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2. Lesson Objectives. After studying this lesson, you will be able to:Understand basic accounting tasksManage basic QuickBooks filesWork with the QuickBooks windowBack up a company fileOpen a portable company file. 3. What Can QuickBooks Do For You? . Track customers, vendors, employees, etc.P
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1. Lesson 1: Introducing QuickBooks Pro
2. 2 Lesson Objectives After studying this lesson, you will be able to:
Understand basic accounting tasks
Manage basic QuickBooks files
Work with the QuickBooks window
Back up a company file
Open a portable company file
3. 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
4. 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
5. 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
6. Understanding Basic Accounting Introducing Behind the Scenes
7. The Accounting Equation Assets = Liabilities + Equity
Balance sheet
Financial statement that displays all asset, liability, and equity accounts (collectively called the balance sheet accounts)
8. The Balance Sheet
9. The Income Statement Accounts found on the Income Statement (or Profit & Loss report) are the income and expense accounts
10. Main Account Types
11. The Trial Balance Report 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
12. Introducing Skortis Landscaping Case study used throughout the book for Hands-On exercises
Unit 1 (or Level 1)
Examines a service-based business
Unit 2 (or Level 2)
Deals with a product-based business
Time frame = May through August 2010
13. Managing QuickBooks Files Launching the program
Storing your exercise files
Ask your instructor about your file storage location or see the book’s website
Backing up your QuickBooks files
Process of compressing data files, similar to using a Space Bag? and a vacuum!
Restoring QuickBooks files
Decompresses a backed-up QuickBooks file so you can use it again
14. The QuickBooks Pro Window
15. Controlling the QuickBooks Desktop Change whether the Open Window List or Icon Bar appears in the QuickBooks window
16. Backing Up Your Data Extremely important to avoid data loss!
Back up to a different location than where you store your “master” company file
17. Lesson 1: Introducing QuickBooks Pro