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Opening the Sample Company File . QuickBooks Navigator . . . . . . . . Navigating basics . . . . . . . . The Company Navigator The Customers Navigator . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 27 27 27 29
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The Vendors Navigator . . . . . . . . . . The Employees Navigator . . . . . . . . . The Banking Navigator . . . . . . . . . . The Business Services Navigator . . . . . Getting Plenty of Help . . . . . . . . . . . . . . . . . Standard Help . . . . . . . . . . . . . . . . . . . QuickBooks Help & Support Find an Answer The QuickBooks Learning Center . . . . . . . . Entering a Transaction . . . . . . . . . . . . . . . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 31 32 32 35 35 35 35 37 39
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3: Choosing the Correct Legal Entity and Avoiding Tax Penalties . . . . . . . . . . . . . . . . . . . . 41
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Basic Types of Business Entities . . . . . . . . . . . . . . . The sole proprietorship . . . . . . . . . . . . . . . . . The partnership . . . . . . . . . . . . . . . . . . . . . Limited partnerships . . . . . . . . . . . . . . . The corporation . . . . . . . . . . . . . . . . . . . . . S corporations . . . . . . . . . . . . . . . . . . . The limited liability company . . . . . . . . . . . Federal Tax Identi cation Numbers . . . . . . . . . . . . . . Tax Penalties for Late Filers and Non lers . . . . . . . . . . Choosing a QuickBooks Start Date for Your Business Entity A Checklist of Issues . . . . . . . . . . . . . . . . . . . . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41 43 44 45 45 46 46 46 48 50 51 52
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4: Accounting Basics for QuickBooks Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . 53
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A Matter of Principle: GAAP and Your Business . . . All about Accounts . . . . . . . . . . . . . . . . . . . Start with the Chart . . . . . . . . . . . . . . . Types of accounts . . . . . . . . . . . . . . . . Income . . . . . . . . . . . . . . . . . . . Expense . . . . . . . . . . . . . . . . . . . Asset . . . . . . . . . . . . . . . . . . . . Liability . . . . . . . . . . . . . . . . . . . Retained earnings and equity . . . . . . . Temporary versus permanent accounts: A close call . . . . . . . . . . . . . . Financial Statements . . . . . . . . . . . . . . . . . . Pro t and Loss Statements . . . . . . . . . . . Closing the books . . . . . . . . . . . . . Viewing the Pro t and Loss Statement . . The Balance Sheet . . . . . . . . . . . . . . . . Journal Entries and T Accounts . . . . . . . . . . . . Cash versus Accrual Accounting . . . . . . . . . . . Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 54 54 55 55 57 57 58 59 60 61 61 62 63 65 66 68 70
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