How to improve my skill on Quickbooks?


P

Peter

I have basic knowlage of Quickbooks and would like to sharpen my skill
and handon experince. I appreciate any adivse.
Thanks
 
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L

Laura

Peter said:
I have basic knowlage of Quickbooks and would like to sharpen my skill
and handon experince. I appreciate any adivse.
Thanks
Setup QB to track your own personal expenses.
 
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F

Fred Marshall

Peter said:
I have basic knowlage of Quickbooks and would like to sharpen my skill
and handon experince. I appreciate any adivse.
Thanks
It depends on what skills you find most useful.

Set up a Company File and enter transactions as if they're real. It's
not so much the quantity of them that's important, it's the nature of
them.

For example, you might benefit from an understanding of how parts of the
chart of accounts relate to the balance sheet - which, in some important
ways, is a reflection of the bookkeeping system that's been set up.
My view is that this is rather fundamental to everything else.

If you don't know the accounting principles of double entry bookkeeping
then Quickbooks can be a great tool to help you learn - simply by making
entries and seeing what happens.

A way to think about it can be derived from a few observations:

Asset Liability Fund Income Expense

+Asset - + - + -
-Asset + - + - +

+Liab + - + - +
-Liab - + - + -

+Fund - + - + -
-Fund + - + - +

+Income + - + - +
-Income - + - + -

+Expense - + - + -
-Expense + - + - +

So, here this is read like this:
+Asset means an asset is being increased. So, it has to be accompanied
by reducing another asset, increasing a libability, decreasing a fund,
increasing income or decreasing expense.... and so forth.

Of course, Quickbooks takes care of the "signs" + or - when you make the
entry and depending on the corresponding Category / Account. But, on
occasion *YOU* don't know which side of an entry is the plus or minus or
you need to make a Journal entry.
In that case you might want to see if it comes out as you expect and
looking at how it affects the balance sheet is a good and quick way to
do that.
And, sometimes *YOU* don't know which Category / Account is most
suitable for a transaction.
And, sometimes in really complex situations a transaction can have
splits so that 4 or 6 accounts are affected rather than 2.

Another view might be: how do all the detailed features and tools work?
To deal with that, practice using new things like Cash Receipts vs.
Invoices, note that sales items carry underlying accounts, etc.
You can do trial transactions and see how they are reflected in the
balance sheet.
If you must, deal with inventory or payroll in a trial company file.

Payroll is an entire set of things to learn how to set up and to manage
- e.g. set up employees and taxes, make payroll, pay taxes, file tax
forms. It's widely enough used that it's worth knowing. Inventory much
less often.

Dealing with reports can be very important. So, learn how to customize
and memorize reports. Create some useful reports that aren't just
automatically generated by Quickbooks.

Consider how Classes can help you in generating reports by flagging
transactions perhaps according to project / whatever ..... but
understand that only one class can be assigned at a time - as compared
to membership groups in an address book application for example.

Consider how making Categories hierarchical allows you to group
transactions.

Fred
 

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