1. COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

2. Chapter 9 Overview Record Owner’s Investment
Record Purchase Transactions
Record Sales Transactions
Make Adjusting Entries
Print Reports
Close the Accounting Period
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

3. RECORD OWNERS’ INVESTMENT
Use the Make Deposits window to record owner’s investment.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

4. Record Purchase Transactions
Purchase transactions can be:
Cash Purchases
Credit Purchases
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

5. Cash Purchases Record cash purchases using the Write Checks window.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

6. Credit Purchases For a service company, record credit purchases by:
Entering the bill when received using the Enter Bills window.
Pay bill when due using the Pay Bills window.
Print the check.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

7. Memorized Transactions
QuickBooks memorized transaction feature memorizes recurring transactions
Enter the bill
Memorize the transaction (Edit menu, Memorize Bill)
Use memorized transaction (Lists menu, Memorized Transaction List)
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

8. 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 2011

9. 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 2011

10. Adjusting Entries
Use the onscreen Journal to enter adjusting entries that bring accounts up to date at the end of the accounting period.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

11. Print Adjusted Trial Balance
To verify the accounting system is still in balance after making adjusting entries, print an Adjusted Trial Balance.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

12. Print Reports Financial reports for the year include: General Ledger
Profit & Loss
Balance Sheet
Statement of Cash Flows
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

13. Close the Accounting Period
QuickBooks automatically closes the accounting period by closing all temporary accounts.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

14. TO LEARN MORE …
Turn to Chapter 9 Visit the Online Learning Center Visit the Student Blog
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011