Designed for medium-sized to big companies, Quick Books Desktop Enterprise is a potent accounting
tool. It offers a broad spectrum of accounting capabilities to assist in payroll processing, financial
management, tracking of costs, and reporting generation. Knowing these tools will enable
companies to keep correct financial records and increase effectiveness. The advantages of many
accounting tools available in QuickBooks Desktop Enterprise are investigated in this article.
The Chart of Accounts is the foundation of accounting in QuickBooks Desktop Enterprise. It
categorizes financial transactions into different accounts, such as assets, liabilities, income, and
expenses.
Features:
- Organizes financial data efficiently
- Allows customization to suit business needs
- Tracks bank accounts, credit cards, loans, and other financial elements
How to Use:
- 1. Go to Lists > Chart of Accounts.
- 2. Click Account > New to create a new account.
- 3. Select the account type and enter relevant details.
- 4. Click Save & Close.
2. General Ledger
The General Ledger records all financial transactions, providing a comprehensive view of business
finances.
Features:
- Tracks every financial transaction
- Helps identify errors and discrepancies
- Provides a historical record of all accounts
How to Use:
- 1. Go to Reports > Accountant & Taxes > General Ledger.
- 2. Customize the report by selecting a date range.
- 3. Review the transactions and export the report if needed.
3. Bank Reconciliation
Bank Reconciliation ensures that business records match bank statements, preventing discrepancies.
Features:
- Identifies missing or incorrect transactions
- Helps detect fraud or errors
- Maintains financial accuracy
How to Use:
- 1. Go to Banking > Reconcile.
- 2. Select the bank account to reconcile.
- 3. Enter the statement ending balance and date.
- 4. Match transactions with the bank statement and make necessary adjustments.
- 5. Click Reconcile Now.
4. Accounts Payable (Vendor Management)
Accounts Payable helps manage vendor bills and payments efficiently.
Features:
- Tracks unpaid bills
- Schedules payments to avoid late fees
- Generates reports on expenses
How to Use:
- 1. Go to Vendors > Enter Bills to record a bill.
- 2. Select a vendor and enter the bill details.
- 3. Go to Pay Bills to process payments.
- 4. Choose the bill to pay and select the payment method.
- 5. Click Pay Selected Bills.
5. Accounts Receivable (Customer Invoicing)
Accounts Receivable tracks money owed by customers and manages invoices.
Features:
- Creates professional invoices
- Tracks outstanding payments
- Generates reports on customer balances
How to Use:
- 1. Go to Customers > Create Invoices.
- 2. Select the customer and enter invoice details.
- 3. Click Save & Send to email the invoice.
- 4. To receive payments, go to Customers > Receive Payments.
6. Payroll Processing
QuickBooks Desktop Enterprise provides payroll management tools to process employee salaries
and tax deductions.
Features:
- Calculates wages and taxes automatically
- Generates pay stubs and tax forms
- Offers direct deposit options
How to Use:
- 1. Go to Employees > Payroll Center.
- 2. Select Pay Employees.
- 3. Enter employee hours and review wages.
- 4. Click Submit Payroll to process payments.
7. Budgeting and Forecasting
QuickBooks allows businesses to create budgets and forecasts to manage financial goals.
Features:
- Tracks actual vs. projected income and expenses
- Identifies financial trends
- Helps in strategic planning
How to Use:
- 1. Go to Company > Planning & Budgeting > Set Up Budgets.
- 2. Select a fiscal year and budget type.
- 3. Enter estimated income and expenses.
- 4. Save the budget and compare it with actual performance.
8. Inventory Management
Inventory management tools help businesses track stock levels, sales, and purchase orders.
Features:
- Tracks inventory in real-time
- Manages purchase orders
- Generates inventory reports
How to Use:
- 1. Go to Lists > Item List.
- 2. Click Item > New to add an inventory item.
- 3. Enter item details and reorder points.
- 4. Track stock levels through Reports > Inventory Valuation Summary.
9. Financial Reporting
QuickBooks provides various financial reports for business analysis and compliance.
Features:
- Generates Profit & Loss statements, Balance Sheets, and Cash Flow reports
- Offers customizable report templates
- Provides real-time insights
How to Use:
- 1. Go to Reports > Company & Financial.
- 2. Select the desired report type.
- 3. Customize filters and date ranges.
- 4. Export or print the report as needed.
10. Audit Trail
The Audit Trail helps businesses maintain compliance by tracking changes in financial records.
Features:
- Records every change made to transactions
- Enhances transparency and accountability
- Helps detect unauthorized modifications
How to Use:
- 1. Go to Reports > Accountant & Taxes > Audit Trail.
- 2. Review transaction modifications.
- 3. Investigate discrepancies as needed.
Conclusion
Strong accounting capabilities offered by QuickBooks Desktop Enterprise enable companies to
handle their money effectively. These technologies increase financial accuracy, save time, and help
with decision-making, from monitoring costs to creating thorough financial reports. Using these
capabilities allows companies to simplify accounting procedures and concentrate on expansion.
