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QuickBooks 101 - Understanding Key Terms
This month, I begin a series of helpful hints when it comes to understanding some of the terminology found in QuickBooks.
I'll begin with the asset section of the chart of accounts. Here is a list of the various types of asset categories found in QuickBooks and what they mean:
- Bank - checking, savings, and other accounts that hold the cash of your business
- Accounts Receivable - track customers that owe you money. Usually have just one of these accounts
- Other Current Asset - items you should be converting into cash in 12 months or less. Inventory is an excellent example.
- Fixed Asset - usually describes things like machinery, equipment, land, and other similar types of things owned by a business
- Other Asset - items that are owned that may be converted into cash in more than 12 months. For example, security deposits your business has paid to the landlord, etc.
Next month, we'll take a closer look at the liabilities and equity sections of the chart of accounts.
Oh yeah, here is one other very important definition:
- Chart of accounts - the electronic filing cabinet that stores copies of your accounting transactions. It usually has a drawer called assets, one called liabilities/equity, one called income, and one called expenses.
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Use AT&T DSL Service?
You May Be Eligible for Filing a Claim
Just received a notice about a class action settlement involving AT&T and their DSL service.
If you used their DSL service after March 31, 1994, you may be entitled to be a part of the settlement proceedings.
For more information, visit www.DSLSpeedSettlement.com
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Tech Tool of the Month
Do you find that scheduling meetings and trying to coordinate everyone's calendar a real pain?
It doesn't have to be that way any longer.
Take a closer look at Tungle.They have created a very simple, yet very powerful application to help simplify this process immensely.
You can use the Tungle service from an iPhone, Twitter, Facebook, LinkedIn and more. Best of all, it is free!
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15 X-cellent Reasons to X-Ray Your Finances
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Create a "Flash Report" for Your Boss to Keep Them Updated with Important QuickBooks Data
Wish you could create your own metrics, stats, and key performance indicators from both QuickBooks and Excel?
QVinci is a tool that will allow you to do just that.
Designed to be the "Financial GPS For Your Business", QVinci will allow you to quickly and easily set up custom dashboard and key performance metrics using your QuickBooks data and/or information stored in Excel.
I have compiled a couple of blog posts to help you learn more about this great new tool...
Small business? Save 50% on your first month of QVinci.
Work in a CPA firm that likes this idea for your clients? Get your copy of QVinci for just $5/month.
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Legal Stuff...
QuickBooks is a registered trademark of Intuit. Bottom Line Accounting Solutions is not affiliated with Intuit in any way.
Please forward this newsletter to those friends and associates that have an interest in QuickBooks software.
The Internet community is constantly evolving, so exercise diligence in your research as you would any other purchase. Bottom Line Accounting Solutions is not responsible for any third party links or the misuse of those links. They are presented solely for informational purposes.
FTC Disclaimer: This newsletter is an integral part of my for-profit business. Assume that any links, banner ads, graphics, etc. relate to products and services for which I will be compensated by the vendor for introducing you to them.
This publication Copyright 2001-2010 Bottom Line Accounting Solutions, LLC. All rights reserved.
Other product and company names mentioned herein may be trademarks and/or service marks of their respective owners.
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