COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 7

C HAPTER 7 O VERVIEW  Accounting Cycle  Financial Statement Reports  Tax Reports  Management Reports  Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

A CCOUNTING C YCLE Throughout the year:  Chart of Accounts: add, update, and delete accounts  Transactions: record using onscreen forms COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

ACCOUNTING CYCLE At year-end, prepare:  Trial Balance  Adjustments  Adjusted Trial Balance  Financial Statements and Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

T RIAL B ALANCE Lists each account and the account balance at the end of the period COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

A DJUSTMENTS 5 types of adjustment to bring the accounts up-to-date at year-end: 1. Depreciation 2. Prepaid Items 3. Unearned Revenue 4. Accrued Expenses 5. Accrued Revenues COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

A DJUSTED T RIAL B ALANCE Adjusted trial balance = A trial balance after adjusting entries COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

G ENERAL L EDGER General Ledger lists for each account:  Beginning balance  Transactions affecting each account  Ending balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

R EPORTS Financial Statements  Income Statement (P&L)  Balance Sheet  Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

R EPORTS Tax Reports  Income Tax Preparation Report  Income Tax Summary Report  Income Tax Detail Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

R EPORTS Management Reports  Cash Flow Forecast COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Export reports to Excel using the Export button E XPORT R EPORTS T O E XCEL COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

TO LEARN MORE … COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 Turn to Chapter 7 Visit the Online Learning Center Visit the Student Blog