CHAPTER 10. CHAPTER 10 OVERVIEW Complete EasyStep Interview Edit Chart of Accounts Create Lists ...

CHAPTER 10

CHAPTER 10 OVERVIEWComplete EasyStep

InterviewEdit Chart of

AccountsCreate ListsRecord TransactionsPrint Reports

COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

1. Select File, New to open EasyStep Interview.

2. Answer EasyStep Interview questions to set up a new company.

EASYSTEP INTERVIEW


Some differences for the Merchandising Company:

Select Industry: Retail Shop or Online Commerce.

Track Inventory: Yes

EASYSTEP INTERVIEW


QuickBooks will automatically create a Chart of Accounts for industry you select.

Chart of Accounts for a merchandiser will include some additional accounts, such as Inventory.

CHART OF ACCOUNTS


Customize the Chart of Accounts to fit your specific business needs by:1.Adding accounts2.Editing accounts3.Deleting accounts

For each account include:Account numberTax-Line mappingOpening balance, if applicable

CUSTOMIZE CHART OF ACCOUNTS


Create Lists to track additional information:

Customer List

Vendor List

Item List (Inventory)

Employee List

CREATE LISTS


1.Enter customer information in the Customer List

2.Add job information to the Customer List.

CUSTOMER LIST


Enter vendor information into the Vendor List.

VENDOR LIST


Enter information about items to be purchased and sold:

1. Service items2. Inventory items3. Non-inventory items

ITEM LIST


Record transactions for the Merchandising Corporation, including:

1. Owners’ investment2. Purchase of inventory3. Sales to customers

RECORD TRANSACTIONS


For a merchandising company, record credit purchases:

1. Enter inventory items ordered using the Purchase Order icon.

2. Record the Inventory received using the Receive Inventory icon.

3. Record bill received using the Enter Bills Against Inventory icon.

4. Pay bill when due using the Pay Bills icon.5. Print the check using the Print Checks icon

(in the Banking section of the Home page).

PURCHASES OF INVENTORY


Enter sales transactions with customers:1. Prepare an invoice to record customer

charges using Invoice window2. Record customer payment using Receive

Payments window3. Record deposit in bank using Make

Deposits window

SALES TRANSACTIONS


To verify the accounting system is in balance at year-end, print a Trial Balance before making adjusting entries.

PRINT TRIAL BALANCE


Use the onscreen Journal to enter adjusting entries to bring account up to date at year end.

ADJUSTING ENTRIES


To verify the accounting system is still in balance, print an Adjusted Trial Balance after making adjusting entries.

PRINT AN ADJUSTED TRIAL BALANCE


PRINT REPORTS

Financial reports for the year include:

General LedgerProfit & LossBalance SheetStatement of Cash Flows


CLOSE THE ACCOUNTING PERIOD

QuickBooks automatically closes the accounting period by closing all temporary accounts.


TURN TO CHAPTER 10

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CHAPTER 10. CHAPTER 10 OVERVIEW Complete EasyStep Interview Edit Chart of Accounts Create Lists ...

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