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2012
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An overview of the QuickBooks product line
Some of the basic principles of accounting The accounting behind the scenes in
QuickBooks An overview of QuickBooks data files and
types Opening Portable Files How to restore backup files Entering Transactions in QuickBooks QuickBooks user interface features About QuickBooks help and support
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Online Edition Pro
Premier and Enterprise◦ Accountant◦ Contractor◦ Nonprofit◦ Manufacturing &
Wholesale◦ Professional Services◦ Retail
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Patches provided by Intuit Fixes problems with earlier release To verify the release level, press Ctrl+1 (or
F2) while QuickBooks is running
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To assess: ◦ The financial position of the organization relative
to its debts (liabilities)◦ Its capabilities to satisfy those debts and continue
operations (assets), and ◦ The difference between liabilities and assets (net
worth or equity) The Accounting Equation,
Assets = Liabilities + Equity
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Business transactions are recorded in several types of ledgers, called accounts
The summary of all transactions is called the General Ledger
A listing of every account is called the Chart of Accounts.
Each account has a type (i.e., asset, liability, equity, income, or expense)
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Primarily five account types:1. Asset2. Liability3. Equity4. Income5. Expense
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Total debits must always equal total credits◦ Debits = Credits
Double Entry Accounting◦ Every transaction creates a debit in one or more
accounts and a credit in one or more accounts. A debit might increase or decrease an
account; the same is true of credits◦ Depending on the type of account◦ Debits are not always “bad” and credits are not
always “good”
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Transactions are entered in forms ◦ Invoices, Bills and Checks
QuickBooks handles the debits and credits
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The accrual basis method ◦ Revenues and expenses are recognized when the
transaction occurs The cash basis method
◦ Revenues and expenses are recognized when the cash changes hands
With QuickBooks, you can create reports for either method
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Fictitious sample company used in the text book
A photo studio and retail corporation A service and a merchandising company Has two locations, one in San Jose and
Walnut Creek
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QuickBooks has three primary types of files: Data files (extension “.QBW”)
◦ To enter data or create reports Backup files (extension “.QBB”)
◦ A condensed, stable version of the data file◦ Restore into a .QBW file before using
Portable files (extension “.QBM”)◦ Very condensed◦ To move your QuickBooks data to another
computer◦ Restore into a .QBW file before using
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Launch the QuickBooks program Previously opened data file will be opened To open a different file, select the File menu
and then select Open or Restore Company
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Main reasons for restoring backup files in QuickBooks to recover damaged or lost data files
Restoring does not add information to your file
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Launch QuickBooks
File menu > Open or Restore Company
Follow on screen directions
New “.QBW” file
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Ensures safety of your data file Online backup safer than local To create a backup, select the File Menu
and then choose Backup Scheduled backups
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Forms Lists Accounts Registers Items Calendar
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There are various methods for entering information and transactions: ◦Home Page◦Centers◦Snapshots◦Icon Bar
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MenusIcon Bar
Home Page
Home Page
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Common tasks are shown as icons. Five regions
◦ Customers◦ Vendors◦ Employees◦ Company◦ Banking
Account Balances
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Select activities Can be customized.
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Variety of support resources To access the support resources, select the
Help menu and then select QuickBooks Help
QuickBooks Learning Center
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An overview of the QuickBooks product line
Some of the basic principles of accounting The accounting behind the scenes in
QuickBooks An overview of QuickBooks data files and
types Opening Portable Files How to restore backup files Entering Transactions in QuickBooks QuickBooks user interface features About QuickBooks help and support