Vaishali K
Marketing Professional
Project & Program Manager
August 27, 2015

Have you ever wanted to expand your knowledge in the world of accounting software?

This is how my interest aroused…

Product knowledge is very critical for product marketing and product management professionals. I thought of focusing my energy on studying different products in the market. As I was doing my research, I stumbled across the brilliant QuickBooks course offered at NOVA job center. I immediately enrolled for it. After extensive hands-on training, felt like I gained broad knowledge and could apply my Financial Management concepts learnt during my MBA.

I am writing this blog immediately after finishing my 14 hours of hands-on training on QuickBooks.

The best way to share what I learnt is to write a blog of few important concepts I learnt in this course.

So here we go…

  1. The two important bookkeeping methods used to create most reports in QuickBooks is: Cash or Accurral basis accounting.
  2. The five common accounts for all business are: Assets, Liabilities, Owner’s Equity, Income and Expense.
  3. You create a Company the output is get is Chart of Accounts
  4. The Chart of Accounts does not have Vendor Records
  5. Accounts Payable is an Asset and Accounts Receivable is a Liability
  6. Capital Investment, Retained Earnings and Draws are tracked through Equity account
  7. The two types of Inventory used in Quick Books are: Inventory Part and Non-Inventory Item
  8. Products you sell will appear on the Item List
  9. You should have inventory of items before you can sell them
  10. If the physical/actual inventory is less than the inventory documented in QuickBooks then, adjust the quantity using the Adjust Quantity/Value in Hand option
  11. Receive Ordered Items increases the inventory stock balance (Pay Bills and Create Purchase Order does not increase stock balance)
  12. Customer => New Customer is the way to setup New Customer in QuickBooks
  13. The Customer Type information is listed in the Additional Info tab
  14. Vendor => New Vendor is the way to setup New Vendor in QuickBooks
  15. The payment terms for the vendors are added in the Payment Setting tab
  16. Create Invoices is the method used to record sale of items on credit
  17. You generate Accounts Receivable every time you record a sale on credit
  18. Customer => Enter Sales Receipt is used to record the sale of items paid upfront
  19. The Undeposited Funds account acts like a “cash drawer” and is used to hold funds until you deposit them into bank account
  20. Receive Items is the option you will use when the vendors deliver the items you ordered but it did not come with a bill
  21. Purchase Item does affect the Balance Sheet or Income Statement
  22. Banking => Make deposits and Use Register are the two methods use to record deposit transactions to a bank account
  23. Banking => Write Checks and Vendor => Pay Bills are the two methods used to record payment transactions made to vendors and debtors
  24. Employee => New Employee is the way add New Employee
  25. Payroll Info is the tab used to add Employee pay rate
  26. Taxes is the place to enter filing status and allowances claimed by the employee in QuickBook payroll
  27. Timesheet is the way to enter hours worked for an employee
  28. Payroll schedules are required to run payroll in QuickBooks
  29. Payroll schedules help to group employees with the same pay frequency
  30. Payroll Liabilities and Payroll Taxes are linked with the Payroll items
  31. Price Level List is the process used in Quick Books to temporarily change the price of the items without changing the base price
  32. Profit and Loss Statement report is a financial statement reporting the revenues and expenses of a business for a specific accounting period
  33. Balance Sheet report is a financial statement reporting in detail the assets, liabilities, and equities of a business as of a certain date
  34. Timesheet is a document that shows the time spent by one person doing number of activities for any number of jobs within a seven-day period
  35. Payroll liabilities are created when payroll taxes are withheld from an employee’s paycheck

I am sure I will be frequently returning to this page as it is area of my interest to deal with financial numbers and hope it was helpful to you as well.

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