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Understanding the big picture
In QuickBooks Pro 2008 Essential Training (www.lynda.com), instructor Suzanne Robertson explores the many powerful features of QuickBooks Pro, the popular accounting software that can be used for everything from handling personal expenditures to creating professional business account records. Suzanne covers organizing inventory and non-inventory items and using the automated EasyStep interview. She also demonstrates how to create and edit accounts, collect and pay sales tax, and handle invoices, vendor payments, and client refunds. Exercise files accompany the tutorial.
Note: QuickBooks Pro 2008 is not currently available for the Mac. If you are a Mac user you will be unable to open the exercise files for this tutorial, however you will still be able to watch the movies.
* Working with the Chart of Accounts feature
* Setting up items
* Tracking inventory items
* Using the Customer Center
* Invoicing customers
* Making client sales receipts
* Applying discounts and credits
* Entering and paying vendor bills
Before you begin using an accounting program like QuickBooks, you should understand the basic function of it. An accounting system is nothing more than a way to organize financial information. Yep, that's it.
Pretty simple I know, but that is the basic function of an accounting system. This financial information can then be used to provide accurate reports to the people who need it most. People like business owners and employees, creditors, and government agencies.
Now there are many types of reports an accounting system produces. And later on in this title we will look at some of the preset reports QuickBooks has to offer.
But first in the next two movies, we are going to talk about two main reports all accounting systems produce: the income statement and the balance sheet.
In a nutshell the income statement summarizes your revenues and expenses for a specific period of time and lets you know if you've made or lost money. The balance sheet summarizes your company's assets, liabilities and equity, which will let you know the net worth of your company at any point in time.
This is the same thing in saying, "If I took everything I owned and paid off everything I owe, what amount of money would I have left?"
Click the Play button or press the spacebar to start the video
If you don't understand these concepts don't worry. I'll be covering them in more detail in the next two movies.
Besides the benefit of QuickBooks creating these financial reports, QuickBooks keeps all your financial data in one, neat, organized file. You won't have to manually add sales receipts to know what your total revenue was for the year anymore.
Gone are the days of scrounging through mounds of paper looking for a copy of a check you wrote to know if you paid the bill. Gone are the headaches.
QuickBooks will keep accurate records of all your transactions and will help you manage your business by providing financial data that you can use to evaluate your company's performance and make smart business decisions that will keep your business profitable.
Remember, keeping your financial information in an accounting program like QuickBooks will not only help you manage your business but it will make your life that much easier when you're trying to process a loan from a bank, looking to establish credit, or paying your taxes at the end of the year.
lynda.com is an award-winning provider of educational materials, including Hands-On Training instructional books, the Online Training Library, CD- and DVD-based video training, and events for creative designers, instructors, students, and hobbyists.
The lynda.com Online Training Library and CD-ROM titles include such subjects as Photoshop, Flash, Dreamweaver, Illustrator, Office, digital photography, Web design, digital video, and many others. lynda.com's all-star team of trainers and teachers provides comprehensive and unbiased movie-based training to an international membership of tens of thousands of subscribers. Considering the speed at which technology evolves, the Online Training Library is a great solution for keeping your skills current. Library subscriptions begin as low as $25 a month, with no long-term commitment required.
As both an experienced artist and an accomplished professional in finance, Suzanne Robertson possesses a unique combination of creative and analytic talents. She utilizes her 20 years of business experience and 10 years of teaching experience, along with a distinct affinity for software, to teach complex subjects in a way that is both easy to understand and applicable to the real world.
Suzanne is happily married and lives in California, where she enjoys being a mother to two beautiful children. She works as a consultant, assisting small business owners in creating and maintaining successful financial practices.