C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2013 C HAPTER 3 Donna Kay

C HAPTER 3 O VERVIEW  Check Register  Record Deposits  Write Checks  Reconcile Bank Statements COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

H OME P AGE B ANKING COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

Q UICK B OOKS C HECK R EGISTER S HOWS …  Checking Balance  Deposits  Payments (Checks) COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

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 COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

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 2013

P AY B ILLS  One–Step Approach  Write Checks COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

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

R ECONCILE B ANK S TATEMENTS T O …  Detect errors  Update accounting records for unrecorded items COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

R ECONCILE … Bank statement balance to Company’s accounting records COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

D IFFERENCES Differences between the bank statement and accounting records are due to:  Errors  Timing differences COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

E RRORS  Bank errors  Company errors COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

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 2013

B ANK R ECONCILIATION U SING Q UICK B OOKS  Record interest earned from bank statement  Record bank service charges from bank statement  Compare Bank statement with the Reconcile Window  Mark deposits that have cleared  Mark checks that have cleared COMPUTER ACCOUNTING WITH QUICKBOOKS 2013

T O L EARN M ORE … See Chapter 3 Visit the Online Learning Center Visit COMPUTER ACCOUNTING WITH QUICKBOOKS 2013