QuickBooks: Exploring bookkeeping basics | lynda.com tutorial

This QuickBooks tutorial explores the basics of bookkeeping, like cash accounting and accrual accounting. Watch more at http://www.lynda.com/QuickBooks-Pro-2010-tutorials/essential-training/59648-2.html?utm_medium=viral&utm_source=youtube&utm_campaign=videoupload-59648-0003

This specific tutorial is just a single movie from the introductory chapter of the QuickBooks Pro 2010 Essential Training course presented by lynda.com author Bonnie Biafore. The complete QuickBooks Pro 2010 Essential Training course has a total duration of 3 hours and 50 minutes and covers core QuickBooks features that business owners need to know, from recording typical bookkeeping transactions like bills and invoices, to reconciling accounts and managing company files

QuickBooks Pro 2010 Essential Training table of contents:

Introduction
1. Touring QuickBooks
2. Setting Up a Company File
3. Setting Up a Chart of Accounts
4. Setting Up Customers, Jobs, and Vendors
5. Setting Up to Sell Services and Products
6. Paying for Expenses
7. Invoicing
8. Printing and Emailing Forms
9. Receiving Payments
10. Reconciling a Bank Account
11. Running Reports
12. Working with Journal Entries
13. Managing Your Company File
Conclusion

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Closed Caption:

quickbooks makes it easy to get started
because it has a lot in common with
other programs you use like dialog boxes
windows and choosing from dropdownlist
however to make bookkeeping and
QuickBooks or any other accounting
program as painless as possible
it helps to understand a few basic
accounting concepts everything starts
with what's called double entry
accounting in every transaction money
comes from somewhere and goes somewhere
think about when you pay your credit
card bill the check you right takes
money from your checking account to pay
the balance on your credit card account
in quickbooks accounts or how you keep
track of your company finances these
accounts all live in what's known as a
chart of accounts but not just bank
accounts accounts come in different
flavors income for the money you make
expense for the money you spend and
several other types which you'll learn
about later then there's cash accounting
and accrual accounting here's a typical
business scenario you hire a vendor to
do billable work from january second to
january fifteenth the vendor send you a
bill which record in quickbooks on
january $MONTH thirty-first you also
invoice your customer on january $MONTH
thirty-first that's your big paperwork
day you pay the vendor for this work
here on februari 28th and then finally
your customer pays you on april sixth
your books reflect income from the
customer and the vendors expense
differently in cash and accrual
accounting cash accounting is easy
expense shows up when you pay for
products or services here on februari 28
when you pay the vendor income shows up
when you receive payment from a customer
in this example on april sixth notice
that the expense occurs in the first
fiscal quarter but the income doesn't
show up until second fiscal quarter
accrual accounting puts income and
corresponding expenses in the same
period no matter when cash goes in or
out that way it's easier to see
profitability
expense occurs as soon as you enter a
bill here january $MONTH thirty-first
and that's no matter when you pay the
bill income occurs when you record a
customer invoice and that's january
$MONTH thirty-first it doesn't matter
that your customer pays in the next
fiscal quarter in this example the
income and expense appear during the
same fiscal . now that you understand
how quickbooks uses accounts and cash or
accrual accounting you can start keeping
your books and quickbooks