Description: The article is about quickbooks online login. The author introduces how to get started on the QuickBooks. You can get stared even if you are new here. There are many useful functions on the QuickBooks that you can use for your own benefits.
Welcome to QuickBooks desktop 2018. This is for the small business contractor getting started. Most of you have already loaded your software to set up your company. Now you need to understand how it works. Let’s begin and go over the main functionalities.
The first thing that you’ll notice is called your home page. This home page shows you all the different activities that you can do such as estimates,create invoice, receive payments and record the deposit. You’ll also notice that you can enter bills and pay bills off. To the right you’ll see a reconciliation. You can write a simple check by looking at your check register. You can print checks and enter any credit card charges. These will show you all the activities.
You can get to them through the icons. The first thing I want you to do is to start off. We need to click edit and preferences. Preferences is at the very bottom. You’ll notice that in the preferences you have accounting bills and desktop view. These are preferences for you.
On the first one this is the general section. This section here is how you like to move through QuickBooks. So I am going to press ENTER to move through the fields. There’s also another cool thing. It can automatically recall from your last transaction. Another feature is the default date. When you’re doing work for ketchup,you might want to use the last entered date as the default. But most of the time I like to have it on use. Today’s date is the accounting preference. This is the accounting preference for me.
The main thing in here I use is the set date and password. Once I’ve reconciled all my transactions,I don’t want to accidentally go in there and put data in a prior date. I’ve already closed so this will set up an alert. That will tell you that you already have close books. This is good to do after you do your bank reconciliation.
It also has the option to use account numbers. If not,you’ll use names and then they will have class tracking for transactions. If you have different segments of your business that you want to track,you have to put them for each transaction. You’ll be able to have a profit and loss for those different divisions of your business.
The next preference here is items and inventory and in here you need to make sure that it is checked. This is going to be the cases if you’re going to track inventory or use purchase orders. The next one is jobs and estimates. In here you can have different preferences for your job status so you can have pending awarded in progress to tell you the status of your job.
You also need to select warn with duplicate estimate numbers. If you have multiple people doing estimates for you,they will all go off of a certain number. You need to secure that number for that order. Next is your sales and customers. In here you can do default shipping methods such as Federal Express and also choose different templates for your packing slips if you have those.
Down at the bottom is time and expenses. If you are going to have a payroll and you want to track the time.each of your employees will work on a job and be able to track that. You need to select to track time and therefore every time you put in a timecard for them,you will select a job that they’re working on so it populates for expenses in that job sales.
If you charge sales tax you need to track it. It got a great program in here. It makes the functionality of charging sales tax and gives what your liability is. Once you have that all set up in preferences,you’ll go over to your company and select the drop down. My company will enter into your screen to make sure that all your contact information is correct because this is the information that will show up on your invoices.
You can also manage your account here. If you want to do that you can select some different applications that you might want to use. But to get it started we need to make sure that all the information is as correct as possible. You’ll see inside of the company information there are different folders to the left here.
This is where you can put in the contact legal information,your company ID. This gets reported if you’re doing payroll for your federal and state taxes. Now we’re going to go over to customers again. I’m taking the drop down. Here are all the activities for my customers. I can also grab it from the icon.
What they have in QuickBooks is called a customer Center. This is where all the activities for your customers. You can also add a new customer or a job if you have a customer with multiple jobs and need to track that. You’ll notice on here it will show the balance due for each of those customers. If you want to add a customer,the main information you need to have is filled out here. This is the customer name,the main phone number and email so that you can email them.
I have more tabs. But to get started and start using it,this is all you need to fill in. You can set up payment settings and sales tax settings if needed. But for now this should get you started. This is the same thing with the vendors. You can take the drop-down menu and you will be able to go into the vendor center. Vendor center is all the activities for the bills that you pay. Up to the top left you can add a new vendor. In adding a new vendor,it’s the same as filling out the customer.
You need to get the name,the phone number,email if you can. In the additional information tab you can get the w9 information,their social security or ID and put that in. Books will track it by the category you’ve selected such as subcontractors and you’ll be able to produce your 1099s.
Now we’re going to go over to banking. Banking is where you can do a quick check so I want to write a check for insurance. I will open it up. It asked me to select the bank account. I’m writing the check out of it and we will see it’s going out to state comp fund. These are the breakdowns that they have categorized for their accounts. They want to see what the electrical cost is,what the painting cost is and so they break that all down through their chart of accounts. But mainly you need to get the amount in and click save and close.
Or you can go up here and print it. They always have a help menu and it is very helpful. So if you are trying to figure out how to do something,you can certainly take that help and go to QuickBooks desktop help. You can type in your question. A lot of times it’ll give you five different people with answers on that. Next one is our lists. Our lists are like information. My chart of accounts,my item lists,any fixed assets payroll lists my templates for my invoices and packing slips are in there.
This is the memorize transactions. If I have a reoccurring payment for an auto loan I can set up,it automatically populates and tells me the bill is due and it needs to be paid. We’re going to add a bank account in case you haven’t added one yet. You need to make sure that the account type is bank. If you’re using account numbers,you need to fill that in. You would put them in the savings account they’re going to add.
You can set up automatic bank feeds in here. That means it connects to your bank. It seamlessly brings over the transactions through a bank feed and you can categorize them and put them into your register in your QuickBooks. Next we’re going to look at item list.
Item lists are the items that you sell. Most of these items are set up as a service item. You’ll notice to the left we’ve got roof framing siding doors and trim. These are the items that this contractor sells. At the very bottom you can add a new item and we’ll go through two of them. We’re going to add a service item and an inventory item.
The first one we’re going to do is that we are going to choose the service item. You’ll select service type. This asks for the item name. It also gives you an option to put in a cost and a sales price in this case. It’s a service item and the cost and sale price may fluctuate so they’re going to leave that at zero.
The income is very important. It’s how you want to see the income on your financials. So if you want to break down of what your construction income is and then this would be vendor refunds down here. They also get workmen’s comp dividends. You can set up these accounts for the type of income that you want to see.
We’re going to do an inventory part next. An inventory part means I’m going to keep a physical inventory of items I bought. I’m going to populate fountains. We bought a whole stack of fountains and the cost was $50 and I want to sell it for a hundred and fifty. So every time fountains comes up,it’s going to put to my cost of goods account of $50. To the sale a hundred and fifty over here,I want to set up an income account that I do not show in my chart of accounts. I’m going to call it fountain income.
In this inventory part I’m going to add this income account. What it will do is that it will let me enter the account name I want and ask me to set up an income account. I will be asked for the account type which is the income account number. If I’m using them,I can see the account name on my financials. We can click save and close.
Now that you’ve populated the item. You’ve given it a cost and a sale price. I can populate any inventory that I’m starting with. In this case I have 57. It will give me a total based on what I said the cost was. I can also set a reorder point. So if I get low in the stock it will give me a message that you need to reorder this.
Now we’re going to go to some icons as we’re doing this. We are going to set up items and customers and vendors. Now I’m going to go do some activities. I’m going to create an estimate first. You’re creating an estimate a quote a proposal or a bid. Through this icon you’ll select the customer,the customer job for the estimate or create it on the fly. You’ll select all the items you want to include on the estimate.
You can put a date on it and this is the estimate number they’ll give you. The next number after this one is saved. So this bid is for two hundred and five thousand three hundred dollars. Once they’ve accepted my estimate or bid,we’ll come over and create the invoice by creating the invoice as soon as you put in the job name which is Gary. Two of them will come up as open estimates. This is the one I did for the 205. We’ll click OK on that one. It also gives me the cool option to create the invoice for the entire amount.
I can move on and create by certain items or by selecting this. Once the invoice that was created from the estimate is ready,you can move on and send that directly to him. That’s why you need to make sure you fill in all the information. We’re going back to our home page. We’ve created the estimate and VM voice. We’re going to receive the payment.
I will pull up Gary’s name again. I will put in the amount he paid. In this case he only paid a hundred thousand. I will select the date he paid. I will select a button here that will show if it’s the check. If it is a check,I’ll put the check number in. I’ll select with the check and mark the invoice.
I will put in the hundred thousand. Once you’ve received the payment the last thing you have to do is go to the bank and make the deposit. In making the deposit you’re going to select the icon under banking. If you have multiple deposits you’re going to make,they should all show up on payments. All these will sit there until you say I’m going to go to the bank and make this deposit.
Once you have it,you’ll select the deposits that are going into the bank with the check mark. This will bring this into your deposit screen. The deposit screen is saying I’m going to deposit this one into my savings account and it will have all the information from when you receive the payment for a total deposit of 100,000. Now I want to go see this deposit because I’ve done all this hard work and I want to make sure it recorded in my register.
The register sits in banking and it’s like your check register at home. The register opens up with all your deposits and your checks that you’ve written. Here is the deposit that we put in. I feel good because it goes in there. But this always needs double check. I want to make sure that everything is in there. It’s reflecting in my checkbook. Now we have to go pay for the order. In this case we probably would have created a purchase order for this.
This purchase order simply creates an order until you get a bill and then you’ll move on and receive the bill and pay the bill. We’ll go over that activity. In the purchase order,I’m going to select the vendor I am buying the product from. This is a Brenda’s framing service.
I’ve selected the different items that I want to purchase. I’m giving a purchase order number. I’m also going to assign it because I’m ordering it for Gary’s job. This way the information for the purchasing goes into the job costing so I can see what my total net income is. Off of each job now that I’ve selected,you’ll notice that I can also attach a file and possibly give her the measurements that I need on that.
I can email it directly to her from this purchase order and await my bill. She has given me my bill. I’m going to move on and enter bills as soon as I put Brenda’s framing service name in. There is an open purchase order. Do I want to receive items against it? I will hit yes.
Once you’ve selected the bill information from the purchase order,you will move on and put in the reference number which is usually on your vendors bill that they send you. This way you can keep track so you do not duplicate a payment with the same bill number. Now we want to pay the bills. You’ll go over to your icon on the right where it says pay bills,there’ll be all your open bills in this screen. This will show all bills. Do you want to select the bill? You need to pay with a check mark. You’ll come over to the bottom and you’ll make sure this is the account that you want to pay.
If you are doing handwritten checks,you can relieve the bill by assigning the check number. if not you’ll click to be printed. The screen will come up to pay more bills or print your checks. You may have multiple checks ready to be printed. The one thing you want to make sure is that you have the proper check number that you’re going to use.
Now I can go over to my register after I’ve paid the bills and verify that. The payment for Brenda’s framing service is in there. Once you’ve completed a month’s worth of transactions,you need to double-check your numbers so you will click the reconcile. This is where you will put in your bank ending balance the account you’re going to reconcile and the statement date.
This usually comes directly off your bank statement. You will click continue. This will open up to all your open items which will go through from your bank statement. You need to make sure all your deposits are recorded and all the checks and payments are recorded. Once you have selected all your items your difference will be zero. If not,there’s something wrong with your beginning balance or you miss something. I will click unmarked all and try it again.
Here are a few reports that I use. There’s the profit and Loss standard which is any bank or financial institution wants to see your books. You need to make sure that you have the profit and Loss standard and the balance sheet standard for them. The profit and loss is a snapshot in time of all your income and expenses. You can drill down on any of these numbers and see what information populates them.
You’ll be able to see all your income. If I drill down on two computer supplies,that would be able to see what populated that account. Another great way to make sure everything is in its proper category,the balance sheet is your balances for your checking account and any of your assets such as your inventories.
Then we have a report called job time and mileage. In this job time and mileage we can go to a profitability summary for each of my jobs as long as I filled out all the information. This report will help you identify your net income. In this case I want to see Gary’s job. He has obviously small jobs and guest cottage and a bathroom. So we’ve got the actual cost that has been recorded against this job. This can be payrolls and supplies and the actual revenue. This is what I built for him so far. I can see it a total for all my jobs. I like this report. I like to print this once a week for everyone to see where they are at in the job. You can get started now.