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COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 7. Chapter 7 Overview. Accounting Cycle Financial Statement Reports Tax Reports Management Reports Export Reports to Excel. COMPUTER ACCOUNTING WITH QUICKBOOKS 2011. Accounting Cycle. Throughout the year:
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Chapter 7 Overview • Accounting Cycle • Financial Statement Reports • Tax Reports • Management Reports • Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Accounting Cycle Throughout the year: • Chart of Accounts: add, update, and delete accounts • Transactions: record using onscreen forms COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
ACCOUNTING CYCLE At year-end, prepare: • Trial Balance • Adjustments • Adjusted Trial Balance • Financial Statements and Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Trial Balance Lists each account and the account balance at the end of the period COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Adjustments 5 types of adjustment to bring the accounts up-to-date at year-end: • Depreciation • Prepaid Items • Unearned Revenue • Accrued Expenses • Accrued Revenues COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Adjusted Trial Balance Adjusted trial balance = A trial balance after adjusting entries COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
General Ledger General Ledger lists for each account: • Beginning balance • Transactions affecting each account • Ending balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Reports Financial Statements • Income Statement (P&L) • Balance Sheet • Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Reports Tax Reports • Income Tax Preparation Report • Income Tax Summary Report • Income Tax Detail Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Reports Management Reports • Cash Flow Forecast COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Export Reports To Excel Export reports to Excel using the Export button COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
TO LEARN MORE … • Turn to Chapter 7Visit the Online Learning Centerwww.mhhe.com/kay2011Visit the Student Blogwww.myquickbooks.me COMPUTER ACCOUNTING WITH QUICKBOOKS 2011