Computer Accounting with QuickBooks 2015 Chapter 3 Donna Kay

Chapter 3 Overview Check Register Record Deposits Write Checks Reconcile Bank Statements COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Home Page Banking COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

QuickBooks Check Register Shows… Checking Balance Deposits Payments (Checks) COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Record Deposits 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 COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Record Deposits Select Record Deposits Select OK COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Record Deposits Select Checking account Select Date Select Received From If needed, select QuickAdd Select Other Select OK Select From Account Enter Memo Enter Check No Enter Payment Method Enter Amount COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Record Deposits Select Print Select Deposit Summary Select Save & Close COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

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 COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Pay Bills One–Step Approach Write Checks COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

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) COMPUTER ACCOUNTING WITH QUICKBOOKS 2021

Write Checks Select Write Checks COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Write Checks Select Bank Account Select Date Select Pay to the Order of Enter Amount Select Print Later Select Expenses tab Select Account COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Write Checks Select Print button Enter Check Number Select OK COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reconcile Bank Statements To… Detect errors Update accounting records for unrecorded items COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Bank statement balance to Company’s accounting records Reconcile… Bank statement balance to Company’s accounting records COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Differences Differences between the bank statement and accounting records are due to: Errors Timing differences COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Errors Bank errors Company errors COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

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 COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reconcile Bank Statements Select Reconcile Select Account to Reconcile Enter Statement Date Compare Beginning Balance to Bank Statement Beginning Balance Enter Ending Balance Enter Service Charge Enter Date Enter Account Select Continue COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

Reconcile Bank Statements Select Deposits that have cleared Select Checks that have cleared Verify the Difference equals 0.00 Select Reconcile Now COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

To Learn More … See Chapter 3 Visit the Online Learning Center www.mhhe.com/kay2015 Visit www.My-QuickBooks.com COMPUTER ACCOUNTING WITH QUICKBOOKS 2015