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QuickBooks 2012 Accounts Receivable and Inventory Reports

A good accounting system such as QuickBooks 2012 produces most popular or useful reports. For example, one very common report or financial statement is a list of the amounts that your customers owe you [more…]

Principles of Accounting for Working with QuickBooks 2012

Accounting rests on a rather small set of fundamental assumptions and principles, which you need to understand when working with QuickBooks 2012. People often refer to these fundamentals as [more…]

Assumptions of Accounting for Working with QuickBooks 2012

There are principles and assumptions that underlie business accounting and that you need to understand when working with QuickBooks 2012. It’s no exaggeration to say that they permeate almost everything [more…]

The Fiddle-Faddle Method of Accounting

The work of preparing financial statements — called accounting or bookkeeping — requires either a whole bunch of fiddle-faddling with numbers or learning how to use double-entry bookkeeping. To produce [more…]

The Accounting Model of Double-Entry Accounting

Here’s the first thing to understand and internalize in order to use double-entry bookkeeping with QuickBooks 2012: Modern accounting uses an accounting model that says assets equal liabilities plus owner’s [more…]

Mechanics of Double-Entry Bookkeeping

With double-entry bookkeeping, you can calculate the account balance for any account by taking the starting account balance and then adding the debits and credits that have occurred since then. By hand [more…]

A Few Words about How QuickBooks 2012 Works

QuickBooks 2012 makes most of the journal entries for you. For example, when you use QuickBooks to record a $1,000 check that pays Acme Supplies for some paper products that you purchased, QuickBooks automatically [more…]

How to Record a Sale or Payment

In order to use QuickBooks 2012, you must understand how to record payments. Accounting principles state that sales revenue needs to be recognized when a sale is made. And that the sale is made when a [more…]

How to Estimate Bad Debt Expense

One other important journal entry you need to understand to get the most out of QuickBooks 2012 when working with accounts receivable is how to estimate bad debt expense. [more…]

How to Remove Uncollectible Accounts Receivable

Regardless of your accounting method or program, whether you're using QuickBooks 2012 or some other program, you will have to clean up your records. If you do set up an allowance for uncollectible accounts [more…]

How to Record Accounts Payable Transactions

Within QuickBooks 2012, you have the option of either working with or without an accounts payable account. If you want to, you can record expenses when you write checks. This means that in order to have [more…]

Inventory Accounting with QuickBooks 2012

Thankfully, most of the inventory accounting that goes on in a business gets handled automatically by QuickBooks 2012. For example, when you purchase an inventory item by writing a check or recording an [more…]

How to Deal with Obsolete Inventory

Obsolete inventory refers to items that you’ve purchased for sale but turn out not to be saleable. Within QuickBooks 2012, you record inventory disposal by adjusting the physical item count of the inventory [more…]

How to Deal with Inventory Shrinkage

A chronic inventory headache that many business owners and business managers have to deal with is inventory shrinkage. QuickBooks 2012 can help you deal with this problem. It’s very likely, sometimes for [more…]

How to Record the Purchase of a Fixed Asset

Fixed assets are those items that you can’t immediately count as an expense when purchased. QuickBooks 2012 can help you record and track your fixed asset purchases. Fixed assets include such things as [more…]

How to Dealing with Depreciation in QuickBooks 2012

Depreciation is an accounting gimmick to recognize the expense of using a fixed asset over a period of time. QuickBooks 2012 can help you record depreciation expenses. [more…]

How to Dispose of a Fixed Asset in QuickBooks 2012

One wrinkle of fixed asset accounting concerns disposal of a fixed asset for a gain or for a loss, but QuickBooks 2012 can help you with this problem. When you ultimately sell a fixed asset or trade it [more…]

How to Record Borrowed Money in QuickBooks 2012

Liabilities, such as borrowed money, aren’t that tricky to record in QuickBooks 2012 after you’ve seen how the journal entries look. The following table, for example, shows how you record money borrowed [more…]

How to Record a Loan Payment in QuickBooks 2012

To record the payment on a loan, you or QuickBooks 2012 makes a journal entry like the one shown in the following table. For example, suppose that in connection with the loan shown in Journal Entry 13, [more…]

How to Record Accrued Liabilities with QuickBooks 2012

Very commonly, a business owes money for some goods or services or taxes that must be recorded in the accounting system; QuickBooks 2012 can help you do that. For example, if at the end of an accounting [more…]

Close Out Revenue and Expense Accounts in QuickBooks 2012

What happens to revenue and expense accounts at the end of the year? Traditional manual accounting systems and QuickBooks 2012 work differently, and you'll need to adjust accordingly. [more…]

Set Time & Expenses Preferences in QuickBooks 2012

To turn on time tracking within QuickBooks 2012, select Do You Track Time? by selecting the Yes radio button in the Company Preferences tab for the Time & Expenses Preferences set. You can also use the [more…]

Plan Your New QuickBooks 2012 System

If you understand a couple of big picture items — what accounting does and what accounting systems do — from the very start, you’ll find that the QuickBooks 2012 Setup process makes a whole lot more sense [more…]

How to Install QuickBooks 2012

You install QuickBooks 2012 in the same way that you install any application program. And how you install an application program depends on which version of Microsoft Windows you’re using. In general, [more…]

How to Deal with the QuickBooks 2012 Pre-Setup Jitters

After you install QuickBooks 2012, you run an on-screen wizard to set up QuickBooks for your firm’s accounting. Cleverly, this on-screen wizard is called the QuickBooks Setup. [more…]

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