Introduction to Bookkeeping & QuickBooks

An Introduction to QuickBooks

QuickBooks is essentially an accounting software. It was developed by Inuit, and reaches out to mainly small companies and non- profit organizations, in order to facilitate those owners who have never had any form of formal training in accounting or book- keeping.The main issue at hand

QuickBooks training, although given in the manual and CD- ROM provided with the software, seems to be slightly ineffective. This is due to the fact that it is lengthy and arduous to read at a stretch. This is also why many individuals have a hard time not only availing all the benefits, but also using the software effectively. A lack of knowledge on how to use it causes people to set it up wrong, and then complain about its wrong functioning.

Who the training is relevant to

The software is targeted at two main types of individuals:
Owners of small start- up firms who do not have sufficient training in accounting, nor have sufficient funds to hire a CA; and

Individuals who are heading non- profit organizations.
The reason QuickBooks training is so useful to these particular individuals lies in the fact that the software itself provides many facilities specific to their particular needs. A NPO, for example, requires a profit and loss account with regard to a certain budget unlike most firms. QuickBooks provides such a facility if the set- up is right. Also, for NPOs, the IRS demands reports to be submitted by programme. It is obvious how the software aids entrepreneurs of course.

Training programmes for QuickBooks

Using a software efficiently comes from a full- scale knowledge of how to use the product. QuickBooks training allows one to use the software effectively irrespective of the version changes that occur every year or so. Even the multiple choices of the product types is insignificant (pro, premier, enterprise solutions). This is the main reason why QuickBooks training is desirable. CDs and books are easily available teaching one how to use the software, separate from the manual and CD provided at the time of purchase. On top of this many seminars take place frequently. The website also provides a free tutorial in using QuickBooks, and mentions some plus points which come from investing in the software.
Mistakes one can avoid with QuickBooks training
Book- keeping mistakes, one of the major reasons for many contemporary start- ups to close down, becomes redundant when using the software after QuickBooks training, as does choosing wrong methods of accounting, human error in calculation, or classifying employees under wrong sub- heads.

How to Learn Bookkeeping in Quickbooks

QuickBooks is an accounting suite available for Windows and Mac designed to help small businesses be more productive. With a variety of features and online functionality, Intuit's QuickBooks was created to help with all aspects of finances.


 A business owner who knows bookkeeping basics has more control over a business than an owner or manager who must rely on outside help. Learning bookkeeping basics in the popular Quickbooks accounting program is one more tool for a business owner to understand expenses, income and profitability. Schedule a brief amount of time each day to create and enter data in either a practice account or actual company account.

 

 

Instructions

1.   Purchase a software copy of Quickbooks or purchase the Web-based version. Use an industry-specific version if one is available. Register as a user and enter all pertinent company information. 

 

2. Learn key <bookkeeping and accounting> terms, such "cash basis," "accrual basis" and "chart of accounts." Skim a basic book on bookkeeping to know the basics of tracking income, expenses and reconciling bank statements.

3. Set up a company account. Use the suggested chart of accounts, advises Stephen Nelson, author of "Quickbooks 2007 for Dummies." "Unless you know quite a bit about accounting and are willing to find out just as much about Quickbooks, I recommend that you accept the suggested chart of accounts," he writes. Envision the chart of accounts as “a series of buckets into which information is dropped,” writes business author Robert Low. Assign unique names to accounts in Quickbooks. A home improvement company may assign a name to each home using either the owner’s name of that home or the street number.

4. Enter data in the Quickbooks lists. Choose from the item list, employee center icon, or customer center icon. Create a vendor list of companies who are suppliers or will subcontract services. Log in to the company Quickbooks account, find the vendor list window and enter the appropriate information. Create and print 1099 forms for subcontractors to report their own taxes. Request social security numbers or employer identification numbers (ein) to enter the data and set up accurate records.

5. Reconcile bank statements “to make sure that your QuickBooks records agree with the paper or online financial statements you regularly receive,” advises the online support directions from Quickbooks. Use the statement from the bank to double check that all deposits and written checks are accurately accounted for.

6.  Prepare to run a profit and loss statement showing ordinary income and expenses for a particular period. Print a profit and loss statement at the end of each month for normal bookkeeping; however, for the purpose of learning bookkeeping in Quickbooks, print the first profit and loss statement after appropriate information is entered. Use this initial report to quickly scan data and check for missing information.

How to Get the QuickBooks Application?

   You must download the here: https://global.intuit.com/quickbooks-online/sui/en/sui-widget-start-en.jsp?Region=PH&bc=OWE-T2N&mboxSession=

                                               

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