C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2010 C HAPTER 12 Donna Kay Maryville University of Saint Louis

C HAPTER 12 O VERVIEW  Budgets  Estimates  Progress billing  Credit Card Sales  Bad Debts  Audit Trail  Accountant Copy COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

B UDGETS Create budgets for:  Profit & Loss  Balance Sheet COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

E STIMATES Create estimates to bid on customer jobs. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

P ROGRESS B ILLING  Bill customers as the job progresses.  Receive partial payment from customer before the project is complete COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

C REDIT C ARD S ALES 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. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

B AD D EBTS  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 COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

B AD D EBTS 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. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

A UDIT T RAIL 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. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

A CCOUNTANT ’ S C OPY  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. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

A CCOUNTANT ’ S C OPY  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. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

OTHER ADVANCED FEATURES Save time  Memorized transactions Save paper – “Go Green!”  Export reports and lists to:  Microsoft Excel  Microsoft Access  PDF COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

T O L EARN M ORE … Turn to Chapter 12 Visit the Online Learning Center Visit the Student Blog COMPUTER ACCOUNTING WITH QUICKBOOKS 2010