lesson 1: introducing quickbooks pro - labyrinth elab:...
TRANSCRIPT
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Lesson Objectives
� After studying this lesson, you will be able to:
� Discuss basic accounting concepts
� Determine if QuickBooks is right for your business
� Manage basic QuickBooks files
� Open a portable company file
� Work with the QuickBooks window
� Back up a company file
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What Can QuickBooks Do For You?
� Track customers, vendors, employees, etc.
� Process sales transactions and cash receipts
� Process purchase transactions and payments to vendors
� Run payroll
� Track and sell inventory
� Track assets (what you own) and liabilities (what you owe)
� Keep track of bank accounts
Can you think of any other uses for QuickBooks?
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Types of Tasks
� Those that affect the accounting behind the scenes
� Company setup
� Activities
� Those that do not affect the accounting behind the
scenes
� Lists (databases)
� Reports
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Debits and Credits:
The Double-Entry Accounting System � Debits must always equal credits!
� Left side (debits) must always equal right side (credits)
when entering accounting transactions
Tip! This is why the system is
referred to as double-entry.
The Generally Accepted Accounting Principles (GAAP)
� Rules used to prepare, present, and report financial
statements
� Created by the FASB (Financial Accounting
Standards Board)
� Consists of eleven basic principles
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Understanding Basic Accounting
� Introducing Behind the Scenes
In “Behind the Scenes,” you will see the accounting that QuickBooks performs for you when you record a transaction.
Debits are on the left side of the T account, whereas credits are on the right.
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The Accounting Equation
� Assets = Liabilities + Equity
� Balance sheet
� Financial statement that displays all asset, liability, and
equity accounts (collectively called the balance sheet
accounts)
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The IncomeStatement
� Accounts found on the
Income Statement (a.k.a.
Profit & Loss report) are the
income and expense
accounts
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Main Account Types
Account Type Description
Assets Items/funds owned or owed to a company
Liabilities Funds owed to a company
EquityInvestments into the company and net income or
losses
Income Sales and fees earned
Expenses Expenditures that a company accrues
The Trial BalanceReport� Prepared at the end of an
accounting cycle
� Shows all accounts
affected during the
cycle
� Balance of each account is
entered in the appropriate
column based on its normal
balance
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How to Use This Book & Student Files
� Why is there a different
company files for each
exercise?
� What if I want to use one
file that continues from
lesson to lesson?
� Is this how I will work in
QuickBooks in “real life”?
� Do I have to complete the
lessons in the order
presented in the book?
� Why do portable company
files take so long to
restore? What to do while
waiting?
� How do I “print to PDF”?
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Introducing the Case Studies
� Allows you to practice skills in real life scenarios
� Salon and Spa
� Café
� Veterinarian
� Contractor
� Not-for-Profit
� Date range will be fixed for each one
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Managing QuickBooks Files
� Launching the program
� Storing your exercise files
� Ask your instructor about your file storage location or
see the book’s website
� Opening and Restoring QuickBooks files
� Decompresses a backed-up QuickBooks file
so you can use it again
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Types of QuickBooks Files
� Note the difference in the size of company, backup
and portable company files!
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Portable Company File
Backup File
Company File
Transaction Log File
Network Data File
Controlling the QuickBooks Desktop
� Change whether the Open Window List or Icon Bar
appears in the QuickBooks window
View options accessed via the Menu Bar
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Backing Up Your Data
� Extremely important to avoid data loss!
� Back up to a different location than where you store
your “master” company file
� Backing up your QuickBooks files
� Process of compressing data files, similar to using a
Space Bag and a vacuum!
� Online options are available
Tip! QuickBooks compresses all data stored in a company
file during a back up. That’s why backup files are so small!
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