Computer Accounting with QuickBooks 2015 Chapter 7 Donna Kay

Chapter 7 Overview Accounting Cycle Financial Statement Reports Tax Reports Management Reports Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Accounting Cycle Throughout the year: Chart of Accounts: add, update, and delete accounts Transactions: record using onscreen forms COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Accounting Cycle At year-end, prepare: Trial Balance Adjustments: record with onscreen journal Adjusted Trial Balance Financial Statements and Reports COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Trial Balance Lists each account and the account balance at the end of the period COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Adjustments 5 types of adjustment to bring the accounts up-to-date at year-end: Depreciation Prepaid Items Unearned Revenue Accrued Expenses Accrued Revenues COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Adjusting Entries Select Accountant Select Make General Journal Entries COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Adjusting Entries Enter Date Enter Entry No. Select Adjusting Entry Select Account to Debit Enter Debit Amount Enter Memo Select Account to Credit Enter Credit Amount Select Save & Close COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Adjusted Trial Balance Trial Balance + / - Adjusting Entries = Adjusted Trial Balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

General Ledger General Ledger lists for each account: Beginning balance Transactions affecting each account Ending balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

General Ledger Select Reports Select Accountant & Taxes Select General Ledger Enter Dates Select Run COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

General Ledger Select Customize Report Select Filters tab Enter Account COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

General Ledger Select Display Tab Select Advanced Select In Use Enter Current Select OK COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reports Financial Statements Income Statement (P&L) Balance Sheet Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reports Tax Reports Income Tax Preparation Report Income Tax Summary Report Income Tax Detail Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reports Management Reports Cash Flow Forecast COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

To Learn More … See Chapter 7 Visit the Online Learning Center www.mhhe.com/kay2015 Visit www.My-QuickBooks.com COMPUTER ACCOUNTING WITH QUICKBOOKS 2015