QuickBooks Online vs QuickBooks Desktop vs Excel 2022 #2 Create New Company File & Enter Two Months of Data
Learn QuickBooks Online, QuickBooks Desktop, and Excel, comparing & contrasting the formats, from a Certified Public Accountant CPA
6010RestoreBackupDataFile
6040CreateaNewCompanyFile
6060IncreaseSizeofIcons
OneNote Resource
6010 Restore & Backup Data Files
6040 Create a New Company File
6060 Increase Size of Icons
Documents to Download
6010ComprehensiveProblemIntroduction
6040Free30DayTrialSetUp
6060AccountandSettingsCompanyTab
6080CompanyPreferencesAccounting
6100CompanyPreferencesBillsCalendarChecking
6120CompanyPreferencesDesktopViewFinanceChargeGeneral
6160JobsEstimatesMultipleCurrenciesPaymentsPayroll
6140CompanyPreferencesIntegratedApplicationItemsInventory
6180CompanyPreferencesRemindersReportsGraphs
6200CompanyPreferencesSalesCustomersSalesTax
6220CompanyPreferencesSearchSendFormsServiceConnectionSpellingTax1099TimeExpens
OneNote Resource
6080 Company Preferences Accounting
6100 Company Preferences Bills, Calendar, & Checking
6120 Company Preferences Desktop View, Finance Charge, & General
6140 Company Preferences Integrated Application & Items & Inventory
6160 Jobs & Estimates, Multiple Currencies, Payments, & Payroll
6180 Company Preferences Reminders & Reports & Graphs
6200 Company Preferences Sales & Customers & Sales Tax
6220 Company Preferences Search, Send Forms, Service Connection, Spelling, Tax 1099, & Time & Expens
Documents to Download
6100AccountandSettingsExpensesPaymentsTimeandAdvancedTabs
6080AccountandSettingsBillingandSubscriptionUsageandSalesTabs
6120ManageUsers
6140QuickBooksLabsDarkMode
6010 Set Up Excel Worksheet
6012 Set Up Excel Worksheet #2
6014 Set Up Excel Worksheet #3
6016 Set Up Excel Worksheet #4
6240OptionsforInterringItemsCustomersVendors
6260EnterServiceItems
6280InventoryTrackingOptions
6300SetUpInventoryItems
OneNote Resource
Documents to Download
6240 Options for Interring Items, Customers & Vendors
6260 Enter Service Items
6280 Inventory Tracking Options
6300 Set Up Inventory Items
Documents to Download
6240EnteringBeginningBalancesCustomersVendorsandItemsOverview
6280InventoryTrackingOptions
6260EnterServiceItems
6300SetUpInventory-220220-080456
6300 Inventory & Inventory Subsidiary Ledger
6320SalesTaxSetUp
6340NewCustomersSetupAccountsReceivableBeginningBalances
6360NewVendorsSetupAccountsPayableBeginningBalances
OneNote Resource
6360 New Vendors Setup & Accounts Payable Beginning Balances
6320 Sales Tax Set Up
6340 New Customers Setup & Accounts Receivable Beginning Balances
Documents to Download
6320SalesTax
6340NewCustomersSetupandAccountsReceivableBeginningBalances-220220-081122
6360NewVendorsSetupandAccountsPayableBeginningBalances
6340 Accounts Receivable & Subsidiary Ledger
6360 Accounts Payable & Subsidiary Ledger
6362 Financial Statements
6380AddNewAccountsandOpeningBalances
6400AdjustOpeningBalances
6420SetUpManualPayroll
6440GenerateReportsAfterEnteringBeginningBalances
Documents to Download
6380 Add New Accounts & Opening Balances
6400 Adjust Opening Balances
6420 Set Up Manual Payroll
6440 Generate Reports After Entering Beginning Balances
6380AddNewAccountsandOpeningBalances
6400AdjustOpeningBalances
6420PayrollSetup
6440GenerateReportsAfterEnteringBeginningBalances
6380 Add New Accounts & Opening Balances
6383 Adjust Beginning Balances in Worksheet for Current Period Data Input
7020DepositsOwnerInvestmentLoan
7040PurchaseofFurnitureInvestmentTransactions
7020 Deposits Owner Investment & Loan
7040 Purchase of Furniture & Investment Transactions
Documents to Download
7020DepositsOwnerInvestmentandLoan
7040PurchaseofFurnitureandInvestmentTransactions
7020 Record Deposits from Owner and Loan
7040 Purchase of Furniture & Investment Transactions
7060EnterPurchaseOrderPO
7080CashPaymentforInventoryLinkedtoPurchaseOrderPO
7060 Enter Purchase Order P.O.
7080 Cash Payment for Inventory Linked to Purchase Order P.O. (1)
Documents to Download
7060EnterPurchaseOrderPO
7080CashPaymentforInventoryLinkedtoPurchaseOrderPO
7080 Cash Payment for Inventory Linked to Purchase Order P.O.
7100InvoiceSellingInventory
7120ReceivePaymentTransactionandForm
7140SalesReceiptPaymentReceivedatPointofSale
7160 Deposits From Payment to Deposit or Undeposited Funds
7100 Invoice Selling Inventory
7120 Receive Payment Transaction & Form
7140 Sales Receipt Payment Received at Point of Sale
7160 Deposits From Undeposited Funds
Documents to Download
7100InvoiceSellingInventory
7120ReceivePaymentTransactionForm
7140SalesReceiptPaymentReceivedatPointofSale
7160DepositsFromPaymenttoDepositorUndepositedFunds
7100 Invoice Selling Inventory
7120 Receive Payment From Previous Invoice
7140 Sales Receipt Payment Received at Point of Sale
7160 Deposits From Undeposited Funds
7180InvoiceCreatedFromCheckCreatedFromPurchaseOrder
7200ReceivePaymentMakeDeposit
7220WriteChecksforExpensesPrepaidAssets
7240BillPay
Documents to Download
7180 Invoice Created From Check Created From Purchase Order
7200 Receive Payment & Make Deposit
7220 Write Checks for Expenses & Prepaid Assets
7240 Bill Pay
7180InvoiceCreatedFromCheckCreatedFromPurchaseOrder
7200ReceivePaymentandMake
7220WriteChecksforExpensesandPrepaidAssets
7240BillPay
7180 Invoice Created From Check Created From Purchase Order
7200 Receive Payment & Make Deposit
7220 Write Checks for Expenses & Prepaid Assets
7240 Bill Pay
7260 Customer Jobs
7280 Pay Employees
7282 Change Payroll Item for Payroll Taxes
7300 Enter Billable Time & Add to Invoice for Job
Documents to Download
7260JobsSubCustomersandProjects
7280PayEmployees
7282ChangePayrollItemforPayrollTaxes
7300EnterBillableTimeAddtoInvoiceforJob
7260JobsSubCustomersandProjects
7280PayEmployees
7281PayrollAdjustment
7300EnterBillableTimeandAddtoInvoiceforJob
7280 Pay Employees
7281 Pay Employees Part 2
7300 Enter Billable Time & Add to Invoice
7301 Enter Billable Expenses to Invoice
7320MonthOneReport
Documents to Download
7320MonthOneReports
7320 Month One Report
7320 Month One Financial Statements
8020MakeAmortizationTable
8022MakeLoanPayments
8040ShortTermInvestmentSalesGains
8060ChangeAccountCategorizationtoOtherExpense
8020 Make Amortization Table
8022 Make Loan Payments
8040 Short Term Investment Sales & Gains
8060 Change Account Categorization to Other Expense
Documents to Download
8020MakeAmortizationTable
8022MakeLoanPayments
8040ShortTermInvestmentSalesGains
8060ChangeAccountCategorizationtoOtherExpense
8005 Format Worksheet for New Month
8020 Make Amortization Table
8022 Make Loan Payments
8040 Short Term Investment Sales & Gains
8080PurchaseOrderAddingNewItems
8120SalesReceiptDeposit
8122RecordReceiptofInventorywithBillLinkedtoPO
8080 Purchase Order Adding New Items
8120 Sales Receipt & Deposit
8122 Record Receipt of Inventory with Bill Linked to P.O.
Documents to Download
8080 Purchase Order Adding New Items
8120 Sales Receipt and Deposit
8122 Record Receipt of Inventory with Bill Linked to P.O.
8122 Record Receipt of Inventory with Bill Linked to P.O.
8130PopulateInvoiceUsingBillableItemThatwasCreatedFromPO
8140AdvancedCustomerPaymentorUnearnedRevenueMethod
8160ApplyCustomerDepositCredittoInvoice
8200AdvancedCustomerPaymentorUnearnedRevenueMethod
8320BillforHourlyServicesofStaffSetupItemsEnterBillableTime
8322CreateInvoicesUsingBillableTime
8120SalesReceiptDeposit
8122RecordReceiptofInventorywithBillLinkedtoPO
8130 Populate Invoice Using Billable Item That was Created From P.O.
8140 Advanced Customer Payment or Unearned Revenue Method 1
8160 Apply Customer Deposit (Credit) to Invoice
8200 Advanced Customer Payment or Unearned Revenue Method 2
Documents to Download
8130PopulateInvoiceUsingBillableItemThatwasCreatedFromPO
8140AdvancedCustomerPaymentorUnearnedRevenueMethod
8160ApplyCustomerDepositCredittoInvoiceNewTitleIntro
8200AdvancedCustomerPaymentorUnearnedRevenueMethod
8130PopulateInvoiceUsingBillableItemThatwasCreatedFromPO
8140AdvancedCustomerPaymentorUnearnedRevenueMethod
8160ApplyCustomerDepositCredittoInvoice
8200AdvancedCustomerPaymentorUnearnedRevenueMethod2
8322 Create Invoices Using Billable Time
8320 Bill for Hourly Services of Staff Set up Items & Enter Billable Time
Documents to Download
8340RentalIncomeSetUpItems
8342RentalIncomeCustomerDeposit
8344RentalIncomeEstimateInvoice
8320BillforHourlyServicesofStaffEnterBillableTime
8322CreateInvoicesUsingBillableTimeReceivePaymentandMakeDeposit-220220-104821
8320BillforHourlyServicesofStaffSetupItemsEnterBillableTime
8322CreateInvoicesUsingBillableTime
8340RentalIncomeSetUpServiceItems
8342RentalIncomeCustomerDeposit
8344 Rental Income Invoice, Receive Payment, and Deposit
8340 Rental Income Set Up Items
8342 Rental Income Customer Deposit
8344 Rental Income Estimate & Invoice
Documents to Download
8342RentalIncomeCustomerDeposit
8344 Rental Income Estimate & Invoice
8360PurchaseFinanceEquipment
8362SubaccountsCategoriesForFixedAssets
8365BillsEnterSortPay
8370PaySalesTax
8360 Purchase & Finance Equipment
8362 Subaccounts Categories For Fixed Assets
Documents to Download
8360PurchaseandFinanceEquipment
8362SubaccountsCategoriesForFixedAssets
8360 Purchase & Finance Equipment
8362 Subaccounts Categories For Fixed Assets
8365 Bills - Enter, Sort, & Pay
8370 Pay Sales Tax
Documents to Download
8365BillsEnterSortandPay
8370PaySalesTax
8365BillsEnterSortPay
8370PaySalesTax
8420CreateReportsAfterSecondMonthofDataInput
8380EnterPayrollForSecondMonth
8385PayPayrollTaxes
Documents to Download
8380EnterPayrollForSecondMonth
8381EnterPayrollForSecondMonthAdjustment
8385PayPayrollTaxes
8380EnterPayrollForSecondMonthPart1
8381EnterPayrollForSecondMonthPart2
8385PayPayrollTaxes
8420 Create Reports After Second Month of Data Input
Documents to Download
8420CreateReportsAfterSecondMonthofDataInput
8420CreateReportsAfterSecondMonthofDataInputYTD
8421CreateReportsAfterSecondMonthofDataMonthofFebruaryOnly
This course will discuss the building of an accounting system and entering two months of data input into it. We will compare the process using an accounting system in QuickBooks Desktop, QuickBooks Online, and an accounting system using Excel. Because Excel is a much more transparent tool, it will provide us a much better understanding of the workings of QuickBooks.
The following sections will discuss what the QuickBooks Desktop & Online components of the course will cover.
We will create a new company file and populate it with two months of data input.
The data input will cover every significant form in each operating cycle, including the revenue cycle, the payables cycle, and the payroll cycle. The primary operating cycles are also commonly grouped as the customer, vendor, and employee cycle.
As we enter financial transactions, populating forms, we will analyze the impact on the financial statement and related reports.
Entering two months of data will allow us to see the difference in complexity of entering data for the first month of operations, a time when we have no historical data to help us, and entering data in following months, a time when we do have prior history and transactions to help simplify the process.
The following section will discuss what the Excel components of the course will cover.
In this course we will create an accounting system starting from a blank Excel worksheet and add begging balances to our accounts.
Learners will learn how to navigate Microsoft Excel as well as how to create a well-designed accounting worksheet, complete with a general journal, trial balance, general ledger, and subsidiary ledgers for accounts receivable, accounts payable, & inventory.
Excel is a very good tool to learn accounting because it is much more transparent than a database program, like accounting software, QuickBooks being a common example of accounting software.
For most new steps in the process, you will have access to a downloadable Excel Workbook, containing at least two tabs, one with the answer, the new steps being completed, the other starting out where the prior presentation left off.
Once our accounting system using an Excel worksheet is set up, we will add journal entries to enter beginning balances to our accounts, imagining we are moving from a prior accounting system to our new Excel worksheet system.
When adding the beginning inventory balance to the chart of accounts, we will also add an inventory subsidiary ledger, reporting inventory by item and unit, as well as by cost.
As we add the beginning accounts receivable balance to the chart of accounts, we will also add the accounts receivable subsidiary ledger, showing the money owed to the company by customer.
And when we add the accounts payable balance to the chart of accounts, we will add the accounts payable subsidiary ledger, reporting the money owed by the company to vendors.