks. This course also includes training material for the 2013 version, making an upgrade from earlier versions a breeze.

What are the requirements?

  • QuickBooks software recommended for practice

What am I going to get from this course?

  • Video Lessons
  • Includes Two Classroom Instruction Manuals
  • Creating a Company QuickBooks File
  • Payment Processing
  • Reporting
  • Customizing Forms
  • Estimating
  • Payroll
  • Assets and Liabilities
  • Company Management
  • Much More!

What is the target audience?

  • Anyone wanting to learn QuickBooks software

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.

Curriculum

Section 1: The QuickBooks Environment
02:55

QuickBooks Pro displays the “Home Page” when you open a company file. The Home Page provides a starting point that allows you to access many of the most commonly used features of the program. It also shows an overview of the relationships between the various windows within the QuickBooks Pro application. Learn this and more during this lecture.

02:02

In QuickBooks you have access to four main “Centers” within the program when a company file is opened. These “Centers” are the “Customer Center,” the “Vendor Center,” the “Employee/Payroll Center,” and the “Report Center.” These centers allow you to perform many tasks associated with the topic of each center. Learn this and more during this lecture.

02:52

QuickBooks comes with a handy Menu Bar at the top of the application window that can be used to quickly access all of the commands and features within the program. To perform a command, click the Menu Bar command category, like “File,” “Edit,” or “Lists,” to display a drop-down menu of the specific sub-commands within the selected command category. You can then click on the desired sub-command to execute within the drop-down menu. Learn this and more during this lecture.

01:47

In QuickBooks, you enter information and perform tasks within many different windows. Unless you close the windows after using them, they will stay opened within the application. You can view a listing of the opened windows within QuickBooks to quickly switch between opened windows in the program. This listing is called the “Open Windows” list. This feature allows you to easily switch between opened windows without having to open and close them repeatedly while working. Learn this and more during this lecture.

02:26

Another tool you have to help you complete the most common tasks in QuickBooks is the Icon Bar. By default, the Icon Bar is located at the left side of the QuickBooks window, however, you can also place it at the top of the window if you prefer. Note that changing its placement does impact some of its functionality in QuickBooks. You can also turn the Icon Bar on and off entirely, if preferred. Learn this and more during this lecture.

02:50

You can customize the Icon Bar by adding and removing buttons. To do this, select “View| Customize Icon Bar…” from the Menu Bar to open the “Customize Icon Bar” window. In the left window pane, you’ll see all your current icon choices. To add a new one, click the “Add…” button at the right side of this window to open the “Add Icon Bar Item” window. Click the feature for which you would like to add a button from the list of choices shown in the box at the left side of this window. Then, from the scroll box at the right, select the icon to represent that function within the Icon Bar. Learn this and more during this lecture.

05:26

Although you do not have to be fluent in accounting terminology to understand QuickBooks, it is necessary to have a basic understanding of some concepts prior to entering information into the program. The first concept is the “Chart of Accounts.” A chart of accounts is a listing of all of the accounts used in your company file. Learn this and more during this lecture.

01:14

Once you begin your business, you need to decide which bookkeeping method to use- “Cash” or “Accrual.” This will determine the method used to report income and expenses on your tax forms. Please check with your accountant, tax advisor, or the IRS before choosing a bookkeeping method for tax purposes. Learn this and more during this lecture.

02:16

You also need to know how to measure your business profitability. Two very important reports that assist you in figuring this out are the Balance Sheet and the Profit and Loss Statement (also called an Income Statement). These are most often the reports that will be requested by banks and CPA’s. Learn this and more during this lecture.

Section 2: Creating a QuickBooks Company
08:15

You can use the Express Start feature to create a new company file. This feature simplifies and segments the steps in the EasyStep Interview into more manageable sections, so you can get started with QuickBooks more quickly. When you first open QuickBooks, the option to create a company file using the Express Start feature is displayed in the “QuickBooks Setup” screen. Learn this and more during this lecture.

07:19

You can use the Express Start feature to create a new company file. This feature simplifies and segments the steps in the EasyStep Interview into more manageable sections, so you can get started with QuickBooks more quickly. When you first open QuickBooks, the option to create a company file using the Express Start feature is displayed in the “QuickBooks Setup” screen. Learn this and more during this lecture.

13:27

In QuickBooks, you can also use the EasyStep Interview to create a company file. You complete the EasyStep Interview by entering information into different screens shown within the Interview. After entering information into a screen, you click the “Next >” button to proceed to the next screen and repeat the process. After answering all questions within all screens, you can click the “Go To Setup” button to start using QuickBooks. Learn this and more during this lecture.

01:01

You can leave the EasyStep Interview at any point after you have saved the company file by clicking the “Leave…” button in the lower left corner of the EasyStep Interview. When you return at a later point to continue filling out the EasyStep Interview (which can be a lengthy process), just opening the company file will automatically return you to the point at which you left off in the EasyStep Interview. Learn this and more during this lecture.

04:49

You should always backup your data to prevent data loss. You must be in single-user mode to do this. QuickBooks recommends that you backup your files daily. That way, if the data in your company file becomes corrupted or lost, you can restore a copy of the file from a backup. After restoring the file, you will need to re-enter all of the transactions that you entered since that date that you created the backup file up through the current date in order to make your company file current. However, that is far less work than having to re-create the entire company file again. Learn this and more during this lecture.

03:16

If you corrupt your company’s data file and need to restore the data from a local backup copy, you can- as long as you created local backup copies. You must, however, be in single-user mode to do this. When you restore your company file, you overwrite your corrupted company data with the data that you saved when you created the local backup copy. You will then have to re-enter all of the transactions that occurred since the date that you created the backup copy up through the current day to bring your company file up to date. Learn this and more during this lecture.

02:38

QuickBooks allows you to set up users and passwords for the individuals that will access your company file. You can also decide which types of activities users can perform and what areas of the application they can access. You can set up the users by selecting “Company| Set Up Users and Passwords| Set Up Users…” from the Menu Bar. That will open the “User List” dialog box. Learn this and more during this lecture.

01:27

Some activities, like doing a backup or restoring a company file, require that you open QuickBooks in single-user mode. You must make sure that all of the other users of the application are logged off before you switch user modes. Learn this and more during this lecture.

00:16

If you want to close your company file, you can simply select “File| Close Company” from the Menu Bar. That will leave the QuickBooks application open so that you may open up another company file if you would like. Learn this and more during this lecture.

00:56

If you would like to open a company file in QuickBooks, you can select “File| Open or Restore Company…” from the Menu Bar. Alternately, if the “No Company Open” dialog box is showing onscreen, you can click the “Open or restore an existing company” button to launch the same dialog box. Learn this and more during this lecture.

Section 3: Using Lists
01:19

In QuickBooks, you store much of the information for your company file in lists. In QuickBooks you keep lists for all of your vendors, customers, inventory items, and accounts. They are there so that you will not need to retype information that you use frequently every time you want to place it into a form. You also don’t need to enter all of your information into the lists at startup. You can add additional information into all of your lists as you use QuickBooks. Learn this and more during this lecture.

10:41

One of the most important lists in QuickBooks is the chart of accounts. You can open this list by selecting “Lists| Chart of Accounts” from the Menu Bar. The chart of accounts lists all of the accounts within your company file. These accounts track all incoming and outgoing money, and tell you how much you currently own and owe. When you set up your business in QuickBooks, you get a default list of accounts. Once that has been done, you will probably need to make some changes. Learn this and more during this lecture.

13:37

You can perform all activities associated with your customers through the Customer Center. While there are a great many features available in the Customer Center, one of the most important parts of it is the “Customers & Jobs” list. This list is where you can add, edit, and display all of your customer’s information as well as information for any jobs that you create for each customer, if you use the “Jobs” features in QuickBooks. You may notice that this list is called the “Customers & Jobs” tab within the Customer Center, and called the “Customer:Job” list within forms. Sometimes it is simply called the “Customers” list. It really doesn’t matter what you call it- as long as you realize that it’s all the same listwithin QuickBooks. Learn this and more during this lecture.

07:37

If you are using QuickBooks to handle payroll and indicated that you have employees during the EasyStep Interview, you can later setup payroll for your company file and then enter employees into the Employees tab in the Employee Center. The Employee Center allows you to handle all transactions that involve your employees and payroll. You can open the Employee Center by selecting “Employees| Employee Center” from the Menu Bar. To view the Employees tab within the center, click the tab at the left side of the window that says “Employees.” You can add, edit, and delete or inactivate employees in the list. Learn this and more during this lecture.

09:43

You keep information about the companies and people from whom you purchase goods or services in the Vendors tab within the Vendor Center. In QuickBooks, you keep parts supply vendors, utility companies, subcontractors and more within this list. The list of vendors tends to be one of the larger lists that you maintain. QuickBooks uses the information you enter to fill out purchase orders, bills, and checks as you make purchases for your company. You can open the Vendor Center by selecting “Vendors| Vendor Center” from the Menu Bar. Learn this and more during this lecture.

05:31

You have the ability to add your own customized fields to the “Customers & Jobs,” “Vendors,” “Employees,” and “Item” lists in QuickBooks. This feature allows you to create fields that you want to have appear for each record in a list. This lets you track information that is specific to your particular business. For example, you could add fields for “Color,” “Size,” and “Style” to your “Item” list that would allow you to create items with the same general description in your inventory, and then differentiate between them by color, size and style. Learn this and more during this lecture.

03:09

You can sort information in your QuickBooks lists manually or automatically. If you want to manually sort the items within a list, you can simply click and drag on the small diamond at the left side of any list entry and drop it in a new location within the list. However, it is important to note that you cannot manually arrange items in a list when you have automatic sorting applied to the list. Learn this and more during this lecture.

01:49

In QuickBooks lists, you can only delete list items if you have not used them in any transactions. If you try to delete a list item that has been used in a transaction, QuickBooks will warn you that the item cannot be deleted. If you don’t want to use a list item but you can’t delete it, you can make it inactive instead to hide its display by default within the list. Learn this and more during this lecture.

00:53

To print a list, open the list to print and click the button in the lower left corner of the list. From the pop-up menu that appears, select “Print List.”If, however, you are trying to print either the “Customers & Jobs,” “Vendors,” or “Employees” lists, then instead click the “Print” button at the top of the respective Center, and choose the name of the list from the drop-down that appears. Learn this and more during this lecture.

01:09

Although there is no specific “Rename” command available within the QuickBooks lists, to rename a list item you simply open up the “Edit [list item]” window for the selected item from the desired list. Then type a new name for the entry into the “Name” field at the very top of the window, and the entry will adopt the new name after you click the “OK” or “Save & Close” buttons to save your changes. Learn this and more during this lecture.

02:56

A feature that can really improve the speed of company file creation is the ability to copy and paste data into lists within QuickBooks from Microsoft Excel. You can easily copy and paste data from an Excel worksheet into the “Customers,” “Vendors,” “Service Items,” “Inventory Part,” and “Non-inventory Part” lists within your company file. Learn this and more during this lecture.

Section 4: Setting Up Sales Tax
03:36

Collecting and paying sales tax can be complicated for some companies. For example, a company may have to collect and pay more than one sales tax. Many companies have a mix of taxable and non-taxable products and services to sell, and many also have some customers that are taxable while other customers are not. Learn this and more during this lecture.

01:09

The first thing to do when setting up QuickBooks to collect sales tax is to create the agencies for whom you collect sales taxes, and to whom you pay the sales taxes collected, as vendors within the Vendors List. This will allow you to remit checks for the sales taxes that you have collected to the selected vendors when the time comes for you to pay your sales tax within QuickBooks. If you would like to review the process of adding a new vendor record to the Vendors list, please review lesson “3.5- The Vendors List.” Learn this and more during this lecture.

02:57

After creating the vendor records to indicate the agencies for whom you are collecting sales taxes, you can then create the actual sales tax rates within the QuickBooks Item list. You can open the Item list by selecting “Lists| Item List” from the Menu Bar. Learn this and more during this lecture.

02:41

If you have to collect a combination of sales taxes that you reportseparately, like a county sales tax and a city sales tax, you don’t want to possibly confuse customers by itemizing the sales taxes as separate line items within your sales forms. Many customers may mistakenly assume they are being taxed twice. Learn this and more during this lecture.

02:10

You should inspect your sales tax preferences within QuickBooks before you begin collecting sales taxes through your sales forms, in case you wish to edit any of the default settings. To do this, select “Edit| Preferences…” from the Menu Bar to open the “Preferences” dialog box. In the scroll box at the left side of this screen, click the “Sales Tax” icon and then click the “Company Preferences” tab that appears to the right to set your company defaults for sales tax. Learn this and more during this lecture.

02:00

To collect sales taxes in QuickBooks, you must indicate who and what gets taxed within your company file. So, in the Customer:Joblist you enter which customers are taxable and non-taxable on the “Sales Tax Settings” tab within the “New Customer” or “Edit Customer” windows. On this tab, you select the default tax code for the customer from the “Tax Code” drop-down by choosing either “Tax” for taxable customers or “Non” for non-taxable customers. Learn this and more during this lecture.

Section 5: Setting Up Inventory Items
02:13

For many companies, inventory is enabled if you create your company file using the “EasyStep Interview.” However, if you did not enable inventory when you created your company file, you can enable it at a later point in time. You can enable inventory within your company file and view the default inventory preferences, by selecting “Edit| Preferences…” from the Menu Bar. Learn this and more during this lecture.

04:17

You can set up “Inventory Part” items within the Item List to create items for which you want to track the quantity and value in QuickBooks. You cannot show inventory value for a manufacturing company or where the inventory value is changed as it goes through a process, as it is simply too complex for QuickBooks to compute. However, if you have items that you purchase from a vendor, hold as inventory, and then resell to customers, you can set up those items as “Inventory Parts” for ease of tracking in QuickBooks. Learn this and more during this lecture.

03:19

After entering inventory parts into the Item list, you need to order the items to keep your inventory parts stocked. While QuickBooks doesn’t require that you use purchase orders, it is recommended. If you use purchase orders, you can see what items you have ordered and when they are due to be received. You will also be able to compare the items you receive against the items listed in the purchase order. Learn this and more during this lecture.

03:20

After creating and submitting a purchase order to a vendor, you will either receive the inventory parts that you ordered along with a bill for those parts, or you will receive the inventory ordered while the bill for the inventory arrives separately. In QuickBooks, you must receive the inventory ordered in order to sell the inventory. Learn this and more during this lecture.

02:37

When you receive inventory items from a purchase order, you have to enter the items into inventory in order to sell them in your sales forms. Sometimes you receive these items without a corresponding bill for them. In this case, you create an item receipt that you can match up to the vendor bill when it finally arrives. Learn this and more during this lecture.

01:57

Once the vendor bill for items already received finally arrives, you must match the vendor bill to the item receipt that was created for the items when you received them. To do this, select “Vendors| Enter Bill for Received Items” from the Menu Bar to open the “Select Item Receipt” window. Learn this and more during this lecture.

01:58

When you have loss, spoilage, or send out samples of your products, you will need to adjust your inventory levels manually. QuickBooks allows you to do this in the “Adjust Quantity/Value on Hand” window. To view this window, simply select “Vendors| Inventory Activities| Adjust Quantity/Value on Hand” from the Menu Bar. Learn this and more during this lecture.

Section 6: Setting Up Other Items
02:07

You can set up “Service” items in the Item List for services that you provide. This helps you avoid having to enter new line item information repeatedly into sales forms. Like all items, you create “Service” items by first opening the “Item List.” To then create a new item, click the “Item” button in the lower left corner of the list window and then select the “New” command. In the “New Item” window that appears, you can then select “Service” from the “Type” drop-down. Learn this and more during this lecture.

02:46

You can set up “Non-inventory Parts” in the Item List. A non-inventory part is used to create items that are bought and/or sold, but that are not tracked as “inventory parts.” QuickBooks tracks neither the quantity on hand nor the value of “non-inventory part” items. Learn this and more during this lecture.

02:27

You can set up “Other Charge” items within the Item List. An “Other Charge” could be used to collect amounts for things such as freight charges or photocopying charges in an invoice. You could also use it to collect membership dues or assess some other type of miscellaneous fees to customers. Learn this and more during this lecture.

01:06

You can set up “Subtotal” items in the Item List. A subtotal will total all of the items in the invoice up to the last subtotal entered, if there was one. This can be handy for totaling all of the previous line items in an invoice before applying a discount to the subtotal amount. Learn this and more during this lecture.

02:33

You can create “Groups” in your Item List for items that you may purchase individually, but want to display as a single line item in a sales form. For instance, if you sold gravel by the ton and also assessed a service charge for the delivery, you could create both the gravel (a “non-inventory part”) and the service charge (an “other charge”) and then create a “Group” (like “Gravel Delivery”) that consists of gravel and the delivery charge. You can then display a single line item in the invoice, instead of two separate line items. However, you can also show the component items, if you prefer. Note that before you can create a group, you must first create all of the necessary items that will be included as parts of the group in the Item List. Learn this and more during this lecture.

02:40

You can create “Discount” items in your Item List to discount the previously entered line item within your sales forms. If you create a discount and then use it in an invoice, it will apply the discount to the line item amount directly above it- but not to any other line items entered. Therefore, this item is often used in conjunction with the “Subtotal” item in your sales forms. Learn this and more during this lecture.

02:16

You can create “Payments” in your Item List to subtract the amount of a customer payment from the total amount shown in an invoice while you are creating the invoice. You need a payment item when you receive a partial payment that you need to apply to an invoice at, or before, the time you create the invoice.Note that this is not what is used when receiving full payment at the time of sale. In that case, you simply fill out a “Sales Receipt.” Learn this and more during this lecture.

02:48

While you can always edit an item’s price in the Item List by opening up the “Edit Item” window and changing the price directly in that window, you can also change the price of multiple items in the Item List simultaneously. If you’d like to do that, just select “Customers| Change Item Prices” from the Menu Bar to open the “Change Item Prices” window. Learn this and more during this lecture.

Section 7: Basic Sales
01:03

When you sell anything for your company, you have to fill out one of the sales forms in QuickBooks. The sales form that you use will depend on whether you expect payment in the future, or at the time of the sale. If you expect to be paid in the future, you will fill out an invoice for sales. Later on, you will be able to match the customer payment to the associated invoice. Learn this and more during this lecture.

02:57

When a customer agrees to make a purchase for which payment will be made at a later point in time, you enter the sale into an invoice. The invoice lists the customer’s information, along with an itemized list of how much that customer owes for the goods or services purchased. Learn this and more during this lecture.

02:19

If you are taking payment from the customer at the time of sale for a purchase they have made, you enter the transaction into a sales receipt. You can create a sales receipt by selecting “Customers| Enter Sales Receipts” from the Menu Bar. In the “Enter Sales Receipts” screen, you enter information much the same way you use an invoice. Also, just as with invoices, you can select which sales receipt template to use by selecting one from the “Template” drop-down that is available in the upper right corner of the form. Learn this and more during this lecture.

01:25

If you want to find any transaction form at a later point in time, you can use the “Find” feature of QuickBooks to locate it. To find an invoice, or any other type of transaction, open the associated form for which you want to search. So using the example of finding an invoice, you would open the “Create Invoices” window. Learn this and more during this lecture.

00:29

If you would like to see how the sales form that you are currently entering information into will look in its printed version, you can click the drop-down arrow below the “Print” button in the “Main” tab of the Ribbon at the top of the sales form, and then select the “Preview” command from the drop-down menu that appears. Learn this and more during this lecture.

00:32

When you want to print your invoices or sales receipts, just open the form that contains the information that you would like to print, and then click the “Print” button in the “Main” tab of the Ribbon at the top of the invoice. That will open the “Print” dialog box, where you can set the printing parameters. Learn this and more during this lecture.

Section 8: Using Price Levels
04:45

Sometimes businesses want to vary an item’s price when selling the item to different customer types. For instance, you may charge different rates for residential customers versus commercial customers. You can associate price levels with specific customers so that each time you create a sales form for that customer, QuickBooks will use the appropriate price level when calculating rates and amounts for the line items listed within the sales form for the selected customer. Learn this and more during this lecture.

Section 9: Creating Billing Statements
02:03

You can set your preferences for finance charges that you assess in customer statements through the “Preferences” window in QuickBooks. You can access this window by selecting “Edit| Preferences…” from the Menu Bar. That will then open the “Preferences” window where you can set the default behaviors of your currently opened company file. Learn this and more during this lecture.

01:36

Entering statement charges is the first step in preparing billing statements that you can then send to customers. This can be a more effective way to collect customer charges over a period of time for certain types of businesses that do not need to send out an invoice for each charge assessed to a customer. Learn this and more during this lecture.

03:58

A QuickBooks statement prints information already recorded by statement charges and other receivables transactions. Therefore, you can’t edit the statement’s information directly through the statement window. A typical statement covers a time period and shows the customer’s previous balance, any new charges, any payments or credits that you’ve received and applied to the account, and the new balance for the customer during the period specified. A statement can simply show information- like invoices sent to and payments received from a customer over a time period, or they can be used for billing- showing statement charges due and requesting payment of those charges. Learn this and more during this lecture.

Section 10: Payment Processing
02:34

If you’re receiving payment at the time of sale and fill out a sales receipt, QuickBooks records a customer payment. When you invoice a customer and you receive payment on that invoice at a later point in time, you enter the payment into the QuickBooks “Receive Payments” window. This allows you to match the customer payments to the customer invoices. You can open this window by selecting “Customers| Receive Payments” from the Menu Bar. Learn this and more during this lecture.

02:01

If entering a partial customer payment, begin by selecting “Customers| Receive Payments” from the Menu Bar to open the “Receive Payments” window. Then select the name of the customer or customer:job from the “Received From” drop-down. Enter the partial payment date, amount and method by using the fields available at the top of this window. The unpaid invoices will appear at the bottom of the window. If you want QuickBooks to attribute the payment to anything other than the oldest invoice, click the “Un-Apply Payment” button in the “Main” tab of the Ribbon at the top of the window to clear the checkmark(s) from the selected invoice(s). Learn this and more during this lecture.

01:59

You can also apply the amount that a customer pays you to multiple outstanding invoices by simply placing a check in front of the invoices to which you want to apply the cumulative payment amount received, until the total payment is attributed to the correct invoices. Learn this and more during this lecture.

01:32

If the customer pays you more than is due, you can enter the entire amount received into the “Receive Payments” window. The amount that is left over after you have applied the amount due to outstanding invoices will be shown in the “Overpayment” area at the bottom left corner of the “Receive Payments” window. You can select the option button to indicate what you want QuickBooks to do with this overpayment. Learn this and more during this lecture.

00:55

Just as when you receive an overpayment, if a customer gives you a down payment or prepayment which you want to take and then invoice them at a later date, you can enter the entire payment received for the customer or customer:job into the “Receive Payments” window. Since they have no outstanding invoice against which to apply the amount entered, the entire amount will be saved as a customer credit when you click either the “Save & Close” or “Save & New” buttons. Learn this and more during this lecture.

02:45

When a customer overpays you or gives you a down payment or a prepayment, you record the amount that you received in the “Receive Payments” window. Doing this creates a credit for the customer or customer:job specified. Later on, after you have created an invoice for the specific customer or customer:job, you can return to the “Receive Payments” window to apply the customer’s existing credit. Learn this and more during this lecture.

03:32

When you receive funds from customers in the “Receive Payments” window and place the funds into the “Undeposited Funds” asset account, QuickBooks tracks that money until it is actually deposited into the bank. Later on, when you’re ready to take your payments to the bank, you can record the deposit in QuickBooks and group the various payments that you received and placed into the “Undeposited Funds” account into a single amount that is shown as being deposited into your selected bank account. This makes the amounts recorded as deposits for the bank account match the amounts recorded by your bank statements, which makes account reconciliation much easier. Learn this and more during this lecture.

03:12

QuickBooks 2014 has introduced an easy way to handle bounced checks that you receive from customers and take as payment. This feature will mark the previously paid invoice or sales receipt as “Unpaid,” remove the funds received from your bank account, allow you to enter any bank service fees assessed by your bank, and also create a new invoice for these fees that you can pass on to the customer who bounced the check. This is a terrific feature that allows you to easily deal with a situation that often caused many headaches in the past when it occurred. Learn this and more during this lecture.

Section 11: Handling Refunds
02:11

You can easily refund a customer’s purchase if they return merchandise by creating a credit memo and then issuing a refund check. To do this, you first have to create a credit memo for the return. After creating the credit memo, you can then create a refund check for the amount of the credit memo to refund the customer. Learn this and more during this lecture.

02:35

If a customer overpays an invoice or statement, or gives you a down payment or prepayment, you create a credit for that customer when you enter the payment into the “Receive Payments” window. Later on, if the customer requests that you send the amount back or cancels the order, you can issue a refund check on the credit for the payment that you accepted. Learn this and more during this lecture.

Section 12: Entering and Paying Bills
01:23

You can set your bill payment preferences before you use the Accounts Payable features of QuickBooks by selecting “Edit| Preferences…” from the Menu Bar in order to open the “Preferences” dialog box. In the scroll box at the left side of the preferences window, you can click the “Bills” icon. Then click the “Company Preferences” tab that appears at the right side of this dialog box to view and set your default billing preferences. Learn this and more during this lecture.

03:18

You should always enter bills into QuickBooks as soon as you receive them. Use the “Enter Bills” window to do this. To enter a bill, select “Vendors| Enter Bills” from the Menu Bar. The top half of the “Enter Bills” window is where you enter your bill information. The bottom half of the window is where you assign the bill amount to different expense accounts, or list the inventory items purchased. Learn this and more during this lecture.

03:43

To pay bills that you have entered, you have to open the “Pay Bills” window. You can do this by selecting “Vendors| Pay Bills” from the Menu Bar. At the top of the “Pay Bills” window, select either the option button to show bills that are “Due on or before” a date that you select or to “Show all bills.” Then place a checkmark in front of the bill or bills that you’d like to pay by clicking within the column to the left of the bills you will pay. QuickBooks will place the amount to pay in the rightmost “Amt. To Pay” column. Notice that this is a white column. If necessary, you can change the amount that is shown here in order to make a partial payment on a selected bill. Learn this and more during this lecture.

01:12

If you take advantage of discounts for early payment offered by some vendors, you can record the discounts directly in the “Pay Bills” window when you pay the bills by the date specified by your vendor’s terms. This allows you to let QuickBooks track the discount amounts. You can manually take this discount as you pay the bill in the “Pay Bills” window if you do not have QuickBooks set up to automatically take vendor discounts and credits. Learn this and more during this lecture.

01:33

If you receive a credit from your vendors that you want to enter and later use against the next bill you receive from them, you can easily do that in QuickBooks. To enter the vendor credit, open the “Enter Bills” window by selecting “Vendors| Enter Bills” from the Menu Bar. Next, select the option button for “Credit” at the top of the “Enter Bills” window. The word “Credit” should appear in the top of the form. Learn this and more during this lecture.

01:26

If you’ve received a credit from a vendor and entered it into QuickBooks, you can use it on the next payment that you make to that vendor. You can manually take this credit as you pay the next bill in the “Pay Bills” window, if you do not have QuickBooks set to automatically apply discounts and credits. Learn this and more during this lecture.

Section 13: Using Bank Accounts
01:55

You can enter checks directly into the checking account register rather than through the “Write Checks” window, if you prefer. This doesn’t allow you to see how the check will appear if printed, but it may seem familiar to you since it looks like a typical check book register. Also, for businesses that may not write very many checks and do not use QuickBooks for printing checks, it may simply be easier to transfer the information from the paper check register into this register for accounting purposes. Learn this and more during this lecture.

03:36

In QuickBooks you can enter checks directly into the QuickBooks “Write Checks” window. When you enter a check into this form, you can see address information and easily allocate the check’s amount between multiple accounts if necessary, at the bottom of the “Write Checks” window. This form also corresponds to the “check” entries made in the register for the selected checking account. Learn this and more during this lecture.

01:42

If you don’t use purchase orders to acquire inventory parts that you sell to customers, then you can write a check to purchase inventory items instead. To write a check for “Inventory Part” items that you have stored in your “Item List,” select “Banking| Write Checks” from the Menu Bar. Doing this will display the “Write Checks” window. Learn this and more during this lecture.

06:58

You can click the “Print Later” checkbox that appears in the “Main” tab of the Ribbon at the top of the “Write Checks” window to save it and print it later. When you do want to print your checks later, open the “Write Checks” window by selecting “Banking| Write Checks” from the Menu Bar. Learn this and more during this lecture.

00:58

You can easily transfer money between accounts within QuickBooks by using the “Transfer Funds Between Accounts” window. You can access this window by selecting “Banking| Transfer Funds” from the Menu Bar. Learn this and more during this lecture.

05:26

Reconciling is the process of ensuring that your checking account record in QuickBooks matches the bank statement of the account. Reconciling your checking account is a very good habit to get into because it allows you to spot bank errors and avoid overdraft fees. When reconciling accounts, the goal is to make your bank statement and your account balance within QuickBooks match. While you will most commonly reconcile your checking account, you can actually reconcile several different types of accounts, if desired- such as other asset accounts, for example. Learn this and more during this lecture.

00:30

You can void a check that you have created, if necessary. To void a check, first open the check that you would like to void and display it in the “Write Checks” window. Then, select “Edit| Void Check” from the Menu Bar to void the check displayed in the “Write Checks” window. Learn this and more during this lecture.

Section 14: Paying Sales Tax
02:14

If you are required to collect sales tax from customers, you must also make periodic payments of the sales tax you have collected to the appropriate taxing authorities. QuickBooks gives you three ways to view the amount of your sales tax liability. You can use either the “Sales Tax Liability” report, the “Sales Tax Payable” register, or the “Pay Sales Tax” window to view your sales tax liability amounts. Learn this and more during this lecture.

01:33

Each time that you create an invoice or sales receipt that includes sales tax, QuickBooks enters the information into your “Sales Tax Payable” account register. QuickBooks keeps track of transactions for all tax vendors using the same “Sales Tax Payable” account. You can open the “Sales Tax Payable” register to inspect the entries by opening the “Chart of Accounts” list and then double-clicking the “Sales Tax Payable” account within the list. Learn this and more during this lecture.

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Instructor Biography

TeachUcomp, Inc., Quality Software Training

Founded in 2001, TeachUcomp, Inc. began as a licensed software training center in Holt, Michigan - providing instructor-led, classroom-style instruction in over 85 different classes, including Microsoft Office, QuickBooks, Peachtree and web design, teaching staff at organizations such as the American Red Cross, Public School Systems and the Small Business Association.

At TeachUcomp, Inc., we realize that small business software can be confusing, to say the least. However, finding quality training can be a challenge. TeachUcomp, Inc. has changed all that. As the industry leader in training small business software, TeachUcomp, Inc. has revolutionized computer training and will teach you the skills to become a powerful and proficient user.

In 2002, responding to the demand for high-quality training materials that provide more flexibility than classroom training, TeachUcomp, Inc. launched our first product - Mastering QuickBooks Made Easy. The enormous success of our first tutorial led to an ever-expanding product line. TeachUcomp, Inc. now proudly serves customers in over 80 different countries world-wide including individuals, small businesses, non-profits and many others. Clients include the Transportation Security Administration, NASA, Smithsonian Institution, University of Michigan, Merrill Lynch, Sprint, U.S. Army, Oracle Corporation, Hewlett-Packard and the U.S. Senate.

Our full-time staff of software training professionals have developed a product line that is the perfect solution for busy individuals. Our comprehensive tutorials cover all of the same material as our classroom trainings. Broken into individual lessons, you can target your training to meet your needs - choosing just the lessons you want (and having the option to watch them all if you like). Our tutorials are also incredibly easy to use.

You will listen and watch as our expert instructors walk you through each lesson step-by-step. Our tutorials also feature the same instruction manuals (in PDF) that our classroom students receive - and include practice exercises and keyboard shortcuts. You will see each function performed just as if the instructor were at your computer. After the lesson has finished, you then "toggle" into the application and practice what you've learned - making it the most effective interactive training solution to learn on your own.

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