CHAPTER 10

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 CHAPTER 10 OVERVIEW Complete EasyStep Interview Edit Chart of Accounts Create Lists Record Transactions Print Reports COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 EASYSTEP INTERVIEW Select File, New to open EasyStep Interview. Answer EasyStep Interview questions to set up a new company. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 EASYSTEP INTERVIEW Some differences for the Merchandising Company: Select Industry: Retail Shop or Online Commerce. Track Inventory: Yes COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 CHART OF ACCOUNTS QuickBooks will automatically create a Chart of Accounts for industry you select. Chart of Accounts for a merchandiser will include some additional accounts, such as Inventory. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

CUSTOMIZE CHART OF ACCOUNTS Customize the Chart of Accounts to fit your specific business needs by: Adding accounts Editing accounts Deleting accounts For each account include: Account number Tax-Line mapping Opening balance, if applicable COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 CREATE LISTS Create Lists to track additional information: Customer List Vendor List Item List (Inventory) Employee List COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 CUSTOMER LIST Enter customer information in the Customer List Add job information to the Customer List. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 VENDOR LIST Enter vendor information into the Vendor List. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 ITEM LIST Enter information about items to be purchased and sold: Service items Inventory items Non-inventory items COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 RECORD TRANSACTIONS Record transactions for the Merchandising Corporation, including: Owners’ investment Purchase of inventory Sales to customers COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

PURCHASES OF INVENTORY For a merchandising company, record credit purchases: Enter inventory items ordered using the Purchase Order icon. Record the Inventory received using the Receive Inventory icon. Record bill received using the Enter Bills Against Inventory icon. Pay bill when due using the Pay Bills icon. Print the check using the Print Checks icon (in the Banking section of the Home page). COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 SALES TRANSACTIONS Enter sales transactions with customers: Prepare an invoice to record customer charges using Invoice window Record customer payment using Receive Payments window Record deposit in bank using Make Deposits window COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 PRINT TRIAL BALANCE To verify the accounting system is in balance at year-end, print a Trial Balance before making adjusting entries. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 ADJUSTING ENTRIES Use the onscreen Journal to enter adjusting entries to bring account up to date at year end. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

PRINT AN ADJUSTED TRIAL BALANCE To verify the accounting system is still in balance, print an Adjusted Trial Balance after making adjusting entries. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 PRINT REPORTS Financial reports for the year include: General Ledger Profit & Loss Balance Sheet Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

CLOSE THE ACCOUNTING PERIOD QuickBooks automatically closes the accounting period by closing all temporary accounts. COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009 To Learn More.... TURN TO CHAPTER 10 VISIT THE ONLINE LEARNING CENTER WWW.MHHE.COM/ULMER2009 VISIT THE STUDENT BLOG WWW.QUICKBOOKSBLOG.INFO COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009