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If you removed all the arteries, veins, & capillaries from a person's body, and tied them end-to-end... the person will die. -Neil deGrasse Tyson |
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QuickBooks 101 Welcome to QuickBooks 101. Total running time is 80 minutes. Lessons
Resources
Questions?Please feel free to post your questions or comments below. If you have questions about a specific lesson, please specify the lesson number and the time index in the lesson where the issue occurs. Thank you! Subscribe for UpdatesIf you would like to be notified whenever changes are made to this page, new lessons are posted, or comments are made, click on the subscribe button.
IntroIn this lesson, you will learn the basics of setting up your company in Microsoft QuickBooks. We will walk through creating a new company file, entering business details, and configuring preferences. Topics include accrual versus cash-based accounting, selecting a start date, setting up income, expenses, items, inventory parts, and opening balances. You will also learn why a properly configured company file is critical for successful QuickBooks use. This lesson uses QuickBooks Pro 2002 on Windows, but the steps apply to most versions of QuickBooks. This is lesson 1.TranscriptWelcome to QuickBooks 101.Introduction to QuickBooks brought to you by MyOnlineLearningPartner.com and 599CD.com. I am your instructor, Richard Rost, and I can be reached at [email protected]. Let's talk about the objectives for today's class. We are going to teach you how to set up a fictional company. We are going to create a company file that will include all of our company's information. We are going to enter in our business information and set up preferences for QuickBooks. We will talk about accrual and cash-based accounting. We will teach you about the start date and how it is very important for your company file. We will go over income and expenses, items, and inventory parts. We will set up our opening balances for our different accounts. Our goal for today's class is to teach you about QuickBooks accounting in general and how to properly set up your company file, which is very important for using QuickBooks. If your company file is set up incorrectly from the beginning, you are going to have problems using QuickBooks later on. So, in the base class, we are going to focus on setting up your company file properly. We will cover more information and details about how to use QuickBooks on a day-to-day basis in future classes. For today, our focus is going to be on setting up your company. Prerequisites: If you are taking this class, we will assume you are familiar with Windows basics and that you already have QuickBooks installed on your computer. We recommend you have taken at least our Windows 101 Introduction to Computers class, and preferably either our Windows 102 or Windows 110 classes, or our Windows 98 and Windows XP introductory classes. What versions do we use? In this class, we are going to be using QuickBooks Pro 2002, which is the latest edition of QuickBooks as of the time of this video recording. We also use Windows XP. This course is valid for any version of Windows, whether you have Windows 95 or Windows 98. The version of Windows that you are using does not matter at all. QuickBooks, however, changes very slightly from version to version. If you are using QuickBooks 2002, you will have the version that we are using. 2001 users will notice it is almost exactly the same product. 2000 users will notice a few slight changes. We reviewed this course, going all the way back to QuickBooks 99, and most of the information is still the same. The screens are a little different, but everything is still there. We are also assuming that for new versions, like 2003 and so on, all this information will be relatively the same. Some of the screens may change slightly, but the details are still the same. To get the most out of this course, we recommend you watch it once all the way through without trying to follow along on your computer. Then, watch it a second time following along on your computer as I go through the lessons. Set up the fictional company that I am going to set up in each lesson. After you set up the fictional company, try going through again on your own, setting up your company file with your information. QuizQ1. What is the main objective of the QuickBooks 101 class?A. To teach advanced payroll processing in QuickBooks B. To introduce accounting theory C. To properly set up a company file in QuickBooks D. To master daily transaction entries Q2. Why is setting up your company file correctly important in QuickBooks? A. It helps generate colorful charts B. Incorrect setup can cause problems later on when using QuickBooks C. It automatically increases your system speed D. It guarantees automatic tax form submissions Q3. Which accounting methods are discussed in this class? A. Double-entry and single-entry B. Cash-based and accrual-based C. Managerial and financial D. International and GAAP Q4. What are you encouraged to do after watching the course for the first time? A. Share the video with friends B. Try following along on your computer during your first watch C. Watch it again and follow along on your computer to set up the fictional company D. Immediately start working with your real company file Q5. Which of the following is NOT a topic covered in this class? A. Setting up opening balances for accounts B. Processing payroll for employees C. Entering business information and preferences D. Income, expenses, items, and inventory parts Q6. What version of QuickBooks is used in the video? A. QuickBooks 99 B. QuickBooks 2000 C. QuickBooks Pro 2002 D. QuickBooks Online Q7. What does the instructor recommend as prerequisites for this class? A. Advanced QuickBooks certification B. Familiarity with Windows basics and prior introductory Windows classes C. Training in network administration D. Experience with Mac OS Q8. What operating system version does it NOT matter if you are using for this course? A. The version does not matter B. Only Windows XP works C. Only Windows 98 works D. Only Windows 95 works Q9. If you are using a newer version of QuickBooks than 2002, what should you expect? A. The information will not be valid at all B. The screens and details may change slightly but most information will still apply C. There are major differences and nothing will match up D. The course will not function Q10. What is the recommended order for using this training series? A. Watch the video once following along on your computer, then never revisit it B. Watch the video multiple times and apply it to setting up your own company file C. Only read the manual D. Start immediately with daily accounting after enrolling Answers: 1-C; 2-B; 3-B; 4-C; 5-B; 6-C; 7-B; 8-A; 9-B; 10-B DISCLAIMER: Quiz questions are AI generated. If you find any that are wrong, don't make sense, or aren't related to the video topic at hand, then please post a comment and let me know. Thanks. SummaryToday's video from QuickBooks Learning Zone is an introduction to using QuickBooks, brought to you by MyOnlineLearningPartner.com and 599CD.com. My name is Richard Rost, and I will be your instructor for this class.In this lesson, I will show you how to set up a fictional company in QuickBooks. We will walk through creating a new company file, entering essential business information, and configuring preferences that tailor QuickBooks to your needs. We will discuss the differences between accrual and cash-based accounting methods, so you can make informed choices when setting up your financial records. I will explain the significance of the company file start date, which is crucial for accurate accounting. You will also learn about how to track income, manage expenses, and handle inventory items and parts. I'll guide you through establishing opening balances for your various accounts to ensure your records are accurate from the very beginning. A properly set up company file is the foundation for using QuickBooks smoothly. If the initial setup is not done correctly, you're likely to encounter difficulties as you continue using the software. That is why this class focuses on getting your company file started properly. More advanced day-to-day tasks will be covered in depth in future classes. This class assumes you are already comfortable using Windows and that QuickBooks is installed on your computer. If you have taken our Windows 101 Introduction to Computers course or our more advanced Windows 102, 110, or introductory Windows 98/XP courses, you should have all the necessary background knowledge. We will be working with QuickBooks Pro 2002 and Windows XP during these lessons, but the instructions apply to any version of Windows, from Windows 95 onward. The Windows version does not impact the content of this course. QuickBooks itself has not changed much between versions. Users of QuickBooks 2001 or 2000 will find that the differences are minimal. Even going back as far as QuickBooks 99, most of the information covered remains applicable. Although you might notice some differences in the look of the screens, the underlying concepts stay the same, and this should continue to be the case for newer QuickBooks releases. To ensure you really grasp the material, I suggest you watch the video all the way through first. That way, you get a complete overview. After that, watch it a second time while following along with your own installation of QuickBooks. Recreate the fictional company as I demonstrate. When you are comfortable with the process, try setting up a company file for your own business. You can find a complete video tutorial with step-by-step instructions on everything discussed here on my website at the link below. Live long and prosper, my friends. Topic ListSetting up a new company file in QuickBooksEntering business information in QuickBooks Configuring company preferences in QuickBooks Understanding accrual vs cash-based accounting Selecting your company file start date Managing income and expense setup Setting up items and inventory parts Establishing opening balances for accounts Overview of QuickBooks accounting setup process |
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