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COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9. 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. RECORD OWNERS’ INVESTMENT.

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COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

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  1. COMPUTER ACCOUNTING WITHQUICKBOOKS 2011CHAPTER 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 9Visit the Online Learning Centerwww.mhhe.com/kay2011Visit the Student Blogwww.myquickbooks.me COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

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