Quickbooks Evaluation

Topics: Accounts receivable, Credit card, Purchase order Pages: 7 (2825 words) Published: August 1, 2012
Annette Flanagan
Week Three Course Project
Evaluation of Quickbooks
Section I Overview:
I decided to evaluate Quickbooks Pro 2008 since I already have the program on my computer and the changes that have been made to the software since then are minimal. I have been using Quickbooks since 1994. It is a very good program for small business owners that are not familiar with the rules of accounting. To set up your business accounting records you just need to know the following information: company name, address, website, email, tax identification number, bank account numbers and balances in bank accounts. Quickbooks company set up runs through interview questions which allow you to select the options they feel best suit your needs or you can enter in your own choices. The program allows multiple users to enter data into the file from separate network computers. Another nice feature is the accountant function. You can give your accountant a backup of your data; he can correct mistakes in previous period entries while you can still use your program to update the current period. When the accountant is finished you reinstall the backup and it does not delete any of the data you have entered for the current period. Currently the price for Quickbooks Pro is $199.95. It will work on either a PC system or a Mac. The PC system requires Windows XP, Vista or Windows 7. Intuit recommends you have at least a 2.0ghz Pentium 4 processor and while 512 MB ram is required they recommend at least 1GB. Also 1GB of available disk space is required and you will need more than that to save the data files. In order to utilize the online features you must have Internet Explorer 6 or later. If you are using the multi user version your network system must have Windows XP, Vista, 2003 server or Windows 2008 server. Quickbooks Pro is compatible with Microsoft Word and Excel versions 2002, 2003 and 2007. Once you have installed Quickbooks Pro on your computer you are ready to set up your company data. There is a very helpful easy step interview that will walk you through the whole process if you are not familiar with how to set up the new company. On the other hand if you are familiar with Quickbooks or experienced in setting up new companies you can skip the interview and go straight to entering the pertinent data. The interview walks you through the following steps: entering company information (name, tax id, addresses); selecting your industry or one similar to yours, this tells Quickbooks which chart of accounts to use; business entity; your fiscal year; setting up the administrator password (you do not have to set up a password but if you do this prevents unauthorized changes to your data files); save company file on your computer; you can enter your bank account information at this time or choose to do it later; next you will select whether you sell products and/or services; how you will enter your sales (individual sales, summary of sales, point of sale system); whether or not you sell products online; if you must charge sales tax on your products; then Quickbooks asks a series of questions so that it knows what type of forms to load for your company; will you have inventory that you need to track, and will you use purchase orders; if you have employees, Quickbooks can track their hours and prepare payroll checks, quarterly tax payments, and annual wage earning statements and reports; then finally the chart of accounts is listed and you have the option to use the listed accounts or change them to your own chart of accounts. Once you finish with the Interview the tutorial window will pop up which will help you learn the different functions available and how best to utilize them. If you prefer not to do the tutorial I would recommend editing your preferences at this time. The preferences tell the system how to act in certain instances. For instance when you hit enter will that move the cursor to the next field. Also you tell...
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