QuickBooks: Setting up and Trouble Shooting

QuickBooks ItemsA Deep Dive into Setup and TroubleshootingPresented by: Laura MadeiraOwner, American Computer Staffing, Inc.Plano, Texas

Laura Madeira

American Computer Staffing, Inc. – OwnerPlano, Texas

QuickBooks Enterprise Solutions Provider

QuickBooks Advanced Certified ProAdvisor

Advanced Trainer, Intuit ATN Network

Member, Speakers BureauBachelors of Accounting, Florida Atlantic

UniversityAuthor, QuickBooks 2008 Solutions Guide,

published by QUE

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www.quick-training.com

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Session Objective: Enjoy

•You’ll learn more about Items in QuickBooks!

•We will be working in the data today, very little PowerPoint

•So relax and have fun in this class….

Let’s Get Started!

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Agenda

Understanding QuickBooks Lists and their Purposes

Review of the Theory Behind the Use of Items

Product Demonstration

–Using Excel to Import Products and Services

–Managing Price Changes Globally

–Troubleshooting and Fixing Item Setup

Plus Bonus Industry Specific Demonstration!

Notes and Navigation

• Demo - QuickBooks Premier: Accountant Edition 8.0

• Corrections assume that you are using a working file or a file with a .QBW file extension

• Navigation choice differs by user; today we will navigate from the Menu Bar

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Agenda

Understanding QuickBooks Lists and their Purposes

Review of the Theory Behind the Use of Items

Product Demonstration– Using Excel to Import Products and Services–Managing Price Changes Globally

– Troubleshooting and Fixing Item Setup

Plus Bonus Industry Specific Demonstration!

Understanding QuickBooks Lists

Chart of Accounts – Income– Cost of Goods Sold– Expenses– Other Income/Expenses

Classes– East Coast Office– West Coast Office

These are just examples…

Items– Floor Plans– Framing– Electrical– Subcontracted Labor

Customer or Job Types– Commercial– Residential– Government

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Chart of Accounts vs. Items

Items

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•Can’t see the “Forest through the trees”!

•Example of overuse of Chart of Accounts

Chart of Accounts

Chart of Accounts vs. Items

• Items compliment the Chart of Accounts

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•Make management decisions based on summary or detail

Chart of Accounts

Items

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Agenda

Understanding QuickBooks Lists and their Purposes

Review of the Theory Behind the Use of Items

Product Demonstration– Using Excel to Import Products and Services–Managing Price Changes Globally

– Troubleshooting and Fixing Item Setup

Plus Bonus Industry Specific Demonstration!

Theory Behind the Use of Items

• QuickBooks forms require the use of Items

-Purchase Order Form

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– Customer Invoice Form

Theory Behind the Use of Items

• Improved accounting accuracy when using Items– Ability to pre-define the accounting result– Eliminates question of “where should this be posted?”

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Theory Behind the Use of Items

• QuickBooks Job and Item Reports Depend on the use Items– Job Profitability Summary and Detail– Item Profitability Reports

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QuickBooks Reports dependant on Items:

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More reporting with items

Item Types a Brief Review

• Service

– Purchase/Sale of Services

• Inventory

– Stock held then later sold

• Inventory Assembly– BOM of materials for one finished

product held as stock

• Non-Inventory

– Drop-shipped products

• Other Charge

– Freight, special charges, etc.

• Subtotal

– Used to total items on sales forms

• Group– Multiple items but NOT tracked as a

finished product

• Discount

– Used on sales forms

• Payment– Alternate method of recording

customer payments

• Sales Tax Item

– For collecting and reporting sales tax

• Sales Tax Group

– For grouping multiple tax entities

More Item Types…Lists….

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Additional List Items

• Payroll Items List– Used to control payroll deductions and additions

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Additional List Items

• Fixed Asset Items List– Track purchase and sale of capitalized equipment

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Agenda

Understanding QuickBooks Lists and their Purposes

Review of the Theory Behind the Use of Items

Product Demonstration

– Using Excel to Import Products and Services

–Managing Price Changes Globally

– Troubleshooting and Fixing Item Setup

Plus Bonus Industry Specific Demonstration!

Why Import Items into QuickBooks?

• Initial software setup, entering multiple items easily

•Converting from another software

•Updating list “type” or “account” and re-import

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Saves Time !

Method #1 – Import “Products I Sell”

File – Utilities – Import - Excel

Advantages• Easy format to type into• Automated import directly

from excel worksheet

Disadvantages• All items are assigned either

Inventory or Non-inventory (account)• Cannot auto enter other

critical information easily

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Method #1 – Import “Products I Sell” cont.

•Easy, yes. But not my personal favorite

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Method #2 – Import IIF FilesFile – Utilities – Import – IIF Files

Advantages• Can specify multiple fields for import• Can import and assign types to items

Disadvantages• Difficult format for editing• Import can be tedious

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Method #3 – Import – Advanced Import

File – Utilities – Import - Excel

Advantages• Easy format to type into• Can save “mappings” for

future use

Disadvantages• Don’t have access to “all”

item fields –

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Bonus Material

Specific IndustriesSpecific Industries

•Construction–Unique considerations–Use Item Groups effectively

•Retail–Daily Sales Summary–Tracking Profitability by

Item

•Construction–Unique considerations–Use Item Groups effectively

•Retail–Daily Sales Summary–Tracking Profitability by

Item

Case StudyCase Study

•Negative Inventory–Step by Step Demonstration

•Negative Inventory–Step by Step Demonstration

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Time Permitting….

Q A&

Thanks for Attending!info@quick-training.com

www.quick-training.com