1. CHAPTER 7

2. CHAPTER 7 OVERVIEW  Accounting Cycle  Financial Statement Reports  Tax Reports  Management Reports  Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

3. Throughout the year:  Chart of Accounts: add, update, and delete accounts  Transactions: record using onscreen forms At year-end, prepare:  Trial Balance  Adjustments  Adjusted Trial Balance  Financial Statements and Report ACCOUNTING CYCLE COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

4.  Lists each account and the account balance at the end of the period TRIAL BALANCE COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

5. 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 ADJUSTMENTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

6. Adjusted trial balance = A trial balance after adjusting entries ADJUSTED TRIAL BALANCE COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

7. General Ledger lists for each account:  Beginning balance  Transactions affecting each account  Ending balance GENERAL LEDGER COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

8.  Financial Statements  Income Statement (P&L)  Balance Sheet  Statement of Cash Flows REPORTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

9.  Tax Reports  Income Tax Preparation Report  Income Tax Summary Report  Income Tax Detail Report REPORTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

10.  Management Reports  Cash Flow Forecast REPORTS COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

11. Export reports to Excel using the Export button EXPORT REPORTS TO EXCEL COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009

12. TURN TO CHAPTER 7 VISIT THE ONLINE LEARNING CENTER WWW.MHHE.COM/ULMER2009 VISIT THE STUDENT BLOG WWW.QUICKBOOKSBLOG.INFO To Learn More.... COMPUTER ACCOUNTING WITH QUICKBOOKS PRO 2009