computer accounting with quickbooks 2011 chapter 7

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:Chart of Accounts: add, update, and delete accountsTransactions: record using onscreen forms

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

ACCOUNTING CYCLE

At year-end, prepare:Trial Balance AdjustmentsAdjusted Trial BalanceFinancial 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:

1. Depreciation

2. Prepaid Items

3. Unearned Revenue

4. Accrued Expenses

5. 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 balanceTransactions affecting each accountEnding 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 using the Export button

EXPORT REPORTS TO EXCEL

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

TO LEARN MORE …

COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

Turn to Chapter 7

Visit the Online Learning Centerwww.mhhe.com/kay2011

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