Copyright © 2016 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education. C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2015 C HAPTER 3 Donna Kay

3-2 C HAPTER 3 O VERVIEW  Check Register  Record Deposits  Write Checks  Reconcile Bank Statements

3-3 H OME P AGE B ANKING

3-4 Q UICK B OOKS C HECK R EGISTER S HOWS …  Checking Balance  Deposits  Payments (Checks)

3-5 R ECORD D EPOSITS  Customer Payments are entered using Receive Payments (Customer section of Home page)  Undeposited funds are customer payments received but not deposited yet  Nonsales receipts can be entered using Record Deposits window

3-6 R ECORD D EPOSITS 1. Select Record Deposits 2. Select OK

3-7 R ECORD D EPOSITS 3. Select Checking account 4. Select Date 5. Select Received From 6. If needed, select QuickAdd 7. Select Other 8. Select OK 9. Select From Account 10. Enter Memo 11. Enter Check No 12. Enter Payment Method 13. Enter Amount

3-8 R ECORD D EPOSITS 14. Select Print 15. Select Deposit Summary 16. Select Save & Close

3-9 WRITE CHECKS… Can be used to pay:  Expenses, such as rent, utilities, and insurance  Non-inventory items, such as office supplies  Services, such as accounting or legal services

3-10 P AY B ILLS  One–Step Approach  Write Checks

3-11 WRITE CHECKS… Should NOT be used to pay:  Paychecks to employees for wages and salaries  Payroll taxes and liabilities  Sales taxes  Bills already entered using Enter Bills window (Vendor section of the Home page)

3-12 W RITE C HECKS 1. Select Write Checks

3-13 W RITE C HECKS 2. Select Bank Account 3. Select Date 4. Select Pay to the Order of 5. Enter Amount 6. Select Print Later 7. Select Expenses tab 8. Select Account

3-14 W RITE C HECKS 9. Select Print button 10. Enter Check Number 11. Select OK

3-15 R ECONCILE B ANK S TATEMENTS T O …  Detect errors  Update accounting records for unrecorded items

3-16 R ECONCILE … Bank statement balance to Company’s accounting records

3-17 D IFFERENCES  Differences between the bank statement and accounting records are due to:  Errors  Timing differences

3-18 E RRORS  Bank errors  Company errors

3-19 TIMING DIFFERENCES Bank has recorded an item, but the company has not  Unrecorded bank charges  Unrecorded interest earned The company has recorded an item, but the bank has not  Deposits in transit  Outstanding checks

3-20 R ECONCILE B ANK S TATEMENTS 1. Select Reconcile 2. Select Account to Reconcile 3. Enter Statement Date 4. Compare Beginning Balance to Bank Statement Beginning Balance 5. Enter Ending Balance 6. Enter Service Charge 7. Enter Date 8. Enter Account 9. Select Continue

3-21 R ECONCILE B ANK S TATEMENTS 10. Select Deposits that have cleared 11. Select Checks that have cleared 12. Verify the Difference equals Select Reconcile Now

3-22 T O L EARN M ORE … See Chapter 3 Visit the Online Learning Center Visit