How to use Quickbooks

Quickbooks is a broad software used for accounting it can also be called an accounting solution. It helps you with accountancy and any kinds of accounting tasks for example management of cash flows, tracking expenses and creating invoices, etc no matter how large or small your firm is. You can use Quickbooks on Mac, Windows, and online. The software works differently on each of these platforms, but on all platforms, it assists you in a way that you can manage your firm’s business without any problems which in turn will help your business to be more productive.

Steps to use Quickbooks: 

• Step1: In the first step, all your company information will be tracked down by you, for example, the last tax return filed by your company or bank statements, etc. All the data needs to be organized carefully.
• Step 2: You now need to set up your new venture or firm into Quickbooks.
• Step 3: In the third step your charts of accounts need to be customized.
• Step 4: Next, you need to enter all the reliable information regarding your employees.
• Step 5: Lastly, you need to set up the accounts of your customers and vendors and their opening balances are required to be entered.

Generating a report on loss and profit in Quickbooks:

For every business income, the statement is vitally important and because of the Quickbooks it is now very easy to calculate certain account amounts and to calculate profit and loss.

To generate profit and loss in Quickbooks you have to follow some steps.

•  Step 1: On the left menu bar refer to “Report” and in the search field at go to report, type profit and loss.
• Step 2: Now from the list select profit and loss and to consider the new dates you need to change the dates given on the screen.

 Generating a report on cash flow in Quickbooks:

•  Step 1: Refer to "Report" in the left-hand menu, and start typing the words "cash flow" in the Search field to report.
• Step 2: Now from the list choose your cash flow statement and to see the dates you need to change the old dates on new the screen.

Generating report on Balance Sheet in QuickBooks:

The Balance Sheet is crucial report for every business, and for all individuals. The value of a business or an individual can be judged by looking at a balance sheet.

It shows three things:

1. Assets,
2. Your Debt, and
3. Equity

To generate this report, following these steps

• Step 1: At the left hand refer to “Report”, now type balance sheet in the search field.
• Step 2: Now from the list select the balance sheet and to consider the new dates you need to change the dates given on the screen.

 Generating a report on Balance Trial:

•  Step 1: Refer to "Report" in the left-hand menu and type the words " Trial Balance" in the Search field to report.
• Step 2: Now from the list choose your “Trial Balance” and to see the dates you need to change the old dates on new the screen. 

Generating a report on General Ledger:

• Step 1: On the left menu bar refer to “Report” and in the search field at go to report, type ‘general ledger”.
• Now from the list select “general ledger” and to consider the new dates you need to change the dates given on the screen.

Generating a report on Previous Year Comparison:

You can issue a previous year’s comparison report on the Profit and Loss report or a Balance Sheet statement. 

• Step 1: On the left menu bar refer to “Report” and in the search field at go to report, type ‘balance sheet” or “profit and loss” according to your need.
• Step 2: Now from the list select the “comparison report” you need.