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Quickbooks

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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…]

Begin to Run the QuickBooks 2012 Setup

After you install the QuickBooks 2012 program, the installation program may start QuickBooks automatically and then start the QuickBooks Setup. You can also start the QuickBooks Setup by starting the QuickBooks [more…]

Set Your Start Date during QuickBooks 2012 EasyStep Interview

One of the big question you are asked during QuickBooks 2012's EasyStep Interview is about the conversion date. Perhaps the key decision that you make in setting up any accounting system is the day on [more…]

Review the Suggested Chart of Accounts in the QuickBooks 2012 EasyStep Interview

At the very end of QuickBooks 2012's EasyStep Interview and based on the information that you supply about your type of industry and the tax return form that you file with the IRS, QuickBooks suggests [more…]

Add Information to the Company File during QuickBooks 2012's Setup

No matter whether you use the Express Start method of creating a company file or the Advanced Setup/EasyStep Interview method, after you and QuickBooks 2012 set up the company file, QuickBooks prompts [more…]

Identify the Starting Trial Balance during QuickBooks 2012 Setup

Regardless of whether you use the Express Start version or Advanced Setup/EasyStep Interview version of the QuickBooks Setup process, you don't actually get a complete trial balance into the QuickBooks [more…]

How to Set Up the QuickBooks 2012 Chart of Accounts List

The Chart of Accounts List in QuickBooks 2012 is a list of accounts that you use to categorize your income, expense, assets, liabilities, and owner’s equity amounts. If you want to see a particular line [more…]

How to Set Up a Payroll Item List in QuickBooks 2012

The Payroll Item List in QuickBooks 2012 identifies items that appear on employee payroll check stubs. If you’re using an outside payroll service bureau to handle your payroll — and this isn’t a bad idea [more…]

How to Set Up Classes in QuickBooks 2012

QuickBooks 2012 lets you use classes to segregate or track financial data in ways that aren’t possible by using other bits of accounting information, such as the account number, the customer, the sales [more…]

How to Set Up a Customer List in QuickBooks 2012

A Customer List in QuickBooks 2012 keeps track of all your customers and your customer information. For example, the Customer List keeps track of billing addresses and shipping addresses for customers. [more…]

How to Set Up the QuickBooks 2012 Vendor List

Just as you use a Customer List to keep records on all your customers, you use a Vendor List in QuickBooks 2012 to keep records on your vendors. Like a Customer List, a Vendor List lets you collect and [more…]

Set Up a Fixed Assets List in QuickBooks 2012

If you choose the Lists→Fixed Asset Item List command, QuickBooks 2012 displays the Fixed Asset Item List window. You can use this window to see a list of the fixed assets — furniture, equipment, machinery [more…]

Set Up a Price Level List in QuickBooks 2012

You can use QuickBooks 2012 to set up a price level list. A price level changes the sales price up or down when you do things like invoice. For example, you might create a price level that amounts to a [more…]

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