COMPUTER ACCOUNTING WITH QUICKBOOKS 2015 CHAPTER 12 Donna

COMPUTER ACCOUNTING WITH QUICKBOOKS 2015 CHAPTER 12 Donna Kay

CHAPTER 12 OVERVIEW § § § § Budgets Estimates Progress billing Credit Card Sales Bad Debts Audit Trail Accountant Copy COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BUDGETS Create budgets for: § Profit & Loss § Balance Sheet COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BUDGETS 1. Select Company 2. Select Planning & Budgeting 3. Select Set Up Budgets COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BUDGETS 4. Select Year 5. Select Budget Type 6. Select Next COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BUDGETS 7. Select Additional Profit and Loss Criteria 8. Select Next 9. Select Create budget from scratch 10. Select Finish COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

ESTIMATES Create estimates to bid on customer jobs. COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

PROGRESS BILLING § Bill customer as the job progresses § Receive partial payment from customer before the project is complete COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

CREDIT CARD SALES 1. Select Receive Payments icon 2. Select Received From 3. Enter Payment Amount 4. Enter Date 5. Select Credit 6. Select Payment 7. Enter Card Number 8. Enter Expiration Date 9. Select Done 10. Select Invoice 11. Select Save & Close COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BAD DEBTS § When a customer fails to pay their account, it is a bad debt or uncollectible account. § Two methods to account for bad debts are: § Direct write-off method § Allowance method COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

BAD DEBTS Three methods to record a write-off of an uncollectible account are: 1. Make a journal entry 2. Use the Receive Payments window 3. Use the Credit Memo window COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

AUDIT TRAIL § Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your Quick. Books records. § Audit Trail improves internal control by tracking changes by User ID. COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

AUDIT TRAIL 1. 2. 3. 4. Select Accountant & Taxes Select Audit Trail Select Dates Select Run COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

ACCOUNTANT’S COPY § Create a copy of your Quick. Books company file for your accountant to review and update (. QBX file). § Your accountant can make changes while you continue to use Quick. Books. COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

ASK MY ACCOUNTANT Use the Ask My Accountant account when you are not sure how to record an item. COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

SAVE TIME Save time. Reduce errors. Set up: § Memorized transactions § Memorized reports COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

DOCUMENT MANAGEMENT Now you can attach documents to Quick. Books forms. Example: attach a vendor’s bill when you enter the bill in Quick. Books. COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

QUICKBOOKS MOBILE APPS Use apps on your mobile device to stay connected to Quick. Books Go Payment COMPUTER ACCOUNTING WITH QUICKBOOKS 2015

TO LEARN MORE … See Chapter 12 Visit the Online Learning Center www. mhhe. com/kay 2015 Visit www. My-Quick. Books. com COMPUTER ACCOUNTING WITH QUICKBOOKS 2015