By Julie Mucha-aydlott
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Additional resources for I have QuickBooks, Now What?
After you click on Quick Add or Set Up it will prompt another window with the Name Type. This is what I have been mentioning before. This is very important: if you’re not tracking the type of transaction correctly when you set up the name, it will interfere with your reports and name list later. For Joe, I click on the other circle. 54 If it’s a customer make sure you select Customer; a Vendor is someone to whom the business owes a liability such as Rent, Services, Cost of Goods, Loan payments and any debt the business pays out as an Expense.
Click Save and Close to record the deposit and QuickBooks® will bring you back to the Checkbook Register page. You will then see an entry on that page that shows a balance in the account of $1,500. Our checking account balance. Joe’s Capital Contribution Deposit. Once I begin posting all of my entries that are on my yellow log sheet, I put a check mark by them as I go so I don’t forget to include any deposits or expenses. Now I can go to the next “business checking” item on my list, because that is the account that we are working on first.
Below is a “yellow pad” creation in Microsoft Excel® of what Joe’s start up costs have been so far. ). Picture this template as your yellow pad of paper that you have been trying to keep track of your expenses with. 49 I am going to start with the transactions that relate to our first Account, the Business Checking Account. Our new set of books have our Chart of Accounts set up, but we have an absolutely blank set of vendor names, customer names and owner names on our QuickBooks® name list. There are two ways that you can add names to the name list.
I have QuickBooks, Now What? by Julie Mucha-aydlott