Part 2 Processing Transactions in QuickBooks

Transcription

1 Part 2 Processing Transactions in QuickBooks 2.1 Getting Started In this chapter, we will discuss: how to load QuickBooks Plus 2005/2006 and the file containing the Chart of Accounts data file onto your computer; how to input your opening account balances into QuickBooks; and finally - how to actually do the bookkeeping for your organisation. If you re also new to bookkeeping in general, most of what you need to know will be covered. However, it may also be worth your time to contact a Quicken Accredited trainer if you feel this is necessary Loading the software onto Your Computer QuickBooks Plus 2005/2006 will arrive on a CD-ROM. Before loading it, make sure that all other programs, such as internet connections and sites are closed. QuickBooks will restart your computer as part of the software load process, and so closing all other programs is the safest way to proceed. Having closed all programs, open the CD-ROM drive on your hard-drive, place the QuickBooks CD-ROM on the panel face down, and close the drawer. On your screen, after a few seconds, the window below will appear, and installation can begin. April Processing Transactions in QuickBooks

2 There are voice commands attached to this software, so have the volume adjusted to a comfortable level, and follow the prompts. At this screen, click on Australia, and proceed. To properly load the software, you will require the Key code number that is shown on the back of the CD envelope do not lose this. During the installation process, this key code will determine the version of software that you install. Installation will take a few moments, and at the end, require that you restart your computer. At this stage, if the QuickBooks program has not already done so for you, you should consider setting up a shortcut on your desktop. This makes life much easier in the future To do this, find the QuickBooks program in your list of available software, and right click on the icon. Choose Send To Desktop (Create Shortcut) and within seconds there on the desktop will be the shortcut. Double clicking on this icon should automatically run the QuickBooks program. Loading the Chart of Accounts QuickBooks datafile The next thing to do is load the QUT developed Standard Chart of Accounts onto your computer. If you choose not to use this pre-prepared data file, there are two other options available to you. You can either set up the Chart of Accounts yourself by manually typing in each account name, number and the relevant tax codes. However, this will be time consuming and ultimately result in the same outcome as loading the data file; or It is also possible to choose the QuickBooks generated non-profit organisation chart of accounts available within QuickBooks if you use the Non-Profit Edition. However, be aware, that you will need to add the GST codes. The QUT account names and numbers will need to be added, with particular attention given to the tax codes. The Standard Chart of Accounts data file as prepared by QUT not only has the account names and numbers already entered, but it also contains the necessary links set up between accounts, and the correct preferences set so as to make the processing of transactions easier and more efficient. The QUT data file also has all of the relevant tax codes pre-set. Using this data file will allow you to produce the necessary reports required by government departments for grant acquittals, and so is highly recommended. This data file is available from the website shown below, and can be copied via download to the appropriate drive on your computer. You can then access this data file via the QuickBooks software just loaded by selecting File from the drop down menu at the top left of the screen, clicking Open File, and accessing the file at the location that it was previously copied to. Web address: To download the data file prepared for you, type the link provided into your internet search mechanism. April Processing Transactions in QuickBooks

3 Now we can get started Navigating QuickBooks QuickBooks is relatively easy to navigate around, using a mouse combined with the keyboard. In many instances, the Tab key and the Enter key will produce the same results, that of moving your cursor from one box to the next. There are, however, instances where hitting Enter will enter the information on the screen, unfinished or otherwise. These options can also be configured by the Preferences options mentioned in Section Linking Accounts. If the information is not complete to QuickBooks satisfaction, an error message will come up should this happen, simply cancel the message, complete the function, and then click on the Save & Close or Save and New button, depending upon what you want to do. If the information has been entered to QuickBooks satisfaction, but not for yours, simply find the transaction, re-open it, and complete the information before entering and closing the window again. In certain sections, drop down menu arrows appear. The information available at this point can be accessed by clicking directly on the drop down arrow with the mouse. In most cases, you will end up using a combination of Tab, Enter, and mouse click Opening the Chart of Accounts Double click on the desktop icon. This will bring up the following window: April Processing Transactions in QuickBooks

4 Generally, you will be taken into the QuickBooks file that you last had open. However, you may have to activate QuickBooks although you will be given access at least 5 times before this is absolutely necessary. It is best to activate your file sooner rather than later though, and it shouldn t take long. QuickBooks will be relying upon your having internet access at the same time, though. If you do not have this, you can register via telephone to do this, press Ctrl and F12 on the keyboard this will bring up the following screen, which includes a telephone number for Quicken Registrations which you can call. Just click on Next, and follow the prompts. You will be asked for your company name, and the name, address, telephone number and address of a contact person within the company, as well as a few other details about your organisation. Follow the prompts, and fill in the necessary information. Once the task is finished, print out your activation sheet, enter the details into your manual and file the page in a safe place. You will be returned to the Navigator screen. Once you ve arrived at this point, have a good look around. Click on all the icons to the left hand top side of the window Nonprofit, Company, Customers, Suppliers, etc, and have a look at what the various options are that are available to you. Above all else, do not worry this really is not as hard as it looks. April Processing Transactions in QuickBooks

5 However, before entering any transactions, there are a few details that will need to be attended to first. These are covered in the next section. There is another option available as well by clicking on the Help drop down menu at the top of the screen, you will be able to activate a QuickBooks tutorial follow the prompts. This is an interactive tutorial with both onscreen prompts and sound available Loading Opening Balances The very first thing that will need to be done is the entering your non-profit organisation s information. To do this, with QuickBooks open in front of you, click on Company, which is listed as one of the options right at the very top of your screen. This will bring up a drop down menu, from which you will choose Company Information. The following screen should look something like this: Enter into this screen all relevant information regarding your organisation s name, address (either postal or street), the telephone and fax number, and any address and web site that you may have. At this screen you can also set the first month of your organisations financial and tax year. Under that, you can select the Income Tax Form Used if uncertain about this, check with your accountant once you ve viewed the options. Below that, at Tax Rego ID, you can enter your organisation s ABN (Australian Business Number). Once you have finished, click OK. The next step is to begin to enter opening account balances that appear on your most recent set of financial statements as at financial year-end. These may or may not have been audited at the time of inputting. Should these opening balances change once the audit report has been signed, you may need to go back and revise these figures. April Processing Transactions in QuickBooks

6 QuickBooks will only allow you to enter opening balances in respect of asset, liability and equity accounts. It is not possible to enter opening balances in respect of revenue and expense accounts. Hence, we strongly recommend that the transaction to this new chart of accounts occurs on the first day of the new financial year for your organisation. Alternatively, if you wish to convert to the new Chart of Accounts before the end of the current financial year, you will also need to re-enter all previous transactions that have occurred during the course of the year to this point. Be aware this will be very costly and time consuming. For more information on converting to the QUT Chart of Accounts during the financial year, refer to Section Conversion at the Beginning of the New Financial Year If you are choosing to convert to this chart of accounts at the start of your new financial year, you will first need to make sure that the data file is set up to start and end it s reports for your particular financial year. As this will be unique to each organisation, it has not been possible for us to pre-set this for you. However, this is an easy process, and is outlined next. With QuickBooks open in front of you, go to the very top of the screen. Left click on Company, then click on Company Information. The following screen will appear: April Processing Transactions in QuickBooks

7 Half way down this window, there is the facility to change the start date of your financial year. For the purpose of this example, we will set our financial year to begin on 1 January 2006, and end on 31 December There is also the opportunity to select the start date of your Tax year. While many non-profit organisations will not even need to lodge a tax return, for the purposes of this example, we have chosen a tax year that starts in July 2006, and ends in June When you have selected the months in question, click OK. The screen will close automatically, and you will be returned to the main Navigator window. Before making this kind of change to your data file, it is wise to do a back-up first. QuickBooks will not prompt you to do so at the time, and as there is virtually no data in this file at this time, this is unnecessary. However, as a rule, ALWAYS do a backup before starting a new financial or payroll year. See Section Performing a Data file Back Up for more information. Now you will be able to enter your opening account balances. To enter the opening balances, with QuickBooks open in front of you, click on the Company icon on the top left hand side of the screen. The screen will now look like this: Amongst the options that now appear is an icon called Chart of Accounts. Click on this, and the following screen will appear: April Processing Transactions in QuickBooks

8 By hovering your mouse over this screen, and rolling the ball between the left and right buttons on the top of the mouse, you will be able to scroll up and down this screen. Alternatively, you can scroll up and down using the scroll bar to the very right of the open screen. To enter the opening balance for each account, hover your mouse arrow over the account that you wish to adjust. Using the right side button on your mouse, (or Right Click ) click once. The following window will open: April Processing Transactions in QuickBooks

9 Click on the Edit option. The following window will now open: Each account in your file has a record similar to this. This record shows the account number, the name of the account, and which account it is or can be linked to. Towards the bottom of the window, it is possible to enter an opening balance, as of a certain date. This date should be the first day of your new financial year. April Processing Transactions in QuickBooks

10 Enter the appropriate balance for this account, and when you have finished, click OK. In this way, enter the balances for each account that match what you are currently using. Refer to the Data Dictionary in Chapter One if you are unsure of any of the account definitions. TIP: Enter the balances only as positive numbers. Do not, for example, enter liability opening balances as negative numbers. Enter negative amounts only if the account truly has a negative balance (for example, Accumulated Depreciation). Be VERY careful entering these opening balances. Once entered, it is not possible to make changes except by means of a journal entry. QuickBooks will automatically calculate Equity, but check it anyway to ensure that it is correct. When you have entered all of the balances, they will show up to the very right of the Chart of Accounts Screen. Check through each again to ensure that they are all correct in particular, that the balancing Equity accounts are correct. If they are, you are now ready for the next step Conversion during the Financial Year Alternatively, if you wish to convert to the new Chart of Accounts part way through the current financial year, you will also need to re-enter all previous transactions that have occurred during the course of the year to this point. Be aware that this could be a lengthy and time consuming process be sure to take this into account if you decide to convert to this new Chart of Accounts during your financial year. For example, if you are adopting this Chart of Accounts on 1 November 2005, with a Financial Year that starts in May, you will need to enter the opening balances for assets, liabilities and equity as at 30 April 2005 (or whatever the last date of the previous financial year was for your organisation), as well as all the transactions that have occurred since 1 May 2005 and 1 November This is because QuickBooks does not allow you to enter opening Revenue and Expense balances. In some instances, if you do not process many transactions per month, this may not create too many difficulties, but obviously the larger the organisation, the more transactions, and for this reason, it is advisable to adopt the Chart of Accounts at the start of your new financial year. April Processing Transactions in QuickBooks

11 To convert during your current financial year, simply follow the steps outlined in the section above, and keep in mind that you will need to re-enter all previous transactions before you can enter your most current Performing a Data file Back Up Upgrading previous data files to a current version of QuickBooks is relatively simple, and essential if you are going to be able to view your files with ease. To do this, start with the file which you wish to upgrade open on the screen in front of you, at the Navigator. Before anything else happens, do a back-up of the file, and store this in a safe place (perhaps even copying the file to an external filing source, such as a CD-Rom or floppy disk). To do a back-up, click on the word File found at the top of the window part of the menu running along the top of the screen. The following menu will appear: Clicking on Back Up will produce this screen: April Processing Transactions in QuickBooks

12 As you can see, you now have the option of saving your backed-up file to somewhere on your computer, or online. The option that you choose is entirely up to you for now, we will choose to save on the computer. If you choose this option, select this by clicking on the radio button beside Disk: and then click on the Browse button to select exactly the place that the data file will be stored. This, at this point, could also be a CD-Rom or floppy disk that you have inserted into your computer. At this stage, we will not be verifying the data integrity this will come later. Once you have selected the correct place for the data file to be saved, click OK. Depending upon where you have decided to save your data file, the following message may appear: April Processing Transactions in QuickBooks

13 If this is OK with you, click Yes. If you would prefer to rethink your saving options, click No. You will be returned to the previous screen, to reselect the place that the data file will be saved to. Within a short time, the following message will appear: Click OK Upgrading Data from previous versions of QuickBooks To perform an upgrade of your data file, first do a backup following the instructions in the above section. Although the following process will also produce a back up file, it is better to be safe than sorry later on. You will need to check the status of the data file in the old version of QuickBooks. To do this, using the previous version of QuickBooks that the data file is currently active in, click on File at the top left hand side of the screen, as part of the menu running along the top of the screen. The menu which appears will, half way down, have the word Utilities, with an arrow beside it. Clicking on Utilities will bring up the following options: April Processing Transactions in QuickBooks

14 We will select Rebuild Data first. Click on this option. The following window will appear: We have just performed a backup, and stored it safely, but doing it again will not hurt anyone! Click OK. The following screen will appear, allowing you to select the place that your back up file will be stored. Once happy with the destination, click OK. April Processing Transactions in QuickBooks

15 The next screen to appear will be this one: Click OK. Now that we have a backup file, and have done a rebuild, we can proceed with our verification of the data. To do this, go back to the menu under File. Select Utilities this time, click on Verify data. Hopefully, the following screen will appear: April Processing Transactions in QuickBooks

16 You are now ready to upgrade your data file to the later version of software. Close the old software, and open the new software (later edition). From the File menu, using Open Company select the now verified and rebuilt data file from the previous software version. QuickBooks will now take you through the upgrade wizard follow the prompts Opening a Zipped Backup File If you need at a later stage to get back into the zipped data file (perhaps because the upgraded file corrupts, or for some other reason), this is not difficult. You will need to extract the data, and this can be done in the following way. You will need to have QuickBooks itself open and running for this task. At the main Navigator screen, look along the very top of the window. You will see the words File, Edit, View, etc. Click on the word File. The following menu will appear: Select Restore from the menu. The following screen will appear: April Processing Transactions in QuickBooks

17 This window is divided into 2 sections. The top section is called Get Company BackUp From:. Unless you have stored your Company Backup File online, choose the Disk option this also means your computer hard-drive to QuickBooks. Click on the Browse button at the end of the Location field this will take you to the place that the back up file is stored. This is worth checking, to make sure that you are about to select the correct file. Having browsed and made sure that the right file has been selected, your screen will now look like this: April Processing Transactions in QuickBooks

18 Change the offered Filename to something relevant, so that you can tell it apart from the other files that are saved. Do this by clicking once in the field, and deleting or adding until you have what you want. Next, click on the Browse button at the end of the Location field, and select the location that you want the restored file to be saved to. When you are satisfied, click Restore. Hopefully, the next message you will see will be this one! Click OK. QuickBooks will now open the restored file. In order to avoid confusion, it is a good idea to delete (or move to another location) the QuickBooks files that you no longer wish to use change the file name if this will help. April Processing Transactions in QuickBooks

19 2.1.8 Setting up GST Tax Codes Before you begin to enter transactions, it is important to be aware that we have, in the setting up of the QuickBooks file, made choices regarding the designation of tax codes for expenses that you may need to change. QuickBooks does not have a facility to assign tax codes to any other accounts other than Expenses, and as not all transactions are subject to GST as we have set them, and others that we have designated not subject to GST may well be in your circumstances, it is a good idea for you to check these and make adjustments as necessary. There are several ways to deal with this, but it is easiest for long term use if the correct code is set as much as possible right at the beginning, to avoid problems later on. As an example, most fundraising events are subject to GST. However, there is a special provision contained within the Goods and Services Tax Act (1999) as amended that allows for these events to be regarded as input-taxed (Section ). If an organisation makes this election, the relevant revenue accounts should be coded INP. Hence, it is strongly recommended that bookkeepers carefully review each tax code within the chart of accounts to ensure correctness. If you are uncertain as to the correct GST tax code to use, you should consult your accountant/auditor, or contact the Australian Taxation Office. To check the tax codes allocated to the various accounts, go to the Navigator Screen. To the top left hand side of this main screen, you will see a number of options. Click on the company icon. Your screen will look like this: April Processing Transactions in QuickBooks

20 In the top middle of the window, click on the icon Chart of Accounts. The following screen will now appear: You will notice that the accounts have all been listed to access the ones further down the page, simply use the scroll bar to the right of the screen, or hover your mouse over the window, and use the roller on the top of your mouse. Running your eye over the account names, you will see that halfway along the window that there is a column called Tax. The only ones with a tax designation are the Expenses, toward the bottom of the list. Scroll down, and check that each has the correct code designated to it. NCG means that the entries in this account are Non-Capital Acquisitions, and will be subject to GST, whereas NCF means that the supply is outside the GST system. This is all explained further in Section Understanding GST Tax Codes. If you find one that is not set correctly, decide what the correct designation should be, and then follow these steps to make the change. For the purpose of this example, we will choose the Expense Accounting Fees to make the change to. Hover your mouse arrow over the relevant account, and click on the right hand button on your mouse. From the options window that appears, select Edit. The following window will appear: April Processing Transactions in QuickBooks

21 At this screen, called Edit Account, it is possible to change the account number, and the name of the account. However, we are interested in the tax code assigned to this account, so to make the change, click on the field towards the bottom of the group available, called Usual Tax Code. If you are uncertain about what your tax code options are, click on the drop down menu arrow to the end of the field, and choose from the available selection. It will look like this: April Processing Transactions in QuickBooks

22 When you have finished, click OK. You will be returned to the Chart of Accounts screen, ready to make any other changes necessary Linking Accounts In QuickBooks, it is possible to link accounts to various types of accounts which determine whether they form part of the assets/liabilities in the Balance Sheet or income/expenses which form part of the Profit and Loss In the creating of the Chart of Accounts project, we have already taken care of this, but you may well desire to make changes. To do this, with the Navigator Screen open in front of you, look to the top left hand side of the screen. You will see the icons for Non-Profit, Company, Customers, etc. Click on the Company icon. The following screen will appear: April Processing Transactions in QuickBooks

23 There are a number of options available at this screen for now, though, click on Preferences. The following screen will appear: April Processing Transactions in QuickBooks

24 To the left of this screen, you will notice a number of options on a menu that can be accessed by the scroll down menu bar. The first links that can be made are within the Banking section. Click on this icon. The screen above will appear. As you can see, under the tab called My Preferences, there are three areas that will affect your day to day accounting these can be set to default to the bank accounts that you commonly use. To make changes to any of the accounts that are shown, simply click on the drop down menu arrow to the right of each field, and select the correct account. By clicking on OK when you have finished, you will save your changes, this window will close, and you will be returned to the Company Navigator. It is worth having a decent look at the various preference options at this point this will allow you to select options that will personally suit you or your organisation better. It is also possible to ensure that the accounts required to process Payroll are correct. To check these linkages, go to the Navigator screen on QuickBooks. Along the top of the screen, you will see the words File, Edit, View, etc. Read along until you come to Employees. Click on the word the following menu will appear: Click on the very last option Payroll Item List. The following screen will appear: April Processing Transactions in QuickBooks

25 Here, you can see each of the available options that apply to the various payroll needs of your employees. We would suggest that you check through each option, opening each by double clicking on the name. The example that will now be used is that of Salary. Click on Salary in the list. The following window will appear: April Processing Transactions in QuickBooks

26 This screen is generic for all of the items in this list, and will take you through the various set-up details and preferences for these particular items. It is worth checking all of these to ensure that the right accounts are being defaulted to. However, as we are concentrating on salary, and if the information that appears on this screen is correct, click Next. The window will change to look like this: April Processing Transactions in QuickBooks

27 Here, you can change the account that Salaries and Wages defaults to. As mentioned earlier, we have set the defaults, but it is worth checking, if only to familiarise yourself with the inner workings of QuickBooks. To change the expense account for salaries, click on the drop down menu arrow to the right of the field, and make your selection from the account options, clicking on the new account to select it. Click Next. The screen will look like this: This screen deals with the classification of the wages. Wages and salaries are traditionally recorded as Gross Payments, so this selection is correct. Do check out the options though click on the drop down menu arrow to the right of the field to view these. Click Next. The following screen will appear: April Processing Transactions in QuickBooks

28 The correct default for payroll is shown above, with a tick beside it to select it. Click Next. The following screen will appear: April Processing Transactions in QuickBooks

29 These options are also correct for Wages and Salaries - click Finish. You will be returned to the Payroll Item List screen, so that you can check the other options in the list. If you are uncertain about any of these details, and how they may apply to your organisation, please talk to your accountant, as it is important that these are set up correctly from the outset. Note that the Superannuation payroll item and its links are dealt with specifically at Section What to Do in QuickBooks to Track Superannuation Setting up Records for Customers and Suppliers The next step is to begin to set up a catalogue of records, for all of the customers, suppliers, and employees that your organisation may have. A record is like a mini-data file in QuickBooks that stores relevant name, address and other details for each customer, supplier, organisation or employee that your organisation has had and will continue to have dealings with. Records can be set up either at the same time as transactions are entered (and often, this is necessary), or before a transaction is entered. To properly set up a record, it is best to have available all the information pertaining to the company or individual at hand, but if you do not, it is possible to go back into the created record and edit the information as necessary. QuickBooks does not have one universal record file; rather, the file is broken into its various Supplier, Customer and Employee sections. To access the Supplier records, for example, you must go into the Supplier section, and proceed from there. This next example will be based on a Supplier s tax invoice, provided to you by Bill s Repair Shop. The invoice is shown on the next page. April Processing Transactions in QuickBooks

30 Bill s Repair Shop Pty Ltd Repair Shop to the Stars!! 27 January 2005 Invoice No: 3672 TAX INVOICE ABN: Sample Non-Profit Organisation Inc. A Small Town in QLD The Main Street Somewhere, QLD, Being my professional fee for services rendered in respect of the following: Repairs to Gas Lift Office Chair AMOUNT OWING: $ TOTAL FEE ABOVE INCLUDES GST OF: $ Nett: Payment within 30 days from the date of this tax invoice. Bill s Repair Shop 33 Ashton Street, Somewhere QLD 4691 Telephone: (07) Facsimile: (07) April Processing Transactions in QuickBooks

31 To enter Bill s Repair Shop information into your supplier record database, go to your Navigator Screen, and click on the Supplier icon at the top left of the screen. Your screen will now look like this: On this screen, there are several ways to access the Supplier list, and add a supplier. The easiest is to simply click on the direct access link to the right of the screen, called Add a Supplier. Clicking on this will take you directly to a new Supplier record, allowing you to begin entering details. Another way requires that you click on a small icon to the bottom of the main screen, called Suppliers. Clicking on this icon will take you into the complete list of all Suppliers already entered into the database, allowing you to see if the details you are about to enter are there already. The Supplier screen looks like this: April Processing Transactions in QuickBooks

32 As you can see, there are a few records already entered. QuickBooks lists entries in alphabetical order, making it easy for you to search for the correct record. If you wish to enter a new one, you now have two options. Either hover your mouse arrow over the screen, and right click. A menu will appear, with the option New. Clicking on this will bring up a new record window, which you can enter supplier details into. Alternately, you can click on the button at the bottom of the screen, called Supplier. A similar menu will appear, again with the option New. Clicking on this will again bring up a new record window, allowing you to enter supplier details. Regardless of which of these three options you choose, the new supplier screen when filled out will look like this: April Processing Transactions in QuickBooks

33 This first screen is called Address Info. This information will appear on printed cheques if you plan to send these using window faced envelopes. There are two additional tabs Additional Info, and Bank Details. Begin to fill in the address information that you have, hopefully based on a proper invoice. This first screen allows you to enter the Supplier name and address, as well as the name to be printed on a cheque if you use this option. When you have finished with this first screen, click on the tab called Additional Info. On this record, you will be able to add a supplier account number, if you have issued them with one, or they have issued you with one. You can also select the type of supplier they are, and the payment terms they require. This can be useful later on, when it comes time to pay bills. QuickBooks will show a list of all invoices to be paid, based upon those that require payment first. You can also enter a credit limit if you wish, and at the field named Tax Reg ID, you can enter the supplier ABN, or Australian Business Number. The ABN is a unique 11-digit number, which must be displayed by the supplier on all invoices/tax invoices issued. Although QuickBooks will not prompt you for this information, or ask if you would like to withhold tax amounts if an ABN has not been supplied, it is good to have this information on file, for your own protection. April Processing Transactions in QuickBooks

34 If a supplier has not quoted their ABN on their invoice/tax invoice, you are required by law to withhold 48.5% of the total payment. You should also withhold if you doubt that the ABN quoted to you is correct. If you are unsure, you can check the validity of an ABN by using the Australian Business Register website at: This screen when completed will look like this: When you have finished filling out this screen, click on the tab called Bank Details. If you choose to pay this supplier by direct debit, their bank details can be recorded at this screen. The bank details screen will look like this: April Processing Transactions in QuickBooks

35 As Bill s Repair Shop has not supplied any bank details, we will have to leave this screen blank. However, many suppliers do provide the option of direct debit payments, and will supply this information on their invoices. When you have finished entering everything to your satisfaction, click OK. You will be returned to the screen that you originally started from, either the supplier listing screen, or the Supplier Navigator screen. TIP: If a supplier is likely to also become a customer, create two records, one listing him or her as a Supplier, the other as a Customer. However, you will need to vary the name eg. Pty Ltd or P/L as QuickBooks will not allow the same name in more than one list If you decide to add or change any of the information now entered, simply click on Supplier icon at the bottom of the Supplier Navigator screen (if that is where you are), and then hover your mouse arrow over the relevant record listing to highlight it. Right click with your mouse to get the options menu. When this appears, select Edit this will open the record so that changes can be made. April Processing Transactions in QuickBooks

36 The same process can be followed for any Customer records that you wish to create, although Employee records are a little more complicated, and will be covered at Section Setting up Employee Records. To set up a Customer record, go to the Customer Navigator screen. This screen will look like this: As you can see, there are several options available for creating a new customer record that exist for a creating a new supplier record. You can either click on the quick link to the right of the screen, called Add a Customer, or click on the Customer icon to the bottom left of the screen. Either will achieve the same results, although clicking on the Customer icon will take you first to the alphabetical Customer listing screen first. Which ever option you decide to use, follow the instructions listed earlier for the creation of a Supplier record. The customer record will look like this: April Processing Transactions in QuickBooks

37 A customer record is identical to a supplier record, with the addition of another tab, called Job Info. Here you can link various jobs to a customer. This will be explained further in Section Customer:Job/Class Costing. For now, however, simply enter the information that you have available, and click OK. You will be returned to the screen that you started from. Note that Employee records and their set-up are dealt with specifically in Section Setting up Employee Records. April Processing Transactions in QuickBooks