computer accounting with quickbooks 2011 chapter 7
TRANSCRIPT
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COMPUTER ACCOUNTING WITH
QUICKBOOKS 2011
CHAPTER 7
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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
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ACCOUNTING CYCLE
Throughout the year:Chart of Accounts: add, update, and delete accountsTransactions: record using onscreen forms
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
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ACCOUNTING CYCLE
At year-end, prepare:Trial Balance AdjustmentsAdjusted Trial BalanceFinancial Statements and Report
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TRIAL BALANCE
Lists each account and the account balance at the end of the period
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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
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ADJUSTED TRIAL BALANCE
Adjusted trial balance = A trial balance after adjusting entries
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GENERAL LEDGER
General Ledger lists for each account:Beginning balanceTransactions affecting each accountEnding balance
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REPORTS
Financial Statements Income Statement (P&L) Balance Sheet Statement of
Cash Flows
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REPORTS
Tax Reports Income Tax Preparation Report Income Tax Summary Report Income Tax
Detail Report
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REPORTS
Management Reports Cash Flow Forecast
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Export reports to Excel using the Export button
EXPORT REPORTS TO EXCEL
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TO LEARN MORE …
COMPUTER ACCOUNTING WITH QUICKBOOKS 2011
Turn to Chapter 7
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