Welcome to qbaccountingservice.com +1 (850) 523-5197, This QuickBooks Tutorial is for Non Accountants, WE mean to say You can fix your quickbooks errors by yourself, just you need to know some basic.

In this presentation we will go over an outline of the surface we provide going over the broad steps that we would go over, that we would go through with a customer file as we enter the data into the QuickBooks system and provide the reports from it for more accounting information and qb accounting services.

We are proposing a cash basis bookkeeping system and what we are doing here is just entering transactions based on the bank statement, so what we will do is get the bank statement in some format from the client, or if it is our own books we will have

What is Bookkeeping in QuickBooks Accounting

Cash basis bookkeeping system and what we will be doing here is just entering

transactions based on the bank statement so what we will do is get the bank statement in some format from the client or if It is our own books we will have the bank statement they will be provided typically at the end of the month but not always at the end of the month depends on the bank that we are using but will typically have at the end of each month and it will have a definite ending time period so we will then have definite transactions that will stop at the beginning or start at the beginning and stop at the end of a definite time period and we can then take those transactions and enter that into our system we are going to reconcile the bank statements once we do so the reconciliation process isn’t going to give us as much verification as it would for a full service bookkeeping process.

We won’t have outstanding checks and deposits but it will give us verification that we have entered this information into the system correctly so our normal process will be we get the bank statements from the customers those are directly from the bank we enter that those bank statements data deposits an checks directly into the system which would be a cash basis process and then

.Reconciliation in QuickBooks Accounting :

We reconcile the bank statements in the QuickBooks accounting to better verify that we don’t have a data entry error as we have entered the data will now go through the process of entering the data for a new customer so if we had a new client and we are just going to start This process of entering the data we would first then start a new QuickBooks provide the reports from it for more accounting information and accounting courses visit our website at accounting instruction dot info we are proposing a cash basis bookkeeping system and what we are doing here is just entering transactions based on the bank statement so what we will do is get the bank statement in some format from the client or if It is our own books we will have the bank statement they will be provided typically at the end of the month but not always at the end of the month depends on the bank that we are using but will typically have at the end of each month and it will have a definite ending time period so we will then have definite transactions that will stop at the beginning or start at the beginning and stop at the end of a definite time period and we can then take those transactions and enter that into our system we are going to reconcile the bank statements.

The
reconciliation process isn’t going to give us as much verification as it would for a full service bookkeeping process because we won’t have outstanding checks and deposits but it will give us verification that we have entered this information into the system correctly so our normal process will be we get the bank statements from the customers those are directly from the bank we enter that those bank statements data deposits and checks directly into the system which would be a cash basis process and then

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System will typically start with the first month the starting of a new QuickBooks file we will then create a chart of accounts based on the industry within QuickBooks. We are then going to enter the transactions each month from the bank statement so we will get the bank statement from the customer use that or the client and use that to enter into QuickBooks that deposits and all the checks and outflows and inflows then we will reconcile in the checking account in the QuickBooks system to provide assurance then we will provide monthly reports to the client let’s break out out in a little bit more detail so first we will start the new company file so once we actually have an agreement and we have the we know what we are going to do with the client we’ve agreed to do work for the client.

 Starting a new company file within QuickBooks

We are going to use QuickBooks Pro in order to do that typically the reason being is because QuickBooks pro allows us to have multiple files made in QuickBooks desktop versus the online will allow us to have multiple client files so if we are working with multiple clients it might be cheaper and easier, If you do not want to Our Quickbooks Accounting Service Team is there.

to use the desktop version and it doesn’t even have to be the modern or most current version in order to enter this data the whatever QuickBooks version we have in order to enter the data in the system we are proposing older versions should be sufficient in order to do that there are some qualifications

and things we need to be careful of when using older software.

so we want to discuss those items and we will look at those a little bit later but just note that the desktop version allows us to just have the software on our desktop and start a new company file for any new

company so just the client name is needed so that what we are going to enter into the data we don’t really need a lot of detail on this format because what

  • ü  we are really doing is trying to give information compile the information from
  • ü  the bank statements in a way that’s relevant typically for an income
  • ü  statement so we don’t need a lot of data in order to create the company file we
  • ü  can get started get rolling with just the client name and the industry we need
  • ü  to have the industry because that will help us to generate the chart of account
  • ü  next thing we will do is create the chart of accounts based on the industry now

I’m going to say created but really the system does this for us meaning once we

choose the type of industry that they are in if they say that they are in a

particular industry of some kind of like a medical industry or service industry

or some type of industry that has the inventory in it

QuickBooks and  the Chart of Accounts

 

And it will give us these accounts and it will actually assign the account types and so even if we

don’t really know how the account types work or why they are assigned in this

format if we just stick to the chart of accounts that is given to us then those

are usually kind of the defaults for that industry and most of the

transactions that we will have then will fall in to these defaults so what we

want to do going forward then is pick the correct industry once done we can

enter a lot of the data and just use these accounts and not have to worry

about setting up other accounts and knowing which type of account they

should be as we go through the practice problem we will discuss some how to create

accounts and when we might need to create accounts what the account types

are and how these things are ordered and how they are used to make the financial

statements note that we will need to make some changes to the chart of

accounts including possibly making at the bank statement but for the most part

this is all we really need to get going so once we entered the new company file

we have the new company file.

We need to make sure that we store the new company

file in the proper place we will talk about that as we go through the example

problem and then once we have the chart of accounts we are really ready at that

point to actually

Entering data is the next step in QuickBooks Accounting

 We are going to get the bank statement from the customer now customers may try to give us like a bank feed or just a list of transactions and this type of thing remember that we

really want the bank statement to have the this.set beginning date and a set

ending date we will talk more about this as we go through the example problem but

we should be able to get the bank statements in some format whether it be

a PDF format or some other format that we are going to get this information from

and we can then just use that to enter into the QuickBooks system now we could

talk about other we will talk a little bit about other ways we could do this other

than manually we can have a bank feeds for example or we can download files and

enter it into the system but in essence if there’s not that many transactions

even if we just entered directly into the register as we will do with the example here shouldn’t be too

difficult a process and we still have really no matter how we upload the data

we are still going to have the same type of issues of applying that data

correctly and that usually is most difficult in the first month meaning

even if we have a bank feed and we get the data downloaded or we use some other

way to upload the data once It is in the system the real problem is to allocate

it to the proper accounts and we are still going to need to do that no matter

what system we use especially when we first start out and start up and set up

the system once we’ve entered all of our information into the system and we will do

so with like a bank register format we will just enter it directly into the

register so even though we will do it with a data entry process we will just actually

enter the data it should go fairly quickly because we are just going to enter

it directly into a register

Reconciliation How Many Times in QuickBooks

Then we will do the bank reconciliation and that will

just be one more comparison reconciling our books to the banks books and that

because we just entered it directly from the bank it should be vary it should be

completely the same unless we made some

kind of error in the data input which is

common so the bank reconciliations still

necessary because it will help us to create and make and fix any errors any

problems that we had within the data input process then we can provide the

financial statement reports so what QuickBooks of course we will be doing then

is compiling this information grouping it together based on the chart of

accounts and then be able to generate

·         reports the main reports that we will be

  • ·         generating are the balance sheet and the
  • ·         profit loss or income statement if we are
  • ·         doing this for smaller clients It is very
  • ·         likely that they really want this
  • ·         compiling to happen for the profit and
  • ·         loss the income statement because that’s
  • ·         what’s going to be used at the end of
  • ·         the year to help do their end of your
  • ·         information including tax information in
  • ·         any other kind of you are in planning
  • ·         they need well they will need the profit
  • ·         loss or income statement to do at least
  • ·         the taxes the balance sheet is the other
  • ·         major statement which will be the point
  • ·         in time and It is necessary It is useful
  • ·         to have that It is useful to enter this
  • ·         information in and know the balance
  • ·         sheet as we have here because that will
  • ·         give us the balance sheet is really the
  • ·         accounting system in process so note
  • ·         that a lot of small customers small a
  • ·         lot of small businesses just kind of put
  • ·         their income statement together like on

The flyer without any kind of system.

they just put it together without any reconciling item without any accounting service or

equation or debits and credits a double entry accounting system and so what

we are really doing here is taking the bank statement information and providing

kind of that double check by having a double entry accounting system the

balance sheet basically be in it assets equal liabilities plus equity gives us

some assurance then that the information has been entered in an appropriate way.

and we have the added assurance that It is been entered appropriately because

we reconciled double checked it to the bank again most a lot of small

businesses when they just put together an income statement for the end of the

year don’t have any kind of assurance like that they don’t really understand

they dont really feel too confident about the numbers that they are

putting together and there’s no double entry accounting system that helps with that assurance and there’s no reconciliation process that at least

gives some assurance that the numbers on the bank statement tie out to the

numbers that were put into the into their accounting system so that would be

the normal process that we would be looking for now note there could be some variations to that process that would still fit well within our system,

 for example It is quite possible we enter multiple months at one time quite

possible that at the end of the year we pick up more clients that of course It is getting close to tax season and they don’t have their books set up.