Understanding Quickbooks Lists

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  • Learn how to use the Add/Edit Multiple List Entries feature by adding a customer record and customizing the columns of data displayed.
  • On rare occasions it is necessary to send out a strictly service related announcement.
  • See the section “Adding an Item” in this chapter for more details.
  • Items on the Standard Item List are numbered to match their corresponding account on the Chart of Accounts They do not have a letter prefix as utilized in the other Item lists.
  • We will start first with the chart of accounts.

Create a template QuickBooks file with the chart of accounts and other settings as desired. If you’re using QuickBooks Accountant, from the menu bar select File, New Company, From Existing Company File, and then follow the onscreen prompts. You have learned about some of the more important lists to set up in your QuickBooks file. This section shares details on managing these lists, including preference settings that can help you be more efficient and accurate with your daily data entry.

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When you use the Express Start feature for creating a new QuickBooks file, QuickBooks automatically creates a chart of account list based on the industry type you selected during that process. Accept the default Tax-Line Mapping, which comes from your sample data file or the choices you made when creating your own new file using the Express or Advanced Setup option discussed in Chapter 1. You can also select the drop-down list and choose a different tax line assignment, or click the “How do I choose the right tax line? If opened, close the help dialog box to continue.The tax line is necessary only if you or your accountant prepares the business’s tax return using software that integrates with QuickBooks. If you created your own new data file using one of the methods taught in Chapter 1, you might already have the basics of your chart of accounts created for you.

Understanding Quickbooks Lists

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If an Item was setup as a wrong Type and can’t be changed, then make it inactive and create a new Item. An Item is a tool that posts to your Chart of Accounts. It can be a product, service that your company buys and sells or a charge or tax from your company or vendor or a even a discount or payment. The first step in setting up an new Item is to select the Type. While there are several Types of Items, the list below contains the basic ones. In QuickBooks Online you can make simple edits to forms such as adding your logo and whether to show certain fields. More recently Intuit made available a QuickBooks Labs feature which allows you to import an invoice designed in Word into QuickBooks Online.

  • Service – work, either performed BY your company for a client/customer or FOR you by a vendor/subcontractor.
  • For example, if you are a construction company and you have expenses for site work, concrete, framing, painting, and so on, rather than having a Cost of Goods Sold account for each trade, use the Item List for these.
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  • Note that different reports read a transaction differently so the two reports you might think should have the same amount may, in fact, show different amounts.
  • An Item is a tool that posts to your Chart of Accounts.
  • For example, a customer named ABC Services cannot exist more than once on the customer list and cannot also be a vendor with the same spelling.

If a line matches the report set, then the line is added to the report. Note that different reports read a transaction differently so the two reports you might think should have the same amount may, in fact, show different amounts. Easily run reports of money received by donor or client. Many of the most useful management reports in QuickBooks are based on items.

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This grouping includes the QuickBooks-created Payroll Liabilities account and Sales Tax Payable account, in addition to other user-defined liability accounts. Learn how the chart of accounts works in QuickBooks Desktop. Instead, just learn the very simple procedure of generating the report to identify the numbers and then doing a Journal entry to move these numbers when needed. The Item List doesn’t have anything specifically called an “Income Item”. This is a term I coined to describe Items that are linked to any of the #3000 Income accounts. These are the Items that you use to write invoices, because invoices represent income to your business. Targets provide the detailed information about the transaction and include all target data (target accounts, target names, target memos, target amounts, etc.).

Use Account Numbers—Selecting this option turns on the data field that holds a numeric assignment for each chart of accounts. By default, this feature is not selected in a newly created QuickBooks file.

However, if the Items are not set up correctly or consistently used, then the problems start. Cleaning up Items can be time consuming and the errors can have a significant impact on the profitability and net worth of a company. And, a key concept to keep in mind is, journal entries do NOT affect Items – only the Chart of Accounts, so a journal entry won’t quickly fix the problem. Print or email sales receipts or invoices to your donors and customers from QuickBooks.

The key to good reports starts with understanding and using QuickBooks’ lists.

See the section “Adding an Item” in this chapter for more details. Reports by item are available to break down the total of Cost of Goods Sold account into more detail. Accounts Receivable—This account type requires a Customer or Customer and Job name with each entry. You use this account type when https://quickbooks-payroll.org/ generating an invoice or credit memo transaction or when receiving a customer payment. You can create more than one Accounts Receivable account if needed. However, I do not recommend it because it adds the extra work of recording customer payments to the correct Accounts Receivable account.

If you are not using items then you cannot benefit from these reports. The class list allows you to report by program vs. support services. If you’ve been using QuickBooks for a while, you may be frustrated over how to enter transactions so you get meaningful reports. QuickBooks then imports the IIF formatted file into the QuickBooks data file.

Understanding Items in QuickBooks

This book does not cover the topic of transaction imports using IIF formatted files; however, you can find more information about this utility by typing IIF into the search field at /support. The advantage to using the Advanced Import is the capability to import a chart of accounts list into a new QuickBooks file from an existing Excel worksheet. This is a common practice among accounting professionals. The other methods of importing discussed in this chapter so far do not offer the capability to import one of the most important lists, the chart of accounts. Lists can also be added to QuickBooks for Vendors, Customers, and Products You Sell directly from a ready-made Excel spreadsheet using the Add Your Excel Data to QuickBooks utility. If you choose to use the Advanced Import feature of this utility, you can also import a chart of accounts list, something you cannot do using the Add/Edit Multiple Lists Entries feature. Bank—Used to track your cash in and out of the business.

Understanding Quickbooks Lists

Or, if your own business’s customer list is already in an Excel spreadsheet, you may also use Excel’s cut and paste functionality to add the customer details from an existing Excel spreadsheet. From the grid, you can right-click with your cursor for other functionality. From this menu, you can use Copy Down, Duplicate Row, Clear Column, and other useful features. Adding or modifying several entries in a single QuickBooks list can be a daunting task when you have to work with one list entry at a time. In Chapter 1, you might have created your lists using the QuickBooks Setup to add the people you do business with, the products or services you sell, and your bank accounts. The chart of accounts is divided into account types that control where the accounts show up in your financial reports. For example a Bank type account will show up at the top of your balance sheet since cash is always the first asset on the balance sheet.

For example, a customer named ABC Services cannot exist more than once on the customer list and cannot also be a vendor with the same spelling. If you have a customer that is also a vendor, modify the vendor listing to ABC Services-V and put the actual name of the vendor in the Company Name field and Print on Check As field in the vendor record. Learn how to use the Add/Edit Multiple List Entries feature by adding a customer record and customizing the columns of data displayed. To complete this task, open the sample data as instructed in Chapter 1.

Understanding QuickBooks Lists

Optionally, select the View drop-down list to filter the list results or type in the Find box a specific search term to add as an additional filter to the resulting list. From the Available Columns panel on the left, select the Terms field and click Add. The Terms data field is now added to the Chosen Columns panel. On a report, if you see an amount reporting to an “Other” subaccount row title under a main account, it is the result of posting to the main account rather than to the appropriate subaccount. We may revise this Privacy Notice through an updated posting.

Understanding Quickbooks Lists

Figure 4.17 shows the exported QuickBooks chart of accounts in the IIF format in an Excel workbook. You can see it is not as user friendly as the Add/Edit Multiple List Entries dialog box discussed previously. From the menu bar select, File, Open or Restore Company to open the QuickBooks file that has the chart of accounts you want to export and duplicate in another file. To view the chart of accounts that was imported, from the menu bar select Lists, Chart of Accounts. This utility has been available for many years and will help you get your lists quickly into a new QuickBooks file.

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Understanding Source and Targets help you maximize Report Filters so you can create more effective reports and faster-advanced finds. QuickBooks Desktop provides different reports that cater to your business needs. A report is a set of instructions that the program uses to display data from your company file. All available reports can be accessed through the QuickBooks Reports menu. When you try to change an Item, QuickBooks will ask if you want to have this change to update existing transactions.

Adding a New Account

Your company might have one income account or several, depending on the detail needed for your financial analysis. Another category of income is Other Income, or income generated from the sale of a product or service not normal Understanding Quickbooks Lists to your operations. Interest Income is an example of an Other Income account type. Accounts Payable—This account type is reserved for the QuickBooks Accounts Payable account where vendor bills and bill payments reside.

Be sure to keep this format when saving your changes; do not save as an .xls or .xlsx Excel file type. Click OK. You will be prompted to provide a filename and to save the file. Remember the location you stored the file in; you will need to browse to the file to import into another QuickBooks file. The Export dialog box shows choices of lists available for export. The only disadvantage to working with an IIF format file is all the extra information that is in the text file, making it awkward to edit or add to the existing information.

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This list is one of the most important lists you will use in QuickBooks; it helps you keep your financial information organized. The chart of accounts lists all your company’s accounts and their balances. QuickBooks uses this list to track funds, debts, money coming in, and money going out. There’s a lot of confusion surrounding Items in QuickBooks, largely do to the QuickBooks manual’s insistence that you must use Items to track construction costs and to provide job cost reports.

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