user guide of quickbooks

1. Assignment of:
Managing Information System
Topics:
Usage of QuickBooks software
Submitted to:
Mr. Tasawar Javed
Submitted by:
Group no. 6
Hafiz Abu Bakar Roll# 09
Hafiza Areesha Javed Roll# 10
Rabbiya Khalid Roll# 33
Anam Mukhtar Roll # 45
BBA 6th M1
Submission Date:
04-06-2015
Department of Management Sciences

2. Definition
QuickBooks is Intuit Inc’s set of software solutions designed to manage payroll,
inventory, sales and other needs of a small business. The software’s features include
marketing tools, merchant services, product and supplies, training solutions. Each
solution is developed according to different industries and their needs.
Requirements:
• At least a 1.8 GHz processor,
• 1 GB of disk space,
• 256 MB of RAM for a single user and 512 MB of RAM for multiple users.
• Additional requirements are dependent on the desired software package.
• All software that is to be downloaded needs a high-speed internet connection, Internet
Explorer 6.0 or higher and 2.5 GB of free disk space.
Uses of QuickBooks:
 Storing customer and vendor information
 Tracking sales and expenses
 Creating customer invoices
 Receiving payments from customers
 Analyzing sales and expenses
 Organizing financial data for tax purposes
Advantages to use QuickBooks over a manual accounting system
 Calculations are done automatically so you don't have to do the math
 Reduces or eliminates math errors or mistakes
 Data entry is consistent (e.g. state abbreviations, phone number formats, etc.) which
makes finding or analyzing data much easier
 Changes are easily propagated throughout the system (e.g., changing the sales tax rate in
one place will change it for all sales records)
 Searching for information is easy and quick with many options to sort and display the
information
 Multiple report formats are available to view or print
Automatic support of quick book:
Quick Books offers many advantages for organizations. Such advantages include:
 Minimal accounting knowledge is required to use Quick Books.
 Quick Books is easy to use; uses familiar applications.

3.  Financial data is accurate using Quick Books; Quick Books conducts calculations and
eliminates the need to double-check data.
 Saves users a lot of time and money on repeating tasks.
 Allows users to retrieve and manage large amounts of financial data.
 Executes accounting processes automatically.
 Quick Books offers a variety of products (Pro, Premier, Enterprise...) that suit every type
of organization.
 Quick Books help is available when needed by the user; pro advisor in formation,
tutorials offered...
 Organizes all financial data and information and saves users' time for looking for
documents.
 Eliminates the large amount of documentation and papers by storing all financial data on
the computer.
 Integration; after putting data business owners can easily export that data to their favourite tax
preparation program to make filing income taxes at least a little less painful. QuickBooks also
integrates well with Microsoft Excel, making it easy to import data from other sources and use it
in QuickBooks.
 Taxbenefits; accountingsoftware is designed so that it is compatible with various types of tax software. If
the two are successfully integrated, a business owner can efficiently save themselves the cost of tax
preparation each year.
 Check Signing; If you sign a lot of checks for your business, using QuickBooks can save
you a lot of time. QuickBooks allows business owners to scan and upload their signatures
and use those signatures to prepare the checks for the business. This automated process is
much simpler and easier than writing hundreds of checks by hand each month.
Disadvantages:
 Quick Books is expensive and costly.
 Since this software has been around for a long time, with a number of releases and
features, it makes Quick Books more complicated to use.
 The user's work must be adapted to what the software needs.
 Upgrade Fees; In order to keep the software up-to-date, there are a number of pricey
upgrades that business owners may have to purchase. Typically, these updates are only
required once a year in order to receive the most up-to-date payroll tables and other
services.
Functions of QuickBooks
1. Vendors - The first function you see in the top left corner is Vendors. The vendors
function is primarily used by most businesses for the sole purpose of the Enter Bills &
Pay Bills function along with Vendor Center. Other functions include Purchase Orders,
Receive Inventory and the subsequent Enter Bills against Inventory. The latter I will
always recommend are done in another program all together better equipped to handle
this. It can be done in QuickBooks but it requires too much work on the user end to keep
updated and correct. In the end this function is associated with Accounts Payable (A/P)

4. because its money owed to an existing party and is counted as a liability on your balance
sheet.
2. Customers - After Vendors comes Customers; this is where Accounts
Receivable works or better known as A/R. Most of the functions in Customers are quite
useful. The most common mistake though I see is that businesses will use Create Sales
Receipt as a means of creating a Point of Sales (POS). This is all fine and well, I've just
never seen this practice done correctly within any small business environment. The better
option is to buy a proper POS to handle this. Imagine buying the Canyonero that goes
real slow with the hammer down, is the only truck endorsed by a clown and is of course 2
lanes wide and 65 tons of American pride? Sure, it'll go down the highway but it leaves a
wake of destruction in its path.
3. Employees - I've touched upon this function before and I'll say it again, outsource your
payroll. Once you've outsourced your payroll all that's left of this function is the
Employees list where you can view a consolidated area just for employee pay. If you pay
an employee as a paycheck makes sure their name type is Employee. See what we're
doing yet? We're simplifying this program so we can work quicker and let other
programs do their own specialized services.
4. Company - The main function of Company is the Chart of Accounts. Keeping a clean
and simple Account is well worth the time to stay on top of every month after you close
your books. Items & Services are key for Customers as this houses all of the information
and presets for creating bills. Again though, Inventory Activities and QuickBooks Easy
Saver take control of inventory, stay away, and outsource it to a different program.
5. Banking - The functions of banking are all commonly used whenever I'm in a company
file. Alt-W to Write Checks, Check Register to view banking activity, and the Print
Checks function to print bills. Most importantly though, be aware
of Reconcile and Record Deposit. These functions, when used improperly, lead to the
most headaches I see. They must be used and used properly.