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QuickBooks 2012 In Depth

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QuickBooks 2012 In Depth

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  • Copyright 2013
  • Edition: 1st
  • eBook (Watermarked)
  • ISBN-10: 0-13-293980-0
  • ISBN-13: 978-0-13-293980-5

Do more in less time!

Whether you’re an entrepreneur, accountant, or bookkeeper, this comprehensive guide will help you get the most out of QuickBooks 2012: more productivity, more business knowledge, and more value! Drawing on her unsurpassed QuickBooks consulting experience, Laura Madeira delivers step-by-step guides and practical checklists for taking total control over business finances, and improving everything from planning to reporting, payroll to invoicing!

•   Create new files; convert from other software; and set up users, permissions, and preferences

•   Master all the essentials of financial reporting

•   Understand QuickBooks lists: from the chart of accounts, items, classes and more

•   Set up and manage inventory, vendors, customers, and payroll

•   Track customer leads

•   Work with bank and credit card accounts

•   Create repeatable reports

•   Review the accuracy of your data, step by step

•   Share QuickBooks data with accountants

•   Reliably back up data

•   Troubleshoot database errors and monitor QuickBooks databases

•   Use QuickBooks 2012’s tools for managing loans, planning, preparing for year-end, and syncing with Outlook

•   Efficiently review and correct client data errors, from misclassified transactions to incorrect beginning balances

•   Prepare customized financials using MS Excel and Word integration

•   Master powerful shortcuts for working more efficiently and saving precious time

All In Depth books offer

•  Comprehensive coverage with detailed solutions

•  Troubleshooting help for tough problems you can’t fix on your own

•  Outstanding authors recognized worldwide for their expertise and teaching style

Learning, reference, problem-solving...the only QuickBooks 2012 book you need!

Sample Content

Table of Contents

        Introduction 1

    How This Book Is Organized 1

    Conventions Used in This Book 3

        Menu Commands 3

        Web Pages and Manufacturer Information 3

        Special Elements 4

        Text Conventions 4

        Introducing QuickBooks 2012: What’s New 5

    Get New Insights 5

        Calendar View 5

        Excel Integration Refresh 5

        User-Contributed Reports 7

    Get More Organized 7

        Lead Center 7

        Document Center 7

        Inventory Center 9

        Edit No Company Open 9

        QuickBooks 1099/1096 Wizard 9

    Get Time Back and Save Steps 11

        Express Start 11

        Batch Timesheets 11

        Integrated Help/Search 12

        Transaction Tab 12

    QuickBooks Enterprise Solutions 13

        Enhanced Inventory Receiving 13

        First In First Out (FIFO) Inventory Costing 14

        Inventory Auto Cost, Sales Price, Markup 15

        Inventory Lot/Serial Number Tracking 15

    For the Accounting Professional 17

        Accountant Center 17

        Starter Copy 18

        Period/Archive Copy 18

        QuickBooks Statement Writer 19

    1    Getting Started with QuickBooks 21

    Understanding QuickBooks 21

    Using QuickBooks Sample Data 23

    Creating a New QuickBooks File 24

        Express Start 25

        Advanced Setup Using EasyStep Interview 29

        Creating a New File from an Existing Company File 33

    Converting from Other Accounting Software 34

        Converting from Quicken to QuickBooks 35

        Converting from Peachtree, Small Business Accounting, or Office Accounting to QuickBooks 36

    Setting Up Users and Permissions 38

        External Accountant 38

        Other QuickBooks Users 40

    2    Getting Around QuickBooks 43

    Home Page and Navigation 43

        Title Bar 43

        Menu Bar 44

        Icon Bar 45

        Home Page 47

        Open Windows List 50

    Tutorials 50

    Preferences 51

        Accounting—Company Preferences 51

        Desktop View—My Preferences 52

        General—My Preferences 52

        Spelling—My Preferences 53

    Help Options 53

    Selecting a Company File to Open 54

        Opening Your Data for the First Time 54

        Choosing from a List of Multiple Data Files 55

    3    Accounting 101 57

    Basic Principles of Accounting 57

        The Matching Principle 57

        Accrual Versus Cash Basis Reporting 59

    Basic Financial Reports 60

        Balance Sheet 60

        Income Statement 61

        Statement of Cash Flows 61

        Other Accounting Reports 62

    Accounting Checklist to Help You Manage Your Financials 62

    Setting Up a QuickBooks Data File for Accrual or Cash Basis Reporting 63

        Cash or Accrual Basis Startup Transactions: Accounts Receivable 65

        Cash or Accrual Basis Startup Transactions: Accounts Payable 69

        Cash or Accrual Basis Startup Transactions: Bank Account Statement Balance 73

        Cash or Accrual Basis Startup Transactions: Recording Uncleared Bank Checks 74

    4    Understanding QuickBooks Lists 77

    Chart of Accounts 77

        Account Types 78

        Adding a New Account 80

    Items 82

        Adding an Item 82

        Understanding Items 84

        Item Types 85

    Class 86

    Customer Type 88

    Managing Lists 89

        Chart of Account Preferences 89

        Add/Edit Multiple List Entries 90

        Importing an Intuit Interchange Format File (IIF) 92

    Reporting on Lists 94

    Finding and Fixing Chart of Account Errors 94

        QuickBooks Required Accounts 95

        Making an Account Inactive 95

        Merging Duplicated Accounts 96

        Modifying an Account in the Chart of Accounts 97

        Assigning or Removing a Subaccount Relationship 98

    Finding and Fixing Item List Errors 100

        Reviewing the Item List on the Computer Screen 100

        Item Listing Report 102

        Profit & Loss Standard Report 102

        Correcting One-Sided Items 105

        Making an Item Inactive 108

        Merging Items 109

        Creating Items as Subitems 110

    5    Setting Up Inventory 111

    Overview of Accounting for Inventory 111

    Inventory Features by QuickBooks Edition 112

        QuickBooks Pro 2012 112

        QuickBooks Premier 2012 113

        QuickBooks Enterprise Solutions 12.0 114

    Enabling Inventory Preferences 115

    Inventory Item Type Descriptions 118

        Inventory Part 119

        Non-inventory Part 119

        Group Items and Inventory Assemblies 119

    Adding or Editing Inventory Items 121

        Adding or Editing Individual Items 121

        Using Add/Edit Multiple List Entries 125

        Importing an Intuit Interchange Format File (IIF) 127

        Changing Item Prices 128

        Creating Inventory Assemblies 131

        Creating Group Items 133

        Setting Up Multiple Unit of Measurement 134

    Proper Inventory Processes 137

        Purchasing, Receiving, and Entering the Vendor Bill 139

        Paying for Inventory 146

        Selling Inventory 148

        Working with Group Items 149

        Working with Assemblies 150

        Handling Inventory Backorders 152

        Handling Customer Inventory Returns 155

        Handling Vendor Inventory Returns 158

    6    Managing Inventory 159

    Adjusting Inventory 159

        Performing a Physical Inventory Count 160

        Quantity Adjustments 161

        Value Adjustments 162

    Inventory Reporting 165

        Inventory Center 165

        Report Center 166

        Inventory Valuation and Your Financials 168

        Reviewing the Recorded Average Cost Valuation 170

        Reviewing Aged Item Receipts 173

        Reviewing Aged Accounts Payable 176

    How QuickBooks Handles Negative Inventory 177

        When Inventory Has an Average Cost from Prior Purchase Transactions 178

        When Inventory Does Not Have a Prior Average Cost 180

    7    Setting Up Vendors 185

    Customizing Your Home Page for Vendor Activities 185

    Preferences That Affect Accounts Payable 186

        Accounting 186

        Bills 188

        Checking 188

        General 190

        Reminders 191

        Reports and Graphs 191

        Tax:1099 192

    Working with the Vendor Center 193

        Adding or Modifying Vendors 194

        Finding Vendor Transactions 198

    The Accounts Payable Process 200

        Accounts Payable Forms 200

        Accounts Payable Workflow 202

        Entering a Purchase Order 204

        Recording Vendor Bills 205

        Creating a Vendor Credit 207

        Paying Vendor Bills 209

        Applying Vendor Credits 211

        Taking Discounts on Vendor Bills 213

    8    Managing Vendors 215

    Accounts Payable Reporting 215

        Reconciling Balance Sheet Accounts Payable Balance to A/P Aging Summary Report Total 215

        Reviewing the Unpaid Bills Detail Report 216

        Reviewing Aged Open Item Receipts 218

        Reviewing Item Setup 221

        Accounts Payable Balance on Cash Basis Balance Sheet 222

        Tracking and Reporting Vendor 1099-MISC Payments 226

    Correcting Accounts Payable Errors 235

        Open Vendor Bills Paid with a Write Checks Transaction 236

        Misapplied Vendor Credit 238

        Removing Aged Open Item Receipts or Vendor Bills 239

        Making General Journal Adjustments to Accounts Payable 241

    Handling Unique Accounts Payable Transactions 243

        Bartering Services with Your Vendors 244

        Recording Vendor Prepayments 245

        Entering Mid-Year 1099 Balances 248

        Memorizing Recurring Transactions 249

        Depositing a Vendor Refund 250

        Paying and Recording a Credit Card Bill 251

    9    Setting Up Customers 253

    Introduction 253

    Customizing Home Page Customer Activities 254

    Preferences That Affect Accounts Receivable 254

        Payments 255

        Sales & Customers 257

        Checking 257

        Finance Charge 258

        Jobs & Estimates 259

        Reminders 259

        Reports & Graphs 260

        Sales Tax 262

        Send Forms 263

        Spelling 264

        Time & Expenses 265

    Working with the Customer Center 266

        Adding or Modifying Customers and Jobs 267

        Finding Customer Transactions 270

    Working with Prospects in the Lead Center 272

    Setting Up Sales Tax 274

        Creating Sales Tax Items 274

        Creating Sales Tax Group Items 275

        Creating Sales Tax Codes 276

        Assigning Sales Tax Codes to Products or Services 278

        Assigning Sales Tax Codes and Sales Tax Items to Customers 279

    Creating Price Level Lists 280

    Creating Payment Terms 281

    Customizing QuickBooks Forms 282

        Using the Customize My Forms Wizard 282

        Using the Customize Data Layout Tool 285

    Accounts Receivable Process 289

        Using QuickBooks Estimates 290

        Using QuickBooks Sales Orders 292

        Creating Customer Invoices 292

        Recording a Sales Receipt 306

        Recording a Statement Charge 307

        Recording the Customer Payment 308

        Making the Bank Deposit 311

        Recording and Applying a Customer Credit Memo 315

        Refunding a Customer’s Overpayment 317

    10    Managing Customers 319

    Accounts Receivable Reporting 319

        Reviewing A/R Aging Summary and Detail Reports 319

        Reviewing the Open Invoices Report 321

        Reconciling Balance Sheet Accounts Receivable Amount to A/R Aging Summary Total 322

        Viewing the Accounts Receivable Balance on a Cash Basis Balance Sheet 324

        Using the Collections Center 326

        Generating the Missing Customer Invoices Report 328

    Sales Tax Payable Reports 329

        Reviewing Customer Lists for Tax Code and Tax Item Assigned 329

        Reviewing the Item List for Tax Code Assigned 330

        Reconciling Total Sales to Total Income 331

        Reconciling Sales Tax Liability to Balance Sheet Sales Tax Payable 332

        When a Check or Bill Was Used to Pay Sales Tax 334

    Paying Sales Tax 334

        Paying Sales Tax Without an Adjustment 334

        Paying Sales Tax with an Adjustment 336

    Correcting Accounts Receivable Errors 338

        Removing an Open Balance from a Customer Invoice 338

        Correcting Customer Payments 342

        When a Credit Memo Is Applied to the Wrong Customer Invoice 346

        When Deposits Were Made Incorrectly 347

        Eliminating the Print Queue for Customer Invoices Marked to Print 353

    Correcting Sales Tax Errors 354

        When a Check or Bill Was Used to Pay the Sales Tax 354

        When the Sales Tax Liability Report Shows Past Sales Tax Due 356

        When Total Sales Does Not Equal Total Income 358

    Correcting Undeposited Funds Account Errors 361

        Reviewing the Balance in the Undeposited Funds Account 361

        Removing Old Dated Payments in the Undeposited Funds Account 364

    Unique Customer Transactions 366

        Recording Your Accountant’s Year-End Adjusting Journal Entry to Accounts Receivable 366

        When a Customer Is Also a Vendor 366

        Recording a Customer’s Bounced Check 368

        Tracking Customer Deposits in QuickBooks 370

    Unique Sales Tax Transactions 371

        When Your State Imposes a Maximum Sales Tax 371

        Multiple Sales Tax Rates on One Invoice 373

        Issuing Credit Memos When Sales Tax Should Not Have Been Charged 374

    11    Setting Up Payroll 377

    Getting Started 377

        Payroll Process Overview 377

        Selecting and Activating a Payroll Service Subscription 379

        Updating Payroll Tax Tables 381

        Employer Resources 382

        Creating Payroll Accounts in the Chart of Accounts 384

        Setting Up Payroll Tax Vendors 385

        Payroll Preferences 387

        Using the Payroll Setup Interview 390

        Using the Run Payroll Checkup Diagnostic Tool 397

    Managing Employees 401

        Using the Employee Center 401

        Adding or Editing Employee Information 402

        Finding Payroll Transactions 404

    Managing Payroll Items 406

        Adding or Editing Payroll Items 406

        Reporting About Payroll Items 409

    Paying Employees 410

        Payroll Home Page Workflow 410

        Entering Employee Time 411

        Preparing Employee Paychecks 413

        Printing Paychecks or Paystubs 415

    Preparing Payroll Liability Payments 415

        Paying Scheduled Liabilities 416

        Adjusting Payroll Liabilities 417

    12    Managing Payroll 419

    Payroll Reporting 419

        Report Center Payroll Reports 419

        Excel Reports 420

    Tax Forms and Filings 421

        Preparing and Printing Tax Forms 422

        E-Filing Tax Payments and Forms 423

    Troubleshooting Payroll 424

        Comparing Payroll Liability Balances to the Balance Sheet 424

        Comparing Payroll Summary to Filed Payroll Returns 426

        Reconciling Payroll Reports to Business Financials 427

    Recording Unique Payroll Transactions 427

        Employee Loan Payment and Repayment 427

        Reprinting a Lost Paycheck 431

        Paying a Taxable Bonus 433

        Adjusting an Employee Paycheck 434

        Depositing a Refund of Payroll Liabilities 435

    13    Working with Bank and Credit Card Accounts 437

    Importance of Bank and Credit Card Balances 437

    Preferences that Affect Banking and Credit Card Management 437

    Working with Write Check Transactions 438

        Using the Expenses Tab and Items Tab 439

        Writing a Check 440

        Printing Checks 443

    Entering a Bank Debit Charge 445

    Entering Credit Card Charges 446

    Paying the Credit Card Bill 447

    Transferring Funds Between Bank Accounts 448

    Online Banking Center 449

        Choosing an Online Banking Mode Preference 449

        Activating Online Services with Your Financial Institution 449

        Retrieving Online Transactions 450

        Adding Downloaded Transactions to QuickBooks 452

        Renaming Rules in Online Banking 453

        Other Online Banking Features 454

    Reconciling the Bank or Credit Card Account 458

    Troubleshooting Reconciliations 461

        Determining If the Account Has Been Reconciled 461

        Verifying That All Account Transactions Have Been Entered 463

        Identifying All Uncleared Transactions 464

        Completing the Multiyear or Multimonth Bank Reconciliation 465

        Reviewing Uncleared Transactions 465

        Reviewing Previous Bank Reconciliation Reports 468

        Locating Bank Account Reconciliation Discrepancies 468

        Reviewing the Voided/Deleted Transactions Reports 469

        Restarting a Previously Completed Bank Reconciliation 470

        Undoing a Previous Bank Reconciliation 470

        Reconciling with an Adjustment 471

    14    Reporting in QuickBooks 473

    Using the Company Snapshot 473

        Customizing the Company Snapshot 473

        Defaulting the Company Snapshot as Home Page 476

    Report Center 476

    Reports & Graphs Preferences 479

        My Preferences 479

        Company Preferences 479

    Modifying Reports 482

        Modifying Options Available on the Report Window 482

        Customizing Reports 484

    Report Groups 485

        Creating Report Groups 485

        Using Report Groups 485

        Managing Report Groups 487

    Memorized Reports 488

    Exporting and Importing Report Templates 489

        Exporting a Report or Report Group Template 489

        Importing a Report or Report Group Template 490

    Exporting Reports to a .CSV File or to Excel 490

    Emailing Reports 493

    15    Reviewing Your Data 495

    Importance of Reviewing Your Data 495

    Reviewing the Balance Sheet 495

        Account Types 497

        Prior Year Balances 497

        Bank Account Balance(s) 498

        Accounts Receivable 498

        Undeposited Funds 499

        Inventory 500

        Other Current Assets 501

        Fixed Assets 502

        Accounts Payable 503

        Credit Cards 503

        Payroll Liabilities 503

        Sales Tax Payable 504

        Other Current Liabilities and Long-Term Liabilities 505

        Equity 505

    Reviewing the Profit & Loss Report 505

    Other Reviews 506

        Tracking Changes to Closed Accounting Periods 506

        Using the Audit Trail Report 507

        Using the Credit Card Audit Trail Report 508

        Reporting on Voided/Deleted Transactions 510

        Viewing the Transactions List by Date Report 511

        Troubleshooting Open Balance Equity Account 512

    16    Sharing QuickBooks Data with Your Accountant 517

    Overview 517

        Benefits for the Business Owner 517

        Benefits for the Accountant 518

    QuickBooks File Types 518

        Choosing a Method to Share Data 520

    Data Sharing for the Business Owner 522

        Reviewing Your QuickBooks Data 523

        Creating an Accountant’s Copy of Your Data 523

        What the Business Owner Can and Cannot Do 529

        Importing Your Accountant’s Changes 530

        Canceling an Accountant’s Copy 536

    Data Sharing for the Accountant 537

        Creating an External Accountant User Type 538

        Preparing Your Client for Data Exchange 538

        Receiving an Accountant’s Copy File 539

        What the Accountant Can Do 542

        What the Accountant Cannot Do 545

        Returning the Accountant’s Copy Change File to the Client 545

        What to Request from the Client When the Import Is Complete 549

        Converting the Accountant’s Copy to a Regular Company File 549

    17    Managing Your QuickBooks Database 551

    The QuickBooks Database 551

        System Requirements 552

        Installing QuickBooks for Single-User Mode 554

        Installing QuickBooks for Multi-User Mode 554

        The QuickBooks Database Server Manager 555

        Windows Permissions Required for QuickBooks 557

        Using the QuickBooks Connection Diagnostic Tool 558

    Keeping Your Software Current 559

        Upgrading Your QuickBooks Version 559

        Installing a QuickBooks Maintenance Release 560

    Protecting Your QuickBooks Database 561

        Creating a QuickBooks Backup 561

        Protecting the QuickBooks Operating Environment 564

        Using Intuit Data Protect Online Backup Service 567

    Monitoring Your QuickBooks Database 567

        The Product Information Dialog Box 567

        Using the Verify Data Utility 569

    QuickBooks Database Corruption 570

        Common Causes of Corruption 570

        Signs of Data Corruption 570

        The QBWin.log File 571

        Repairing List Corruptions 574

        Reducing Database File Fragments 575

        Rebuilding Your Company File 576

        Using the QuickBooks Company File Diagnostic Tool 577

        Resolving QuickBooks Program File Corruption Issues 579

    18    Using Other Planning and Management Tools 581

    Planning and Budgeting 581

        Create a Budget 581

        Edit a Budget 584

        Print Budget Reports 585

        Delete a Budget 587

    QuickBooks Loan Manager 587

        Information to Collect 587

        Getting QuickBooks Ready 587

        Setting Up a New Loan 588

        Setting Up a Loan Payment 589

    Using the Year-End Guide 591

    Synchronizing QuickBooks Lists with Microsoft Outlook 592

    Using the QuickBooks Timer 596

        Installing the QuickBooks Timer 596

        Preparing the Timer for Activities 597

        Tracking Time with the Timer 597

        Exporting Timer Activities 598

        Importing Timer Activities into QuickBooks 599

    A    Client Data Review 601

    B    QuickBooks Statement Writer 657

    C    QuickBooks Shortcuts 687

TOC, 9870789749185, 7/19/2012


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