Finance - accounting and finance - all-in-one desk reference for dummies - 2nd ed - s l nelson (john wiley & sons)-jsfvc3iu

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QuickBooks ® ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ 2ND EDITION by Stephen L. Nelson, MBA, CPA QuickBooks ® ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ 2ND EDITION QuickBooks ® ALL-IN-ONE DESK REFERENCE FOR DUMmIES ‰ 2ND EDITION by Stephen L. Nelson, MBA, CPA QuickBooks® All-in-One Desk Reference For Dummies®, 2nd Edition Published by Wiley Publishing, Inc. 111 River Street Hoboken, NJ 07030-5774 Copyright © 2005 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing, Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, (317) 572-3447, fax (317) 572-4355, e-mail: brand review@wiley.com. Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries, and may not be used without written permission. QuickBooks is a trademark or registered trademark of Intuit Corporation. EVA is a trademark or registered trademark of Stern Stewart&Co. All other trademarks are the property of their respective owners. Wiley Publishing, Inc., is not associated with any product or vendor mentioned in this book. LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANIZATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANIZATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ. For general information on our other products and services, please contact our Customer Care Department within the U.S. at 800-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002. For technical support, please visit www.wiley.com/techsupport. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. Library of Congress Control Number: 2004117536 ISBN: 0-7645-7662-3 Manufactured in the United States of America 10 9 8 7 6 2B/RS/QR/QV/IN 5 4 3 2 1 About the Author Stephen L. Nelson is a CPA in Redmond, Washington. He provides accounting, business advisory, and tax planning and preparation services to small businesses such as manufacturers, retailers, professional service firms, and startup technology companies. He also teaches CPAs how to help their clients use QuickBooks more effectively and is an Adjunct Professor of Tax at Golden Gate University where he teaches S corporation and LLC tax law. Curiously enough, Nelson is also the most prolific computer book writer of all time, according to a recent feature in The Wall Street Journal. He’s also the bestselling author of books about how to use computers to manage one’s personal and business finances. In fact, Nelson’s 100-plus books have sold more than 4,000,000 copies in English and have been translated into more than a dozen other languages. Steve holds a BS in accounting, an MBA in finance, and a Master of Science in Taxation. He’s been a CPA for more than twenty years. He used to work as a senior consultant with Arthur Andersen & Co. (Yes, that Arthur Andersen — but, hey, it was a long time ago.) He also has been the controller and treasurer of a 50-person manufacturing firm and has run his own manufacturing firm. Steve is also the bestselling author of Quicken 2004 For Dummies and QuickBooks 2004 For Dummies (from Wiley). Dedication To the entrepreneurs and small-business people of the world. You folks create most of the new jobs. Author’s Acknowledgments Okay, I’m not going to make this an Academy Awards-style speech, but let me thank just a few people. First, I want to thank my business school and tax professors at Central Washington University, the University of Washington, and Golden Gate University. Next, thanks to the business clients who’ve given me the honor of working with them and teaching me about their businesses and industries. Finally, I want to thank all my friends and colleagues at Wiley Publishing, Inc., who gave me the distinct honor of writing not only this book but also Quicken For Dummies (14 editions) and QuickBooks For Dummies (9 editions). I also want to say a specific thanks to Bob Woerner, my acquisitions editor, Christine Berman, my project editor and copy editor, and David Ringstrom, who performed the technical edit. Publisher’s Acknowledgments We’re proud of this book; please send us your comments through our online registration form located at www.dummies.com/register/. Some of the people who helped bring this book to market include the following: Acquisitions, Editorial, and Media Development Production Project Editor: Christine Berman Acquisitions Editor: Bob Woerner Copy Editor: Christine Berman Technical Editor: David Ringstrom Editorial Manager: Carol Sheehan Media Development Manager: Laura VanWinkle Project Coordinator: Emily Wichlinski Layout and Graphics: Andrea Dahl, Lauren Goddard, Joyce Haughey, Stephanie D. Jumper, Melanee Prendergast, Jacque Roth, Heather Ryan, Julie Trippetti Proofreaders: Leeann Harney, Jessica Kramer, Linda Quigley Indexer: Anne Leach Media Development Supervisor: Richard Graves Editorial Assistant: Amanda Foxworth Cartoons: Rich Tennant (www.the5thwave.com) Publishing and Editorial for Technology Dummies Richard Swadley, Vice President and Executive Group Publisher Andy Cummings, Vice President and Publisher Mary Bednarek, Executive Acquisitions Director Mary C. Corder, Editorial Director Publishing for Consumer Dummies Diane Graves Steele, Vice President and Publisher Joyce Pepple, Acquisitions Director Composition Services Gerry Fahey, Vice President of Production Services Debbie Stailey, Director of Composition Services Contents at a Glance Introduction .................................................................1 Book I: An Accounting Primer........................................7 Chapter 1: Principles of Accounting ................................................................................9 Chapter 2: Double-Entry Bookkeeping ..........................................................................29 Chapter 3: Special Accounting Problems ......................................................................47 Book II: Getting Ready to Use QuickBooks ...................69 Chapter 1: Setting Up QuickBooks .................................................................................71 Chapter 2: Loading the Master File Lists.......................................................................93 Chapter 3: Fine-Tuning QuickBooks.............................................................................115 Book III: Bookkeeping Chores ....................................141 Chapter 1: Invoicing Customers ...................................................................................143 Chapter 2: Paying Vendors ............................................................................................177 Chapter 3: Tracking Inventory and Items....................................................................199 Chapter 4: Managing Cash and Bank Accounts ..........................................................227 Chapter 5: Paying Employees .......................................................................................259 Book IV: Accounting Chores.......................................271 Chapter 1: For Accountants Only .................................................................................273 Chapter 2: Preparing Financial Statements and Reports ..........................................287 Chapter 3: Preparing a Budget......................................................................................305 Chapter 4: Using Activity-Based Costing.....................................................................317 Chapter 5: Setting Up Project and Job Costing Systems ...........................................333 Book V: Financial Management .................................345 Chapter 1: Ratio Analysis ..............................................................................................347 Chapter 2: Economic Value Added Analysis ...............................................................365 Chapter 3: Capital Budgeting in a Nutshell .................................................................379 Book VI: Business Plans ............................................395 Chapter 1: Profit-Volume-Cost Analysis.......................................................................397 Chapter 2: Creating a Business Plan Forecast ............................................................417 Chapter 3: Writing a Business Plan ..............................................................................453 Book VII: Care and Maintenance................................467 Chapter 1: Setting Up a Peer-to-Peer Network............................................................469 Chapter 2: Administering QuickBooks ........................................................................483 Chapter 3: Protecting Your Data...................................................................................499 Chapter 4: Troubleshooting ..........................................................................................513 Book VIII: Appendixes...............................................519 Appendix A: A Crash Course in Excel ..........................................................................521 Appendix B: Government Web Resources for Businesses ........................................537 Appendix C: Glossary of Accounting and Financial Terms .......................................559 Index .......................................................................595 Table of Contents Introduction..................................................................1 About This Book...............................................................................................1 How to Use This Book .....................................................................................2 Foolish Assumptions .......................................................................................3 How This Book Is Organized...........................................................................4 Part I: An Accounting Primer ................................................................4 Part II: Getting Ready to Use QuickBooks ...........................................4 Part III: Bookkeeping Chores.................................................................4 Part IV: Accounting Chores ...................................................................4 Part V: Financial Management ..............................................................4 Part VI: Business Plans ..........................................................................4 Part VII: Care and Maintenance ............................................................5 Part VIII: Appendixes .............................................................................5 Stuff at My Web site................................................................................5 Conventions Used in This Book .....................................................................5 Special Icons .....................................................................................................6 Book I: An Accounting Primer ........................................7 Chapter 1: Principles of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Purpose of Accounting ....................................................................................9 The big picture......................................................................................10 Managers, investors, and entrepreneurs ..........................................10 External creditors.................................................................................10 Government agencies ..........................................................................11 Business form generation....................................................................11 Reviewing the Common Financial Statements ...........................................12 The income statement .........................................................................12 Balance sheet........................................................................................15 Statement of cash flows.......................................................................18 Other accounting statements .............................................................21 Putting it all together ...........................................................................22 The philosophy of accounting............................................................24 A Few Words about Tax Accounting ............................................................27 Chapter 2: Double-Entry Bookkeeping . . . . . . . . . . . . . . . . . . . . . . . . . .29 The Fiddle-Faddle Method of Accounting...................................................30 How Double-Entry Bookkeeping Works ......................................................32 The accounting model .........................................................................33 Talking mechanics................................................................................35 xii QuickBooks All-in-One Desk Reference For Dummies, 2nd Edition Almost a Real-Life Example...........................................................................38 Rent expense.........................................................................................38 Wages expense......................................................................................39 Supplies expense ..................................................................................39 Recording sales revenue......................................................................39 Recording cost of goods sold .............................................................40 Recording the payoff of accounts payable........................................41 Recording the payoff of a loan............................................................41 Calculating account balance ...............................................................41 Using T-account analysis results ........................................................43 A Few Words about How QuickBooks Works .............................................45 Chapter 3: Special Accounting Problems . . . . . . . . . . . . . . . . . . . . . . . .47 Working with Accounts Receivable .............................................................47 Recording a sale ...................................................................................48 Recording a payment ...........................................................................48 Estimating bad debt expense..............................................................49 Removing uncollectible accounts receivable ...................................50 Recording Accounts Payable Transactions ................................................51 Recording a bill.....................................................................................51 Paying a bill ...........................................................................................52 Some other accounts payable pointers.............................................52 Inventory Accounting ....................................................................................53 Dealing with obsolete inventory ........................................................54 Dealing with inventory shrinkage ......................................................55 Accounting for Fixed Assets .........................................................................57 Purchasing a fixed asset ......................................................................57 Dealing with depreciation ...................................................................58 Disposing of a fixed asset ....................................................................59 Recognizing Liabilities...................................................................................61 Borrowing money .................................................................................61 Making a loan payment........................................................................62 Accruing liabilities ...............................................................................62 Closing Out Revenue and Expense Accounts.............................................65 The traditional close............................................................................66 The QuickBooks close .........................................................................67 One More Thing . . .........................................................................................68 Book II: Getting Ready to Use QuickBooks ....................69 Chapter 1: Setting Up QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 Planning Your New QuickBooks System .....................................................71 What accounting does .........................................................................71 What accounting systems do..............................................................72 What QuickBooks does........................................................................72 And now for the bad news ..................................................................72 Table of Contents xiii Installing QuickBooks ....................................................................................73 Dealing with the Pre-Interview Jitters .........................................................74 Preparing for the interview .................................................................75 What happens during the interview ..................................................75 Running the EasyStep Interview ..................................................................76 The big Welcome ..................................................................................76 Supplying company information ........................................................77 Choosing your preferences .................................................................79 Setting your start date .........................................................................80 Adding income accounts .....................................................................81 Working through the Income Details introduction ..........................82 Identifying your income items ............................................................83 Setting up your inventory balances...................................................84 Setting up opening balances for customers......................................85 Providing vendor opening balances .................................................86 Setting your other account balances.................................................87 Completing the What’s Next section of the interview .....................89 Looking at the QuickBooks Learning Center window......................89 Fixing the EasyStep Interview Errors ..........................................................90 Chapter 2: Loading the Master File Lists . . . . . . . . . . . . . . . . . . . . . . . . .93 Setting Up the Chart of Accounts List .........................................................94 Setting Up the Item List .................................................................................98 Working with the Price Level List ................................................................98 Using Sales Tax Codes ...................................................................................99 Setting Up a Payroll Item List .......................................................................99 Setting Up Classes........................................................................................101 Setting Up a Customer List .........................................................................103 Setting Up the Vendor List ..........................................................................106 Setting Up a Fixed Assets List.....................................................................109 Setting Up Your Employees.........................................................................110 Setting Up Another Names List ..................................................................111 Setting Up the Profile Lists..........................................................................111 Chapter 3: Fine-Tuning QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . .115 Accessing the Preferences Settings ...........................................................116 Setting the Accounting Preferences...........................................................117 Using account numbers.....................................................................118 General accounting options ..............................................................118 Setting the Checking Preferences ..............................................................120 Changing the Desktop View ........................................................................122 Setting Finance Charge Calculation Rules.................................................124 Setting General Preferences........................................................................124 Controlling Integrated Applications ..........................................................126 Controlling How Jobs and Estimates Work...............................................126 Controlling How Payroll Works ..................................................................127 Controlling the Purchasing & Vendors Preferences ................................129 xiv QuickBooks All-in-One Desk Reference For Dummies, 2nd Edition Telling QuickBooks How Reminders Should Work ..................................130 Specifying Reports & Graphs Preferences ................................................131 Setting Sales & Customers Preferences.....................................................134 Specifying How Sales Are Taxed.................................................................135 Setting the Send Forms Preferences ..........................................................136 Fine-Tuning the Service Connection..........................................................137 Controlling Spell Checking..........................................................................137 Controlling How 1099 Tax Reporting Works .............................................138 Setting Time Tracking Preferences ............................................................139 Book III: Bookkeeping Chores.....................................141 Chapter 1: Invoicing Customers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143 Choosing an Invoice Form ..........................................................................143 Customizing an Invoice Form .....................................................................144 Customizing a predefined form template........................................144 Creating a new invoice form template.............................................146 Working with the Layout Designer tool ...........................................152 Invoicing a Customer...................................................................................154 Billing for Time .............................................................................................159 Using a weekly timesheet ..................................................................160 Timing single activities ......................................................................161 Including billable time on an invoice...............................................162 Printing Invoices ..........................................................................................164 E-mailing Invoices ........................................................................................164 Recording a Sales Receipt ...........................................................................165 Recording Credit Memos.............................................................................167 Receiving Customer Payments...................................................................169 Assessing Finance Charges .........................................................................171 Setting up finance charge rules ........................................................172 Calculating finance charges ..............................................................173 Customer Odds and Ends ...........................................................................174 Chapter 2: Paying Vendors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .177 Creating a Purchase Order..........................................................................177 A real purchase order .......................................................................178 Purchase order tips and tricks .........................................................181 Recording the Receipt of Items ..................................................................181 Simultaneously Recording the Receipt and the Bill ................................184 Entering a Bill ...............................................................................................185 If you haven’t previously recorded item receipt ............................186 If you have previously recorded item receipt.................................187 Recording a credit memo ..................................................................189 Paying Bills....................................................................................................189 Table of Contents xv Reviewing the Other Vendor Menu Commands .......................................193 The Vendor Navigator .......................................................................193 The Vendor Detail Center .................................................................193 The Sales Tax Menu commands ......................................................195 Print 1099s ..........................................................................................195 Vendor List .........................................................................................196 Item List ..............................................................................................196 Purchase Orders List ........................................................................196 Online Vendor Services .....................................................................196 Chapter 3: Tracking Inventory and Items . . . . . . . . . . . . . . . . . . . . . . . .199 Looking at Your Item List ............................................................................199 Using the Item column ......................................................................200 Using the Item List window ..............................................................201 Using the inventory reports..............................................................202 Adding Items to the Item List .....................................................................202 Basic steps for adding an item .........................................................203 Adding a service item ........................................................................204 Adding an inventory item..................................................................205 Adding a non-inventory part.............................................................207 Adding an other charge item ............................................................209 Adding a subtotal item ......................................................................210 Adding a group item...........................................................................211 Adding a discount item......................................................................211 Adding a payment item......................................................................213 Adding a sales tax item......................................................................214 Setting up a sales tax group ..............................................................214 Adding custom fields to items ..........................................................215 Editing Items .................................................................................................217 Adjusting Physical Counts and Inventory Values ....................................217 Adjusting Prices and Price Levels..............................................................220 Using the Change Item Prices command.........................................220 Using price levels ...............................................................................221 Inventory in a Manufacturing Firm ............................................................223 Manufactured inventory the simple way ........................................224 Inventory accounting in QuickBooks Premier................................224 Chapter 4: Managing Cash and Bank Accounts . . . . . . . . . . . . . . . . .227 Writing Checks..............................................................................................227 Recording and printing a check .......................................................227 Customizing the check form .............................................................233 Making Bank Deposits .................................................................................234 Transferring Money between Bank Accounts ..........................................237 Working with the Register...........................................................................239 Recording register transactions ......................................................239 Using Register window commands and buttons ............................242 xvi QuickBooks All-in-One Desk Reference For Dummies, 2nd Edition Using Edit Menu Commands.......................................................................245 Reconciling the Bank Account....................................................................250 Reviewing the Other Banking Commands.................................................253 Banking Navigator command............................................................253 Order Checks & Envelopes command .............................................253 Record Credit Card Charges command ...........................................254 Make Journal Entry command..........................................................255 Set Up Online Financial Services command....................................256 Create Online Banking Message command .....................................257 Inquire About Online Banking Payment command........................257 Online Banking Center command.....................................................257 Chart of Accounts command ...........................................................258 Other Names list.................................................................................258 Memorized Transactions list ............................................................258 Online Banking Services command..................................................258 Chapter 5: Paying Employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259 Setting Up Do-it-yourself Payroll ................................................................259 Choosing a payroll option .................................................................260 Signing up for a payroll service ........................................................260 Setting up company information......................................................262 Setting up employees.........................................................................262 Describing an employee ....................................................................262 Setting up year-to-date amounts ......................................................266 Checking your payroll data ...............................................................266 Paying Employees ........................................................................................267 Editing and Voiding Paychecks ..................................................................268 Paying Payroll Liabilities.............................................................................269 Book IV : Accounting Chores ......................................271 Chapter 1: For Accountants Only . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .273 Working with QuickBooks Journal Entries ...............................................273 Recording a journal entry .................................................................273 Reversing a journal entry ..................................................................274 Editing journal entries .......................................................................275 Updating Company Information.................................................................275 Working with the Memorized Transactions..............................................276 Reviewing the Accountant & Taxes Reports ............................................276 Reviewing the Expert Analysis Reports ....................................................278 A Few Words about the Decision Tools.....................................................278 Creating an Accountant’s Copy of the QuickBooks Data File.................280 Creating an accountant’s copy .........................................................280 Using an accountant’s copy ..............................................................281 Table of Contents xvii Reusing an accountant’s copy ..........................................................282 Exporting client changes...................................................................282 Importing accountant’s changes ......................................................283 Canceling accountant’s changes ......................................................284 Chapter 2: Preparing Financial Statements and Reports . . . . . . . . . .287 Some Wise Words Up Front.........................................................................287 Producing a Report ......................................................................................288 Working with the Report Window..............................................................290 Working with Report window buttons.............................................290 Using the Report window boxes.......................................................294 Modifying a Report ......................................................................................296 Using the Display tab .........................................................................297 Using the Filters tab ...........................................................................298 Using the Header/Footer tab.............................................................300 Formatting fonts and numbers .........................................................301 Processing Multiple Reports ......................................................................303 A Few Words about Document Retention .................................................303 Chapter 3: Preparing a Budget . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .305 Reviewing Common Budgeting Tactics .....................................................305 Top-line budgeting..............................................................................305 Zero-based budgeting ........................................................................306 Benchmarking .....................................................................................307 Putting it all together .........................................................................308 Practical Approaches to Budgeting ...........................................................308 Using the Set Up Budgets Window.............................................................309 Creating a new budget .......................................................................309 Working with an existing budget ......................................................312 Managing with a Budget ..............................................................................313 Some Wrap-Up Comments on Budgeting ..................................................315 Chapter 4: Using Activity-Based Costing . . . . . . . . . . . . . . . . . . . . . . .317 Revealing Traditional Overhead Allocation..............................................317 How ABC Works............................................................................................320 The ABC product line income statement ........................................320 ABC in a small firm .............................................................................323 Implementing a Simple ABC System ..........................................................325 How QuickBooks Supports ABC.................................................................326 Turning on Class Tracking ..........................................................................327 Using Classes for ABC..................................................................................328 Setting up your classes......................................................................328 Classifying revenue amounts ............................................................329 Classifying expense amounts............................................................329 After-the-fact classifications .............................................................330 Producing ABC reports......................................................................331
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