Presentation on theme: "1 Welcome to Jon Snyder and Priscilla Miccio. 2 Purchase Orders The Purchasing Department receives the orders from either the HR department or Marketing."— Presentation transcript:
9 Summary Receive order from HR or Marketing Create a purchase order in QuickBooks that places an order for RCI to the supplier, CSBS Receive the invoice for products from CSBS Receive the products with a bill to be paid to CSBS by RCI Create a customer invoice to be paid by the customer Fax invoice to customer
10 Employee Purchases Supply employees with vendors to purchase from including order forms and catalogs. Fax the completed order forms to the designated companies. Wait to receive invoices from the companies and give to employees to be paid. Employees log into their own online bank accounts. Processed the same as Paying Bills at the online bank, but from employee accounts. Employee purchases are processed for the employee and are not entered into QuickBooks as they are not company purchases
11 Accounts Payable When product on Purchase Order has been received, the vendor must be paid. Pay vendors in QuickBooks. Pay applicable Sales Tax if due in Quickbooks. Print the “checks”. Radiant Care, Inc.
12 Accounts Payable Mark the Purchase Order as “Paid”. Add the date and check numbers. Make payments to vendors at online bank. File the completed documents. Radiant Care, Inc.
18 Accounts Receivable Fax invoices created by the Purchasing Dept. to the Customer. Check online bank for payments received. Match payments to invoices. Invoice # should be in the memo line of the payment. Note transaction or reference number. Enter payment against the invoice in Quickbooks.
19 Accounts Receivable Stamp invoice as paid and add the date and reference number If payment for an invoice is overdue, send out reminder letter(s) and follow-up. File completed invoices.
23 Payroll Use MSExcel to calculate Payroll because QuickBooks requires a payment in order to process. Verify hours calculations on time records received from HR Dept. Enter data into the Excel Payroll Register for the appropriate pay period.
24 Payroll Create Payroll Journal records from data calculated in PR Register. Print reports for HR and Finance contained in PR Register. Print Employee Earnings Statement for the period. Pay the employees by depositing money directly into their accounts in the online bank
25 Payroll Pay payroll taxes and employee withholdings to CSBS. Pay employees and taxes in QuickBooks. At “Year End”, print W2 forms.
32 Bank Reconciliation Verifies that the bank account balance and the QuickBooks balance are the same. If not the same, some transactions were not completed correctly. A bank/cash reconciliation should be done at least every month. The longer the period, the more difficult it is to find any errors. Errors must be researched and fixed.
33 Bank Reconciliation Simple version –Compare the QuickBooks transactions to the transactions in the bank –Add any withdrawals posted to QuickBooks but not in the bank to the QuickBooks balance. –Add any deposits posted to Quickbooks but not in the bank to the bank balance.
34 Bank Reconciliation –If these two numbers are the same, the books balance. If not, the error must be found and fixed. QuickBooks version –Enter bank balance from statement –In QuickBooks, mark off every transaction found at the bank for the same period.
35 Bank Reconciliation –At the end, if the total is not zero, there are errors. –All errors and discrepancies must be found and fixed. –When accounts balance, a report of transactions is produced.
36 Documentation –Order forms –Purchase Orders –Invoices –Credit Memos –Statements –Other items pertaining to an order Keep the originals of your documents in a binder or file. Include the following: Any copies that are made should be stamped as “Copy”
37 Documentation Stamp Purchase Orders as “Paid” along with the date and check/bank reference number. If you fax a document, stamp it as “Faxed” and add the date sent. When payment is received, stamp the Invoice as “Paid” with the date and check/bank reference number. Also duplicate the stamps on any copies that may exist.
38 Documentation File Payroll documents separately. Include the following: –Time records –Payroll register –W4 & W2 forms and tax records –Copies of any payroll reports –Payroll journals
39 Documentation BE ACCURATE DOCUMENT EVERYTHING! 2 Important items to remember: