Managing Accounts, Vendors, & Inventory in QuickBooks Desktop Pro 2020

QuickBooks Desktop Pro 2020    |    Beginner
  • 9 videos | 33m 39s
  • Includes Assessment
  • Earns a Badge
Rating 4.2 of 41 users Rating 4.2 of 41 users (41)
QuickBooks Pro 2020 is a powerful accounting system that comprises various tools and features you can use to run the finances of your business. Learn how to manage and reconcile accounts using the Chart of Accounts as well as adding or modifying items and services associated with income accounts. You'll also explore how to configure your business to receive inventory, perform an inventory cycle count, and manage vendor profiles, purchase orders, and inventory.

WHAT YOU WILL LEARN

  • Describe the quickbooks chart of accounts and how it relates to your business accounting
    Identify how to set up bank feeds in quickbooks
    Demonstrate how to modify accounts in the quickbooks chart of accounts
    Describe how to reconcile quickbooks transactions with your bank account
    Describe how products and services can be added as separate income accounts
  • Demonstrate how to add and remove items and services in quickbooks
    Describe how to set up your company to receive inventory
    Describe how to create vendor profiles
    Demonstrate how to enter purchase orders and receive inventory items

IN THIS COURSE

  • 2m 35s
    There are several main types of accounts you may regularly need to refer to when doing your company's books. All financial transactions are contained in these five accounts: income, expenses, assets, liabilities, and equity accounts. The Chart of Accounts, located on the Home page in QuickBooks, is a quick point of reference for all these company-related business accounts. FREE ACCESS
  • 2m 32s
    QuickBooks Pro has a great online banking feature where you can add bank accounts that are attached to your business and then retrieve financial information, transactions, and other details from there as needed. FREE ACCESS
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    3.  Modifying accounts in QuickBooks Desktop Pro 2020
    3m 5s
    From the Chart of Accounts in QuickBooks Pro, you can manage the accounts associated with your business. If, for example, you need to add an item such as an expense type to associate it with an account, or remove a category or some other item from an account for that matter, you can do so via the Chart of Accounts. FREE ACCESS
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    4.  Reconciling accounts in QuickBooks Desktop Pro 2020
    4m 48s
    Account reconciliation is an important part of business accounting. When reconciling your accounts, you verify that the various transactions for your business and the bank accounts they are associated with match what the bank has in terms of all the various charges. In essence, your and the bank's information has to match. QuickBooks Pro includes a helpful reconciliation feature to help you with reconciling your accounts. FREE ACCESS
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    5.  Working with items and services in QuickBooks Desktop Pro 2020
    4m 53s
    In QuickBooks, you can add items and even create separate subaccounts to differentiate between products and services via the Chart of Accounts. By configuring items and services in this way, you can more easily compare account incomes and use the subdivision of items as the basis for generating reports. FREE ACCESS
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    6.  Modifying items and services in QuickBooks Desktop Pro 2020
    5m 10s
    Items and services located within the company section of QuickBooks contain details on everything sales related, including tax. But depending on all the different sorts of products and services that your business offers, the list of items and services can become a bit cluttered or long. To help simplify this, you can modify items and services into classes to categorize them. FREE ACCESS
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    7.  Setting up the company to receive inventory in QuickBooks Desktop Pro 2020
    2m 49s
    When you have a business that sells inventory items, you need to ensure you can track those items. This means creating purchase orders for vendors, accepting the orders into your inventory, and tracking inventory items against sales. You can do all of this and more in QuickBooks Pro. FREE ACCESS
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    8.  Creating vendor profiles in QuickBooks Desktop Pro 2020
    3m 8s
    So when incurring expenses over the course of doing business, often you're going to receive bills from different companies known as the vendors. And so, what you want to do when you're setting up your QuickBooks company is to create vendors. And you can create vendors on the fly when you receive a bill from a new vendor, or you can set up vendors ahead of time. FREE ACCESS
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    9.  Entering purchase orders and inventory in QuickBooks Desktop Pro 2020
    4m 39s
    Purchase orders are documents that you create and then send to a vendor to order some sort of product from them. You can set up purchase orders and keep track of inventory items with ease using QuickBooks Pro. FREE ACCESS

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