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Computer Accounting with QuickBooks 2010 Chapter 12

Computer Accounting with QuickBooks 2010 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 2010. Budgets. Create budgets for:

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Computer Accounting with QuickBooks 2010 Chapter 12

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  1. Computer Accounting withQuickBooks 2010Chapter 12 • Donna Kay • Maryville University of Saint Louis

  2. Chapter 12 Overview • Budgets • Estimates • Progress billing • Credit Card Sales • Bad Debts • Audit Trail • Accountant Copy COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  3. Budgets Create budgets for: • Profit & Loss • Balance Sheet COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  4. Estimates • Create estimates to bid on customer jobs. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  5. Progress Billing • Bill customers as the job progresses. • Receive partial payment from customer before the project is complete COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  6. Credit Card Sales QuickBooks can also process customers’ credit card payments. Simply: • Instead of select Check as Payment Method, select the customer’s type of credit card. • Enter Card No. • Enter Expiration Date. QuickBooks offers for a fee, Merchant Account Services to process credit card transactions. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  7. Bad Debts • When a customer fails to pay their account, it is called a bad debt or uncollectible account. • Two methods to account for bad debts are: • Direct write-off method • Allowance method COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  8. Bad Debts Three methods to record a write-off of an uncollectible account are: • Make a journal entry. • Use the Receive Payments window. • Use the Credit Memo window. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  9. Audit Trail The Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks Accounting records. The Audit Trail improves internal control by tracking changes by User ID. Create an Audit Trail report: • From the Report Center, select Accountant & Taxes • Select Audit Trail. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  10. Accountant’s Copy • You can create a copy of your QuickBooks company file for your accountant to review and update. • Also, your accountantcan make changes while you continueto use QuickBooks. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  11. Accountant’s Copy • The Accountant’s Copy QuickBooks file is a .QBX file. • Use the Ask My Accountant account in the QuickBooks Chart of Accounts when you are not sure how to record an item. COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  12. OTHER ADVANCED FEATURES Save time • Memorized transactions Save paper – “Go Green!” • Export reports and lists to: • Microsoft Excel • Microsoft Access • PDF COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

  13. To Learn More … Turn to Chapter 12Visit the Online Learning CenterWWW.MHHE.COM/KAY2010Visit the Student BlogWWW.QUICKBOOKSBLOG.INFO COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

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