1. Computer Accounting with QuickBooks 2015
Chapter 10
Donna Kay

2. Chapter 10 Overview Setup a New Company Customize Chart of Accounts
Create Lists
Create Sales Tax Item
Enter Opening Adjustments
Record Transactions
Enter Adjusting Entries
Print Reports
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

3. Set Up A New Company Steps to set up a new company
Complete EasyStep Interview
Add the People You Do Business With
Add the Products and Services You Sell
Add Your Bank Accounts
Enter Company Information
Customize Chart of Accounts
Lists
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

4. New Company Select Create a new company Select Detailed Start
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

5. New Company Enter Name Answer EasyStep Interview questions Select Next
Answer remaining interview questions …..
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

6. EasyStep Interview Some differences for the Merchandising Company:
Select Industry: Retail Shop or Online Commerce
Track Inventory: Yes
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

7. Add the People You Do Business With
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

8. Add the Products and Services You Sell
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

9. Add Your Bank Accounts
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

10. Chart of Accounts
QuickBooks automatically creates a Chart of Accounts for industry selected.
Chart of Accounts for a merchandiser includes additional accounts, such as Inventory.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

11. Customize Chart Of Accounts
Customize the Chart of Accounts to fit your specific business needs:
Add accounts
Edit accounts
Delete accounts
For each account include:
Account number
Tax-Line mapping
Opening balance, if needed
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

12. Create Lists Use Lists to track additional information: Customer List
Vendor List
Item List (Inventory)
Employee List
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

13. Customer List
Enter customer information in the Customer List (Customer Center).
Add job information
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

14. Vendor List
Enter vendor information into the Vendor List (Vendor Center).
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

15. Item List Enter information about items to be purchased and sold:
Service items
Inventory items
Non-inventory items
Sales tax items
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

16. Opening Adjustments
For existing companies with opening balances, QuickBooks offsets the opening balances.
Accounts receivable opening balances are offset to Uncategorized Income account.
Accounts payable opening balances are offset to the Uncategorized Expenses account.
Opening balances for inventory items and all other accounts are offset in the Opening Balance Equity account.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

17. Opening Adjustments Record opening adjustments using journal entries.
Transfer Uncategorized Income to Opening Balance Equity account.
Transfer Uncategorized Expenses to Opening Balance Equity account.
Transfer Opening Balance Equity account balance to Capital Stock account.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

18. Purchases of Inventory
For a merchandising company, record credit purchases:
Enter inventory items ordered using Purchase Order icon.
Record items received using Receive Inventory icon.
Record bill received using Enter Bills Against Inventory icon.
Pay bill when due using Pay Bills icon.
Print the check using Print Checks icon (Banking section).
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

19. Record Transactions
Record transactions for a merchandising corporation including:
Owners’ investment
Purchase of inventory
Sales to customers
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

20. Sales Transactions Enter sales transactions with customers:
Create an invoice to record customer charges using Create Invoices window.
Record customer payment using Receive Payments window.
Record deposit in bank using Make Deposits window.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

21. Print Trial Balance
Print a Trial Balance to verify the accounting system is in balance before making adjusting entries.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

22. Adjusting Entries
Use the onscreen Journal to enter adjusting entries to bring account up to date at year end.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

23. Print Adjusted Trial Balance
Print an Adjusted Trial Balance to verify the accounting system is still in balance after making adjusting entries.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

24. Print Reports Financial reports for the year include: General Ledger
Profit & Loss
Balance Sheet
Statement of Cash Flows
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

25. Close the Accounting Period
QuickBooks automatically closes the accounting period by closing all temporary accounts.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

26. To Learn More …
See Chapter 10 Visit the Online Learning Center Visit
COMPUTER ACCOUNTING WITH QUICKBOOKS 2015