COMPUTER ACCOUNTING WITH

QUICKBOOKS 2010

CHAPTER 12

Donna KayMaryville University of Saint Louis

CHAPTER 12 OVERVIEW

BudgetsEstimatesProgress billingCredit Card SalesBad DebtsAudit TrailAccountant Copy

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

BUDGETS

Create budgets for:Profit & LossBalance Sheet

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

ESTIMATES

Create estimates to bid on customer jobs.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

PROGRESS BILLING

Bill customers as the job progresses.Receive partial payment from customer

before the project is complete

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

CREDIT CARD SALES

QuickBooks can also process customers’ credit card payments. Simply:

1.Instead of select Check as Payment Method, select the customer’s type of credit card.

2.Enter Card No.

3.Enter Expiration Date.

QuickBooks offers for a fee, Merchant Account Services to process credit card transactions.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

BAD DEBTS

When a customer fails to pay their account, it is called a bad debt or uncollectible account.

Two methods to account for bad debts are:Direct write-off methodAllowance method

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

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 2010

AUDIT TRAIL

The Audit Trail feature tracks all changes (additions, modifications, and deletions) made to your QuickBooks Accounting records.

The Audit Trail improves internal control by tracking changes by User ID.

Create an Audit Trail report:

1.From the Report Center, select Accountant & Taxes

2.Select Audit Trail.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

ACCOUNTANT’S COPY

You can create a copy of your QuickBooks company file for your accountant to review and update.

Also, your accountantcan make changes while you continueto use QuickBooks.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

ACCOUNTANT’S COPY

The Accountant’s Copy QuickBooks file is a .QBX file.

Use the Ask My Accountant account in the QuickBooks Chart of Accounts when you are not sure how to record an item.

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

OTHER ADVANCED FEATURES

Save timeMemorized transactions

Save paper – “Go Green!”Export reports and lists to:

Microsoft ExcelMicrosoft AccessPDF

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010

TO LEARN MORE …

Turn to Chapter 12

Visit the Online Learning CenterWWW.MHHE.COM/KAY2010

Visit the Student BlogWWW.QUICKBOOKSBLOG.INFO

COMPUTER ACCOUNTING WITH QUICKBOOKS 2010