QuickBooks 2017 For Dummies - Nelson Stephen L.

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your contacts to return to the Get All the Details into QuickBooks dialog box.

      

In the first Name column, which is used for customers and vendors, provide an abbreviated name or a nickname for a contact. You’ll use what you specify in the Name column within QuickBooks to refer to the contact, so you want to use something short and sweet. If you’re working with customer John Smith at IBM Corp., you might enter IBM in the Name column, IBM Corporation in the Company Name column, John in the First Name column, and so on.

      

If you add any customers or vendors, after you click the Continue button to leave the Add the People You Do Business With dialog box, QuickBooks asks about open balances that customers owe you or that you owe vendors. You don’t need to worry about these open balances at this point of the setup process. I describe how to cleanly and correctly deal with open customer and vendor balances in Chapter 3.

      9. Identify the items (the stuff) you sell.

      With the Get All the Details into QuickBooks dialog box displayed (refer to Figure 2-5), click the Add the Products and Services You Sell button. QuickBooks displays another dialog box that asks what kind of stuff you want to describe: services, stuff that you track in inventory, stuff that is inventory but that you don’t track, and so on. (Which items QuickBooks lists depends on the industry that you specify in Step 3.) Click the appropriate button.

When QuickBooks displays the Add the Products and Services You Sell dialog box, shown in Figure 2-7, use the rows of the displayed worksheet to describe a product or service. For any item, you’ll always enter a name, description, and price. For some items, however, you can specify much greater detail than just this skeletal information. Click the Continue button when you finish identifying your products and services. QuickBooks may try to sell you some extra stuff (such as Intuit checks), but feel free to click No Thanks to return to the Get All the Details into QuickBooks dialog box.

      10. Describe your bank account(s).

With the Get All the Details into QuickBooks dialog box displayed (refer to Figure 2-5), click the Add Your Bank Accounts button. When QuickBooks displays the Add Your Bank Accounts dialog box, shown in Figure 2-8, use the worksheet to describe each bank account you use for your business: its name, account number, balance at the conversion date, and the actual conversion date. Click the Continue button when you finish identifying your bank accounts to return to the Get All the Details into QuickBooks dialog box.

      11. Start working with QuickBooks.

      With the Get All the Details into QuickBooks dialog box displayed, click the Start Working button. QuickBooks displays the QuickBooks program window. You’re done.

       FIGURE 2-2: The Glad You’re Here! dialog box.

       FIGURE 2-3: The Preview Your Company Settings dialog box.

       FIGURE 2-4: The QuickSetup dialog box.

       FIGURE 2-5: The Get All the Details into QuickBooks dialog box.

       FIGURE 2-6: The Add the People You Do Business With dialog box.

       FIGURE 2-7: The Add the Products and Services You Sell dialog box.

       FIGURE 2-8: The Add Your Bank Accounts dialog box.

      If you didn’t register during the installation process, at some point after QuickBooks starts, you see a message box that asks whether you want to register QuickBooks. If you don’t register, you can use the product roughly a few times, and then – whammo! – the program locks up, and you can no longer access your files. Either you register it, or you can’t use it. I don’t like being forced to do something, but getting worked up about having to register QuickBooks is a waste of time.

      The simplest option is to just register when you see that message. Here’s how: When QuickBooks displays the message box that asks whether you want to register, click the Online button to register online, or click the Phone button to register over the phone. If you go with the Phone option, QuickBooks displays another dialog box that gives you a telephone number to call and provides a space for you to enter your registration number.

      The Rest of the Story

      In the preceding paragraphs of this chapter, I describe how you prepare for and then step through the QuickBooks Setup process. When QuickBooks Setup is over, though, you need to take care of three other little jobs:

      ❯❯ You need to describe in detail your inventory, your customer receivables, and (if you chose to track vendor bills you owe) your vendor payables.

      ❯❯ You need to describe your current business finances, including any year-to-date revenue and year-to-date expenses that aren’t recorded as part of getting your customer receivables and vendor payables entered into QuickBooks.

      ❯❯ If you want to use accrual-basis accounting, you need to make an adjustment.

      These chores aren’t time-consuming, but they’re the three most complicated tasks that you need to do to set up QuickBooks. (If you aren’t sure what the big deal is about accrual-basis accounting, I respectfully suggest that you take a break here and read Appendix B.)

      To set up the inventory records, you just identify the item counts you hold in inventory, as described in Chapter 3.

      To set up your customer receivables and (if necessary) vendor payables, you first need to enter customer invoices that were prepared before the conversion date but that are still uncollected at conversion, as described in Chapter 4. Similarly, you may need to enter vendor payables that were incurred prior to the conversion date but that are still unpaid at conversion.

      I talk about this stuff more in Chapter 3, so if you’re still okay with doing some more installation and setup work, go ahead and flip there. However …

      Should You Get Your Accountant’s Help?

      So should you get help from your accountant? Oh, shoot, I don’t know. If you follow my directions carefully (both in this chapter and the next), and your business financial affairs aren’t wildly complex, I think you can probably figure out all this stuff on your own.

      Having said that, however, I suggest that you at least think about getting your accountant’s help at this juncture. Your accountant can do a much better job of giving you advice that may be specific to your situation. In many cases, your accountant can give you beginning trial balance amounts that agree with your tax returns. He or she probably knows your business and can keep you from making a terrible mess of things, just in case you don’t follow my directions carefully.

      Just so you know: One of the things that I (as

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