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COMPUTER ACCOUNTING WITH
QUICKBOOKS 2011
CHAPTER 10
CHAPTER 10 OVERVIEW
Setup a New Company Customize Chart of Accounts Create Lists Create Sales Tax Item Enter Opening Adjustments Record Transactions Enter Adjusting Entries Print Reports
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
EASYSTEP INTERVIEW
1.Select File > New to open EasyStep Interview.
2.Answer EasyStep Interview questions to set up a new company.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
EASYSTEP INTERVIEW
Some differences for the Merchandising Company:Select Industry: Retail Shop or Online Commerce.Track Inventory: Yes
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
CHART OF ACCOUNTS
QuickBooks automatically creates a Chart of Accounts for industry you select.
Chart of Accounts for a merchandiser includes additional accounts, such as Inventory.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
CUSTOMIZECHART OF ACCOUNTS
Customize the Chart of Accounts to fit your specific business needs: Add accountsEdit accountsDelete accounts
For each account include:Account numberTax-Line mappingOpening balance, if needed
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
CREATE LISTS
Create Lists to track additional information: Customer List Vendor List Item List (Inventory) Employee List
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
1.Enter customer information in the Customer List
2.Add job information to the Customer List.
CUSTOMER LIST
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
VENDOR LIST
Enter vendor information into the Vendor List.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
ITEM LIST
Enter information about items to be purchased and sold:
1.Service items
2.Inventory items
3.Non-inventory items (including sales tax)
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
OPENING ADJUSTMENTS
For existing companies with opening balances, QuickBooks offsets the opening balances.
1.Accounts receivable opening balances are offset to Uncategorized Income account.
2.Accounts payable opening balances are offset to the Uncategorized Expenses account.
3.Opening balances for inventory items and all other accounts are offset in the Opening Balance Equity account.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
OPENING ADJUSTMENTSRecord opening adjustments using journal entries.
1.Transfer Uncategorized Income to Opening Balance Equity account.
2.Transfer Uncategorized Expenses to Opening Balance Equity account.
3.Transfer Opening Balance Equity account balance to Capital Stock account.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
PURCHASES OF INVENTORY
For a merchandising company, record credit purchases:
1.Enter inventory items ordered using Purchase Order icon.
2.Record items received using Receive Inventory icon.
3.Record bill received using Enter Bills Against Inventory icon.
4.Pay bill when due using Pay Bills icon.
5.Print the check using Print Checks icon (in Banking section of Home page).
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
RECORD TRANSACTIONS
Record transactions for a merchandising corporation including:
1.Owners’ investment
2.Purchase of inventory
3.Sales to customers
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
SALES TRANSACTIONS
Enter sales transactions with customers:
1.Prepare an invoice to record customer charges using Invoice window.
2.Record customer payment using Receive Payments window.
3.Record deposit in bank using Make Deposits window.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
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
ADJUSTING ENTRIES
Use the onscreen Journal to enter adjusting entries to bring account up to date at year end.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
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
PRINT REPORTS
Financial reports for the year include: General Ledger Profit & Loss Balance Sheet Statement of Cash Flows
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
CLOSE THE ACCOUNTING PERIOD
QuickBooks automatically closes the accounting period by closing all temporary accounts.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
TO LEARN MORE …
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Turn to Chapter 10
Visit the Online Learning Centerwww.mhhe.com/kay2011
Visit the Student Blogwww.myquickbooks.me
