COMPUTER ACCOUNTING WITH QUICKBOOKS 2011 CHAPTER 7

1. COMPUTER ACCOUNTING WITHQUICKBOOKS 2011CHAPTER 7

2. Chapter 7 Overview • Accounting Cycle • Financial Statement Reports • Tax Reports • Management Reports • Export Reports to Excel COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

3. Accounting Cycle Throughout the year: • Chart of Accounts: add, update, and delete accounts • Transactions: record using onscreen forms COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

4. ACCOUNTING CYCLE At year-end, prepare: • Trial Balance • Adjustments • Adjusted Trial Balance • Financial Statements and Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

5. Trial Balance Lists each account and the account balance at the end of the period COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

6. 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

7. Adjusted Trial Balance Adjusted trial balance = A trial balance after adjusting entries COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

8. General Ledger General Ledger lists for each account: • Beginning balance • Transactions affecting each account • Ending balance COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

9. Reports Financial Statements • Income Statement (P&L) • Balance Sheet • Statement of Cash Flows COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

10. Reports Tax Reports • Income Tax Preparation Report • Income Tax Summary Report • Income Tax Detail Report COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

11. Reports Management Reports • Cash Flow Forecast COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

12. Export Reports To Excel Export reports to Excel using the Export button COMPUTER ACCOUNTING WITH QUICKBOOKS 2011

13. TO LEARN MORE … • Turn to Chapter 7Visit the Online Learning Centerwww.mhhe.com/kay2011Visit the Student Blogwww.myquickbooks.me COMPUTER ACCOUNTING WITH QUICKBOOKS 2011