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Quickbooks is the best platform for Accounting professionals to deal their Accounts with an easy method.
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For whom they don’t know More about QUICKBOOKS and its functionalities, we are trying to give a basic idea about QUICKBOOKS and it’s functionalities.
•What is Quickbooks.!!
QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud based versions that accept business payments, manage and pay bills, and payroll functions.
Versions of this product are available in many different markets. Intuit’s Canadian, British and Australian divisions offer versions of QuickBooks that support the unique tax calculation needs of each region, such as Canada’s GST, HST or PST sales tax, European VAT for the United Kingdom edition and Australia’s GST sales tax. The QuickBooks UK edition makes available support for Irish and South African VAT.
The Mac (OSX) version is available only in the United States.
Top 5 Functions of QUICKBOOKS in UAE
QuickBooks has a lot of functionality, a ton. All of this functionality though doesn’t necessarily mean it’s a time saver for you or your business. The way we’re going to organize this for you is
by creating the skeleton of QuickBooks. The skeleton is made up of Vendors, Customers, Employees, Company, & Banking. All have functions that are vital to the integrity of your company file. If they’re not done correctly of course you run the risk of disaster. The problem though when you attempt to utilize every aspect is that you will begin to waste time and very quickly cause extreme disorganization for yourself risking the accuracy of both your Balance Sheet, Profit & Loss, and Cash Flow Statement.
I plan to break this down in a series over the next couple of weeks touching upon each part of the skeleton. For now, lets go over briefly each one touching upon the positives and negatives to each.
1•Vendors – The first function you see in the top left corner is Vendors. The vendors function is primarily used by most businesses for the sole purpose of the Enter Bills & Pay Bills function along with Vendor Center. Other functions include Purchase Orders, Receive Inventory and the subsequent Enter Bills Against Inventory. The latter I will always recommend be done in another program all together better equipped to handle this. It can be done in QuickBooks but it requires too much work on the user end to keep updated and correct. In the end this function is associated with Accounts Payable (A/P) because it’s money owed to an existing party and is counted as a liability on your balance sheet.
2•Customers – After Vendors comes Customers; this is where Accounts
Receivable works or better known as A/R. Most of the functions in Customers are quite useful. The most common mistake though I see is that businesses will use Create Sales Receipt as a means of creating a Point of Sales (POS). This is all fine and well, I’ve just never seen this practice done correctly within any small business environment. The better option is to buy a proper POS to handle this. Imagine buying the Canyonero that goes real slow with the hammer down, is the only truck endorsed by a clown and is of course 2 lanes wide and 65 tons of American pride? Sure, it’ll go down the highway but it leaves a wake of destruction in its path.
3•Employees – I’ve touched upon this function before and I’ll say it again, outsource your payroll. Once you’ve outsourced your payroll all that’s left of this function is the Employees list where you can view a consolidated area just for employee pay. If you pay an employee as a paycheck make sure their name type is Employee. See what we’re doing yet? We’re simplifying this program so we can work quicker and let other programs do their own specialized services.
4• Company – The main function of Company is the Chart of Accounts. Keeping a clean and simple Chart of Accounts is well worth the time to stay on top of every month after you close your books. Items & Services are key for Customers as this houses all of the information and presets for creating bills. Again though, Inventory Activities and QuickBooks Easy Saver take control of inventory, stay away, outsource it to a different program.
5• Banking – The functions of banking are all commonly used whenever I’m in a company file. Alt-W to Write Checks, Check Register to view banking activity, and the Print Checks function to print bills. Most importantly though, be aware of Reconcile and Record Deposit. These functions, when used improperly, lead to the most headaches I see. They must be used and used properly.