QUICKBOOKS 2015: A COMPLETE COURSE

QUICKBOOKS 2015: A COMPLETE COURSE
CHAPTER 5 LECTURE SALES AND RECEIVABLES: MERCHANDISING BUSINESS QUICKBOOKS 2015: A COMPLETE COURSE CHAPTER 5—LECTURE SALES AND RECEIVABLES: MERCHANDISING BUSINESS

Chapter Focus: Sales and Receivables in Merchandising Business
Customize QuickBooks Record cash, check, credit card, and debit card sales and payments Record transactions with sales tax Use account numbers Process early payment customer discounts Record NSF checks Use inventory items Prepare Sales Order and Custom S. O. Invoices Chapter 5 focuses on recording receivables in a merchandising business. In this chapter, QuickBooks will be customized. Transactions to record cash, check, credit card, and debit card sales and payments will be entered. Sales of merchandise will have sales tax, accounts will have numbers, customers will take early payment discounts, and an NSF check will be recorded. Since the sales in the business are merchandise, inventory items will be used. Sales orders will be prepared; and, when fulfilled, used to create Custom S. O. Invoices. Copyright ©2016 Pearson Education, Inc.

Copyright ©2016 Pearson Education, Inc.
Lecture Note Examples in lecture may or may not match textbook Lectures illustrate key points within chapters Lectures do not contain every transaction completed in text Not everything presented in chapters will be shown in lecture Some parts of lecture show results of transactions entered in lecture Lecture Note: The examples in the lecture may or may not match the textbook. The lectures illustrate key points within the chapters but do not contain every transaction completed in the text. Not everything presented in the chapters will be shown in the lecture. Copyright ©2016 Pearson Education, Inc.

Download Company Files
Refer to steps indicated in Chapter 1 to download: Company Master Files Chs 5-8 (Student Data Files) Download Company Files: Refer to steps indicated in Chapter 1 to download: Company Master Files – Chs 5-8 (Student Data Files). Copyright ©2016 Pearson Education, Inc.

ACCOUNT NUMBERS QuickBooks provides you with a choice to use or not use account numbers Account numbers are used in Chapters 5-7 Account numbering: four or five digits Structure is: ACCOUNT NUMBER TYPE OF ACCOUNT Assets Liabilities Capital Income or Revenue Cost of Goods Sold Expenses Other Income Other Expenses ACCOUNT NUMBERS: QuickBooks has a choice to use or not use account number. Account numbers will be used in Chapters 5-7. The account numbering may be four or five digits. The structure is: = Assets = Liabilities = Capital = Income or Revenue = Cost of Goods Sold = Expenses = Other Income = Other Expenses Copyright ©2016 Pearson Education, Inc.

Customize Sales Receipt
Click Create Sales Receipts icon Click Formatting tab on Enter Sales Receipts Icon bar Click Customize Data layout icon Customize a Sales Receipt: Click the Create Sales Receipts icon. Click the Formatting tab on the Enter Sales Receipts Icon bar. Click the Customize Data layout icon. Copyright ©2016 Pearson Education, Inc.

Click Layout Designer… button If Layout Designer message appears, click OK; click Layout Designer… button again Make sure area for SALES RECEIPT is selected Drag sizing handle until size is 5 ½ Look at red line on ruler bar Customize a Sales Receipt: Click the Layout Designer… button, (if you get a Layout Designer message, click OK; then click the Layout Designer… button again), make sure the area for Sales Receipt is selected, drag the sizing handle until the size is at 5 ½. (Look at the red line on the ruler bar.) Copyright ©2016 Pearson Education, Inc.

Click in box for Your Name Mountain Sports Drag sizing handle to 5 ¼ on ruler bar Look at red line on ruler bar Make sure SALES RECEIPT begins at 5 ½ Click OK until you return to the Sales Receipt and close it Customize a Sales Receipt: Click in the box for Your Name Mountain Sports. Drag the sizing handle to 5 ¼ on the ruler bar. (Look at the red line on the ruler bar.) Make sure SALES RECEIPT begins at 5 ½. Click OK until you return to the Sales Receipt and then close it. Copyright ©2016 Pearson Education, Inc.

Customize Invoice Some QuickBooks forms must be duplicated before customizing Invoice must be duplicated Click Lists menu on Menu bar Click Templates Template is a predesigned form: Defines what is shown on form Determines structure of form Contains visual elements of form Customize an Invoice: Some QuickBooks forms, such as an invoice, must be duplicated before they can be customized. To duplicate an invoice, click the Lists menu on the Menu bar, click Templates. A template is a predesigned form. It defines what is shown on the form, determines the structure of the form, and contains the visual elements of the form. Copyright ©2016 Pearson Education, Inc.

Customize Invoice Click Intuit Product Invoice Click Templates button Click Duplicate Customize an Invoice: Click Intuit Product Invoice, click the Templates button, and click Duplicate. Copyright ©2016 Pearson Education, Inc.

Customize Invoice Select Template Type: click Invoice and OK Copy of invoice is added to Template list Customize an Invoice: Select the Template Type: click Invoice and OK on the Select Template Type screen. A copy of the invoice is added to the Template list. Copyright ©2016 Pearson Education, Inc.

Customize Invoice Click Copy of: Intuit Product Invoice to highlight Click Templates button Click Edit Template Customize an Invoice: Click Copy of: Intuit Product Invoice to highlight. Click the Templates button, click Edit Template Copyright ©2016 Pearson Education, Inc.

Customize Invoice Click Additional Customization button Change Default Title to INVOICE Click Layout Designer… button Repeat steps for Sales Receipt to customize invoice Name at 5 ¼” and Invoice at 5 ½” Customize an Invoice: Click the Additional Customization button. Change the Default Title to INVOICE. Click the Layout Designer… button and then duplicate the customization for the invoice as instructed for the Sales Receipt—Name at 5 ¼” and Invoice at 5 ½” Copyright ©2016 Pearson Education, Inc.

Customize payment method list
Payment Method List shows all types of payments you accept Not all available methods are on list You may not use some methods on list The list may be customized Customize the Payment Method List: The Payment Method List shows all of the types of payments you accept. Not all available payment methods are on the list. In addition, you may not use some of the methods that are on the list. The list may be customized to include all of the forms of payment you accept. Copyright ©2016 Pearson Education, Inc.

Click Lists on Menu bar Point to Customer & Vendor Profile Lists Click Payment Method List Customize the Payment Method List: Click Lists on the menu bar. Point to Customer & Vendor Profile Lists. .Click Payment Method List Copyright ©2016 Pearson Education, Inc.

Add MasterCard to Payment Method List Click Payment Method button Click New Customize the Payment Method List: Add MasterCard to the Payment Method list. Click the Payment Method button. Click New. Copyright ©2016 Pearson Education, Inc.

Enter MasterCard in Payment Method textbox Click drop-down list arrow for Payment Type Click MasterCard Click OK Customize the Payment Method List: Enter MasterCard in the Payment Method textbox. Click the drop-down list arrow for Payment Type. Click MasterCard. Click OK. Copyright ©2016 Pearson Education, Inc.

Delete Discover card from list Click Discover Use Ctrl+D Click OK on Delete Payment Method message box Customize the Payment Method List: Delete the Discover card from the list. Click Discover. Use the keyboard shortcut Ctrl+D. Click OK on the Delete Payment Method message box. Copyright ©2016 Pearson Education, Inc.

View customized Payment Method List Customize the Payment Method List: View the customized Payment Method List. Notice that Discover no longer shows as a payment method and that MasterCard is now on the list. Copyright ©2016 Pearson Education, Inc.

Inventory QuickBooks keeps track of: Each inventory item Number of items on hand Value of items on hand Inventory valuation method is Average Cost Inventory: QuickBooks keeps track of: Each inventory item. The number of items on hand. The value of the items on hand. The inventory valuation method is Average Cost. Copyright ©2016 Pearson Education, Inc.

Inventory Only inventory valuation method available in QuickBooks Accountant is Average Cost Example: 200 widgets average cost $81.25 Calculated: 75 widgets * cost $50 = $3,750 125 widgets * cost $100 = $12,500 Add totals together = $16,250 Total value $16,250 / number of widgets 200 = Average Cost of inventory item: $81.25 Inventory: Only inventory valuation method available in QuickBooks Accountant is Average Cost. Example: 200 widgets average cost $81.25 Calculated: 75 widgets * cost $50 = $3,750 125 widgets * cost $100 = $12,500 Add totals together = $16,250 Total value $16,250 / number of widgets 200 = Average Cost of inventory item: $81.25 Copyright ©2016 Pearson Education, Inc.

Inventory When inventory is purchased, Cost of inventory is recorded: Debit Inventory Asset Credit Checking or Accounts Payable When inventory is sold, QuickBooks: Debits Cost of Goods Sold (average cost) Credits Inventory Asset (average cost) Inventory: When inventory is purchased it is an Asset. The cost of the inventory item is recorded by debiting Inventory Asset account for the actual cost and crediting either Checking or Accounts Payable for the actual cost. When inventory is sold, QuickBooks: Debits the Cost of Goods Sold account and Credits the Inventory Asset account for the average cost of the item. Copyright ©2016 Pearson Education, Inc.

Prepare Invoice for Sale of Merchandise
Prepare product invoice using customized duplicate form Click Create Invoices icon Prepare Invoice for Sale of Merchandise: Prepare a product invoice using the customized duplicate form. Click Create Invoices icon. Copyright ©2016 Pearson Education, Inc.

Click drop-down list arrow for TEMPLATE Click Copy of: Intuit Product Invoice to select QuickBooks should remember this form, but does not always do so QuickBooks does not let you permanently change default template Prepare Invoice for Sale of Merchandise: Click the drop-down list arrow for the TEMPLATE, click Copy of: Intuit Product Invoice to select. QuickBooks should remember this form, but it does not always do so. QuickBooks does not let you permanently change the default invoice. Copyright ©2016 Pearson Education, Inc.

Save room on screen, click Hide History tab Resize invoice Point to edge of screen Drag to make smaller Prepare Invoice for Sale of Merchandise: To save room on the screen, click the Hide History tab. Resize the invoice by pointing to the edge of the screen and dragging to make it smaller. Copyright ©2016 Pearson Education, Inc.

Click drop-down list arrow for Customer:Job Select Mountain Schools Use Calendar to enter date 01/03/2015 Click Calendar icon Click back arrow until January, 2015 shows Click date you wish to use 03 Date entered on invoice Prepare Invoice for Sale of Merchandise: Click drop-down list arrow for Customer:Job, click Mountain Schools. Use Calendar to Enter Date of 01/03/ Click the Calendar icon. Click the back arrow until you get to January, Click the date you wish to use 03. The date is entered on the invoice. Copyright ©2016 Pearson Education, Inc.

Record sale to Mountain Schools: Enter Quantity 5 Click drop-down list arrow in Item Code Click Skis Enter Price Each , press Tab Prepare Invoice for Sale of Merchandise: 01/03/15 Record the sale to Mountain Schools: 5 skis for $ each. Enter the Quantity of 5, click the drop-down list arrow for Item Code, click Skis, enter the Price Each of , press Tab. Copyright ©2016 Pearson Education, Inc.

Click icon in Quantity column QuickBooks Accountant shows Current Availability of Skis Prepare Invoice for Sale of Merchandise: Click on the con in the Quantity column. QuickBooks Accountant shows the Current Availability of the Skis. Copyright ©2016 Pearson Education, Inc.

Enter Quantity, Items, and Price Each: 5 ski bindings for $100 each 5 ski poles at $29 each Sales tax is charged on sale Automatically calculated and entered on invoice Prepare Invoice for Sale of Merchandise: Enter the Quantity, Item, and Price Each for Ski Bindings (5 ski bindings for $100 each) and Ski Poles (5 ski poles at $29 each) to the invoice. Sales tax is charged on the sale. The amount of sales tax is automatically calculated and entered on the invoice. Copyright ©2016 Pearson Education, Inc.

With Invoice 3 on screen, give a 10 percent discount to Mountain Schools New item needs to be added for nonprofit discount Prepare Invoice for Sale of Merchandise—Give a 10 percent discount to Mountain Schools. A new item needs to be added to give the nonprofit discount. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount QuickBooks calculates discounts on line immediately above discount item If discount entered after final transaction (ski poles), the invoice would have discount on ski poles but not skis and ski bindings To give discount for entire transaction, must have a subtotal Subtotal totals amounts for ski poles, ski bindings, and skis QuickBooks gives discount on amount shown for subtotal Add Items for Discounts: QuickBooks calculates discounts on the line immediately above the discount item. If a discount were entered after the final transaction, which is for ski poles, the invoice would have a discount on the ski poles but not the skis and ski bindings. To give a discount for the entire transaction, the invoice must have subtotal. A subtotal will total the amount of the ski poles and ski bindings. QuickBooks will give the discount to the amount shown in the subtotal. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Add Items for Subtotal and Nonprofit Discount Click drop-down list arrow in next line for Item Code Click <Add New> Add Items for Discounts: To add the Items for Subtotal and Nonprofit Discount, click the drop-down list arrow in the next line for Item Code, click <Add New>. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Click Subtotal to select Type of Item on New Item list Add Items for Discounts: Click Subtotal to select the Type of Item on the New Item list. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Enter Item Name/Number: Subtotal Enter Description: Subtotal Click OK Add Items for Discounts: Enter the Item Name/Number: Subtotal, enter the Description: Subtotal, click OK. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Click drop-down list arrow for next Item Code in invoice Click <Add New> Click drop-down list arrow for TYPE Click Discount Add Items for Discounts: Click the drop-down list arrow for the next Item Code in the invoice, click <Add New>, click Discount to select the Type of item on the New Item list. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Enter Item Name/Number: Nonprofit Discount Enter Description: 10% Discount to Nonprofit Agencies Enter 10% for Amount or % MUST enter % or QuickBooks will give $10 discount not 10 percent Add Items for Discounts: Enter the Item Name/Number: Nonprofit Discount, enter the Description: 10% Discount to Nonprofit Agencies. Enter 10% for Amount or %. You MUST enter the % or QuickBooks will give a $10 discount not 10 percent. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Click drop-down list arrow for Account Need to add account 4050 Sales Discounts Click <Add New> Add Items for Discounts: Click the drop-down list arrow for Account. Since there is no account to use for sales discounts, it must be added. Click <Add New>. Copyright ©2016 Pearson Education, Inc.

Add Sales Discounts Account
Account Type is Income Giving a discount decreases total amount of income because you will receive less money for a sale Enter Account Number: 4050 4000 is the category for Income accounts Enter Account Name: Sales Discounts Enter Description: Discount on Sales Click Save & Close Add a Sales Discounts Account: The Account Type is Income. Giving a discount decreases the total amount of income because you will receive less money for a sale. Enter the Account Number: 4050 (4000 is the category to use for Income). Enter the Account Name: Sales Discounts. Enter the Description: Discount on Sales. Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Add Items for Discount Tax Code is Tax Discount is applied before sales tax Click OK to add item Add Items for Discounts: The Tax Code is Tax, the Discount is applied before sales tax, click OK to add the item. Copyright ©2016 Pearson Education, Inc.

Calculation of Sales Discount and Sales Tax
Nonprofit sales discount is 10% of sales price of items Sales price = $1,495 skis + $500 bindings + $145 poles Total sales price (income) in Subtotal is $2,140 10% Discount of $214 given Income before discount: $2,140 Discount of $214 is subtracted Sales Tax calculated on Net Sales Subtotal $2,140 – Discount $214 = Net Sales $1,926 Net Sales $1,926 * .08 Sales Tax Rate = $ Sales Tax Calculation of Sales Discount and Sales Tax: Nonprofit sales discount is 10% of the sales price of the items Sales price is $1,495 for skis + $500 for bindings + $145 for poles Total sales price (income) in Subtotal is $2,140 10% Discount of $214 given Income before discount: $2,140 Discount of $214 is subtracted Sales Tax calculated on Net Sales Subtotal $2,140 – Discount $214 = Net Sales $1,926 Net Sales $1,926 * .08 Sales Tax Rate = $ Sales Tax Copyright ©2016 Pearson Education, Inc.

Complete Invoice for Sale of Merchandise
Add Customer Message: Thank you for your business. Click Save & Close Complete the Invoice for Sale of Merchandise: Click the drop-down list arrow and add the Customer Message: Thank you for your business. Notice: the Subtotal of $2,140.00, the Nonprofit Discount of $214.00, and the Sales Tax of $ Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Analyze Invoice in Journal
Click Reports, Accountant & Taxes, Journal Enter dates 01/01/15 – 01/03/15, press Tab When report is Collapsed, it displays–MULTIPLE- in Memo column rather than sales items Analyze Invoice in Journal: Click Reports, Accountant & Taxes, Journal, enter the dates 01/01/15 to 01/03/15, press Tab. When the report is Collapsed, it displays – MULTIPLE- in the Memo column rather than sales items. Copyright ©2016 Pearson Education, Inc.

Click Expand button Debit to Accounts Receivable for $2, is total amount owed including tax less sales discount Credits to Equipment Sales = Sales Prices for skis, bindings and poles Analyze Invoice in Journal: Click the Expand button to see the Items listed in the Memo column. Note the $2, debit to Accounts Receivable is for the total amount of the sale including tax less sales discount. The credits to Equipment Sales = Sales Prices for the skis, bindings and poles. Copyright ©2016 Pearson Education, Inc.

Item Average Cost is amount used Merchandise Item on hand = Asset Asset account = Inventory Asset Item sold = remove from Inventory Asset and put into Cost of Goods Sold Debit Cost of Goods Sold (average cost) Credit Inventory Asset (average cost) Average Cost is different from amount of the sale Analyze Invoice in Journal: When a merchandise item is on hand it is an Asset. QuickBooks uses Inventory Asset as the account. When the item is sold, it is removed from the asset account and is put into Cost of Goods Sold. Debit Cost of Goods Sold and Credit Inventory Asset. The Average Cost of the item is the amount shown for the Inventory Asset and Cost of Goods Sold and is different from the amount of the sale. Copyright ©2016 Pearson Education, Inc.

QuickBooks uses Average Cost for inventory valuation Calculate average cost: divide total value of item by number of items (Total value / number of units = average cost) Calculate Average Cost for 48 pairs of Skis on hand: 28 pairs of Skis $75 each = $2,100 20 pairs of Skis $135 each = $2,700 Total value of Skis = $4,800 Average cost is $4,800 / 48 = $100 Amount recorded in transaction for Inventory Asset and Cost of Goods Sold is $500 5 x $100 = $500 Analyze Invoice in Journal: QuickBooks uses the Average Cost method of inventory valuation. The average cost is calculated by dividing the total value of the item by the number of items. (Total value / number of units = average cost) For example, if you had 48 Skis: 28 pairs of Skis purchased for $75 each = $2,100 20 pairs of Skis purchased for $135 each = $2,770 Total value of Skis = $4,800 Average cost is $4,800 / 48 = $100 The amount recorded in the transaction for Inventory Asset and Cost of Goods Sold is $500 (5 x $100 = $500) Copyright ©2016 Pearson Education, Inc.

Calculate Average Cost for 45 Ski Bindings on hand: 20 Ski Bindings purchased for $85 each = $1,700 25 Ski Bindings purchased for $67 each = $1,675 Total value of Ski Bindings = $3,375 Average cost is $3,375 / 45 = $75 Amount recorded in transaction for Inventory Asset and Cost of Goods Sold is $375 5 x $75 = $375 Analyze Invoice in Journal: To calculate the average cost 45 Ski Bindings on hand: 20 Ski Bindings purchased for $85 each = $1,700 25 Ski Bindings purchased for $67 each = $1,675 Total value of Ski Bindings = $3,375 Average cost is $3,375 / 45 = $75 The amount recorded in the transaction for Inventory Asset and Cost of Goods Sold is $375 5 x $75 = $375 Copyright ©2016 Pearson Education, Inc.

Calculate Average Cost for 25 Ski Poles on hand: 10 ski poles purchased for $37.50 = 375 15 ski poles purchased for $25 = 375 $ = $750 $750 / 25 = $30 average cost Amount recorded in transaction for Inventory Asset and Cost of Goods Sold is $150 5 x $30 = $150 Analyze Invoice in Journal: To calculate the average cost for 25 Ski Poles on hand: 10 ski poles purchased for $37.50 = 375 15 ski poles purchased for $25 = 375 $ = $750 $750 / 25 = $30 average cost The amount recorded in the ski poles in the transaction for Inventory Asset and Cost of Goods Sold is 5 x $30 = $150 . 5 x $30 = $150 Copyright ©2016 Pearson Education, Inc.

Sales Discounts = amount of discount Discount decreases income = debit Sales Discounts is account Sales tax collected = liability that is owed Record the liability = credit Liability account = Sales Tax Payable Amount of sales tax less discount included in debit to Accounts Receivable Calculated: Equipment Sales (1, ) + Sales Tax Payable (154.08) – Sales Discounts (214) = Account Receivable amount Analyze Invoice in Journal: Analyze the rest of the transaction—When sales tax is collected, it is a liability that is owed to the government. To record the liability, you credit the liability account—Sales Tax Payable. The amount of sales tax is included in the debit to Accounts Receivable as part of the total amount the customer owes. Copyright ©2016 Pearson Education, Inc.

Sales Orders Help you manage sale of products Must be selected as a preference Use sales order to record information needed to fulfill order Items entered on sales order are not deducted from inventory Sales order is filled when you get products to customer When filled, a Custom S.O. Invoice is prepared Sales Orders: Help you manage the sale of products. Must be selected as a preference. When a sales order is placed you record the information needed to fulfill the order. Items entered on a sales order are not deducted from inventory. A sales order is filled when you get the products to the customer. When filled, a Custom S.O. Invoice is prepared. Copyright ©2016 Pearson Education, Inc.

Prepare Sales Order Click Sales Orders icon Select Customer: Russ Watson Template: Custom Sales Order Enter Date: 01/03/2015 Prepare a Sales Order: Click the Sales Orders icon, select the Customer: Russ Watson, the template is Custom Sales Order, enter the Date 01/03/2015. Copyright ©2016 Pearson Education, Inc.

Prepare Sales Order Add SHIP TO address Click drop-down list arrow for SHIP TO Click <Add New> Prepare a Sales Order: To add the Ship To address, click the drop-down list arrow for Ship To, click <Add New>. Copyright ©2016 Pearson Education, Inc.

Prepare Sales Order Add Shipping Address Information Complete Address textbox: Name: Russ Watson Street Address: 7620 Summit Point Complete the Add Shipping Address Information: City: Mammoth Lakes State/Province: CA Zip/Postal Code: 93546 Make sure both check boxes are selected Click OK Prepare a Sales Order: Complete the Add Shipping Address Information. In the Address text box, enter: Name: Russ Watson, Street Address: 7620 Summit Point. Then complete the Add Shipping Address Information: City: Mammoth Lakes, State/Province: CA, Zip/Postal Code: When the information has been entered, make sure both check boxes are selected. Click OK. The Shipping Address is inserted in the Sales Order. Copyright ©2016 Pearson Education, Inc.

Prepare Sales Order Select Items: Skis: $599 Bindings-Skis: $179 Select Message: Thank you for your business. Prepare a Sales Order: Complete the Sales order by selecting the items: Skis $599 and Bindings $179. Select the message: Thank you for your business. Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Prepare Invoice from Sales Order
When sales order is filled, shipped, or picked up it is fulfilled Invoice for Sales Order is created Creating invoice from Sales Order Removes item(s) from Inventory Creates a Journal entry to record sale Prepare an Invoice from a Sales Order: When a sales order is filled, shipped, or picked up it is fulfilled. When a Sales Order is fulfilled an Invoice for a Sales Order is created. Creating an invoice from a Sales Order removes the item(s) from Inventory, and creates a Journal entry to record the sale. Copyright ©2016 Pearson Education, Inc.

Open Sales Orders Access Sales Order for Russ Watson Click on Sales Order icon bar On message Create Invoice Based on Sales Order(s) Click Create invoice for all of the sales order(s) Click OK Prepare an Invoice from a Sales Order: Open Sales Orders. Access the Sales Order for Russ Watson. Click Create Invoice on the icon bar . Complete Create Invoice Based on Sales Order(s), click OK. Copyright ©2016 Pearson Education, Inc.

Invoice is created Notice columns for Ordered, Prev. Invoiced, Backordered, and Rate Change Terms to 1% 10 Net 30 Prepare an Invoice from a Sales Order: An invoice is created. Notice columns for Ordered, Prev. Invoiced, Backordered, and Rate. Change Terms to 1% 10 Net 30. Copyright ©2016 Pearson Education, Inc.

Add Item to S. O. Invoice Add Ski Holder $10.99 to Sales Order Invoice Item: Click Accessories Tab to Invoiced column, enter 1 Tab to Rate column, enter 10.99, press Tab Add an Item to a S. O. Invoice: Add a Ski Holder $10.99 to the Sales Order Invoice. Click drop-down arrow for Item. Click Accessories. Tab to Invoiced column, enter 1. Tab to Rate column, enter 10.99, press Tab. Copyright ©2016 Pearson Education, Inc.

Review Sales Order After Invoice Created
Sales Order marked INVOICED IN FULL Items are checked in Clsd column Ski Holder not shown because it was not part of sales order Review Sales Order After Invoice is Created: The Sales Order is marked INVOICED IN FULL. The items are checked in the Clsd column. Note that the ski holder is not shown because it was not part of the sales order. Copyright ©2016 Pearson Education, Inc.

Add New Merchandise Sales Items
Add new inventory item, click Items & Services icon Ctrl+N = shortcut to add new item Type of item is Inventory Part Enter Item Name/Number: Sleds Add New Merchandise Sales Items: To add a new inventory item, click Items & Services icon, Ctrl+N to use the keyboard shortcut to add a new item. The type of item is Inventory Part, the Item Name is Sleds. Copyright ©2016 Pearson Education, Inc.

Inventory Item divided into three parts: Purchase Information: information needed to purchase inventory item Sales Information: used when company sells item Inventory Information: used to: Calculate value of item Calculate average cost of item Track amount of inventory on hand Prompt when inventory needs to be ordered Add New Merchandise Sales Items: The Inventory Item is divided into three parts—Purchase Information: used to provide the company with the information needed to purchase the inventory item; Sales Information: used when the company sells the item; and Inventory Information: used to calculate the value of the item, to calculate the average cost of the item, to track the amount of inventory on hand, and to prompt when inventory needs to be ordered. Copyright ©2016 Pearson Education, Inc.

Complete Purchase Information: Do not Enable Unit of Measure Description: Sleds Cost: leave at 0.00 Amount paid for a sled not always the same COGS Account: Cost of Goods Sold Preferred Vendor: leave blank Order from different vendors Add New Merchandise Sales Items: Complete the Purchase Information—Description: Sleds; Cost: leave at 0.00 because the amount we pay for a sled may be not always be the same; COGS Account: Cost of Goods Sold; Preferred Vendor: leave blank because we do not use the same vendor for this item every time we order it. Copyright ©2016 Pearson Education, Inc.

Complete Sales Information: Description: Sleds Sales Price: leave at 0.00 Sales Price is not always the same Tax Code: Tax Sales Tax is collected on this item Income Account: 4012 Equipment Sales Add New Merchandise Sales Items: Complete the Sales Information—Description: Sleds; Sales Price: leave at 0.00 because the amount we charge for a sled may not always be the same; Tax Code: Tax because sales tax is collected on this item, Income Account: 4012 Equipment Sales. Copyright ©2016 Pearson Education, Inc.

Complete Inventory Information Asset Account: 1120 Inventory Asset Reorder Point (Min): 5 Reorder Point Max: 7 On Hand: 10 The Total Value of sleds is $675—IMPORTANT QuickBooks uses this amount to calculate average cost The Total Value is given As of 01/09/15—IMPORTANT Common error in training: use computer date—not date in text Incorrect date may cause a change in value of your inventory, is difficult to correct Add New Merchandise Sales Items: Complete the Inventory Information—The Asset Account is 1120 Inventory Asset; Reorder Point (Min) is 5; Reorder Point Max is 7, number of Sleds on hand is 10, Total Value of the sleds is $675—IMPORTANT (QuickBooks uses this amount to calculate the average cost); the Total Value is given As of 01/09/15 (The date is very important! A common error in training is to use the computer date—not the date in the text. An incorrect date may cause a change in the value of your inventory and it is very difficult to correct.) Copyright ©2016 Pearson Education, Inc.

Prepare Credit Memo Click Refunds & Credits icon Customer:Job: Russ Watson Date: 01/10/15 Returned 1 Ski Holder $10.99 Prepare Credit Memo: Click Refunds & Credits icon. Enter the date of 01/10/15. The Customer:Job is Russ Watkins. H returned 1 ski $10.99. Copyright ©2016 Pearson Education, Inc.

Prepare Credit Memo Create a CUSTOMER MESSAGE: Click drop-down arrow for CUSTOMER MESSAGE Click <Add New> Enter message: We have processed your return. Click OK Prepare Credit Memo: Create a CUSTOMER MESSAGE: Click drop-down arrow for CUSTOMER MESSAGE. Click <Add New>. Enter the message: We have processed your return. Click OK. Copyright ©2016 Pearson Education, Inc.

Apply Credit to Invoice
Return made on invoice prepared 01/03/15 Click Use Credit to apply to invoice on Icon bar for Create Credit Memos/Refunds Apply Credit to Invoices: Since the return was made on an invoice prepared 01/03/15, click Use Credit to apply to invoice on the Icon bar for Create Credit Memos/Refunds. Copyright ©2016 Pearson Education, Inc.

Apply Credit to Invoice
Click checkmark next to 12/31/14 to remove QuickBooks marks oldest invoice automatically Click 01/03/15 transaction Click Done Apply Credit to Invoices: Click the check next to 12/31/14 to remove (QuickBooks marks the oldest invoice automatically.), click 01/03/15 transaction, click Done. Copyright ©2016 Pearson Education, Inc.

Open Invoices Report Report shows Type of transaction Transaction date Invoice or credit memo number Purchase order number Terms of sale Due date Aging Amount of open balance Open Invoices Report: shows the type of transaction, the transaction date, the invoice or credit memo number, the purchase order number, the terms of the sale, the due date, the aging, and the amount of the open balance. Copyright ©2016 Pearson Education, Inc.

Prepare Open Invoices Report
Click Reports on Menu bar Point to Customers & Receivables Click Open Invoices Prepare Open Invoices by Customer Report: Click Reports on the menu bar, point to Customers & Receivables, click Open Invoices. Copyright ©2016 Pearson Education, Inc.

View Report Enter date: 01/10/15 Press Tab In partial report shown, notice information for Mountain Schools Russ Watson View Report: Enter the date 01/10/15, press Tab. A partial report is shown on the slide. Notice the information for Russ Watson and Mountain Schools. Copyright ©2016 Pearson Education, Inc.

Credit Card Sales A sales receipt used for credit card sale Payment from bank or other charge company issued to you. Bank or other charge company is responsible if customer doesn’t pay for purchase Credit Card Sales: When you accept a credit card for payment of a sale, the transaction is entered on a Sales Receipt just like a cash sale. A sales receipt is used for a credit card sale because you are issued the payment from the bank or other charge company. Then the bank or other charge company is responsible if the customer doesn’t pay for the purchase. Copyright ©2016 Pearson Education, Inc.

ADD CREDIT CARD TO CUSTOMER’S ACCOUNT
Open Customer Center Double-Click Villanueva, Oskar Click Payment Settings tab Enter Oskar’s Credit Card Information Add a Credit Card to a Customer’s Account: Open Customer Center. Double-Click Villanueva, Oskar. Click the Payment Settings tab. Enter Oskar’s Credit Card Information: Number ; Exp. Date: 07/2017; Tab to have QuickBooks enter the Name on Card: Oskar Villanueva; Address: 8751 Snow Creek Road; Zip/Postal Code: Copyright ©2016 Pearson Education, Inc.

Customer credit card protection
QuickBooks users who accept credit cards are required to protect information by complying with Payment Card Industry Data Security Standard (PCI DSS). To enable QuickBooks Customer Credit Card Protection, click Company Menu, click Customer Credit Card Protection For Credit Card Protection, you must: Create a Complex Password for you and all others who view complete credit card numbers Change Password every 90 days May not store three-digit number near signature panel Customer credit card protection: QuickBooks users who accept credit cards are required to protect information by complying with the Payment Card Industry Data Security Standard (PCI DSS). To enable QuickBooks Customer Credit Card Protection, click the Company Menu, click Customer Credit Card Protection. For Credit Card Protection, you must: Create a Complex Password for you and all others who view complete credit card numbers, change the complex password every 90 days, and you may not store the three-digit number near the signature panel must not be stored. Copyright ©2016 Pearson Education, Inc.

Sales Receipts Sales Receipt used for cash sale Payment received at time of sale Payment Methods: Cash Check Credit Card Debit Card e-Check Sales Receipts: Sales Receipt used for a cash sale, which is when the payment is received at the time of sale. Accepted Payment Methods include: Cash, Check, Credit Card, Debit Card, and e-Check. Copyright ©2016 Pearson Education, Inc.

Credit Card Sales Open Sales Receipt Customer for credit card sale is Cash Customer Type Cash Customer in Customer:Job Press Tab Click Quick Add to add customer Credit Card Sales: Open a Sales Receipt. The customer for a credit card sale is Cash Customer Type Cash Customer in Customer:Job, press Tab. Click Quick Add to add the customer. Copyright ©2016 Pearson Education, Inc.

Credit Card Sales Enter date 01/10/15 Click CREDIT/DEBIT button for Payment Method Complete Enter Card Information: PAYMENT: VISA CARD NUMBER: EXP DATE: 02/2018 Button now shows VISA Credit Card Sales: Enter the date 01/11/15, Click the CREDIT DEBIT button for Payment Method. Complete the Enter Card Information: PAYMENT: VISA CARD NUMBER: EXP DATE: 02/2018 The CREDIT/DEBIT button now shows VISA Copyright ©2016 Pearson Education, Inc.

Credit Card Sales Complete the Sales Receipt: 1 $199.95 Message: Thank you for your business. Credit Card Sales: Complete the Sales Receipt as previously instructed: Sold 1 $ Use the message: Thank you for your business. (Note that in order to actually process a credit card receipt, you must subscribe to one of the services offered by Intuit that will allow the processing of a VISA payment when saving the transaction.) Copyright ©2016 Pearson Education, Inc.

Debit Card Sales Debit card sale is processed just like a credit card sale CUSTOMER:JOB: Cash Customer DATE: 01/11/2015 SALE NO.: 4 Click button that shows VISA Complete Enter Card Information Sometimes previous payment method will show on payment button. Other times, it will show Credit/Debit For PAYMENT enter Debit Card, press Tab Debit Card Sales: A Debit card sale is processed just like a credit card sale and a Sales Receipt is prepared to record the sale. CUSTOMER:JOB: Cash Customer, DATE: 01/11/2015, SALE NO.: 4, Click button that shows VISA. (Sometimes the previous payment method will show on the payment button. Other times, it will show Credit/Debit.) Complete Enter Card Information: For PAYMENT enter Debit Card, press Tab. Copyright ©2016 Pearson Education, Inc.

Debit Card Sales Complete Enter Card Information screen PAYMENT: Debit Card CARD NUMBER: 6789 9123 4567 890 EXP DATE: 02/2018 Click Done Notice button now shows Debit C… Record transaction as previously instructed Debit Card Sales: Click the VISA button as the Payment Method. Complete the Enter Card Information screen: PAYMENT: Debit Card, CARD NUMBER: 6789 9123 4567 890, EXP DATE: 02/2018, click Done. Record the transaction as previously instructed. Copyright ©2016 Pearson Education, Inc.

Receive Payments on Account
When customer pays for purchases charged with company and entered on an invoice, use Receive Payments Before recording payment, point to Receive Payments icon Note pop-up explanation of icon Click Receive Payments icon Receive Payments on Account: When a customer pays for purchases that were charged with the company and entered on an invoice, before recording the payment by point to the Receive Payments icon. (Note the pop-up explanation of the icon.) Click the Receive Payments icon. Copyright ©2016 Pearson Education, Inc.

Receive Payments By Credit Card
Record Customer Payment by Credit Card on File RECEIVED FROM: Villanueva, Oskar PAYMENT AMOUNT: $975 DATE: 01/13/15 Payment Method: MasterCard Use card on file QuickBooks enters Card Number and Expiration Date Applied to oldest transaction Complete as usual Receive Payments By Credit Card: Record Customer Payment for $975 from Oskar Villanueva. RECEIVED FROM: Villanueva, Oskar, PAYMENT AMOUNT: $975, DATE: 01/13/15, Payment Method: MasterCard, QuickBooks enters the Card Number and Expiration Date. The payment is automatically applied to the oldest transaction. Complete as usual. Copyright ©2016 Pearson Education, Inc.

Receive Payments on Account Eligible for Discount
Record receipt of payment eligible for discount RECEIVED FROM: Mountain Schools PAYMENT AMOUNT: DATE: 01/13/2015 Within Discount Period Receive Payments on Account Eligible for a Discount: Record receipt of payment eligible for a discount Received from: Mountain Schools. Enter Amount Date is 01/13/2015 (Within the Discount Period). Copyright ©2016 Pearson Education, Inc.

Click Payment Method button MasterC… Complete Enter Card Information screen: PAYMENT: Debit Card CARD NUMBER: EXP DATE: 09/2016 Click Done Button now shows Debit C… Receive Payments on Account Eligible for a Discount: Payment Method is CREDIT/DEBIT Complete Enter Card Information screen: PAYMENT: Debit Card CARD NUMBER: EXP DATE: 09/2016 Click Done. The button now shows Debit C… Copyright ©2016 Pearson Education, Inc.

Look bottom of Receive Payments screen Underpayment shows $41.60 Center section states “This Customer has discounts available. To Apply Discounts Click Discount_Credits…” Amounts for Selected Invoices shows Amount Due: 2,080.08 Applied: 2,038.48 Receive Payments on Account Eligible for a Discount: Look bottom of the Receive Payments screen. Underpayment shows $ The center section states “This Customer has discounts available. To Apply Discounts Click Discount_Credits…” Amounts for Selected Invoices shows: Amount Due: 2, and Applied: 2, Copyright ©2016 Pearson Education, Inc.

Invoice 3 is automatically selected with a check mark Click Discounts and Credits on Receive Payments Icon bar to apply discount Receive Payments on Account Eligible for a Discount: Once the Payment Method was selected, Invoice 3 was automatically selected with a check mark. Click Discounts and Credits on the Receive Payments Icon bar to apply the discount. Copyright ©2016 Pearson Education, Inc.

QuickBooks enters amount of 2% discount, $41.60 Click drop-down list arrow for Discount Account Click 4050 Sales Discounts Click Cancel Normally would click Done Receive Payments on Account Eligible for a Discount: QuickBooks enters the amount of the 2% discount, $ Click the drop-down list arrow for Discount Account. Click 4050 Sales Discounts. Click Cancel. (Normally, you would click Done to enter the discount) Copyright ©2016 Pearson Education, Inc.

Apply Discount to Payment Received after Discount Date
Use receipt from Mountain Schools Change DATE to 01/14/2015, press Tab Click Discounts and Credits icon Date of receipt is after discount date No discount amount is shown Apply Discount to Payment Received after the Discount Date: Use the receipt from Mountain Schools. Change the DATE to 01/14/2015. Click Discounts and Credits. Date of receipt is after the discount date. No discount amount is shown. Copyright ©2016 Pearson Education, Inc.

Apply Discount to Payment Received after Discount Date
Calculate Amount of Discount Click in Amount of Discount Enter Balance Due Press * Enter .02 Press Enter QuickMath will calculate discount Use Account 4050 Click Done Apply Discount to Payment Received after the Discount Date: Click in Amount of Discount. Enter the Balance Due Press *. Enter .02. Press Enter. QuickMath will calculate discount. Use Account 4050 Sales Discounts. Click Done. Copyright ©2016 Pearson Education, Inc.

Review completed information for customer payment ORIG. AMT.: 2,080.08 DISC. DATE: 01/14/15 QuickBooks changed DISC DATE AMT. DUE: 2,080.08 DISCOUNT: 41.60 PAYMENT: 2,038.48 Receive Payments on Account Eligible for a Discount: Review the completed information for the customer payment—ORIG. AMT.: 2,080.08, DISC. DATE: 01/14/15 (QuickBooks changed the DISC DATE ), AMT. DUE: 2,080.08, DISCOUNT: 41.60, PAYMENT: 2, Copyright ©2016 Pearson Education, Inc.

View detail in Amounts for Selected Invoices AMOUNT DUE: 2,080.08 APPLIED: 2, (payment amount) DISCOUNT AND CREDITS APPLIED: 41.60 Click Save & New button Receive Payments on Account Eligible for a Discount: View the detail in Amounts for Selected Invoices: AMOUNT DUE: 2,080.08 APPLIED: 2, (the payment amount) DISCOUNT AND CREDITS APPLIED: 41.60 Click the Save & New button. Copyright ©2016 Pearson Education, Inc.

Receive Payments on Account, Use Credit, and Apply Discount
Record payment receipt for Invoice 4: RECEIVED FROM: Russ Watson PAYMENT AMOUNT: $916.84 DATE: 01/13/15 Pmt. Method Check Check # 456 Receive Payments on Account, Use a Credit and Apply a Discount : Record payment receipt for Invoice 13: Received From: Russ Watson. Amount $ Date 01/13/15. Pmt. Method Check. Check # 456. Copyright ©2016 Pearson Education, Inc.

Receive Payments on Account and Apply Discount when Credit Used
Totals are: ORIG. AMT.: AMT. DUE: Difference reflects credit memo recorded and applied to Invoice 4 QuickBooks applied payment to both invoices because neither one matched amount received Receive Payments on Account and Apply a Discount when Credit Used: Notice the totals for the Orig. Amt. of and the Amt. Due of The difference between the original amount and the amount due reflects the amount of the credit memo recorded and applied to Invoice 4. QuickBooks automatically selected to apply the payment to both invoices because neither one matched the amount received. Copyright ©2016 Pearson Education, Inc.

Notice UNDERPAYMENT OF 8.40 Payment received within discount period Need to Apply Discount To apply discount to Invoice 2, click in line for Invoice 4 Click Discounts And Credits Receive Payments on Account and Apply a Discount when Credit Used: Notice the UNDERPAYMENT OF The payment was received within the discount period. The discount needs to be applied. To apply discount to Invoice 2, click in the check column two times (First to remove check mark and the second time to mark the invoice). Click Discounts And Credits on the Receive Payments icon bar. Copyright ©2016 Pearson Education, Inc.

QuickBooks suggests a 1% discount on Amount Due: $852.11 Means you are giving discount on a return Receive Payments on Account and Apply a Discount when Credit Used: QuickBooks suggests a 1% discount on the Amount Due of $ This means you are giving a discount on a return. Copyright ©2016 Pearson Education, Inc.

Override Suggested Discount Click in Amount of Discount Enter Amount Due – Credits Used * Discount % (press Enter, press Tab) – * .01 = 8.40 discount Click Done Receive Payments on Account and Apply a Discount when Credit Used: Override the suggested discount. Click in Amount of Discount. Enter Amount Due – Credits Used * Discount %. – * .01 = 8.40 discount. (press Enter to enter 8.40 in Amount of Discount, press Tab to update Discount Used). Click Done. Copyright ©2016 Pearson Education, Inc.

View Customer Payment Note: Amount Due Applied Discount and Credits Applied Click Save & New Receive Payments on Account and Apply a Discount when Credit Used: View the Customer Payment. Take note of the Discount for Invoice 13. Also look at the Amounts for Selected Invoices and note the Amount Due of $925.24, the Applied of $916.84, and the Discount and Credits Applied of $8.40. Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Receive Partial Payment on Account
Record Partial Payment on Account RECEIVED FROM: Thomsen, Kevin PAYMENT AMOUNT: $100.00 DATE: 01/13/2015 Paid with CHECK # 275 MEMO: Partial Payment Receive Partial Payment on Account: RECEIVED FROM: Thomsen, Kevin, PAYMENT AMOUNT: $100.00, DATE: 01/13/2015, Paid with CHECK # 275, MEMO: Partial Payment. Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Deposit Cash and Credit Card Receipts
Click Record Deposits icon Click Select All button All items marked with check Cash, checks, and credit card receipts are deposited Click OK Deposit Cash and Credit Card Receipts: Click the Record Deposits icon, click the Select All button. All items are marked with a check. Notice both credit card receipts and checks are being deposited. Click OK. (Screen shots show the Payments to Deposit as they appear from the lecture presentation.) Copyright ©2016 Pearson Education, Inc.

Deposit to 1100 Checking Date 01/14/15 Click Print Click Deposit Summary Only Deposit Cash and Credit Card Receipts: Deposit to 1100 Checking, Date 01/14/15, click Print. Click Deposit Summary Only. Copyright ©2016 Pearson Education, Inc.

Deposit Summary shows deposit details Current computer date and time prints in upper-right corner of report Current date and time cannot be changed Example shows 1/14/2015 at 2:03 PM Your date and time will not match this Deposit Cash and Credit Card Receipts: The Deposit Summary shows the deposit details. The current computer date and time prints in the upper-right corner of the report. The example shows 1/14/2015 at 2:03 PM. As in previous chapters, your date and time will not match this. Copyright ©2016 Pearson Education, Inc.

Record NSF (Bounced) Check
01/15/15 Kevin Thomsen’s check for $ marked by bank as non-sufficient funds Receive an NSF check, you return to Receive Payments screen Use QuickBooks’ Record Bounced Check feature Add bank charges for NSF check Add fees you charge for NSF check Record an NSF (Bounced) Check: 01/15/15 Kevin Thomsen’s check for $ was marked by the bank as non-sufficient funds. When you receive an NSF check, you return to the Receive Payments screen to use QuickBooks’ Record Bounced Check Feature. At this point, you will add the bank charges for the NSF check and the fees your company charges for an NSF check. Copyright ©2016 Pearson Education, Inc.

Go to Receive Payments screen where Kevin’s $ check was recorded Click 12/31/2014 Invoice for Opening balance of to select Notice Customer Payment shows ORIG. AMT., AMT. DUE as and PAYMENT as Record an NSF (Bounced) Check: Go to the Receive Payments screen where Kevin’s $ check was recorded. Click the 12/31/2014 Invoice for the Opening balance of to select. Notice the Customer Payment shows the ORIG. AMT., AMT. DUE as and PAYMENT as Copyright ©2016 Pearson Education, Inc.

Click Record Bounced Check icon on Receive Payments icon bar Complete Manage Bounced Check screen: BANK FEE of 10.00 DATE: 01/15/2015 EXPENSE ACCOUNT IS 6120 Bank Service Charges Enter for CUSTOMER FEE Click Next Record an NSF (Bounced) Check: Click the Record Bounced Check icon on the Receive Payments icon bar. Complete the Manage Bounced Check screen: BANK FEE of 10.00, DATE: 01/15/2015, EXPENSE ACCOUNT IS 6120 Bank Service Charges, Enter for the CUSTOMER FEE. Click Next. Copyright ©2016 Pearson Education, Inc.

Read Bounced Check Summary: Invoice for Opening Balance marked Unpaid Check 275 for $100 deducted from checking account $10 bank fee deducted from checking account and shown as an expense Invoice created for $25 Customer Fee charged by Your Name Mountain Sports. Click Finish and view Customer Payment Record an NSF (Bounced) Check: Read the Bounced Check Summary: The Invoice for the Opening Balance will now be marked as unpaid. Check 275 for $100 will be deducted from our checking account. The $10 bank fee will be deducted from the checking account and shown as an expense. An Invoice will be created for the $25 Customer Fee charged by Your Name Mountain Sports. Click Finish and view the Customer Payment Copyright ©2016 Pearson Education, Inc.

CUSTOMER BALANCE: This is Original Amount of $ due plus $25 Customer Fee collected by Your Name Mountain Sports. Invoice 6 was created for $25 owed for bad check fee Record an NSF (Bounced) Check: The CUSTOMER BALANCE is now This is the Original Amount of $ plus the $25 Customer Fee collected by Your Name Mountain Sports. Invoice 6 was created for the $25 owed for the bad check fee. Copyright ©2016 Pearson Education, Inc.

Open Item List to see Bounced Check Item created by QuickBooks NAME is Bounce Check Charge ACCOUNT is 5009 Returned Check Charges Notice other income accounts are in 4000 number group for income 5009 Returned Check was assigned a 5000 category account Record an NSF (Bounced) Check: Open the Item List to see the Bounced Check Item created by QuickBooks. NAME is Bounce Check Charge. The ACCOUNT is 5009 Returned Check Charges. (Notice other income accounts are in the 4000 number group for income. While 5009 Returned Check was assigned a 5000 category account.) Copyright ©2016 Pearson Education, Inc.

Change Account Number for 5009 Returned Check Charges Open Chart of Accounts Scroll until you see Account 5009 Returned Check Charges Click account and use Ctrl+E to edit account Change Account Number to 4090 Account number is in same category as other income accounts Click Save & Close Record an NSF (Bounced) Check: Change the Account Number for 5009 Returned Check Charges. Open the Chart of Accounts and scroll through until you see Account 5009 Returned Check Charges. Click on the account and use the keyboard shortcut Ctrl+E to edit the account. Change the Account Number to 4090 so that it is in the same number category as the other income accounts. Click Save & Close. Copyright ©2016 Pearson Education, Inc.

Look at Income accounts and note how they are organized Close Chart of Accounts, open Create Invoices Record an NSF (Bounced) Check: Look at the Income accounts and note how they are organized. Close the Chart of Accounts, open Create Invoices. Copyright ©2016 Pearson Education, Inc.

Go to Opening balance invoice for Kevin Thomsen Notice it shows Balance Due of Click drop-down list arrow for TERMS, click Due on receipt Record an NSF (Bounced) Check: Go to the Opening balance invoice for Oskar Villanueva. Notice that it shows a Balance Due of Click the drop-down list arrow for TERMS, click Due on receipt. Copyright ©2016 Pearson Education, Inc.

Go to Invoice 6, review invoice If DATE is not 01/15/2015, change it Click drop-down list arrow for TERMS, click Due on Receipt Notice MEMO: Bounced Check #275 Record an NSF (Bounced) Check: Go to Invoice 11, review the invoice. If the DATE does not show 01/15/2015, change it. Click the drop-down list arrow for TERMS, click Due on Receipt. Notice the MEMO: Bounced Check #275. Copyright ©2016 Pearson Education, Inc.

Issue Credit memo and Refund Check
If merchandise returned after invoice paid in full or when sale was for cash, a refund check may be issued when credit memo prepared Record a Credit Memo for Jose Perez Returned 1 Poles-Ski for $88.38 plus tax following the usual procedures Click Use credit to give refund icon at top of Credit Memo Issue Credit memo and a Refund Check: If merchandise is returned after the invoice has been paid in full or when the sale was for cash, a refund check may be issued at the same time the credit memo is prepared. Prepare the Credit Memo as usual. Click the Use credit to give refund icon at the top of the Credit Memo. Copyright ©2016 Pearson Education, Inc.

Issue a Refund dialog box appears Verify information: Refund via Check Refund Amount: $95.45 Account: Checking Date: 01/15/2015 Click OK Issue Credit memo and a Refund Check: The Issue a Refund dialog box appears. Verify the information: Refund via Check, Refund Amount: $81.00, Account: Checking, Date: 01/15/2015. Click OK Copyright ©2016 Pearson Education, Inc.

Click Write Checks icon on Home Page, click Previous or back arrow until you get to check for Dr. Perez Print check, click Save & Close on Write Checks Issue Credit memo and a Refund Check: Click the Write Checks icon on the Home Page, click the Previous or back arrow until you get to the check for Dr. Munoz. Print the check, click Save & Close on the Write Checks. Copyright ©2016 Pearson Education, Inc.

View Sales Tax Payable Register
Sales Tax Payable Register tracks all sales taxes collected and owed View account register Click Chart of Accounts Click Sales Tax Payable Click Activities button Click Use Register Click 1-Line to display transactions View Sales Tax Payable Register: Sales Tax Payable Register keeps track of all sales taxes collected and owed. To view the register, click Chart of Accounts, click Sales Tax Payable, click the Activities button, click Use Register. Copyright ©2016 Pearson Education, Inc.

View Sales Tax Payable Register
View Sales Tax Payable account register to see amount of sales tax payable Screen shot shows transactions made during lecture View Sales Tax Payable Register: View Sales Tax Payable account register to see how much sales tax is payable. Screen shot shows the transactions made during the lecture. It does not match the text. Copyright ©2016 Pearson Education, Inc.

MEMORIZE REPORT Prepare Inventory Valuation Summary Report: Click Reports on Menu Bar Point to Inventory Click Inventory Valuation Summary Memorize A Report: Prepare an Inventory Valuation Summary Report: Click Reports on the Menu Bar, point to Inventory, click Inventory Valuation Summary. Copyright ©2016 Pearson Education, Inc.

Memorize Report Report date should be 01/15/15 Since no information is shown for Sales Price, Retail Value, % of Tot Retail, remove columns from report Memorize A Report: The report date should be 01/15/15. Since no information is shown for Sales Price, Retail Value, % of Tot Retail, remove the columns from the report. Use the sizing arrow when pointing to the dotted vertical line between columns, drag to the left to remove the column. Copyright ©2016 Pearson Education, Inc.

Memorize Report Click Memorize button Click OK on Memorize Report dialog box Close report Memorize A Report: Click the Memorize button. Click OK on the Memorize Report dialog box. Copyright ©2016 Pearson Education, Inc.

Prepare Memorized Report
Prepare Inventory Valuation Summary Click Reports on Menu bar Point to Memorized Reports Click Inventory Valuation Summary Prepare a Memorized Report: Prepare the Inventory Valuation Summary. Click Reports on the Menu bar, point to Memorized Reports, and click Inventory Valuation Summary. Copyright ©2016 Pearson Education, Inc.

Prepare Memorized Report
Enter As of date 01/15/15 Report is shown as customized Without columns for Sales Price, Retail Value, % of Tot Retail Prepare a Memorized Report: Enter the As of date 01/15/15. The report is shown as customized—without the columns for Sales Price, Retail Value, % of Tot Retail. Copyright ©2016 Pearson Education, Inc.

Copyright © 2016 Pearson Education, Inc.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of the publisher. Printed in the United States of America. Copyright © 2016 Pearson Education, Inc. This work is protected by United States copyright laws. Copyright © 2016 Pearson Education, Inc.

QUICKBOOKS 2015: A COMPLETE COURSE

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QUICKBOOKS 2015: A COMPLETE COURSE

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