computer accounting with quickbooks 2011 chapter 9

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COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

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COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9. Chapter 9 Overview. Record Owner’s Investment Record Purchase Transactions Record Sales Transactions Make Adjusting Entries Print Reports Close the Accounting Period. COMPUTER ACCOUNTING WITH QUICKBOOKS 2011. RECORD OWNERS’ INVESTMENT. - PowerPoint PPT Presentation

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Page 1: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

COMPUTER ACCOUNTING WITH

QUICKBOOKS 2011

CHAPTER 9

Page 2: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

CHAPTER 9 OVERVIEW Record Owner’s Investment Record Purchase Transactions Record Sales Transactions Make Adjusting Entries Print Reports Close the Accounting Period

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 3: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

Use the Make Deposits window to record owner’s investment.

RECORD OWNERS’ INVESTMENT

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 4: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

RECORD PURCHASE TRANSACTIONS

Purchase transactions can be:1. Cash Purchases2. Credit Purchases

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 5: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

CASH PURCHASES Record cash purchases using the Write

Checks window.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 6: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

CREDIT PURCHASES

For a service company, record credit purchases by:1.Entering the bill when received using the Enter Bills window. 2.Pay bill when due using the Pay Bills window.3.Print the check.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 7: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

MEMORIZED TRANSACTIONS

QuickBooks memorized transaction feature memorizes recurring transactions1.Enter the bill2.Memorize the transaction (Edit menu, Memorize Bill)3.Use memorized transaction (Lists menu, Memorized Transaction List)

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 8: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

SALES TRANSACTIONS

Enter sales transactions with customers:1.Prepare an invoice to record customer charges using Invoice window2.Record customer payment using Receive Payments window3.Record deposit in bank using Make Deposits window

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 9: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

PRINT TRIAL BALANCE To verify the accounting system is in

balance at year-end, print a Trial Balance before making adjusting entries.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 10: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

ADJUSTING ENTRIES Use the onscreen Journal to enter

adjusting entries that bring accounts up to date at the end of the accounting period.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 11: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

PRINT ADJUSTED TRIAL BALANCE

To verify the accounting system is still in balance after making adjusting entries, print an Adjusted Trial Balance.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 12: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

PRINT REPORTS

Financial reports for the year include: General Ledger Profit & Loss Balance Sheet Statement of Cash Flows

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 13: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

CLOSE THE ACCOUNTING PERIOD

QuickBooks automatically closes the accounting period by closing all temporary accounts.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Page 14: COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 9

TO LEARN MORE …

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Turn to Chapter 9

Visit the Online Learning Centerwww.mhhe.com/kay2011

Visit the Student Blogwww.myquickbooks.me