C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2012 C HAPTER 12 Donna Kay McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Advanced QuickBooks Features for Accountants
C HAPTER 12 O VERVIEW Budgets Estimates Progress billing Credit Card Sales Bad Debts Audit Trail Accountant Copy 12-2
B UDGETS Create budgets for: Profit & Loss Balance Sheet 12-3
Create estimates to bid on customer jobs. E STIMATES 12-4
Bill customer as the job progresses Receive partial payment from customer before the project is complete P ROGRESS B ILLING 12-5
C REDIT C ARD S ALES To process customers’ credit card payments: 1.For Payment Method select credit card type. 2.Enter Card No. 3.Enter Expiration Date. QuickBooks offers Merchant Account Services to process credit card transactions. 12-6
B AD D EBTS When a customer fails to pay their account, it is a bad debt or uncollectible account. Two methods to account for bad debts are: Direct write-off method Allowance method 12-7
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. B AD D EBTS 12-8
A UDIT T RAIL Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks records. Audit Trail improves internal control by tracking changes by User ID. 12-9
A UDIT T RAIL Create an Audit Trail report: 1.From the Report Center, select Accountant & Taxes. 2.Select Audit Trail
A CCOUNTANT ’ S C OPY Create a copy of your QuickBooks company file for your accountant to review and update (.QBX file). Your accountant can make changes while you continue to use QuickBooks
Use the Ask My Accountant account when you are not sure how to record an item. A SK M Y A CCOUNTANT 12-12
O THER A DVANCED F EATURES Save time: Memorized transactions Memorized reports Go paperless and export reports to: Microsoft Excel Microsoft Access PDF 12-13
T O L EARN M ORE … Turn to Chapter 12 Visit the Online Learning Center Visit