Your Guide to Quickbooks 2013

Posted by LearningHouse on March 04, 2014  /   Posted in Business News

If you are interested in pursuing an online accounting degree, chances are you’ve heard of Quickbooks. This set of software solutions for bookkeeping combines a variety of accounting processes into one user-friendly system. It is designed to manage payroll, inventory, sales and other small business needs and features tools, product and supplies, merchant services and training solutions. Quickbooks was developed in order to streamline accounting and lessen the use of multiple tables, spreadsheets and tracking sheets that are often used to maintain and document the various accounting tasks within a company. It can also make doing a company’s taxes much simpler. Because Quickbooks is one of the top accounting softwares in the industry, it is important that accounting students and professionals have a working knowledge of how to navigate the program and effectively make use of its tools and shortcuts.

At Brescia University, we understand that both traditional and online students need access to the latest information and developments in their fields of study. That’s why we’ve put together this guide to Quickbooks 2013. Though the software simplifies many accounting processes into one system, it can still be somewhat confusing or overwhelming to grasp as a beginner. Read on for tips and tricks to getting started.

Review the Quickbooks Basics

Before you do anything else, it is important to get familiar with the software itself. To do this, spend some time in the “Getting Started” tab. There are several tutorial options to choose from, and these mini lessons will introduce you to the basics of how Quickbooks works. For example, Quickbooks classifies revenue as “Money In” and expenses as “Money Out.” These two classifications of funds are mapped through a money flow chart called “Getting Around.”

Change Your Password

Security is essential when you are dealing with a company’s finances, so changing the passwords is important before you start entering your financial information. To do this, go to the “Change Password” tab in the “Your Account” section and create a unique password. It’s also a good idea to change all the passwords that Quickbooks stores (online banking IDs, etc.) every quarter.

Business and Customer Information

The next step is to go to the “Preferences” link in the “Company” tab to enter your company’s financial details. The most important items are business structure, tax ID number, reporting forms and reporting calendar. Then begin entering client information. Aside from the basics like name, address and email, it is important to enter the “Payment Method” information. Check with your customers to determine how they plan to pay their bills and set the options as needed.

Vendor and Employee Information

Go to the “Vendors” and “Employees” tabs. Enter the contact information for the individuals who work for you and sell to you. It isn’t usually necessary to provide every detail that Quickbooks prompts you to. Instead, stick to what you know you’ll need. Confirm these entries by generating a report with the “Report” button.

Money Flow

This is when you actually start using Quickbooks software. Find the “Banking” tab and use the basic reporting options to track the money you make, as well as your business’s costs. Use the “Write Checks” tab and manage your costs and sales in the “Expense” and “Deposit” headings. You can also use the “Manage Users” screen to add users and to view activity reports to show who has done what within the account.

Your First Profit and Loss Report

To determine how much money your business makes, focus on the “Profit and Loss” report under the “Reports” tab. This adds up what you made and then subtracts the costs incurred, all based on what data you entered in Quickbooks. This report helps you gauge the amount of money you’ll need to pay taxes on profit as well.

Customize and Add Features

Once you have learned how to complete tasks like invoicing, expense monitoring, sales tracking and computing profit and loss, you can start adding other features that may be useful to your company. This might include creating a balance sheet or reviewing your cash flow statements. There are also mobile Quickbooks apps for both Android and iPhone that allow you to use most of the basic Quickbooks features from a mobile device.

Accounting at Brescia

The Bachelor of Science in Accounting degree from Brescia University is offered completely online and prepares students with the knowledge and skills needed for success in the accounting field. The accounting program at Brescia combines a solid foundation of business classes with specialized accounting knowledge. An online degree in accounting can help you be successful in a variety of careers. Accountants are employed by all types of businesses and can also work privately as certified public accountants (CPAs) with additional hours and certification. If you are detail-oriented and organized, a career in accounting may be right for you.

Brescia’s accounting degree features a total of 128 credit hours and we gladly accept transfer credits from regionally accredited higher-learning institutions. For more information on requirements and admissions, visit our Online Programs page.