c omputer a ccounting with q uick b ooks 2010 c hapter 12 donna kay maryville university of saint...
TRANSCRIPT
COMPUTER ACCOUNTING WITH
QUICKBOOKS 2010
CHAPTER 12
Donna KayMaryville University of Saint Louis
CHAPTER 12 OVERVIEW
BudgetsEstimatesProgress billingCredit Card SalesBad DebtsAudit TrailAccountant Copy
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
BUDGETS
Create budgets for:Profit & LossBalance Sheet
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
ESTIMATES
Create estimates to bid on customer jobs.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
PROGRESS BILLING
Bill customers as the job progresses.Receive partial payment from customer
before the project is complete
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
CREDIT CARD SALES
QuickBooks can also process customers’ credit card payments. Simply:
1.Instead of select Check as Payment Method, select the customer’s type of credit card.
2.Enter Card No.
3.Enter Expiration Date.
QuickBooks offers for a fee, Merchant Account Services to process credit card transactions.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
BAD DEBTS
When a customer fails to pay their account, it is called a bad debt or uncollectible account.
Two methods to account for bad debts are:Direct write-off methodAllowance method
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
BAD DEBTS
Three methods to record a write-off of an uncollectible account are:
1.Make a journal entry.
2.Use the Receive Payments window.
3.Use the Credit Memo window.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
AUDIT TRAIL
The Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks Accounting records.
The Audit Trail improves internal control by tracking changes by User ID.
Create an Audit Trail report:
1.From the Report Center, select Accountant & Taxes
2.Select Audit Trail.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
ACCOUNTANT’S COPY
You can create a copy of your QuickBooks company file for your accountant to review and update.
Also, your accountantcan make changes while you continueto use QuickBooks.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
ACCOUNTANT’S COPY
The Accountant’s Copy QuickBooks file is a .QBX file.
Use the Ask My Accountant account in the QuickBooks Chart of Accounts when you are not sure how to record an item.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
OTHER ADVANCED FEATURES
Save timeMemorized transactions
Save paper – “Go Green!”Export reports and lists to:
Microsoft ExcelMicrosoft AccessPDF
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010
TO LEARN MORE …
Turn to Chapter 12
Visit the Online Learning CenterWWW.MHHE.COM/KAY2010
Visit the Student BlogWWW.QUICKBOOKSBLOG.INFO
COMPUTER ACCOUNTING WITH QUICKBOOKS 2010