QuickBooks Items A Deep Dive into Setup and Troubleshooting Presented by: Laura Madeira Owner, American Computer Staffing, Inc. Plano, Texas
QuickBooks: Setting up and Trouble Shooting
May 16, 2015
This presentation was given by QuickBooks ProAdvisor and Guru Laura Madeira. You can watch it on QuickBooksGroup.com
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QuickBooks ItemsA Deep Dive into Setup and TroubleshootingPresented by: Laura MadeiraOwner, American Computer Staffing, Inc.Plano, Texas
Laura Madeira
American Computer Staffing, Inc. – OwnerPlano, Texas
QuickBooks Enterprise Solutions Provider
QuickBooks Advanced Certified ProAdvisor
Advanced Trainer, Intuit ATN Network
Member, Speakers BureauBachelors of Accounting, Florida Atlantic
UniversityAuthor, QuickBooks 2008 Solutions Guide,
published by QUE
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www.quick-training.com
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Session Objective: Enjoy
•You’ll learn more about Items in QuickBooks!
•We will be working in the data today, very little PowerPoint
•So relax and have fun in this class….
Let’s Get Started!
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Agenda
Understanding QuickBooks Lists and their Purposes
Review of the Theory Behind the Use of Items
Product Demonstration
–Using Excel to Import Products and Services
–Managing Price Changes Globally
–Troubleshooting and Fixing Item Setup
Plus Bonus Industry Specific Demonstration!
Notes and Navigation
• Demo - QuickBooks Premier: Accountant Edition 8.0
• Corrections assume that you are using a working file or a file with a .QBW file extension
• Navigation choice differs by user; today we will navigate from the Menu Bar
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Agenda
Understanding QuickBooks Lists and their Purposes
Review of the Theory Behind the Use of Items
Product Demonstration– Using Excel to Import Products and Services–Managing Price Changes Globally
– Troubleshooting and Fixing Item Setup
Plus Bonus Industry Specific Demonstration!
Understanding QuickBooks Lists
Chart of Accounts – Income– Cost of Goods Sold– Expenses– Other Income/Expenses
Classes– East Coast Office– West Coast Office
These are just examples…
Items– Floor Plans– Framing– Electrical– Subcontracted Labor
Customer or Job Types– Commercial– Residential– Government
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Chart of Accounts vs. Items
Items
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•Can’t see the “Forest through the trees”!
•Example of overuse of Chart of Accounts
Chart of Accounts
Chart of Accounts vs. Items
• Items compliment the Chart of Accounts
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•Make management decisions based on summary or detail
Chart of Accounts
Items
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Agenda
Understanding QuickBooks Lists and their Purposes
Review of the Theory Behind the Use of Items
Product Demonstration– Using Excel to Import Products and Services–Managing Price Changes Globally
– Troubleshooting and Fixing Item Setup
Plus Bonus Industry Specific Demonstration!
Theory Behind the Use of Items
• QuickBooks forms require the use of Items
-Purchase Order Form
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– Customer Invoice Form
Theory Behind the Use of Items
• Improved accounting accuracy when using Items– Ability to pre-define the accounting result– Eliminates question of “where should this be posted?”
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Theory Behind the Use of Items
• QuickBooks Job and Item Reports Depend on the use Items– Job Profitability Summary and Detail– Item Profitability Reports
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QuickBooks Reports dependant on Items:
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More reporting with items
Item Types a Brief Review
• Service
– Purchase/Sale of Services
• Inventory
– Stock held then later sold
• Inventory Assembly– BOM of materials for one finished
product held as stock
• Non-Inventory
– Drop-shipped products
• Other Charge
– Freight, special charges, etc.
• Subtotal
– Used to total items on sales forms
• Group– Multiple items but NOT tracked as a
finished product
• Discount
– Used on sales forms
• Payment– Alternate method of recording
customer payments
• Sales Tax Item
– For collecting and reporting sales tax
• Sales Tax Group
– For grouping multiple tax entities
More Item Types…Lists….
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Additional List Items
• Payroll Items List– Used to control payroll deductions and additions
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Additional List Items
• Fixed Asset Items List– Track purchase and sale of capitalized equipment
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Agenda
Understanding QuickBooks Lists and their Purposes
Review of the Theory Behind the Use of Items
Product Demonstration
– Using Excel to Import Products and Services
–Managing Price Changes Globally
– Troubleshooting and Fixing Item Setup
Plus Bonus Industry Specific Demonstration!
Why Import Items into QuickBooks?
• Initial software setup, entering multiple items easily
•Converting from another software
•Updating list “type” or “account” and re-import
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Saves Time !
Method #1 – Import “Products I Sell”
File – Utilities – Import - Excel
Advantages• Easy format to type into• Automated import directly
from excel worksheet
Disadvantages• All items are assigned either
Inventory or Non-inventory (account)• Cannot auto enter other
critical information easily
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Method #1 – Import “Products I Sell” cont.
•Easy, yes. But not my personal favorite
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Method #2 – Import IIF FilesFile – Utilities – Import – IIF Files
Advantages• Can specify multiple fields for import• Can import and assign types to items
Disadvantages• Difficult format for editing• Import can be tedious
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Method #3 – Import – Advanced Import
File – Utilities – Import - Excel
Advantages• Easy format to type into• Can save “mappings” for
future use
Disadvantages• Don’t have access to “all”
item fields –
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Bonus Material
Specific IndustriesSpecific Industries
•Construction–Unique considerations–Use Item Groups effectively
•Retail–Daily Sales Summary–Tracking Profitability by
Item
•Construction–Unique considerations–Use Item Groups effectively
•Retail–Daily Sales Summary–Tracking Profitability by
Item
Case StudyCase Study
•Negative Inventory–Step by Step Demonstration
•Negative Inventory–Step by Step Demonstration
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Time Permitting….
Q A&
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