QuickBooks Solutions
in Pittsburgh, PA

www.MyQuickBooksAccountant.com
Phone:  412-848-3164
Susan@MyQuickBooksAccountant.com
Intuit QuickBooks Solution Provider in Pittsburgh PA
QuickBooks Easy 10 Step Interview
You've selected and installed your product and now you are ready to get started.  Before you can begin entering transactions, you need to create a company data file.  There are several options to accomplish this, but the Easy Step Interview is, in my opinion, the best way to accomplish this task. 
 
Starting the Interview...To begin, if you have not opened the program you should do so now, and then choose the "Create a new company box".  Select the "Start Interview" button.  You will be prompted to enter your company information.  Including the Company Name, Address, Phone, Fax, web site and email along with a Tax ID.  This field will be either your Federal Tax ID number that has IRS has assigned to your business or the social security number of the business owner.  If the IRS has assigned a number to your business use that number.  Various rules exist on wether or not you are required to have a Federal Tax ID number, so if you are not sure, consult your accountant or legal advisor.  After you have completed your company information, click "Next" to continue
 
Select your industry... QuickBooks has already started creating your company data file.  Behind the scenes, it is selecting the screens you will need to run your business efficiently.  Different industries will track different types of data.  By selecting your industry, you will be letting QuickBooks know what types of information you are most likely to need to keep track of.  Choose the industry that best matches the product or service your business provides.  For our sample company, we are going to select "Lawn Care and Landscaping"  if none of these options describe your business, select either the general service or product based business at the bottom of the list and then "Next" to continue.
 
How is your Company Organized... you need to tell QuickBooks what type of business entity you have.  There are a variety of business entities that you can choose from, a sole proprietor isn't required to setup any "legal" business entity or structure, but the others will require some additional paperwork be filed with various government organizations.  If you are uncertain about this you should contact your accountant or legal advisor.  Our Sample Company is going to choose "Sole Proprietor" for his business structure.  Click "Next" to continue
 
The first month of your Fiscal Year...your fiscal year in basic terms is your tax year.  Most businesses will follow a fiscal year that is similar to the calendar year.  Others will choose a fiscal year that is different from the calendar year.  If you choose a calendar year, you can simply select January.  If you want to choose a tax year that ends in a month other than December, you may be required to complete the appropriate government paperwork.  Again, consult your accountant or legal advisor for more information.
 
The Administrator Password...it is there to help you protect your data from being accessed by those who are not entitled to it, you should choose a password that is complex enough to do it's job...enough said.  Click "Next" to continue.
 
Create your company file... Now that you have entered your company basics, QuickBooks is getting ready to create and save a company file.  Click "Next" to continue.  QuickBooks will recommend a location for you.  Generally, you should accept it's recommendation and save the file by clicking save.  Make a note of where the file is located in case you have difficulty finding it later.  Click "Save" to continue.  You will get a pop up that indicates QuickBooks is saving your data.  Be patient.
 
Customizing your data file... QuickBooks wants to know all about the transactions you plan to enter.  
 
The Questions you will be asked:
 
  • Do you sell product or services
  • Do you sell online
  • Do you charge sales tax
  • Do you create estimates
  • Do you use sales orders
  • Do you use sales receipts
  • Do you use statements
  • Do you use progress invoicing
  • Do you want to mange the bills you owe
  • Do you print checks
  • Do you track inventory
  • Do you accept credit cards
  • Do you track time (either for payroll or to bill customers for time)
  • Do you have employees
  • Do you need to track multiple currencies (international sales or purchases)
 
Although it is best to think these through ahead of time, if you change your mind later, you can always turn these options on or off later using Preferences from the Edit Menu.  Note that most of the preferences will be found in the "Company Tabs" not the user tabs of the preferences.  We'll cover preferences in a later issue.  Click "Next" to continue.
 
Selecting the start date...to start tracking your business in QuickBooks...unless today is your first day in business and depending on your needs, you may want to choose the beginning of the year, month, quarter, or some other date.  Particularly if you have been in business for some time, there are various advantages and disadvantage to consider.  Such as the amount of time it will take to "catch up on data entry" and the value of having that data available.  There can be excellent benefits to having Year to Date information for your tax returns, or even last years information available to use to compare how your business is doing from year to year.  When choosing a date, you should consider the amount of time it will take to "catch up" on the data entry as well as the rewards that you will reap from doing the extra work.  Either way, if you are not fully committed to getting everything entered, then you should choose a date that will require less data entry.  Since we are still early in 2010, our sample company is going to track data from January 1, 2010 forward.  Click "Next" to continue.
 
Existing Bank Account...Can be entered now or later.  The benefit of entering it now, is that QuickBooks will do the accounting part of entering your opening balance for you.  Doing it later will work also, but may be just slightly more difficult.  We will enter it now.  Our bank is PNC, and our records indicate that we have a cash balance in this account of $1,000.00 as of December 31, 2009.  Enter "PNC Bank" and select the button for opening before January 1, 2010.  Click Next.  Enter the date from the bank statement that you obtained the opening balance and the balance in the account from the bank statement.  Click Next to continue.  We do not have any additional accounts in our sample company but if you do, you can continue to enter the accounts and the opening balances here.  When done, click "Next" to continue.
 
Reviewing Income and Expense Accounts...throughout the interview, we have answered various questions about our business and what we do.  QuickBooks has been gathering that information and has recommended a chart of accounts to use.  Generally, the selections that QB chooses will be a good fit.  However, no two business are ever identical.  Review the recommended accounts and make any changes.  If you are not certain about what accounts you will need, keep the default choices and then next.  You can always add accounts or delete accounts as needed later. Click "Next" to Continue.
 
Congratulations!  You have completed the Interview. Click Finish.  QuickBooks will save your selections and then direct you to the home screen. 
 
Next week, we'll cover how to customize the home screen to help you navigate QuickBooks easily and efficiently.
 
 
QuickBooks Software the First Step
 
Let's start with the basics, do you know which version of QuickBooks you are using?  And, if it is the right version for you?  QuickBooks has many versions available.  Here is just some of the basic features that users are interested in. 
 
QB Pro is the least expensive option and is perfect for most service based businesses and businesses with "light" inventory tracking needs.  You can generate and track invoices and payments from customers, Enter and Pay Bills for purchases, track basic inventory, Reconcile your Bank Statement, Process Payroll for your Employees (additional charges may apply), and create standard or customized reports to suit your needs
 
QB Premier do you need advanced inventory tracking features or want to create Sales Orders or track Back Orders, if so, then QuickBooks Premier will be your best choice.  In addition to all the features available in Pro, you can track multi-currency transactions if you conduct business outside of the US.  QuickBooks Premier also comes in industry specific editions to provide even better functionality for certain industries such as Contractors, Non Profits, Manufacturers, Service Providers, or Retailers.
 
QB Enterprise is the most powerful of the QB product family.  It also comes in the same industry specific editions, but it's data base is designed to hold more data and is capable of having up to 30 users in the company file at any given time.  Financial Statement Designer, Warehouse Management, and Field Service Management Tools available for Enterprise Suite users provide advanced features that help you to manage your business in ways that were previously expensive and required a great deal of customization.  Now, they can be right at your finger tips. 
QuickBooks Services the Very Next Step
 
Selecting the right software is one thing, but choosing the correct services to compliment your software is another.  Integrating your Payroll and Merchant Services can be one of the easiest ways to save time and money.   I have integrated payroll and merchant service numerous times, and have truly never had a complaint.  If you are using an outside payroll services, such as ADP, Paychex, or similar, you at least owe it to yourself, and your business, to investigate the alternatives.
 
Payroll
 
Depending on your needs, QuickBooks has a Payroll Service for you. 
 
  • Online Payroll is available in two options, Basic and Plus.  The Basic provides Free support, Unlimited Payrolls, Free Direct Deposit, and Instant Check Creation.  Online Plus Payroll includes all of those features, but also includes the state Tax Forms completed for you as well. 
  • Basic Payroll is ideal for QuickBooks users that understand payroll tax filings or works closely with an accountant who will file those forms for you.  For up to 3 employees, it is the least expensive of payroll options the pricing starts at $130 / per year (yes, per year) 
  • Enhanced Payroll is a great option for employers that are fairly well organized and can take on the responsibility of getting payroll tax forms filed on time.  The federal and state forms are completed for you, it's up to you to get them filed. 
  • Assisted Payroll is the perfect solution for business owners that are more interested in having someone else handle their payroll needs.  Just as you would need to do with any other payroll service, you provide the information and QuickBooks handles the payroll for you, and the tax filings are done for you, always on time and correctly.
 
Besides the amount of money you are likely to save by using QB to handle you payroll, you'll save valuable time too.  When the payroll is done, you no longer need to get that data into your QuickBooks File.  It's already been done for you. 
 
Merchant Services
The ideal way to track payments made to you by credit card.  Intuit Merchant Services (IMS) provides an integrated way to track you incoming cash receipts.  This feature is fully integrated, so that you can accept payment while entering a transaction without the need to use any outside service or terminal.  Your customers can even pay their bills online without calling you with the credit card information.  With the click of a button, you can sync your QuickBooks Data with the funding status so you always know what has cleared and what is still outstanding, a must when it comes time to reconcile your bank account. 
 
In addition, unlike most merchant service agreements, there is no need to worry about a long term commitment.  There is no cancellation fee, so if you change your mind for any reason, you will not have to pay a penalty.  Rates are competitive too, I have rarely seen an instance where my client couldn't reduce the costs associated with their merchant fees.  And these days, every penny counts!
 
If you are interested in learning more about any of these services, please feel free to contact me for a FREE evaluation of your needs.  
 
 
 
Choosing the Right Software for your business (January 11, 2010)
Adding on Services such as payroll or merchant accounts  (January 11, 2010