Accounting Software Packages Implementation: 10 Questions You Should Answer Before Setting up QuickBooks Accounting Software For Your Business.
Here are the key questions your consultant should help you answer, that is if you are new to automated business transactions, to effectively customize your QuickBooks Accounting Software.
1. What do you Sell? This will help the software customize what your business offers.
2. Do you charge VAT? When you receive payment or earn income from good sold, QuickBooks will calculate your VAT rate.
3. Do you create estimate? The software wants to know if you send quotations to clients from job order before you send them invoice.
4. Do you track customer's order? QuickBooks want to know if you want to track sales order from customer.
5. Do you create statement? When you have invoice that are over due for payment, the accounting software wants to know if your have a finance charge policy on amount owed.
6. Do you use progress invoicing? when you want to create invoice, do you send in batch or one time. This is necessary when you handle contract that involve progress payments.
7. Do you manage bills? This will help you manage your creditors and amount owed.
8. Do you track time? This is necessary when you run a consulting outfit that charges client on amount of time spent on field work.
9. Do you have employee? QuickBooks use this to set up payroll to manage your employees salary, allowances and deductions.
10. Do you track multiple currencies? some businesses may have customers or suppliers they do business with in currencies other than their home currencies. QuickBooks use this to track exchange rate and foreign exchange transactions.
Once you answer these questions, QuickBooks will create a charts of account- which categorized your business transactions into income, expenses, assets and liabilities.
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