Wednesday, December 5, 2012

Quickbooks user certification

Certification Exam-

You can purchase the Certification Exam only. This option is recommended only if you are an experienced QuickBooks user and have deep knowledge of all the areas covered in the "Topics & Exams" section. The exam only option is the same process as outlined in step two above.

What to Expect

The QuickBooks Certified User training and exam is delivered via Intuit's Web-based Learn Center. The time required to complete the training and assessment is approximately 10-12 hours, including demonstrations, simulations, quizzes, and exams. Each person is different and this may vary by individual. For your convenience, you may start and stop the training and exams as often as needed to fit your schedule.

Training in Quick books Premier 2013 in Bangalore | Quick books training in India


Cosmic announces the training in QuickBooks 2013 Premier version , we will be conducting 3 days training in QuickBooks 2013.

Topics covered in 3 days are provided below. Cheque or DD for Rs.24900.00 in the name of cosmic IT services Pvt. Ltd. payable at Bangalore.  For more details visit www.quickbooksindia.com or call Mr.Santhosh @09902977233

Or neft to the company account:

Name:                  Cosmic IT Services Pvt. Ltd.        
Bank Name:                       CITI Bank            
A/C No:                                0058113808        
IFSC Code:                          CITI0000004
Type of account                Current account
Location                               Bangalore

Thanks,
santhosh

Lesson 1: Getting Started

Topic 1A: Starting QuickBooks
Topic 1B: Identifying Components of the QuickBooks Operating Environment
Topic 1C: Opening QuickBooks Centers
Topic 1D: Opening Other QuickBooks Windows
Topic 1E: Identifying Common Business Terms
Topic 1F: Setting Up QuickBooks in Multi-User Mode
Topic 1G: Exiting QuickBooks

Lesson 2: Setting Up a Company

Topic 2A: Creating a QuickBooks Company
Topic 2B: Using the Chart of Accounts
Topic 2C: Entering Account Opening Balances

Lesson 3: Working with Lists

Topic 3A: Creating Company Lists
Topic 3B: Working with the Customers & Jobs List
Topic 3C: Working with the Employees List
Topic 3D: Working with the Vendors List
Topic 3E: Adding Customized Fields
Topic 3F: Managing Lists

Lesson 4: Invoicing for Services

Topic 4A: Setting Up a Service Item
Topic 4B: Changing the Invoice Format
Topic 4C: Creating a Service Invoice
Topic 4D: Entering Statement Charges
Topic 4E: Creating Billing Statements

Lesson 5: Processing Payments

Topic 5A: Receiving Payments for Invoices
Topic 5B: Making Deposits
Topic 5C: Printing Statements

Lesson 6: Working with Bank Accounts

Topic 6A: Writing a QuickBooks Check
Topic 6B: Using Bank Account Registers
Topic 6C: Entering a Handwritten Check
Topic 6D: Transferring Funds Between Accounts
Topic 6E: Reconciling Checking Accounts

Lesson 7: Entering and Paying Bills

Topic 7A: Handling Expenses
Topic 7B: Using QuickBooks for Accounts Payable
Topic 7C: Entering Bills
Topic 7D: Paying Bills

Lesson 8: Employees Center Overview

Topic 8A: Manual Payroll Setup
Topic 8B: Payroll Items
Topic 8C: Pay Employees & Pay Checks
Topic 8D: Payroll Liabilities
Topic 8E: Payroll Forms
Topic 8F: Reports

Lesson 9: New In QuickBooks 2013


K.Santhosh kumarVice President-OPERATIONS 
Cosmic IT Services Pvt Ltd

Tuesday, April 24, 2012

Training in QuickBooks 2012 Premier version in May month | Quickbooks training in Bangalore

Cosmic announces the training in QuickBooks 2012 Premier version batch from 7th of May to 11th of May 2012, we will be conducting 5 days training in QuickBooks 2012.

Topics covered in 5 days are provided below. Cheque or DD for Rs.24900.00 in the name of cosmic IT services Pvt. Ltd. payable at Bangalore.  For more details visit www.quickbooksindia.com or call Mr.Santhosh @09902977233

Or neft to the company account:

Name:                  Cosmic IT Services Pvt. Ltd.        
Bank Name:                       CITI Bank            
A/C No:                                0058113808        
IFSC Code:                          CITI0000004
Type of account                Current account
Location                               Bangalore

Thanks,
santhosh

Lesson 1: Getting Started

Topic 1A: Starting QuickBooks
Topic 1B: Identifying Components of the QuickBooks Operating Environment
Topic 1C: Opening QuickBooks Centers
Topic 1D: Opening Other QuickBooks Windows
Topic 1E: Identifying Common Business Terms
Topic 1F: Setting Up QuickBooks in Multi-User Mode
Topic 1G: Exiting QuickBooks

Lesson 2: Setting Up a Company

Topic 2A: Creating a QuickBooks Company
Topic 2B: Using the Chart of Accounts
Topic 2C: Entering Account Opening Balances

Lesson 3: Working with Lists

Topic 3A: Creating Company Lists
Topic 3B: Working with the Customers & Jobs List
Topic 3C: Working with the Employees List
Topic 3D: Working with the Vendors List
Topic 3E: Adding Customized Fields
Topic 3F: Managing Lists

Lesson 4: Invoicing for Services

Topic 4A: Setting Up a Service Item
Topic 4B: Changing the Invoice Format
Topic 4C: Creating a Service Invoice
Topic 4D: Entering Statement Charges
Topic 4E: Creating Billing Statements

Lesson 5: Processing Payments

Topic 5A: Receiving Payments for Invoices
Topic 5B: Making Deposits
Topic 5C: Printing Statements

Lesson 6: Working with Bank Accounts

Topic 6A: Writing a QuickBooks Check
Topic 6B: Using Bank Account Registers
Topic 6C: Entering a Handwritten Check
Topic 6D: Transferring Funds Between Accounts
Topic 6E: Reconciling Checking Accounts

Lesson 7: Entering and Paying Bills

Topic 7A: Handling Expenses
Topic 7B: Using QuickBooks for Accounts Payable
Topic 7C: Entering Bills
Topic 7D: Paying Bills

Lesson 8: Employees Center Overview

Topic 8A: Manual Payroll Setup
Topic 8B: Payroll Items
Topic 8C: Pay Employees & Pay Checks
Topic 8D: Payroll Liabilities
Topic 8E: Payroll Forms
Topic 8F: Reports

Lesson 9: New In QuickBooks 2012

Topic9A: Express Start
Topic9B: Starter Copy
Topic9C: Period / Archive Copy
Topic9D: Improved Company File Condense
Topic9E: Edit No Company Open
Topic9F: Calendar View
Topic9G: Document Center
Topic9H: Lead Center
Topic9I: Integrated Help/Search
Topic9J: Contributed Reports
Topic9K: One Click transactions
Topic9L: Transactions Tab
Topic9M: Improved Memorized Transactions
Topic9N: Batch Timesheet
Topic9O: Batch Invoice Time and Expenses
Topic9P: QuickBooks 1099/1096 Wizard with E-File
Topic9Q: Inventory Center
Topic9R: Excel Integration and Data Refresh
Topic9S: Accountant Center
Topic9T: Improved Access to Client Data Review Tools
Topic9U: QuickBooks Statement Writer
Topic9V: Enhanced Inventory Receiving
Topic9W: Lot / Serial Numbers Tracking
Topic9X: Auto Cost / Sales Price / Markup
Topic9Y: Find and Select items
Topic9Z: Multi-User Functionality


K.Santhosh kumar
Vice President-OPERATIONS
Cosmic IT Services Pvt Ltd

Tuesday, November 23, 2010

Quickbooks 2011 Premier training in India | Quickbooks training in Bangalore

Next training Batch is scheduled from 6th december to 10th of December 2010..... sign-up for the training batch..... Get 50% discount on QB user ceritifcation exam...

K.Santhosh kumar (09902977233)


Vice President-OPERATIONS

Cosmic IT Services Pvt Ltd & Hasten Technologies Pvt Ltd


Lesson 1: Getting Started


Topic 1A: Starting QuickBooks

Topic 1B: Identifying Components of the QuickBooks Operating Environment

Topic 1C: Opening QuickBooks Centers

Topic 1D: Opening Other QuickBooks Windows

Topic 1E: Identifying Common Business Terms

Topic 1F: Setting Up QuickBooks in Multi-User Mode

Topic 1G: Exiting QuickBooks

Lesson 2: Setting Up a Company

Topic 2A: Creating a QuickBooks Company

Topic 2B: Using the Chart of Accounts

Topic 2C: Entering Account Opening Balances

Lesson 3: Working with Lists

Topic 3A: Creating Company Lists

Topic 3B: Working with the Customers & Jobs List

Topic 3C: Working with the Employees List

Topic 3D: Working with the Vendors List

Topic 3E: Adding Customized Fields

Topic 3F: Managing Lists

Lesson 4: Invoicing for Services

Topic 4A: Setting Up a Service Item

Topic 4B: Changing the Invoice Format

Topic 4C: Creating a Service Invoice

Topic 4D: Entering Statement Charges

Topic 4E: Creating Billing Statements

Lesson 5: Processing Payments

Topic 5A: Receiving Payments for Invoices

Topic 5B: Making Deposits

Topic 5C: Printing Statements

Lesson 6: Working with Bank Accounts

Topic 6A: Writing a QuickBooks Check

Topic 6B: Using Bank Account Registers

Topic 6C: Entering a Handwritten Check

Topic 6D: Transferring Funds Between Accounts

Topic 6E: Reconciling Checking Accounts

Lesson 7: Entering and Paying Bills

Topic 7A: Handling Expenses

Topic 7B: Using QuickBooks for Accounts Payable

Topic 7C: Entering Bills

Topic 7D: Paying Bills



Lesson 8: Employees Center Overview

Topic 8A: Manual Payroll Setup

Topic 8B: Payroll Items

Topic 8C: Pay Employees & Pay Checks

Topic 8D: Payroll Liabilities

Topic 8E: Payroll Forms

Topic 8F: Reports



Lesson 9: New In QuickBooks 2011



Topic 9A: Customer Snapshot

Topic 9B: QuickBooks Search

Topic 9C: Customer & Vendor History

Topic 9D: Balance Sheet By Class

Topic 9E: Batch Invoicing

Topic 9F: Yahoo, Gmail, Hotmail Integration

Topic 9G: Collection Center

Topic 9H: Multi Instance

Tuesday, October 26, 2010

What's new in Quickbooks Premier 2011 | New features in Quickbooks 2011

 Customer Snapshot - Offers a consolidated view of an individual customer’s purchase history, average days to pay, and outstanding balance. This helps small businesses make timely decisions on customer requests.

 QuickBooks Search - Lets users quickly locate any customer, account, report or invoice details within their QuickBooks repository with a simple keyword search.


 Customer and Vendor History - Provides at-a-glance views of important customer and vendor details, such as history, estimates and past orders, on a single screen.



 Balance Sheet by Class - Provides a way for QuickBooks Premier users to separately track multiple funds, departments or locations in a single, easy-to-access report.



 Batch Invoicing - Lets small businesses owners who often bill many customers for the same service streamline the process by creating one template invoice to send to all related customers


 Yahoo, Gmail, Hotmail Integration - Allows businesses to easily send invoices, estimates, and other e-mails from their preferred webmail service directly from QuickBooks


 Collections Center - Helps users to quickly identify overdue and almost-due invoices, and then directly e-mail collection notices from their Outlook, Yahoo, Gmail, or Hotmail accounts.



 Intuit Payment Network (sold separately) - Provides a way for a small business’s customers to instantly pay their invoices.

 Multi-Instance (available in QuickBooks Accountant and Enterprise Solutions.) - Allowing users to work in two different company files at the same time.

 File Manager (available in QuickBooks Accountant and Enterprise Solutions.) - Enabling users to manage all client QuickBooks files by version year, edition, and location, or group them by common characteristics set by the accountant. A built-in password vault stores user names and passwords in one place. It also automates the process of upgrading clients’ QuickBooks files in batch to the latest version year.

Thursday, June 10, 2010

New Features on QuickBooks 2010

Intuit Statement Writer is an additional paid service provided on 2010 version of QuickBooks.
A wizard for creating financial statements and reference documents, Intuit Statement Writer 2010 is all new in Premier Accountant 2010.
• Create up to 16 statements in one workbook and batch print the statements and documents
• Build financial statements on a per-class or per-job basis, or as a combination of classes
• Access over 50 statement and document templates online
• Set ANY date range for statements, including 4-week months or 13-week quarters
• Send consolidated reports to clients in .pdf format
• Create Microsoft Word-based letters, cover pages and documents in report, and bring QuickBooks financial data into documents
To create Professional Financial Statements on spreadsheet, format the reports; upload the changes from QuickBooks to spreadsheets or spreadsheets to QuickBooks, detect the cost or income from the total expenses, are made easy with the Intuit Statement Writer.
Though, the feature was available earlier to export the Financial Statements to spreadsheet, but it was not feasible to update the changes or look for the breakups in details using QuickBooks. Every time, as and when the changes were made on QuickBooks, it was necessary to export the new reports to spreadsheet.

There are commands to format Fonts, Rows, Columns and Cells very much available in the Microsoft Excel Worksheet, but are not possible to use when we work with Intuit Statement Writer. Because the Intuit Statement Writer contains a set of activities to format the Fonts, add or delete Rows, Columns and Cells associated with the Financial Statements using the Statement Writer.
This has made easy and comfortable to send the Financial Statements like Balance Sheet, Income Statement, Budget to Actual, cover letter, Audit Report and many other Statements for final review or for the presentation to the stake holders, Partners, other legal authorities, which was not possible earlier using Export to Spreadsheet.

All the modification and filter was done on QuickBooks and later was exported to spreadsheet, if any further information is changed or added, again the old Statements was to be replace by the new repo Statements. This hassle has been overcome using Inuit Statement Writer.
Over all motives is to save time more than 2 hours per client. Comparison of Reports with percentage and calculation of Variance, combining and separation of Accounts, classification by class and job, choice of statements date, month, quarter or year wise, Review Reports, Compilation Reports and Retained Earning Statements.

The New Intuit Statement Writer is a great tool for customizing QuickBooks Financial Statements. The Financial Statement Designer and added features are most wanted by making the Statement Writer work in Excel. Now there is full range of Excel commands to take the work where it is quickly and easily created.

A lot of clients require actual to forecast budget. Earlier it was created everything in the previous report writer; dump it into Excel and then do a quick look up of their budget files and merging the files. With the Budget to Actual reporting in Statement Writer, it saves 2 to 3 hours per client.

The Financial Statements so created using Statement Writer can be saved as either Spreadsheet of a PDF file on any drive of the computer. It can be set with preferences of the General Preferences to diagnose the installation and storage location, Formatting, Accountant Information with the company name and address, Header/Footer to be visible on the Statements.

Resources are also available as ISW Community online help, ISW Support Indexed help texts and additional Templates can be downloaded.
Client Data Review –

Similar to spell check for the clients' QuickBooks files, Client Data Review helps to find and fix client entry errors with 4 new tools in Premier Accountant 2010.
• Reclassify hundreds of transactions, or write off multiple invoices, statement charges, and financial charges from a single window
• Identify items with negative inventory in two clicks, then fix them directly in Client Data Review
• Identify and make adjustments to incorrectly set up items, including "one-sided items"
• Automatically fix incorrectly recorded Sales Tax Liability payments
• From Premier Accountant 2010, use Accountant's Copy to fix and send back client files from QuickBooks Pro and Premier 2009.
Clean Up, it takes average 4 hours per client, advising, consulting, searching the bills, invoices, receipts, checks, analyzing and confirming the actual transactions before marking for reconciliation or recording a transaction.
Account Balances to work with Troubleshoot, reclassifying and to work with open working Trail Balances, Review list of Added, Changes, deletions and merged on Chart of Accounts, Items, Fixed Assets, Items, Payroll Items, Customer and Vendor.
Accounts Receivables to fix unapplied Customer Payments and Credits, Clear-up Undeposited Funds, Review AR Aging Detail Report, can be auto applied while reviewed.
Accounts Payable to fix unapplied Vendor Payments and Credits, Evaluate and Correct 1099 Account Mapping, Review AP Aging Detail Report .
Sales Tax to find incorrectly paid and adjustment of Sales Tax, identify sales or payroll taxes paid wrong or more
Inventory adjustments of Quantity, tracking of quality used and sold or adjusted.
Payroll liabilities if paid incorrectly, employee settings, after the fact payroll reviews
Bank reconciliation clean up tasks to locate discrepancies and review missing checks
To write off the Bad Debts, collectively and save the details as a PDF file for reference and the details are saved as memo in the respective documents. Void the unclear checks
Average time savings reported by actual Client Data Review users to track list of changes, by finding and pinpointing the exact discrepancies for quarter or year end clean-up of client files.
Any period reviews can be made using Accrual or Cash basis and status is also maintained for related reviews, task notes added as Review Notes, Audit Trail of Review is available for references.
Again this feature is also to save time to review a mass data and analyze or finalize the transactions together in a meeting or while audit, though most of the reviews are periodically done while bookkeeping daily, weekly or monthly, this will save time to clean up all the tasks at once.
Document Management –
QuickBooks 2010 adds an integrated Document Management System to QuickBooks that is very simple to use.

A Document Management System (DMS) is a program that is used to store documents and/or images of paper documents. This can be a very valuable tool for the business. If there is a customer PO that relates to an invoice, want to be able to find that PO quickly. If there are estimates for clients and are created supporting documents that needs to be able to access those documents when working with the estimate. A DMS system will help organize this information and, if it integrates with QuickBooks, let associate the documents with transactions or other records in QuickBooks.
The QuickBooks Document Management feature is a subscription service that is available for a fee (a limited amount of storage is available for free) and must be connected to the Internet, as the documents are stored in the Intuit Workplace. This is an online application center that Intuit uses to provide “cloud” based features.
Electronically "paperclip" documents to QuickBooks transactions to stay organized and save time finding what is need. Scan documents directly into QuickBooks, or attach electronic files already on the PC.
• Store receipts, statements and more online (in the Internet cloud) for easy sharing
• Easily attach documents to any customer, vendor, employee, account or transaction
• Scan dozens of documents at one time — simply insert blank pages in between and QuickBooks creates individual files7
• Keep important documents at the finger-tips and backed-up online
• Streamline collecting and matching documents from clients to specific transactions
The attachment feature for additional related or relevant documents is available for Customers, Vendors and Employees. Any contracts, sales or purchase agreements, description of Customer or Vendor to save in the QuickBooks.
Attach a document to the transaction, delete an attached document, or even view the attached document.
There are three options for attaching a document:
• Local Files opens a file dialog so to attach a file on the computer. Note that if using an unsupported scanner, it would save the scan as a file and attach it this way.
• Scanner will scan the document directly from the Twain compliant scanner.
• Online Document Inbox holds documents that have added before they are associated with a transaction or list.
Note that on the bottom of the screen shows the storage space are used, and how much is available. The fee to be paid is based on the amount of storage you use.
A detailed description about the job work or Appendix for Bills, Invoice, Sales Receipts, Purchase Orders, Estimates and Sales Orders, any number of documents can be attached.
It used to be messy to send the documents from QuickBooks, or to open up the Contract to review the terms and conditions of Bills to pay bills on QuickBooks. But using Document Management, the attachments can be located easily, added to online document Inbox, user can be set up and managed and much more on utilities and Document Center Icon on the toolbar.
The Document Management Center provides with a number of filters to refine the view. for example select just invoices, or invoices for a particular customer, have the ability to enter descriptive information for each document.

Using the “Inbox
Add documents to the document database directly, without going through QuickBooks. In the Document Management Center, just click Add Document to Inbox.
Sharing Documents
An important feature of the program is the ability to share documents with other users without having to give them access to the entire set of documents. Select the document in the Document Management Center and select the “share” action. This opens a window that lets us to enter an email address and a message – QuickBooks will send a link to the document.
Bad Points
• Not local database, so to depend on Intuit for security and backups. For some people this may be a problem. For others, it isn’t. Decide if this fits the business model. Note that Intuit has a very secure online database system.
• If stop paying for the service, will lose access to the documents.
• Cannot create non-QuickBooks records, so can’t attach documents to something not related to QuickBooks.
• No ability to add own columns to define other kinds of information to track with the documents.
• The product does not integrate with Microsoft Office, unlike other products (like PaperSave Plus). If have an email in Outlook, for example, it has to be printed as a PDF and then attach it separately.
• This is a new product, while others have been around longer.
Pricing
As listed on the initial web pages or announcements of this service costs to be:
• Free for up to 100 MB of storage.
• $4.95 a month for up to 500 MB of storage.
• $14.95 a month for up to 1 GB of storage.
• $29.95 for up to 5 GB of storage.
Is It a Good Deal?
• Certainly it is worth looking at if it is needed this kind of service. This is an example of one of the “cloud” based applications that Intuit will be pushing very strongly. It is the direction that they are going to push in the future for add-on products.
• Cannot download a copy of the documents to a local drive. (It wasn’t available in the beta test version).
• If want local storage, or don’t have reliable Internet connections, look at PaperSave Plus (reviewed here). If need integration with Outlook, look at PaperSave Plus
• At this time the Intuit product has a lower per-month fee than SmartVault, but it wouldn’t be surprised if that company changes its pricing structure.
Add/Edit Multiple List Entries –

Copy and paste from Microsoft Excel directly into key QuickBooks Lists with Add/Edit Multiple List Entries. Or, use the new table format to enter new QuickBooks List data faster.
• Enter Items, Customers, or Vendors data using an improved table format
• Copy and paste lists from Microsoft Excel directly into QuickBooks lists
• Edit one list entry then easily copy the changes to many
QuickBooks now offers a spreadsheet view to quickly enter or edit customer, vendor, item, or account information. It can be duplicated and modified existing items, such as customer job. Even paste list information from EXCEL.

Spreadsheet view is a great way to update customers/jobs, vendors, service items, inventory parts, and non-inventory parts.

Select the columns to display and place them in the order that best meets the needs. It can be copied and paste data from one record to another. This can come in handy for a single update to a group of records. Rather than edit each individual record it is simple copy and paste, even when the pasted data is from a dropdown list.

A “Copy down” command can be used to copy the same data to the end of a list. But this will also overstore existing field data for all items in that list.

Even data can be pasted directly from Excel to add to or modify the lists. But make sure that the columns displayed in EXCEL match the columns displayed in QuickBooks. The column headers should not be copied into QuickBooks. After copying, QuickBooks will notify any errors in the copied data. It can fix those errors in QuickBooks or close the Add/Edit Multiple List Entries and abort all changes made since it opened the form.

Users can save time by editing multiple long lists of items, customers, or vendors, rather than edit each item individually. They can also copy and paste data into QuickBooks directly from Excel with a simple key stroke, eliminating the unnecessary steps of inputting the data directly.

The Add/Edit Multiple List Entries feature is one of the greatest updates in years. It is so much easier to add customers, vendors and items, all at one time versus going into each one and saving and then adding the next one. Wow, what a time saver!
Access this feature from the Lists menu -> Add/Edit Multiple List Entries to display the following window. Using the List drop down menu, you can select to work with the following Lists – Customers (and Jobs), Vendors, Service Items, Inventory Parts, and Non-Inventory Parts.
Forms Customization –

More customization options, including free professional design templates for commonly used forms such as invoices and estimates, give QuickBooks users the ability to apply the same design to multiple forms at once. Those who want help designing a unique look can connect with a community of professional designers through Intuit Creative Solutions.

Company Snapshot –

QuickBooks users can now create a customized report to display on their computer screen, getting an immediate view of their company’s bottom line. Previously, the Company Snapshot was a static view that could not be personalized. Users can choose from several reports, including new ones for yearly expenses and income comparisons, detailed expense and income breakdowns, and a top customer list. Plus, the reports can be changed instantly.

The new Company Snapshot gives great information at the click of a button. This is a great place to go to pinpoint problem areas or to just determine the strengths and weaknesses within the company.

Report Center –

This radically re-designed report center gives users access to more than 100 reports and makes it easier to find the right report in order to make better business decisions. Different views make it easier to navigate quickly between reports. These include a carousel view to flip through the reports, a list view to see all reports at once, and a ‘favorites’ view to keep track of frequently used reports. A new search feature helps users find the report with the specific information they want.

Thursday, March 18, 2010

Quickbooks Common terms

Common QuickBooks® Items
QuickBooks® Tools:
Lists – QuickBooks® software uses lists to maintain company information, and to store repetitive information. The major benefit to storing information on a List is that the information has to be entered only once—even if you use it over and over again. QuickBooks® also uses the Lists to fill in blanks on the QuickBooks® forms.

Forms – Use QuickBooks® forms to record your business transactions quickly and easily.

Registers – Like the personal Check Register, QuickBooks® uses Registers to show all activity in one account. All Balance Sheet Accounts have Registers.

Common Accounting Terms:
Assets – Part of the Balance Sheet; what is owned by the company. Assets include cash, Accounts Receivable, Inventories, and Plant and Equipment. Assets are usually recorded at their acquisition price.

Balance Sheet – A financial report that shows the financial position of a company at a particular point in time in terms of Assets, Liabilities, and owner’s Equity. The Balance Sheet allows the business owner to view the firm’s total resources and determine how the Assets are being financed.
Assets = Liabilities + Owner’s Equity.

Cash Basis vs. Accrual Basis – Bookkeeping method used to determine how you report income and expenses. If you use Cash Basis accounting, you report incomes and expenses only when money is actually received or disbursed. With Accrual Basis accounting, you report income and expenses when they are incurred.

Chart of Accounts – A List of all the Account Titles (business resources) in a general ledger. Account Titles are grouped by Assets, Liabilities, Equity, Expenses, and Revenue.

COGS – Cost of Goods Sold - The cost of goods and materials held in inventory and then sold.

Equity – Part of the Balance Sheet; the difference between what you have (Assets) and what you owe (Liabilities).

Liabilities – Part of the Balance Sheet; what the company owes: present obligations resulting from past transactions that require the firm to pay money or provide services in the future. Liabilities represent creditors’ claims on the Assets of the business. Liabilities include Accounts Payable, loans, credit card balances, and unpaid sales and payroll taxes.

Profit and Loss Statement – Also called the Income Statement. The Profit and Loss Statement, which lists the revenues and expenses, shows the results of operations for a period of time, and the results are reflected in the owner’s equity on the balance sheet. When total revenues exceed total expenses, the result is net income.


Use the Following Items When Recording Sales:
Service – Services you charge for or service you purchase.

Inventory Part – Items you purchase, track as inventory, and then resell.

Non-inventory Part – Items you sell but do not purchase; Items you purchase but do not resell; Items you purchase and resell but do not track as inventory.

Other Charges – Other charges on a sale or purchase, such as freight or finance charges

Group – Fast entry of a group of individual Items already on the List


Use the Following Items to Calculate:
Subtotal – Calculating a subtotal before calculating a discount or charge that covers several items.

Discount – Calculating an amount to be subtracted from the total. (To discount several Items, use a Subtotal Item first.)

Payment – Payment received at the time of invoicing so that the amount owed on the Invoice is reduced.

Sales Tax – Calculating a single sales tax for a sale.

Sales Tax Group – Calculating two or more sales taxes grouped together and applied to the same sale.