1. QuickBooks Training

2. Introduction & Professional Background
EDUCATION:
MERCER UNIVERSITY, Atlanta, GA
Masters of Business Administration in Finance, 4.0 GPA - October 2002
KENNESAW STATE UNIVERSITY, Kennesaw, GA
Bachelor of Business Administration in Accounting - March 1997
ACHIEVEMENTS:
Certified Public Accountant-June 2002
(Georgia License # CPA )
MEMBERSHIPS:
Member of AICPA professional association
EXPERIENCE:
Clint A. Summers, CPA (Public Accounting Firm), Dallas, GA
Develop/Implement QuickBooks training for all new franchisees for a national franchise corporation.
Develop standard chart of accounts for two separate franchise brands of a national franchise corporation.
Prepared & presented material as an expert speaker on QuickBooks/Acctg at nat’l franchise conference.
Oversee & perform accounting/bookkeeping for small business clients across the country.
Oversee & prepare payroll, payroll taxes, W2s, 1099s, etc. for small business clients across the country.
Oversee & prepare annual tax returns for individuals, small businesses, & corporations.
Manage & oversee the daily operational aspects of the public accounting firm.
Over 18 years of experience in accounting and finance.

3. Agenda Accounting Basics QuickBooks Online Set-Up
Instructions for Set-Up
Adding/Editing the Chart of Accounts
QuickBooks Basics
Initial Investment
Online Banking
Data Links
Write/Print Checks
Reconciling Bank/Credit Card Accounts
Credit Card transactions
Journal Entries
4. Reports
Profit & Loss
Balance Sheet
Working “on” the business and not “in” the business
Agenda

4. Accounting Basics
Customers
Business
Vendors
Revenue
Expense

5. Revenue – Expense = Net Income
Accounting Basics
Revenue – Expense = Net Income
Net Income is also known as:
Profit & Loss
Bottom Line
Net Income is reported on the Profit & Loss statement in QuickBooks (a.k.a. Income Statement).
A Profit & Loss Statement is important to the business because it provides information to:
Your banker (for a loan application)
Your accountant (for tax advice)
You as the business owner (to adjust your business model)

6. = + Accounting Basics Bank Accounts & Cash Loans & Credit Net Income
& Investment
LOAN = +
Assets
Liabilities
Equity

7. Assets = Liabilities + Owner’s Equity
Accounting Basics
Assets = Liabilities + Owner’s Equity
Assets
Liabilities
Equity
A Balance Sheet is important to the business because:
Provides quick view of the net worth of your business
Your banker will also be interested in this report when considering you for a loan.

8. Accounting Basics Income Expense Assets Liabilities Equity
Profit & Loss Statement Balance Sheet
Income Expense Assets Liabilities Equity
Sales
Payroll
Utilities
Materials
Bank Accts
Receivables
Major Equip
Credit Card
Loans
Payables
Investment
Net Income
Retained Earnings

9. QuickBooks Online Set-Up

10. QuickBooks Online Set-Up
The set-up process is fairly straight forward.
Complete the “Technology Package” enrollment info provided by the Home Office.
A representative from Intuit (QuickBooks) will contact you to set-up your QuickBooks Online account within a few days.
The representative will provide a high-level overview of how to navigate and send you some training videos for your review.

11. QuickBooks Online Set-Up
4. Below is a screenshot of the Company Home Page in QuickBooks Online:

12. QuickBooks Online Set-Up
Click on the “Gear” icon in the top right and choose “Company Settings to update the info for your company
You will update the following areas:
Upload the Logo if you like (Optional)
Company Name
Company Address
Legal Address
Company (main address for your company)
Customer ( address for you to receive notifications from QB)
Accounting Method (I recommend “Cash Basis”)
Employer ID (EIN) (This is your business Tax ID number)

13. QuickBooks Online Set-Up – Add an Account
To add a new account, click on Gear icon in the top right of the screen
Choose “Chart of Accounts”
Choose the appropriate “Category Type”
Choose the “Detail Type”
Give the Account a “Name”
Assign the proper “Account Number”
Select if it is a sub-account for an existing account
Click on Save & Close

14. QuickBooks Online Set-Up – Edit an Account
To edit an account, click on Gear icon in the top right of the screen
Choose “Chart of Accounts”
Click on the account you would like to edit
Click on the drop down menu on the right side of the screen and choose “Edit”
Edit the “Category Type” if needed
Edit the Account “Name” if needed
Edit the “Account Number” if needed
Edit the “Sub-Account” if needed
Click on Save & Close

15. QuickBooks Basics

16. QuickBooks Basics – Initial Investments
To record your initial investment in the business, click on the + sign at the top/center of the screen
Then choose “Bank Deposit” on the right hand side of the pop-up.

17. QuickBooks Basics – Initial Investments
The “Deposit” screen will then open
Be sure to choose the proper bank account from the top left drop-down
Enter the date that the deposit will be made at the bank
Choose “Owner’s Investment” if this is an Equity deposit and/or choose “Owner Loan Payable” if you are loaning the company money
Put in a note indicating this is your Initial Investment or a Loan
Record the amount of the investment
Click “Save & Close” in the bottom right of the screen
If you start typing the account, QuickBooks will begin to auto-populate the account you are searching for or you can use the drop-down menu

18. QuickBooks Basics – Online Banking
Notice that the deposit appears in the “Bank accounts” area on your Home Page.
Also, the deposit appears in your “Check Register” as a Deposit.

19. QuickBooks Basics – Online Banking
To connect your bank accounts to QuickBooks, click on the “Connect an account” button on the Home Page
Choose your bank and enter your username and password you use to access your accounts via online banking.
Then click “Log In”

20. QuickBooks Basics – Online Banking
Once connected, you will see all of the accounts you have at this bank.
Choose the account you use for your business and tell QuickBooks what kind of accounts they are.
QuickBooks will automatically download all of the transactions from the last 90 days and then automatically download new transactions as they occur in the future

21. QuickBooks Basics – Online Banking
The downloaded items are not in QuickBooks quite yet. They still need to be assigned to the proper accounts based on what the transactions are for.
On the Bank and Credit Cards page, click on the Category or Match column to sort the transactions. You will see where QuickBooks tried to find categories for some transactions.

22. QuickBooks Basics – Online Banking
Click the first transaction in the list to open it.
Assign the proper account to the transaction by clicking on the account drop down menu and choosing the right account.

23. QuickBooks Basics – Online Banking
Add or change the Payee if necessary by typing the new vendor in or choosing and existing vendor from the list.
No vendors will be in the list when you first start using QuickBooks, they will all need to be added as you go.

24. QuickBooks Basics – Online Banking
If QuickBooks correctly categorized a bunch of transactions, you can accept these all at once by clicking one of their checkboxes, holding down the Shift key and choosing the final one in the list.
Open Batch Actions and choose Accept to accept them all together.

25. QuickBooks Basics – Online Banking
After assigning accounts to the downloaded items from your bank, the activity begins to form your financial statements (P&L and Balance Sheet) by appearing on the reports below:
Assigning items into Asset, Liability, and Equity accounts will put them on the Balance Sheet
Assigning items into Income, Cost of Goods Sold & Expense accounts will put them on the P&L

26. QuickBooks Basics – Data Links

27. QuickBooks Basics – Write Checks
One method for entering reductions to your checking account is to choose “Check” by clicking on the + sign at the top/center of the home page.
Choose “Checking Account” from the drop down menu
Choose the appropriate vendor or add a new one.
Enter the amount of the transaction.
Notice that the “Print Later” box is checked
Select the proper expense account(s)
Split the transaction into the proper amounts for each account if necessary
Enter a “description” if necessary and click on “Save & Close”

28. QuickBooks Basics – Print Checks
If the “Print Later” box was selected, choose “Print Checks” by clicking on the + sign at the top/center of the screen.
You will then “Select Checks to Print” by putting a check mark beside each item that you wish to print, click on “Preview and Print”
Choose your printer, choose your type of checks, click on “Print” to begin printing your checks.

29. QuickBooks Basics – Reconciling
To reconcile your bank or credit card accounts, click on the “Gear” icon on the top right of the screen.
Choose “Reconcile” from the drop-down menu.
Choose “Checking Account” when prompted for the Account
Click on “Reconcile Now”

30. QuickBooks Basics – Reconciling
Enter the statement date, the ending balance, any bank charges, or interest earned from the statement and click “OK”
Place a check mark by all the transactions that match those on your statement.
Once the “Difference” is $0.00, then click on “Finish Now”

31. QuickBooks Basics – Credit Cards
To manually enter credit card charges, click on the “Credit Card” account on the right of the Home Page
Be sure to choose the proper credit card account from the drop down menu
Click on “Add CC expense”

32. QuickBooks Basics – Credit Cards
Select or Add the vendor where the charge was made
Enter a Memo to describe the transaction.
Enter the amount of the transaction.
Choose the proper “Account” from the Chart of Accounts
Click “Save” to save the transaction
Using Online Banking downloads for your credit card transactions will save you some data entry time.

33. QuickBooks Basics – Credit Cards
The Credit Card transactions will appear on your Balance Sheet as a liability until paid.
It will also appear on your Profit &Loss as an expense once entered
Lastly, it will show under the “Bank Accounts” section of your Home Page.

34. QuickBooks Basics – Journal Entries
Journal Entries are generally used to enter transactions that you did before you had a business checking account, for recording investments in your business, loans to your business, or sometimes for depreciation of assets.
The transaction we will show is for recording expenses before you had a business checking account.
To enter a Journal Entry, click on the + sign at the top/center of the screen and choose “Journal Entry”

35. QuickBooks Basics – Journal Entries
Then be sure to choose the correct date for the journal entry (before your checking account was opened).
Enter expenses as “Debits” using the proper account from the Chart of Accounts.
Enter the sum of the expenses as a “Credit” to the “Owner’s Investment” account or Owner Loan Payable Account (or split it between the two accounts).
Be sure “Debits” are equal to the “Credits” and save the Journal Entry.
Click on “Save and Close” at the bottom right to record the entry

36. Reports

37. QuickBooks Reports – Profit & Loss
To generate a Profit & Loss report, choose “Reports” from the menu bar on the left
Then choose “Profit and Loss” from the “Recommended Reports tab
The report will generate automatically for the current fiscal year.

38. QuickBooks Reports – Balance Sheet
To generate a Balance Sheet report, choose “Reports” from the menu bar on the left
Then choose “Balance Sheet” from the Recommended menu
The report will generate automatically for the current day (Balance Sheets are for a single point in time).

39. Working “on” the Business not “in” the Business

40. Working “on” the Business not “in” the Business
What does this mean?
You spend time growing and developing your business through marketing, selling, and customer service while letting the administrative tasks (i.e. accounting/payroll) be handled by someone else.
What are your options?
Small Business Accounting: includes a basic review of financials, phone/ support for accounting questions, meetings as needed, year end prep, and more.
Virtual Bookkeeping: includes a fully outsourced bookkeeping solution designed especially for Neighborly franchisees.
Payroll: Let us help you get started with a payroll solution that includes a robust payroll system designed to meet all aspects of your payroll needs.
Merchant Services: Includes the ability to sign up with a credit card processing vendor that will educate you and your employees how to get affordable rates for credit card services.
QuickBooks Help: Set-up, One-on-One Training, or a QuickBooks Tune-Up.
~ 95% of my clients are managed remotely

41. Contact Info
784 Blackberry Run Trail
Dallas, GA 30132