How to Maximize Quickbooks (Retired Version)
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The document outlines an agenda for a Quickbooks seminar, including breaks and lunch. It discusses setting up the Quickbooks environment, reports and reporting tools, bills and payables, banking, and integrations. Charts show income vs costs of goods sold for new construction vs remodeling, and expenses by category. The presentation recommends next steps like customizing reports in Excel and joining a training program. It emphasizes setting up preferences, permissions, accounts, and backups correctly in Quickbooks.
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How to Maximize Quickbooks (Retired Version)
- 2. 9:00 Seminar begins 10:00 Break 11:00 Break 12:00 Lunch 1:00 Afternoon session begins 2:00 Break 3:00 Break 3:50 Complete evaluations 4:00 Dismiss Today’s Schedule:
- 3. Link for this and other presentations: www.Slideshare.net/leanteams
- 4. To download this presentation click here:
- 5. Invoicing and receivables. What we will cover today: Setting up the Quickbooks environment. Reports and reporting tools. Bills and other payables. Banking with Quickbooks. 2 3 4 5 6 1 Integrations and special functions.
- 8. 0% 20% 40% 60% 80% 100% 120% New Construction Remodelling COGS % to Income Earned % of Total Income % COGS/Income
- 10. $- $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 $12,000.00 $14,000.00 New Construction Labor Remodel Labor New Construction Materials Remodel Materials New Construction Subcontracting Remodel Subcontracting New Construction Other Remodel Other Gross Profit Analysis: Income to COGS Income Cost
- 13. Chart of Accounts Item List Customer List Vendor List 5 Major Lists Employee List
- 15. Setting Up A New Company.
- 16. Set Up Your Preferences
- 17. Set Up User Permissions
- 18. Next steps when you get back to your office: 1. Go through your company preferences. 2. Go through your user permissions.
- 19. Often called the “general ledger.” A list of your company’s accounts and their balances. Quickbooks has 16 account types. Click here to learn how to make accounts, items, customers, vendors, and classes inactive and click here to learn about merging. Chart of Accounts
- 20. A list of anything that your company buys, sells, or resells in the course of business. Products, services, shipping and handling charges, discounts, sales tax, etc. Items can also be miscellaneous fields such as subtotal fields. Creates an autofill amount on a line that can be manually overridden. The Item List
- 21. Next steps when you get back to your office: 3. Clean up your chart of accounts. 4. Check account mapping in your item list.
- 22. • Join the Quickbooks Blog • Fred Pryor Training Rewards • Microsoft Excel May 25th • Payroll Law February 4th • Understanding Financial Statements April 14th • Sales and Use Tax Workshop February 8th • How to Manage and Organize Accounts Payable March 15th Recommended Resources:
- 23. For more information on Expensify click here:
- 24. Can be grouped by customer type. Cannot have the same name as a vendor. Records can further be broken down by jobs. Customer records also contain all pertinent information related to specific terms. Customers
- 25. Manual entry. Import from Excel. For instructions click here. Automatic integration with Outlook, Gmail, and others. For more information on the Outlook integration tool click here. Entering Customers
- 29. “The Claw”
- 30. Used to group business activities into separate departments based on differing factors. Could be used for different locations, business units, departments, or sources of funding (NFPs). Provides an additional level of reporting. Excellent tool for analysis and decision making. Class Tracking
- 31. Revenues $1,000,000 Cost of sales -750,000 Gross margin 250,000 Administration -100,000 Profit before taxes 150,000 Taxes -50,000 Net Profit $100,000 Standard Income Statement
- 32. • This works if all the activities of the organization are similar in profitability. • Assumes all costs will vary equally with changes in revenues. • In complex situations it does not provide enough information for monitoring, planning or taking corrective action. Issues:
- 33. Product Line A Product Line B Total Revenue $750,000 $250,000 $1,000,000 Cost of Sales $500,000 $250,000 $750,000 Gross margin $250,000 $ 0 $250,000 Administration $100,000 Profit before taxes $150,000 Taxes 50,000
- 34. INVOICE ESSENTIALS Amount that needs to be paid. How to pay. When to pay. Other details you feel are pertinent: date, number, description of product/services, etc.
- 35. All payments go to “Undeposited Funds” by default. All payments must be applied towards a customer invoice. There is not a way to apply a payment towards a specific line item on an invoice. Receiving payments and creating a customer receipt are two separate steps. Payments & Receipts
- 36. The Record Deposits button on the home page will take you to a list of what is in undeposited funds. Receiving payments and depositing funds are two separate steps. Helps ensure that payments are applied correctly and that banking matches accounting. Deposits
- 37. A statement is not an invoice. A statement puts all invoices together in one document and shows any monies received. Statements are sent based on customer preferences. Statements can be customized much like invoices. Statements
- 38. For more information about Invoice Sherpa click here:
- 39. Accounts Payable
- 40. Before entering a bill make sure to set up the vendor in theVendor Center. Also, set up company preferences for bills. Bills can be received against purchase orders. Entering Bills
- 41. Allows you to sort by due date – so that you can better manage cash. Allows you to sort by vendor, class, etc. There is the capability to pay bills online through Quickbooks, but there is an extra fee. Choose to “print later” and you can print all of your cheques as one batch. Paying Bills
- 42. An effective way to save time with regular transactions. Any transaction can be memorized (Ex. Bills, invoices, journal entries, etc.). You can memorize transactions and leave the amount blank. Caution: a memorized transfer will not automatically transfer funds in your bank accounts. Memorized Transactions
- 44. Your beginning balances must match. You can download your transactions from your bank if it is attached to Quickbooks. Once the difference equals zero, and all of the transactions match, choose “Reconcile Now”. Reconciling Accounts
- 45. Reports.
- 46. Balance Sheet Profit & Loss, or Income Statement Aging Report Cash Flow Statement Main Reports
- 49. 0% 20% 40% 60% 80% 100% 120% New Construction Remodelling COGS % to Income Earned % of Total Income % COGS/Income
- 50. $- $2,000.00 $4,000.00 $6,000.00 $8,000.00 $10,000.00 $12,000.00 $14,000.00 New Construction Labor Remodel Labor New Construction Materials Remodel Materials New Construction Subcontracting Remodel Subcontracting New Construction Other Remodel Other Gross Profit Analysis: Income to COGS Income Cost
- 52. ERP: Business-management software Used to collect, store, manage and interpret data Typically a suite of integrated applications Inventory planning, Including: Cost analysis, Manufacturing or service delivery, Marketing and sales.
- 54. Next steps when you get back to your office: 5. Turn the Quickbooks tab on in Microsoft Excel. 6. Build a customized report template to measure key performance indicators in your business.
- 55. Meant to be quick view of what is going on in the company. Very helpful for owners and/or managers. Has limited “widget” options on the snapshot. Can be set as the opening screen when opening a company file. For instructions click here. Snapshot Report
- 56. For more information about LivePlan click here:
- 58. Go through your company preferences. Update all of your user permissions. Clean up your chart of accounts. Make sure all account mapping is correct in your item list. Six Things To Do: Turn the Quickbooks tab on in Microsoft Excel. Build a customized report template to measure key performance indicators in your business.
- 59. • Join the Quickbooks Blog • Training Reward Videos: • Quickbooks: A 60 Minute Crash Course • Quickbooks Payroll • Microsoft Excel (2 day in-person seminar) • Microsoft Excel: Pivot Tables Made Easy • Microsoft Excel: Charting Training • Microsoft Excel: Analyzing Your Data • Financial Statement Analysis Next Steps:
- 60. Join Fred Pryor Training Rewards!
- 62. To download this presentation click here: