Curriculum QuickBooks

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