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Quickbooks 2007 all-in-one desk references for dummies
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Mô tả chi tiết
by Stephen L. Nelson, MBA, CPA
QuickBooks® 2007
ALL-IN-ONE DESK REFERENCE
FOR
DUMmIES‰
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QuickBooks® 2007
ALL-IN-ONE DESK REFERENCE
FOR
DUMmIES‰
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by Stephen L. Nelson, MBA, CPA
QuickBooks® 2007
ALL-IN-ONE DESK REFERENCE
FOR
DUMmIES‰
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QuickBooks® 2007 All-in-One Desk Reference For Dummies®
Published by
Wiley Publishing, Inc.
111 River Street
Hoboken, NJ 07030-5774
www.wiley.com
Copyright © 2007 by Wiley Publishing, Inc., Indianapolis, Indiana
Published by Wiley Publishing, Inc., Indianapolis, Indiana
Published simultaneously in Canada
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or
by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written
permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the
Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600.
Requests to the Publisher for permission should be addressed to the Legal Department, Wiley Publishing,
Inc., 10475 Crosspoint Blvd., Indianapolis, IN 46256, (317) 572-3447, fax (317) 572-4355, or online at http://
www.wiley.com/go/permissions.
Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the
Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, and related trade
dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United
States and other countries, and may not be used without written permission. QuickBooks is a registered
trademark of Intuit, Inc. All other trademarks are the property of their respective owners. Wiley
Publishing, Inc., is not associated with any product or vendor mentioned in this book.
LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS
OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND
SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A
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FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANIZATION OR WEBSITE IS REFERRED TO IN THIS
WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE
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RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN
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Library of Congress Control Number: 2006936830
ISBN: 978-0-470-08551-6
Manufactured in the United States of America
10 9 8 7 6 5 4 3 2 1
1O/SS/RS/QW/IN
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About the Author
Stephen L. Nelson is a CPA in Redmond, Washington. He provides accounting, business advisory, and tax planning and preparation services to small
businesses such as manufacturers, retailers, professional service firms, and
startup technology companies. He also teaches CPAs how to help their clients
use QuickBooks more effectively and is an Adjunct Professor of Tax at Golden
Gate University where he teaches S corporation and LLC tax law.
Curiously enough, Nelson is also the most prolific computer book writer of
all time, according to a recent feature in The Wall Street Journal. He’s also the
bestselling author of books about how to use computers to manage one’s personal and business finances. In fact, Nelson’s 100-plus books have sold more
than 4,000,000 copies in English and have been translated into more than a
dozen other languages.
Steve holds a BS in accounting, an MBA in finance, and a Master of Science in
Taxation. He’s been a CPA for more than 20 years. He used to work as a senior
consultant with Arthur Andersen & Co. (Yes, that Arthur Andersen — but, hey,
it was a long time ago.) He also has been the controller and treasurer of a 50-
person manufacturing firm and has run his own manufacturing firm. Steve is
also the bestselling author of Quicken 2007 For Dummies and QuickBooks
2007 For Dummies (from Wiley).
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Dedication
To the entrepreneurs and small-business people of the world. You folks
create most of the new jobs.
Author’s Acknowledgments
Okay, I’m not going to make this an Academy Awards–style speech, but let me
thank just a few people. First, I want to thank my business school and tax professors at Central Washington University, the University of Washington, and
Golden Gate University. Next, thanks to the business clients who’ve given me
the honor of working with them and teaching me about their businesses and
industries. Finally, I want to thank all my friends and colleagues at Wiley
Publishing, Inc., who gave me the distinct honor of writing not only this book
but also Quicken For Dummies (14 editions) and QuickBooks For Dummies
(9 editions). I also want to say a specific thanks to Bob Woerner, my acquisitions editor; Kim Darosett, my project editor; Mary Lagu, my copy editor; and
David Ringstrom, who performed the technical edit.
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Publisher’s Acknowledgments
We’re proud of this book; please send us your comments through our online registration form
located at www.dummies.com/register/.
Some of the people who helped bring this book to market include the following:
Acquisitions, Editorial, and Media
Development
Project Editor: Kim Darosett
Senior Acquisitions Editor: Bob Woerner
Copy Editor: Mary Lagu
Technical Editor: David Ringstrom
Editorial Manager: Leah Cameron
Media Development Manager:
Laura VanWinkle
Editorial Assistant: Amanda Foxworth
Sr. Editorial Assistant: Cherie Case
Cartoons: Rich Tennant
(www.the5thwave.com)
Composition Services
Project Coordinator: Erin Smith
Layout and Graphics: Claudia Bell, Carl Byers,
Barbara Moore, Shelley Norris,
Barry Offringa, Heathern Ryan
Special Art:
Proofreaders: John Greenough,
Christine Pingleton, Sossity R. Smith
Indexer: Techbooks
Anniversary Logo Design: Richard Pacifico
Publishing and Editorial for Technology Dummies
Richard Swadley, Vice President and Executive Group Publisher
Andy Cummings, Vice President and Publisher
Mary Bednarek, Executive Acquisitions Director
Mary C. Corder, Editorial Director
Publishing for Consumer Dummies
Diane Graves Steele, Vice President and Publisher
Joyce Pepple, Acquisitions Director
Composition Services
Gerry Fahey, Vice President of Production Services
Debbie Stailey, Director of Composition Services
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Contents at a Glance
Introduction .................................................................1
Book I: An Accounting Primer........................................7
Chapter 1: Principles of Accounting ................................................................................9
Chapter 2: Double-Entry Bookkeeping ..........................................................................29
Chapter 3: Special Accounting Problems ......................................................................47
Book II: Getting Ready to Use QuickBooks ...................69
Chapter 1: Setting Up QuickBooks .................................................................................71
Chapter 2: Loading the Master File Lists.......................................................................87
Chapter 3: Fine-Tuning QuickBooks.............................................................................109
Book III: Housekeeping Chores ..................................135
Chapter 1: Invoicing Customers ...................................................................................137
Chapter 2: Paying Vendors............................................................................................169
Chapter 3: Tracking Inventory and Items....................................................................187
Chapter 4: Managing Cash and Bank Accounts..........................................................215
Chapter 5: Paying Employees .......................................................................................245
Book IV: Accounting Chores.......................................255
Chapter 1: For Accountants Only.................................................................................257
Chapter 2: Preparing Financial Statements and Reports ..........................................271
Chapter 3: Preparing a Budget......................................................................................289
Chapter 4: Using Activity-Based Costing.....................................................................301
Chapter 5: Setting Up Project and Job Costing Systems ...........................................315
Book V: Financial Management .................................327
Chapter 1: Ratio Analysis ..............................................................................................329
Chapter 2: Economic Value Added Analysis ...............................................................347
Chapter 3: Capital Budgeting in a Nutshell .................................................................359
Book VI: Business Plans............................................375
Chapter 1: Profit-Volume-Cost Analysis.......................................................................377
Chapter 2: Creating a Business Plan Forecast ............................................................397
Chapter 3: Writing a Business Plan ..............................................................................435
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Book VII: Care and Maintenance................................499
Chapter 1: Setting Up a Peer-to-Peer Network............................................................451
Chapter 2: Administering QuickBooks ........................................................................463
Chapter 3: Protecting Your Data...................................................................................479
Chapter 4: Troubleshooting ..........................................................................................493
Book VIII: Appendixes...............................................499
Appendix A: A Crash Course in Excel ..........................................................................501
Appendix B: Government Web Resources for Businesses ........................................517
Appendix C: Glossary of Accounting and Financial Terms.......................................537
Index .......................................................................571
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Table of Contents
Introduction..................................................................1
About This Book...............................................................................................1
How to Use This Book .....................................................................................2
Foolish Assumptions .......................................................................................3
How This Book Is Organized...........................................................................4
Book I: An Accounting Primer...............................................................4
Book II: Getting Ready to Use QuickBooks..........................................4
Book III: Bookkeeping Chores ...............................................................4
Book IV: Accounting Chores .................................................................4
Book V: Financial Management.............................................................4
Book VI: Business Plans.........................................................................4
Book VII: Care and Maintenance...........................................................5
Book VIII: Appendixes............................................................................5
Stuff at My Web site................................................................................5
Conventions Used in This Book .....................................................................5
Special Icons .....................................................................................................6
Book I: An Accounting Primer ........................................7
Chapter 1: Principles of Accounting . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
The Purpose of Accounting ............................................................................9
The big picture......................................................................................10
Managers, investors, and entrepreneurs ..........................................10
External creditors.................................................................................10
Government agencies ..........................................................................11
Business form generation....................................................................11
Reviewing the Common Financial Statements ...........................................12
The income statement .........................................................................12
Balance sheet........................................................................................15
Statement of cash flows.......................................................................18
Other accounting statements .............................................................21
Putting it all together ...........................................................................22
The philosophy of accounting............................................................24
A Few Words about Tax Accounting ............................................................27
Chapter 2: Double-Entry Bookkeeping . . . . . . . . . . . . . . . . . . . . . . . . . .29
The Fiddle-Faddle Method of Accounting...................................................30
How Double-Entry Bookkeeping Works ......................................................32
The accounting model .........................................................................33
Talking mechanics................................................................................35
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xii QuickBooks 2007 All-in-One Desk Reference For Dummies
Almost a Real-Life Example...........................................................................38
Rent expense.........................................................................................39
Wages expense......................................................................................39
Supplies expense..................................................................................39
Recording sales revenue......................................................................40
Recording cost of goods sold .............................................................40
Recording the payoff of accounts payable........................................41
Recording the payoff of a loan............................................................41
Calculating account balance...............................................................41
Using T-account analysis results........................................................43
A Few Words about How QuickBooks Works .............................................45
Chapter 3: Special Accounting Problems . . . . . . . . . . . . . . . . . . . . . . . .47
Working with Accounts Receivable .............................................................47
Recording a sale ...................................................................................48
Recording a payment ...........................................................................48
Estimating bad debt expense..............................................................49
Removing uncollectible accounts receivable ...................................50
Recording Accounts Payable Transactions ................................................51
Recording a bill.....................................................................................51
Paying a bill...........................................................................................51
Some other accounts payable pointers.............................................52
Inventory Accounting....................................................................................53
Dealing with obsolete inventory ........................................................53
Dealing with inventory shrinkage ......................................................56
Accounting for Fixed Assets .........................................................................57
Purchasing a fixed asset ......................................................................57
Dealing with depreciation ...................................................................57
Disposing of a fixed asset....................................................................58
Recognizing Liabilities...................................................................................60
Borrowing money .................................................................................60
Making a loan payment........................................................................61
Accruing liabilities ...............................................................................62
Closing Out Revenue and Expense Accounts.............................................65
The traditional close............................................................................65
The QuickBooks close .........................................................................66
One More Thing. . . ........................................................................................67
Book II: Getting Ready to Use QuickBooks....................69
Chapter 1: Setting Up QuickBooks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71
Planning Your New QuickBooks System .....................................................71
What accounting does .........................................................................71
What accounting systems do..............................................................72
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