1. CHAPTER 12

2. CHAPTER 12 OVERVIEW  Budgets  Estimates  Progress billing  Credit Card Sales  Bad Debts  Audit Trail  Accountant Copy COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

3. Create budgets for:  Profit & Loss  Balance Sheet BUDGETS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

4.  Create estimates to bid on customer jobs. ESTIMATES COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

5.  Bill customers as the job progresses.  Receive partial payment from customer before the project is complete PROGRESS BILLING COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

6. QuickBooks can also process customers’ credit card payments. Simply: 1.Instead of select Check as Payment Method, select the customer’s type of credit card. 2.Enter Card No. 3.Enter Expiration Date. QuickBooks offers for a fee, Merchant Account Services to process credit card transactions. CREDIT CARD SALES COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

7.  When a customer fails to pay their account, it is called a bad debt or uncollectible account.  Two methods to account for bad debts are:  Direct write-off method  Allowance method BAD DEBTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

8. Three methods to record a write-off of an uncollectible account are: 1.Make a journal entry. 2.Use the Receive Payments window. 3.Use the Credit Memo window. BAD DEBTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

9. The Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks Accounting records. The Audit Trail improves internal control by tracking changes by User ID. Create an Audit Trail report: 1.From the Report Center, select Accountant & Taxes 2.Select Audit Trail. AUDIT TRAIL COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

10.  You can create a copy of your QuickBooks company file for your accountant to review and update.  Also, your accountant can make changes while you continue to use QuickBooks. ACCOUNTANT’S COPY COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

11.  The Accountant’s Copy QuickBooks file is a.QBX file.  Use the Ask My Accountant account in the QuickBooks Chart of Accounts when you are not sure how to record an item. ACCOUNTANT’S COPY COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

12.  Save time  Memorized transactions  Save paper – “Go Green!”  Export reports and lists to:  Microsoft Excel  Microsoft Access  PDF OTHER ADVANCED FEATURES COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

13. TURN TO CHAPTER 12 VISIT THE ONLINE LEARNING CENTER WWW.MHHE.COM/ULMER2009 VISIT THE STUDENT BLOG WWW.QUICKBOOKSBLOG.INFO To Learn More.... COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009