Class notes from 4/20/2015 class Thanks to Tony for collecting this information!

You can sort a chart of accounts by Type (Default), Name, and Balance.

Some companies use account numbers as well as account names.  You can turn on account numbers by selecting Show Account Numbers in the Accounting - Company area after selecting Edit, Preferences.

You can merge multiple items, vendors or customers by changing the incorrect name to the correct name.  Quickbooks will ask you if you would like to merge the accounts. You can do this by copying the correct name and pasting it into the name area of a vendor, customer or item that you want to change.

In the Customer, Vendor or Items and Services Centers using the "Print" icon is not as useful as choosing a"Quick Report" from the activities list.  You can customize reports from the Report Center by adding columns, such as the customer’s phone number to the Customers and Balances Report.

You can write checks and transfer funds from the "Write Checks" icon in the Checking area of the Home page.

You can reconcile the balances in a cash account by: 1) choosing "Reconcile" in the Banking area of the Home page, right-clicking on the bank account of your choice and choosing "Reconcile" from the short menu, or clicking on the Banking menu and choosing "Reconcile."

You enter any bank charges as well as the ending balance on your bank statement as well as any interest paid to the account or bank charges.  Any discrepancies can be sent to an account called Ask my Accountant/

You can reconcile a credit card the same way you reconcile a bank account.  When you have selected the credit card that you want to reconcile, and chosen "reconcile" you enter the beginning balance and finance charges from the credit card statement.  At the end, after you have resolved any discrepancies, you can write a check or make a note to pay the outstanding balance.

Liabilities, Assets in Time:

Current - Any asset or liability that will be paid in one year or less

Long Term Liability or Fixed Asset - Take longer than a year to pay off or receive value.

You can create a fixed asset, we created one for a trailer.

You can also create sub accounts for a fixed asset, such as cost of trailer and depreciation accounts.

There should also be a general depreciation expense account to capture the depreciation amount of everything in the company.