• Last Updated:
  • Aug 18th, 2013 11:20 am
Tags:
None
Sr. Member
User avatar
Dec 3, 2004
865 posts
2649 upvotes

Deleted

Deleted
Last edited by adamtheman on Mar 17th, 2024 5:01 pm, edited 1 time in total.
5 replies
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
Using QuickBooks can take a bit of getting used to but I have been using it for years and really enjoy using it. I find for the price and the fact that it off-the-shelf, it is an excellent program for the do-it-yourselfer. In other words, QuickBooks comes with a wide variety of canned reports that can usually answer most anyone question you may have and even entering most transactions is pretty straightforward.

If you know something about accounting (e.g. what types of expenses to accrue, capitalize, etc.), you will end up with more accurate financial statements if this is important to you. However, even if you get most of it right, if you know someone who is an accountant, they can help you out with the exceptions.

I'm sure you have figured out by now that you need to calculate the amortization of your assets offline and then enter the amortization amounts in the QuickBooks program as an Amortization Expense.

The more you use it, the easier it will become to use.
Member
Jun 8, 2012
442 posts
45 upvotes
Toronto
The problem with Excel, it does not scale very well. It may be OK now but when your business doubles or triples, you are going to have issues.

The good thing about Quickbooks is that there's a lot of people using it and there is many free resources. I do suggest you pick up a book as a mistake early in the game can really hurt you in long run.
Deal Fanatic
Oct 7, 2007
9404 posts
5374 upvotes
Depending on the size and nature of your business you may want to consider Quicken Home & Business as well. QuickBooks is definitely a more robust program from an accounting point of view (I know a few good sized publicly-traded companies that use QuickBooks) but Quicken Home & Business still gives you a way to track your expenses in a methodical and easily-searchable manner with less technical knowledge needed.

I do agree with amw3000 that there is a lot of info on the internet from fellow QuickBooks users that can help when you run into specific issues with how to use the program.
Deal Addict
Feb 5, 2009
2808 posts
940 upvotes
Newmarket
If you are self employed you can stick to excel, if you are incorporated you should consider software like quickbooks.

If you want quickbooks then you should go quickbooks pro (for desktop), I would suggest against quickbooks easy start, it is piece of crap, pro is a bit more expensive but it's a one time cost if you don't need payroll. If you decide to go with online version there is convenience of online access from anywhere but there is also ongoing monthly cost even if you don't need payroll (and as of right not payroll for online version is not available as far as I know).

Of all the features of quickbooks for most small businesses you only need to learn few transactions:

1) write cheque
2) make deposit
3) record invoices
4) receive payments
5) enter bills
6) pay bills
7) reconcile bank accounts and credit card

If you truck inventory than you will need to learn that as well, other than that just look at your profit and loss and balance sheet, a/r and a/p reports, enter adjusting entries here and there, what I have listed above covers 99% of what you will use quickbooks for.
The correct beginning set up is very important, if you feel you are lost you may want to seek help of accountant or good bookkeeper, if you can learn basic transactions and keep on top of things you should be fine.

Top

Thread Information

There are currently 2 users viewing this thread. (0 members and 2 guests)