QuickBooks
Duration: 40 Hrs/ 1 Month
Modules: 2
Course Objective:
Should make the student proficient in QuickBooks foreign accounting software. To enable them to use an advanced accounting software in an easy way. After completing the course the student should become an expert in QuickBooks and be able to do his accounting work in this software.
Module1:30hrs
Topics to be covered
Company information
Vendor-Customer
Inventory Management
Purchase-Sales
Return inward & outward
Sales tax
Payment-Receipt
Treatment of Dishonored checks
Chart of Accounts
Inventory Assembly
Treatments of other income & expenses
Reports
Printing
Module2:10hrs
Topics to be covered
Quantity adjustment
Quotes
Price level
Memorized Transactions
Finance Charge
Bank Reconciliation
Write Checks
Back up & Restore
Introduction to QuickBooks
QuickBooks is the most advanced of foreign accounting soft wares. It is user-friendly, hence accountants can easily use it to do their daily work. It is vastly growing as the most used software due to its simplicity as compared to other soft wares.
Company information
Company creation
File→New company→Start interview→ name of company→Tax ID→ State→ password→ Create company file→Industry selection→ what do you sell→Online sales→sales tax→Estimates→Sales Order→sales receipt→Billing statement→Progress invoice→Managing bills owe→Inventory management→Debit/Credit card→ Employees→ Date→ Add bank account →Review Expence→ review Income→ Finish
Allter/Edit Company
Company → company information→changes
Delete company
My computer→ C drive→ program files→Intuit→Quick books --> select company→Delete
Back up
File→ Back up→ select location →ok
Restore
File→ Restore→ Select company→ ok
Vendor creation
Vendors→ vendor center→ New vendor→ opening balance→ opening period→ Address info → Additional info → Accounts details →vendor type→ Terms→ credit limit→ Tax id→ ok
Edit vendor
Vendor center →select vendor →Edit menu →Edit vendor
Delete vendor
Report→ Vendor and payable→ vendor balance details→ select vendor→ open vendor →Edit menu →delete bill
Vendor report
Report→ vendor and payable→ vendor balance summary
Customer creation
Customer →Customer centre →New customer→ opening balance→ opening period →Address info→customer type→Terms→Rep→tax→Payment info→Account detaila→Credit limit→Credit card→ok
Edit customer
Customer center→select customer→Edit menu→ Edit customer
Delete customer
Report→ customer and receivable→customer balance details→ open customer→ Edit menu→ delete customer→ok
Customer Report
Report →customer and receivable →customer balance
Inventory item creation
List →Item list→ item→ new →type →inventory part →Item name →Manufacture part number→ Description of purchase→Description of sales→cost→COGS→sales price→Tax code→Income Account→Asset account→Reorder point→Qty on hand→ok
Edit Inventory item
List→item list→select item→edit menu→edit item
Delete Inventory item
Report→Inventory→Inventory valuation details→select item→open item→edit menu→Delete inventory adjust→Go to item list→select item→delete→ok
Purchase
Vendor→enter bills→create /select vendor→Date→Ref no→Terms→Select items→Qty→rate→save and new
Purchase return
Enter bills→select credit→select vendor→Date→Ref no→select item→Qty→save
Payment
Vendor→paybills→create/select bank/cash account
Full settlement of vendors
Use set credit option
Purchase order
Vendor→create purchase order→select vendor→create item→P O number→ save
Conversion of purchase order to purchase
Vendor→Enter bills→select vendor→click YES to receive against order→save
Sales or Invoice
Customer→ create invoice→ customer selection→ Invoice number→ item selection or creation→save and new
Sales return
Customer→create credit memo→Refund→select customer→credit number→ Select items→ Return Qty→ save→ Retain as available credit→ ok
Receipt
Receive payment→Customer selection→Amount→payment method→Reference→deposit to→ok save →
In case of return
Use credit and discount option
Sales order
Customer→create sale order→customer selection→S O number→Items→save→ok
Conversion of sales order to sales
Customer→create invoice→select customer→select order number→Specify whether the invoice is for selected items or for all of the sales order.→save
Cash sales and its Return
Customer→enter sales receipt→create customer and items→Select Deposit A/c →Cash/Bank→save→ after saving cash will be automatically deposited in cash account→
Sales return
Customer→create credit memmos→Select customer and Item→Select give as a refund→ ok
Sales tax
Sales tax Creation
Invoice→Tax→Add new→Tax type→Code→Discription→Tax rate→Tax agency→Create a Tax agency→ok→save
Sales Tax Payment
Vendor→Sales Tax→Pay sales Tax→Date clearance→Pay from A/c→Cash/Bank→Ok
Retain as available credit → later deducted from customer
Give as a refund → In case of Cash sales
Make as an Invoice → Deducted from Sales
Journal Entries
Company→make general journal entries→ date→entry No→ create General Accounts→
Name of account Account Type
Capital Equity
Cash/Bank Bank
Fixed Assets Fixed Assets
Loan Bank Long-term liability
S Debtors Account Receivable
S Creditors Account Payable
All Expenses Expenses
All incomes Incomes
Void or Dishonor of Cheque
Dishonor of Customer’s cheque
Company→ Make general journal Entries
Account Receivable A/c…….. Dr ( Name of Customer)
To Bank A/c
Dishonor of vendor’s cheque
Company→ Make general journal Entries
Bank A/c … ….….Dr
To Account Payable A/c ( Name of Vendor)
Chart of Account
List→ Chart of Account→ New→ Create → Select Appropriate Account→ Opening balance→ Accounting period→ ok →
Adjustment Entries
Uncategorized Income A/c ………Dr
To Uncategorized Expense A/c
By Opening balance Equity
Manufacturing or Assembling
Purchase raw materials
List→ Item→ new→ Select item type→ Inventory Assembly→ Finished goods name→ Sales price→ Income account→ Bill of material→ List of raw materials→ select raw materials→ Qty→ Find the total Bill of material cost→ Type it in sales price column→ Ok
Assembly
Vendor→ Inventory Activities→ Build Assemblies→ Select Assembly item→ Qty of Build→ Build Ref No→ Date→ Memo→ Build and new or Build and close
Features
Adjust Quantity on hand
Inventory Activities→ Adjust Qty on hand→Adjusted date→Adjustment Account→ Create an Expense account→ New Qty→ Qty difference→ Memo→ Save and close→ Total value of Adjustment→
Price Level
Create an Inventory item
List→ Price level list→ New→ Price level Create→ Price level Type→ Per item→ Select required item→ Type custom price→ Ok B save→
Create an Invoice→ Create Customer→ Additional info→ Select price level→ Select item→ Qty→ ok
Memorized Transaction
Make a general journal Entry→select the respective general journal Entry →Press Ctrl+M →give the memorized transaction name →to convert the memorized Transaction into real Transaction press Ctrl+T →select the required memorized transaction & click enter transaction →save
Finance Charge
Edit → Preferences → Finance Charge→ Company Preferences→ Set Finance charge rate (Annual interest rate→ Minimum Finance charge→ Grace Period→ Finance charge A/c etc)
Create a Credit sale
Select Finance charge From customer menu → Select customer →Select date→ Assess charges→
Receive payment→ Receive Amount Including Finance charge → Select Cash/Bank A/c
Bank Reconciliation
Create a Deposit Bank→ Make some transactions based on this bank Account→ E.g. Expenses paid by bank cheque, Income received through bank cheque → select reconcile from banking menu →select the Bank account to be reconciled →give the statement date and ending Balance →Tick whatever is applicable & click Reconcile now
