QuickBooks Pro Desktop Software Setup Tips
Quickbooks Pro Desktop Software Setup TIps
Notes & Preferences:
The same financial reports are needed each year for tax and accounting purposes.
Reports to Memorize in Quickbooks: the Balance sheet, Profit & Loss statement, and the General Ledger.
Report Settings: --all reports usually cash basis, --Set reports to show last or current fiscal year (date), --Adjust Columns wider to show fields esp. numbers, names and memo.
Once these reports are memorized in Quick Books, they will be ready to print for next time without having to setup the report anew each time. This will save time for future reports.
Icon Bar-setup, add Memorized Reports & Backup data, and Memorized Transactions Icons. (Remove some unused Icons if there are too many.)
Settings: Setup a Company in Quickbooks (on behalf of another.) Include entity type & basic company info.
Set reports to Cash Basis (usually Cash Basis or Accrual Basis as needed):
--Edit (Menu), -- Preferences, (usually set Quickbooks to No Payroll)
--Reports; -- Preferences (select refresh automatically)
Set reports to Cash Basis; auto-refresh reports, Select: Name and Description for Accounts
--Accounting--select Use account numbers, select class tracking (as desired)
Optional: Set Closing Date/Password - to end of last day of the previous Calendar year or Fiscal year.
Preferred Payments: --deselect undeposited funds (i.e. do not use undeposited funds)
General Settings: select auto-recall transactions, --okay, ruler & classic view
--Select: warn if editing transactions 90 days in the past; & or more than 30 days in the future,
Bookkeeping Practices: Print the Chart of Accounts (for assigning transaction account names & numbers).
Setup a file folder for paper copies of the monthly banks statements for the business. Also setup a similar file folder for paper copies of the monthly credit card statements (if any) for the business.
Once you have entered the first (oldest) month’s entries into Quickbooks, try the Quickbooks Reconciliation to the bank statement.
Each month perform a Reconciliation in Quickbooks to reconcile the Quickbooks to the monthly banks statement.
Print the detail reconciliation report for the month and staple it to the bank statement for that month in your file.
Do a similar reconciliation (as needed) for the monthly credit card statements.
Journal Entries: cannot have more than one (1) Accounts Payable account or A/P Vendor per Journal Entry.