computer accounting with quickbooks 2011 chapter 12
DESCRIPTION
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 12. Donna Kay Maryville University of Saint Louis. Chapter 12 Overview. Budgets Estimates Progress billing Credit Card Sales Bad Debts Audit Trail Accountant Copy. COMPUTER ACCOUNTING WITH QUICKBOOKS 2011. Budgets. Create budgets for: - PowerPoint PPT PresentationTRANSCRIPT
Donna KayMaryville University of Saint Louis
COMPUTER ACCOUNTING WITH
QUICKBOOKS 2011
CHAPTER 12
CHAPTER 12 OVERVIEW
Budgets Estimates Progress billing Credit Card Sales Bad Debts Audit Trail Accountant Copy
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
BUDGETS
Create budgets for: Profit & Loss Balance Sheet
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Create estimates to bid on customer jobs.
ESTIMATES
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Bill customer as the job progresses. Receive partial payment from customer
before the project is complete
PROGRESS BILLING
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
CREDIT CARD SALES
QuickBooks can also process customers’ credit card payments. Simply:
1.For Payment Method select credit card type.
2.Enter Card No.
3.Enter Expiration Date.
QuickBooks offersMerchant Account Services to process credit card transactions.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
BAD DEBTS
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
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
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.
BAD DEBTS
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
AUDIT TRAIL
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.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
AUDIT TRAIL
Create an Audit Trail report:
1. From the Report Center, select Accountant & Taxes.
2. Select Audit Trail.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
ACCOUNTANT’S COPY
Create a copy of your QuickBooks company file for your accountant to review and update (.QBX file).
Your accountantcan make changes while you continueto use QuickBooks.
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Use the Ask My Accountant account when you are not sure how to record an item.
ASK MY ACCOUNTANT
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
OTHER ADVANCED FEATURES
Save time: Memorized transactions Memorized reports
Go paperless and export reports to: Microsoft Excel Microsoft Access PDF
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
TO LEARN MORE …
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Turn to Chapter 12
Visit the Online Learning Centerwww.mhhe.com/kay2011
Visit the Student Blogwww.myquickbooks.me