Bank Feeds Introduction – How to Set Up in QuickBooks Pro & How to Use

Set up bank feeds in QuickBooks pro 2019 QuickBooks desktop 2019. Bank feeds can save a lot of time by reducing the data entry. Although bank feeds save a lot of time they can also cause problems and bookkeepers need to be aware of what banks feeds do and what bank feeds do not do.
The set up process for bank feeds is fairly easy, although it can take more steps then the Online version of QuickBooks and the bank may charge more fees.
To set up bank feeds we will need the name of the banking institution and our log in information. The bank may ask for a second security verification like e-mail or phone verification.
Once set up we will typically need to download transactions from the bank periodically. We can generally get data for the first 30 to 90 days depending on the banking institution.
When using bank feeds we need to be carefull that we are not imputing duplicate transactions into the QuickBooks system.
After we download transactions from the bank they will not all go directly into the QuickBooks data used to create financial statements but will first need approval.
In other words, we will need to complete any needed information provided by the bank that QuickBooks needs and approve the banking information before it is included in our financial data in QuickBooks.
For more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2018 Sales Graph – QuickBooks Desktop 2019

QuickBooks Pro 2019 QuickBooks Desktop 2019 Sales Graph will cover the generation of a sales Graph in the accounting software. We will generate the sales graph form QUickBOoks Pro 2019’s reports section. We will talk about the options available for the graph. We will also discuss how to save the graph and use it in a presentation.
For more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Create Backup File – QuickBooks Desktop 2019

QuickBooks Pro 2019 – Desktop 2019 Backup Data will cover the backup process for a QuickBooks 2018 data file. Backing up the accounting data file is important to safeguarding the data but could also help with in other areas. For example a backup of the data can be given to the CPA firm or tap practitioner at year end. A backup up file can also be used when experimenting. The QuickBooks 2019 backup file is most effected if saved to a location other then the one the data file is one. Saving the backup file to the same drive as the QuickBooks 2019 data file does provide some protection but does not protect against the hard drive crashing, theft, or fire. Saving the QuickBooks 2019 backup file to another drive or to the cloud adds more security that the data is not lost. When making a backup file QuickBooks 2019 will copy the current data file into a compressed backup. The QuickBooks backup file file cannot be run, but must be restored. It is important to note that a backup file can only be restored to a version of QuickBooks that is the same year or a later year. For example, a QuickBooks 2019 backup file cannot be restored to QuickBooks 2017 software but a QuickBooks 2017 backup file can be restored to QuickBooks 2019 software.
For more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Unearned Revenue Adjusting Entry – QuickBooks Desktop 2019

QuickBOoks Pro 2019 – QuickBooks Desktop 2019 unearned revenue adjusting entry covers the the adjusting entry for cash received but for which revenue has not yet been earned into the accounting software. When entering adjusting entries into accounting software we usually us the general journal but we will use Quickbooks 2019’s register feature to reduce the need for knowing debits and credits. The unearned revenue adjustment will be a bit different then theory textbooks because of the the QuickBooks 2019 track prepayments, the accounting software tracking prepayments as negative receivables rather then liabilities. This system works great because it allows QuickBooks 2019 to match prepayments with invoiced created later but it produces reports that are not in conformity with GAAP principles. To fix the problem we will make an adjusting entry increaseing accounts receivable for the deposit and increasing the liability account called unearned revenue.
For more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Invoice or Accounts Receivable Adjusting Entry u

QuickBooks Pro 2019 – QuickBooks Desktop 2019 Invoice Adjusting Entry will cover the entry of an adjusting entry for an invoice that was dated past the cut off date. In other words, an invoice was entered in the QuickBOoks pro 2019 system in the month of March when the work was actually done in February. This is common in many companies because it may have taken time to process the information needed to fill out the invoice. Under the revenue recognition principle however, we need to record the revenue when earned, in this case in February. To do this we will recreate the transaction QuickBooks 2019 generates when making an invoice on February 28th. In order to enter this into the accounting software we will need to understand the journal entry QUickBooks 2019 creates when making an invoice and then recreate the entry without making another invoice. Traditionally adjusting entries are done with the genearl journal feature of the accounting software. We will use QuickBooks 2019’s register feature to eliminate the need to understand debits and credits. Form more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Enter Loan Payments From Amortization Table

Enter principle deduction and related interest for loan payments on an installment note in QuickBooks Pro 2019. We will first generate an amortization table. The amortization table is often not given in a loan agreement but is needed to break out interest and principal portions of a loan. The payments of most installment agreement will be the same each period but the allocation of interest expense and principal will very. We will also talk about other options for entering the loan payment into QuickBooks and making adjusting entries at the end of the accounting period. Once we have created the amortization table we will enter the first two payment into QuickBooks. We will enter the first payment into the check register using the split option to enter multiple accounts. We will enter the second payment into the check form. We will then check the financial statements. We will see cash going down for the amounts paid, interest expense going up but not being the same for the two payments and the loan balance going down but not by the same amount for the two payments. We will then check that the loan balance in QuickBooks matches the balance on the amortization schedule.
For more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Pay Employees u

Pay employees using QuickBooks Pro 2019. To pay employees in QuickBOoks PRo 2019 we need to have one of the payroll option set up in the accounting system. For options on how to set up payroll see a prior presentation. We are using the manual payroll option which is a great tool for learning payroll and how to enter data in the accounting software. One payroll is set up we will typically see three icons in the employee section of the home page. We will select the middle icon when paying employees. Weill want to make sure the dates are correct. There are two dates to consider when entering payroll into QuickBooks. We need the pay period end date and we need the check date. These two dates may be the same day but we often write actual check after the pay period has ended. We will then analyze each employees wages and witholdings, manually entering withholdings like federal income tax FIT, social security, and Medicare, the FICA taxes. We will also manually enter the employer taxes. We will print the pay checks and then to to the check register to analyze the printed pay checks. We will then look at the financial statement to see the effect of processing payroll on the balance sheet and income statement or profit and loss. Processing payroll will increase payroll expense increase payroll liability and decrease cash. for more accounting and QuickBooks information see accounting website.


QuickBooks Pro 2019 Inventory Tracking Options

Inventory tracking options for QuickBooks Pro 2019. There are many different ways to track inventory using accounting software like QuickBooks Pro 2019. We can enter the inventory into the system and QuickBooks can help us track the inventory. QuickBooks will increase inventory when we purchase and record the decrease when we sell the inventory as well as the related expense in the form of cost of goods sold. Entering inventory into QuickBooks in this way would be using a perpetual inventory system. We could also use a periodic inventory system. We could track the inventory in some other format, such as an Excel sheet and only record the purchase of inventory and not reduce inventory with each sale. Instead we can count the inventory at the end of the day, week, or month and then make periodic adjustments, reducing inventory to our count and recording the related expense on a periodic basis. Finally, if we do not hold a lot of inventory we could just expense the inventory at the time of purchase rather then at the time of sale or on a periodic basis, this method not being proper accrual accounting but is a simple method that could provide the information we need.
For more accounting and QuickBooks information see accounting website.


QuickBooks Desktop Vs QuickBooks Online – 2019

QuickBooks Desktop vs. QuickBooks online will discuss some of the pros and cons between the two major QuickBooks categories. When choosing accounting software there are many options. If we have narrowed down the field to QuickBooks we need to keep narrowing. QuickBooks has two major categories, QuickBooks Online and QuickBooks Desktop. Within each category we have more options to consider.
Many of the differences between the two QuickBooks software packages stem from one being cloud based and one being installed on the computer. QuickBooks Desktop has a one time fee while QuickBooks online is paid with a subscription. QuickBooks Pro can handle multiple user with one QuickBooks program while we wee to set up new accounts for each new company when using QuickBooks Online. QuickBooks Desktop allows for static backups to be made while QhiclBooks online is stored on the Intuit servers. The look and feel of the two QuickBooks packages are much different.
For more accounting and QuickBooks information see accounting website.