1. COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 7

2. C HAPTER 7 O VERVIEW  Accounting Cycle  Financial Statement Reports  Tax Reports  Management Reports  Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

3. A CCOUNTING C YCLE Throughout the year:  Chart of Accounts: add, update, and delete accounts  Transactions: record using onscreen forms COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

4. ACCOUNTING CYCLE At year-end, prepare:  Trial Balance  Adjustments  Adjusted Trial Balance  Financial Statements and Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

5. T RIAL B ALANCE Lists each account and the account balance at the end of the period COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

6. A DJUSTMENTS 5 types of adjustment to bring the accounts up-to-date at year-end: 1. Depreciation 2. Prepaid Items 3. Unearned Revenue 4. Accrued Expenses 5. Accrued Revenues COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

7. A DJUSTED T RIAL B ALANCE Adjusted trial balance = A trial balance after adjusting entries COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

8. G ENERAL L EDGER General Ledger lists for each account:  Beginning balance  Transactions affecting each account  Ending balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

9. R EPORTS Financial Statements  Income Statement (P&L)  Balance Sheet  Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

10. R EPORTS Tax Reports  Income Tax Preparation Report  Income Tax Summary Report  Income Tax Detail Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

11. R EPORTS Management Reports  Cash Flow Forecast COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

12. Export reports to Excel using the Export button E XPORT R EPORTS T O E XCEL COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

13. TO LEARN MORE … COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 Turn to Chapter 7 Visit the Online Learning Center www.mhhe.com/kay2011 Visit the Student Blog www.myquickbooks.me