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QuickBooks 2022 All-in-One For Dummies

QuickBooks 2022 All-in-One For Dummies

  • Author:
  • Publisher: John Wiley & Sons
  • ISBN: 9781119817215
  • Published In: November 2021
  • Format: Paperback , 640 pages
  • Jurisdiction: International ? Disclaimer:
    Countri(es) stated herein are used as reference only

List Price: HKD 350.00

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  • Description 
  • Contents 
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    The soup-to-nuts QuickBooks reference that will make your small business life so much simpler! 

    QuickBooks makes it quick to do your books, and QuickBooks 2022 All-in-One For Dummies makes it easy. The leading small business accounting software will become your best friend, helping you cut costs (no more expensive financial services) and save time, with all your accounting and payroll info in one place. With this value-priced, bestselling reference, you’ve got access to 8 mini-books that give you the answers you need to make running a small business that much more manageable. 

    Inside, you’ll discover the key features of QuickBooks, plus refresh your memory on double-entry bookkeeping and all the other basics of small business accounting. This jargon-free guide shows you, step-by-step, how to plan your perfect budget, simplify tax returns, manage inventory, create invoices, track costs, generate reports, and accurately check off every other financial task that comes across your desk!  

    • Get the most out of QuickBooks 2022, including all the latest features and updates 
    • Sharpen your finance and accounting know-how with a friendly rundown of the must-knows 
    • Keep yourself in business with a solid budget, a world-class business plan, and clean payroll 
    • Take the headache out of tax time with QuickTime’s automated tax preparation 

    QuickBooks All-in-One 2022 For Dummies is the trusted go-to that will save you time and allow you to focus on the business of running your small business! 

  • Introduction 1

    About This Book 1

    Foolish Assumptions 2

    Icons Used in This Book 3

    Beyond the Book 4

    Where to Go from Here 4

    Book 1: An Accounting Primer 7

    Chapter 1: Principles of Accounting 9

    The Purpose of Accounting 10

    The big picture 10

    Managers, investors, and entrepreneurs 10

    External creditors 11

    Government agencies 11

    Business form generation 12

    Reviewing the Common Financial Statements 12

    The income statement 12

    Balance sheet 15

    Statement of cash flows 19

    Other accounting statements 22

    Putting it all together 23

    The Philosophy of Accounting 24

    Revenue principle 25

    Expense principle 25

    Matching principle 25

    Cost principle 26

    Objectivity principle 26

    Continuity assumption 26

    Unit-of-measure assumption 27

    Separate-entity assumption 27

    A Few Words about Tax Accounting 28

    Chapter 2: Double-Entry Bookkeeping 29

    The Fiddle-Faddle Method of Accounting 30

    How Double-Entry Bookkeeping Works 33

    The accounting model 33

    Talking mechanics 35

    Almost a Real-Life Example 39

    Recording rent expense 39

    Recording wages expense 40

    Recording supplies expense 40

    Recording sales revenue 40

    Recording cost of goods sold 41

    Recording the payoff of accounts payable 42

    Recording the payoff of a loan 42

    Calculating account balance 42

    Using T-account analysis results 45

    A Few Words about How QuickBooks Works 46

    Chapter 3: Special Accounting Problems 49

    Working with Accounts Receivable 50

    Recording a sale 50

    Recording a payment 50

    Estimating bad-debt expense 51

    Removing uncollectible accounts receivable 52

    Recording Accounts Payable Transactions 53

    Recording a bill 53

    Paying a bill 54

    Taking some other accounts payable pointers 55

    Inventory Accounting 55

    Dealing with obsolete inventory 56

    Disposing of obsolete inventory 57

    Dealing with inventory shrinkage 58

    Accounting for Fixed Assets 59

    Purchasing a fixed asset 60

    Dealing with depreciation 60

    Disposing of a fixed asset 62

    Recognizing Liabilities 63

    Borrowing money 63

    Making a loan payment 64

    Accruing liabilities 65

    Closing Out Revenue and Expense Accounts 68

    The traditional close 69

    The QuickBooks close 69

    One More Thing 70

    Book 2: Getting Ready to Use QuickBooks 71

    Chapter 1: Setting Up QuickBooks 73

    Planning Your New QuickBooks System 73

    What accounting does 73

    What accounting systems do 74

    What QuickBooks does 74

    And now for the bad news 75

    Installing QuickBooks 76

    Dealing with the Presetup Jitters 77

    Preparing for setup 78

    Seeing what happens during setup 79

    Running the QuickBooks Setup Wizard 79

    Getting the big welcome 79

    Supplying company information 80

    Customizing QuickBooks 82

    Setting your start date 83

    Reviewing the suggested chart of accounts 84

    Adding your information to the company file 85

    Identifying the Starting Trial Balance 87

    A simple example to start 87

    A real-life example to finish 89

    Chapter 2: Loading the Master File Lists 91

    Setting Up the Chart of Accounts List 92

    Setting Up the Item List 96

    Working with the Price Level List 97

    Using Sales Tax Codes 98

    Setting Up a Payroll Item List 98

    Setting Up Classes 100

    Setting Up a Customer List 101

    Setting Up the Vendor List 106

    Setting Up a Fixed Assets List 109

    Setting Up a Price Level List 111

    Setting Up a Billing Rate Level List 111

    Setting Up Your Employees 112

    Setting Up an Other Names List 112

    Setting Up the Profile Lists 112

    Chapter 3: Fine-Tuning QuickBooks 115

    Accessing the Preferences Settings 116

    Setting the Accounting Preferences 118

    Using account numbers 118

    Setting general accounting options 119

    Setting the Bills Preferences 121

    Setting the Calendar Preferences 121

    Setting the Checking Preferences 121

    Changing the Desktop View 123

    Setting Finance Charge Calculation Rules 125

    Setting General Preferences 126

    Controlling Integrated Applications 128

    Controlling Inventory 129

    Controlling How Jobs and Estimates Work 130

    Dealing with Multiple Currencies 131

    Starting Integrated Payment Processing 132

    Controlling How Payroll Works 132

    Telling QuickBooks How Reminders Should Work 134

    Specifying Reports & Graphs Preferences 135

    Setting Sales & Customers Preferences 139

    Specifying How Sales Are Taxed 140

    Setting the Search Preferences 141

    Setting the Send Forms Preferences 142

    Fine-Tuning the Service Connection 143

    Controlling Spell Checking 143

    Controlling How 1099 Tax Reporting Works 144

    Setting Time & Expenses Preferences 145

    Book 3: Bookkeeping Chores 147

    Chapter 1: Invoicing Customers 149

    Choosing an Invoice Form 149

    Customizing an Invoice Form 150

    Choosing a template to customize 150

    Reviewing the Additional Customization options 150

    Moving on to Basic Customization 155

    Working with the Layout Designer tool 157

    Working with the web-based Forms Customization tool 160

    Invoicing a Customer 160

    Billing for Time 166

    Using a weekly time sheet 166

    Timing single activities 167

    Including billable time on an invoice 169

    Printing Invoices 171

    Emailing Invoices 171

    Recording Sales Receipts 172

    Recording Credit Memos 175

    Receiving Customer Payments 177

    Assessing Finance Charges 179

    Setting up finance-charge rules 179

    Calculating finance charges 180

    Using Odds and Ends on the Customers Menu 181

    Chapter 2: Paying Vendors 185

    Creating a Purchase Order 185

    Creating a real purchase order 186

    Using some purchase order tips and tricks 189

    Recording the Receipt of Items 189

    Simultaneously Recording the Receipt and the Bill 192

    Entering a Bill 194

    If you haven’t previously recorded an item receipt 194

    If you have previously recorded an item receipt 196

    Paying Bills 198

    Reviewing the Other Vendor Menu Commands 201

    Vendor Center 201

    Sales Tax menu commands 202

    Inventory Activities menu commands 203

    Print/E-file 1099s 203

    Item List 204

    Chapter 3: Tracking Inventory and Items 205

    Looking at Your Item List 206

    Using the Item Code column 206

    Using the Item List window 206

    Using inventory reports 207

    Adding Items to the Item List 208

    Adding an item: Basic steps 209

    Adding a service item 210

    Adding an inventory part 211

    Adding a noninventory part 213

    Adding an other-charge item 214

    Adding a subtotal item 215

    Adding a group item 216

    Adding a discount item 217

    Adding a payment item 218

    Adding a sales tax item 218

    Setting up a sales tax group 219

    Adding custom fields to items 219

    Editing Items 221

    Adjusting physical counts and inventory values 222

    Adjusting prices and price levels 225

    Using the Change Item Prices command 225

    Using price levels 226

    Enabling advanced pricing 228

    Managing Inventory in a Manufacturing Firm 229

    Handling manufactured inventory the simple way 229

    Performing inventory accounting in QuickBooks 230

    Managing multiple inventory locations 233

    Chapter 4: Managing Cash and Bank Accounts 235

    Writing Checks 236

    Recording and printing a check 236

    Customizing the check form 241

    Making Bank Deposits 243

    Transferring Money between Bank Accounts 246

    Working with the Register 247

    Recording register transactions 248

    Using Register window commands and buttons 251

    Using Edit Menu Commands 254

    Reconciling the Bank Account 258

    Reviewing the Other Banking Commands 262

    Order Checks & Envelopes command 263

    Enter Credit Card Charges command 263

    Bank Feeds command 264

    Loan Manager command 265

    Other Names list 265

    Chapter 5: Paying Employees 267

    Setting Up Payroll 267

    Signing up for a payroll service 269

    Setting up employees 269

    Setting up year-to-date amounts 273

    Checking your payroll setup data 274

    Scheduling Payroll Runs 274

    Paying Employees 274

    Editing and Voiding Paychecks 276

    Paying Payroll Liabilities 277

    Book 4: Accounting Chores 279

    Chapter 1: For Accountants Only 281

    Working with QuickBooks Journal Entries 281

    Recording a journal entry 282

    Reversing a journal entry 283

    Editing journal entries 284

    Updating Company Information 284

    Working with Memorized Transactions 284

    Reviewing the Accountant & Taxes Reports 285

    Creating an Accountant’s Copy of the QuickBooks Data File 288

    Creating an accountant’s copy 288

    Handling the accountant’s copy manually 288

    Sending the accountant’s copy electronically 291

    Using an accountant’s copy 292

    Reusing an accountant’s copy 292

    Exporting client changes 293

    Importing accountant’s changes 294

    Canceling accountant’s changes 295

    Troubleshooting accountant’s copy transfers 295

    Using the Client Data Review Commands 295

    Chapter 2: Preparing Financial Statements and Reports 297

    Some Wise Words Up Front 298

    Producing a Report 298

    Working with the Report Window 299

    Working with Report window buttons 299

    Using the Report window controls 306

    Modifying a Report 308

    Using the Display tab 308

    Using the Filters tab 310

    Using the Header/Footer tab 312

    Formatting fonts and numbers 313

    Processing Multiple Reports 314

    A Few Words about Document Retention 315

    Chapter 3: Preparing a Budget 319

    Reviewing Common Budgeting Tactics 319

    Top-line budgeting 320

    Zero-based budgeting 320

    Benchmarking 321

    Putting it all together 322

    Taking a Practical Approach to Budgeting 323

    Using the Set Up Budgets Window 323

    Creating a new budget 323

    Working with an existing budget 325

    Managing with a Budget 327

    Some Wrap-Up Comments on Budgeting 329

    Chapter 4: Using Activity-Based Costing 331

    Reviewing Traditional Overhead Allocation 332

    Understanding How ABC Works 334

    The ABC product-line income statement 334

    ABC in a small firm 338

    Implementing a Simple ABC System 339

    Seeing How QuickBooks Supports ABC 341

    Turning On Class Tracking 341

    Using Classes for ABC 342

    Setting up your classes 343

    Classifying revenue amounts 343

    Classifying expense amounts 343

    Making after-the-fact classifications 345

    Producing ABC reports 346

    Chapter 5: Setting Up Project and Job Costing Systems 347

    Setting Up a QuickBooks Job 347

    Tracking Job or Project Costs 350

    Job Cost Reporting 353

    Using Job Estimates 354

    Progress Billing 355

    Book 5: Financial Management 359

    Chapter 1: Ratio Analysis 361

    Some Caveats about Ratio Analysis 362

    Liquidity Ratios 363

    Current ratio 363

    Acid-test ratio 364

    Leverage Ratios 365

    Debt ratio 365

    Debt equity ratio 366

    Times interest earned ratio 367

    Fixed-charges coverage ratio 368

    Activity Ratios 369

    Inventory turnover ratio 370

    Days of inventory ratio 371

    Average collection period ratio 371

    Fixed-asset turnover ratio 372

    Total-assets turnover ratio 373

    Profitability Ratios 373

    Gross margin percentage 374

    Operating income/sales 374

    Profit margin percentage 375

    Return on assets 375

    Return on equity 376

    Chapter 2: Economic Value Added Analysis 379

    Introducing the Logic of EVA 379

    Seeing EVA in Action 380

    An example of EVA 382

    Another example of EVA 382

    Reviewing Some Important Points about EVA 383

    Using EVA When Your Business Has Debt 385

    The first example of the modified EVA formula 385

    Another EVA with debt example 387

    Presenting Two Final Pointers 389

    And Now, a Word to My Critics 390

    Chapter 3: Capital Budgeting in a Nutshell 393

    Introducing the Theory of Capital Budgeting 393

    The big thing is the return 394

    One little thing is maturity 394

    Another little thing is risk 395

    The bottom line 395

    Calculating the Rate of Return on Capital 396

    Calculating the investment amount 397

    Estimating the net cash flows 397

    Calculating the return 401

    Measuring Liquidity 405

    Thinking about Risk 406

    What Does All This Have to Do with QuickBooks? 408

    Book 6: Business Plans 409

    Chapter 1: Profit-Volume-Cost Analysis 411

    Seeing How Profit-Volume-Cost Analysis Works 412

    Calculating Break-Even Points 414

    Using Real QuickBooks Data for Profit-Volume-Cost Analysis 415

    Sales revenue 415

    Gross margin percentage 416

    Fixed costs 417

    Recognizing the Downside of the Profit-Volume-Cost Model 418

    Using the Profit-Volume-Cost Analysis Workbook 420

    Collecting your inputs 420

    Understanding the Break-Even Analysis Forecast 424

    Understanding the Profit-Volume Forecast 425

    Looking at the profit-volume-cost charts 427

    Chapter 2: Creating a Business Plan Forecast 431

    Reviewing Financial Statements and Ratios 432

    Using the Business Plan Workbook 433

    Understanding the Workbook Calculations 442

    Forecasting inputs 443

    Balance Sheet 443

    Common Size Balance Sheet 450

    Income Statement 451

    Common Size Income Statement 455

    Cash Flow Statement 455

    Financial Ratios Table 461

    Customizing the Starter Workbook 466

    Changing the number of periods 467

    Performing ratio analysis on existing financial statements 467

    Calculating taxes for a current net loss before taxes 467

    Combining this workbook with other workbooks 468

    Chapter 3: Writing a Business Plan 469

    What the Term “Business Plan” Means 469

    A Few Words about Strategic Plans 470

    Cost strategies 470

    Differentiated products or services strategies 471

    Focus strategies 471

    Look, Ma: No Strategy 472

    Two comments about tactics 473

    Six final strategy pointers 473

    A White-Paper Business Plan 474

    A New-Venture Plan 477

    Is the new venture’s product or service feasible? 477

    Does the market want the product or service? 478

    Can the product or service be profitably sold? 478

    Is the return on the venture adequate for prospective investors? 479

    Can existing management run the business? 480

    Some final thoughts 481

    Book 7: Care and Maintenance 483

    Chapter 1: Administering QuickBooks 485

    Keeping Your Data Confidential 485

    Using Windows security 486

    Using QuickBooks security 486

    Using QuickBooks in a Multiuser Environment 487

    Setting up additional QuickBooks users 488

    Changing user rights in Enterprise Solutions 494

    Changing user rights in QuickBooks Pro and Premier 497

    Using Audit Trails 497

    Enabling Simultaneous Multiuser Access 498

    Maintaining Good Accounting Controls 499

    Chapter 2: Protecting Your Data 503

    Backing Up the QuickBooks Data File 503

    Backing-up basics 504

    What about online backup? 507

    Some backup tactics 508

    Restoring a QuickBooks Data File 509

    Condensing the QuickBooks Company Files 512

    Cleanup basics 514

    Some cleanup and archiving strategies 519

    Chapter 3: Troubleshooting 521

    Using the QuickBooks Help File and This Book 521

    Browsing Intuit’s Product-Support Website 523

    Checking Another Vendor’s Product-Support Website 525

    Tapping into Intuit’s Online and Expert Communities 525

    When All Else Fails 526

    Book 8: Appendixes 527

    Appendix A: A Crash Course in Excel 529

    Starting Excel 529

    Stopping Excel 530

    Explaining Excel’s Workbooks 530

    Putting Text, Numbers, and Formulas in Cells 531

    Writing Formulas 532

    Scrolling through Big Workbooks 533

    Copying and Cutting Cell Contents 534

    Copying cell contents 534

    Moving cell contents 535

    Moving and copying formulas 535

    Formatting Cell Contents 536

    Recognizing That Functions Are Simply Formulas 538

    Saving and Opening Workbooks 541

    Saving a workbook 541

    Opening a workbook 542

    Printing Excel Workbooks 543

    One Other Thing to Know 544

    Appendix B: Government Web Resources for Businesses 545

    Bureau of Economic Analysis 545

    Finding information at the BEA website 545

    Downloading a BEA publication 546

    Uncompressing a BEA publication 547

    Using a BEA publication 548

    Bureau of Labor Statistics 548

    Finding information at the BLS website 549

    Using BLS information 549

    Census Bureau 552

    Finding information at the Census Bureau website 553

    Using the Census Bureau’s publications 554

    Using the Census Bureau search engine 554

    Using the Census Bureau Subjects index 555

    Securities and Exchange Commission 555

    Finding information through EDGAR 556

    Searching the EDGAR database 556

    Federal Reserve 558

    Finding information at the Federal Reserve website 558

    Using the Federal Reserve website’s information 559

    Government Publishing Office 559

    Information available at the GPO website 560

    Searching the GPO database 560

    Internal Revenue Service 561

    Appendix C: Glossary of Accounting and Financial Terms 563

    Index 593

  • Stephen L. Nelson, MBA, CPA, provides accounting, business advisory, tax planning, and tax preparation services to small businesses. He belongs to the American Institute of CPAs and holds an MBA in finance and a Master's in taxation. His 100-plus books, including all editions of QuickBooks For Dummies and Quicken For Dummies, have sold more than four million copies.

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