1. C OMPUTER A CCOUNTING WITH Q UICK B OOKS 2012 C HAPTER 12 Donna Kay McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. Advanced QuickBooks Features for Accountants

2. C HAPTER 12 O VERVIEW  Budgets  Estimates  Progress billing  Credit Card Sales  Bad Debts  Audit Trail  Accountant Copy 12-2

3. B UDGETS Create budgets for:  Profit & Loss  Balance Sheet 12-3

4.  Create estimates to bid on customer jobs. E STIMATES 12-4

5.  Bill customer as the job progresses  Receive partial payment from customer before the project is complete P ROGRESS B ILLING 12-5

6. C REDIT C ARD S ALES To process customers’ credit card payments: 1.For Payment Method select credit card type. 2.Enter Card No. 3.Enter Expiration Date. QuickBooks offers Merchant Account Services to process credit card transactions. 12-6

7. B AD D EBTS  When a customer fails to pay their account, it is a bad debt or uncollectible account.  Two methods to account for bad debts are:  Direct write-off method  Allowance method 12-7

8. Three methods to record a write-off of an uncollectible account are: 1.Make a journal entry. 2.Use the Receive Payments window. 3.Use the Credit Memo window. B AD D EBTS 12-8

9. A UDIT T RAIL  Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks records.  Audit Trail improves internal control by tracking changes by User ID. 12-9

10. A UDIT T RAIL Create an Audit Trail report: 1.From the Report Center, select Accountant & Taxes. 2.Select Audit Trail. 12-10

11. A CCOUNTANT ’ S C OPY  Create a copy of your QuickBooks company file for your accountant to review and update (.QBX file).  Your accountant can make changes while you continue to use QuickBooks. 12-11

12. Use the Ask My Accountant account when you are not sure how to record an item. A SK M Y A CCOUNTANT 12-12

13. O THER A DVANCED F EATURES Save time:  Memorized transactions  Memorized reports Go paperless and export reports to:  Microsoft Excel  Microsoft Access  PDF 12-13

14. T O L EARN M ORE … Turn to Chapter 12 Visit the Online Learning Center http://www.mhhe.com/kay2012 Visit www.myquickbooks.me http://www.mhhe.com/kay2012 www.myquickbooks.me 12-14