Lesson 1: Introducing QuickBooks Pro

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