Section I: Overview Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs, functionality, and minimum...

QuickBooks – Accounting Tool
Section I: Overview
QuickBooks is an accounting tool for small and medium business organizations which is developed by a company called Intuit. It offers both on premise as well as cloud based applications. The various features of this accounting tool are acceptance of business payments, manage and payment of bills and management of the payroll system within an organization. It works on both Windows but no longer upgradation with Window 2007 and Window Server 2008 and Mac Operating system. It requires 2.5 GB Disk space also.
QuickBooks offers three payroll versions which are Basic, Enhanced and Full Service. The plans prices ranges from $29 per month to $109 per month. The Premier QuickBooks price is $499.95.
QuickBooks has several integrated web based and cloud based features in it which includes remote sensing capability, automated payroll assistance and remote outsourcing, electronic disbursement features and online internet banking facilities and reconciliation and various other feature including mapping with Google map and marketing options through Google.

Section II: Transactional Processing and Data Management
Revenue Cycle
How to create and maintain the customers:
1. Click on the customer icon on the menu bar panel. You can also create Customer by clicking the Customers option on the menu bar and selecting Customer Center.
2. Click on the option “New Customer & Job” and then choose only “New Customer from the drop down list.
3. On the left panel of QuickBooks select the “Address Info” and fill the address in the fields highlighted.
4. Choose “Ship to Field” if you are billing to the same as your shipping address.
5. Click ‘OK’ after you have entered the shipping address.
6. Then click on the ‘Payment’ tab and choose the payment terms field. The payment term field helps to project of when the company will receive the payment from the customer. It is “Net 30” by default. This means the payment has to be done within 30 days from the date of invoice. You can choose other payment terms options and enter the credit card information of the customers in a separate field.
7. If we select the payment terms options 1% 10 Net 30 then the customer have to make the payment within 30 days and he will receive 1% discount on prompt payment from the company on the total amount of invoice.
8. There is a credit limit option in QuickBooks which displays warning signals once the credit limit set by the company exceeds the purchase amount of the customer.
9. There is a ‘Sales Tax’ field which customers might have to pay as per the state and local sales tax slabs.
10. In the ‘Additional Info’ tab you can enter a Customer Field or add a Salesperson or Customer Type.
11. The ‘Job Info’ tab helps to generate various reports related to the particular customer. We have to click on Report Menu> List > Customer Contact > Customize Report and choose the options you want to display in the report.
12. Finally click ‘OK’. You will be able to check all the details of the customer on the QuickBooks screen created above.
How to create customer invoices:
Assuming the sales order has not been created. Therefore, the Account Receivable workflow will start creating the invoice:
1. From the options ‘Home screen’ or ‘Customers menu’ you can choose ‘Create invoices’.
2. If the customer has not been created select “Add New” option, if customer has already been created then select the particular customer or job from the Customer: Job option.
3. Fill the fields highlighted like the Invoice Date, Sold To/ Bill To and terms and conditions.
4. In the detail field choose the item. You can delete or modify the chosen item during the invoice creation.
5. If you want to provide discount to your customer you can follow the below steps. This is optional.
A. Select the ‘Lists’ tab from the Home screen.
B. Then choose the Item List.
C. Choose ‘New” by right clicking the cursor.
D. Select ‘Discount’ from the ‘Type’ drop down list.
E. Provide the Item Type, Name and description.
F. Choose the Amount or the discount percentage (%).
G. Choose the income to track the discount given to your customers from ‘Account’ drop down list.
H. Select the Tax Code.
I. Click OK and click Save and Close.
How to apply for customer’s payment
Following is the process of recording the transactions or invoices after the customer after the customer pay you for an open invoice:
1. From the menu – ‘Customers’ we have to choose “Receive Payment”.
2. Then select the customer’s name from the “Received From” tab drop down menu.
3. Then enter the amount received from the customer.
4. Choose the method of payment by the customer and enter the date co
ectly.
5. Choose the invoice against which the payment will be made.
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