Business

Quick Books Training

QuickBooks training, QuickBooks is something every small business owner should know at least the basics of.

There is no need to call the accountant for simple questions which can be answered in a 2 clicks in QuickBooks.

P&L is a profit and loss statement, or a picture of your company.

This picture of your company is a clear picture, you just need to know how to read it.

Your company chart of accounts can be compared to buckets

Profit and Loss statements start with the words on the left that are your buckets, the numbers on the right are the costs (income) associated with those buckets.

Every P&L starts with the income bucket and a number next to it, signifying a quantity in a time frame, usually a month or a year.

INCOME $500

That’s not hard to understand

Now let’s name the other buckets things you understand so that it can continue to be that simple.

Let’s keep accounting guidelines

Auto expenses have sub accounts so the detail is not shown to the bank, just the main category…

Let’s make the main categories broad names easily understood by the bank, IRS and of course you.

Here is an example of a Chart of Account or “Bucket” with sub-accounts, so when you hand it to the bank only the top line shows with a total.

Automobile Expenses
Auto Insurance
Auto Repairs and Maintenance
Automobile Expenses TOTAL
Inventory
Distributions
Auto Deductions
Meals and Entertainment
Charitable Contributions
Retirement Contributions
Rent your house up to 15 days
Payroll into college 529 or Retirement

This is what you will see(above).

Below is what the IRS and banks will see.

Automobile Expenses 560

Now that you can easily read a report, let San Diego QuickBooks training teach you how to run a report.

The typical reports are the P&L, Balance Sheet and Statement of Cash Flows, but there are many reports you can run in QuickBooks.

How much did you sell a particular customer, and in what time frame?

What are your best selling items?

What is in your inventory? (or what does QuickBooks think is in your inventory is usually the more accurate question.)

A person can easily adjust inventory using QuickBooks, and QuickBooks does a journal entry behind the scenes for you.

This brings us to the more complicated part

QuickBooks does things behind the scenes and unless you have QuickBooks set up correctly, it can be costly and time consuming to fix.

San Diego Bookkeeping and Accounting will help you set your QuickBooks up from scratch.

San Diego Bookkeeping and Accounting can correct any mistakes in your QuickBooks.

San Diego QuickBooks Training by San Diego Bookkeeping and Accounting.

If you don’t know how to do something, San Diego Bookkeeping and Accounting is here to help you, individually, or as a group.