CHAPTER 3. CHAPTER 3 OVERVIEW  Check Register  Record Deposits  Write Checks  Reconcile Bank Statements COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009.

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Presentation transcript:

CHAPTER 3

CHAPTER 3 OVERVIEW  Check Register  Record Deposits  Write Checks  Reconcile Bank Statements COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Checking Balance  Deposits  Payments (Checks) QUICKBOOKS CHECK REGISTER SHOWS: COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Customer Payments are entered using Receive Payments (Customer section of Home page)  Undeposited funds are customer payments received but not deposited yet  Nonsales receipts can be entered using Record Deposits window RECORD DEPOSITS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

Can be used to pay:  Expenses, such as rent, utilities, and insurance  Non-inventory items, such as office supplies  Services, such as accounting or legal services WRITE CHECKS… COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

Should NOT be used to pay:  Paychecks to employees for wages and salaries  Payroll taxes and liabilities  Sales taxes  Bills already entered using Enter Bills window (Vendor section of the Home page) WRITE CHECKS… COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 One –Step Approach  Pay bills when received  Record bill  Print check PAY BILLS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Detect errors  Update accounting records for unrecorded items RECONCILE BANK STATEMENTS TO: COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Bank statement balance TO  Company’s accounting records RECONCILE: COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Errors  Bank errors  Company errors  Timing differences:  Bank has recorded an item, but the company has not  Unrecorded bank charges  Unrecorded interest earned  The company has recorded an item, but the bank has not  Deposits in transit  Outstanding checks DIFFERENCES BETWEEN BANK STATEMENT AND ACCOUNTING RECORDS ARE DUE TO: COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

 Record interest earned from bank statement  Record bank service charges from bank statement  Compare Bank statement with the Reconcile Window  Mark deposits that have cleared  Mark checks that have cleared BANK RECONCILIATION USING QUICKBOOKS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

TURN TO CHAPTER 3 VISIT THE ONLINE LEARNING CENTER VISIT THE STUDENT BLOG To Learn More.... COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

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