0042 - Quickbooks

Course Description

Day 1

Sales and Cash Receipts:

• Add a new service, product, and customer
• Record a sales receipt
• Record an invoice for services rendered on account
• Record an invoice for products sold on account
• Record cash receipts (payments received on account)
• Deposit payments received on account

Purchases and Cash Payments:

• Add a vendor
• Record a purchase order
• Record a bill for the receipt of products/services on account
• Record the payment of bills
• Record credit card charges
• Record checks
• Prepare a Trial Balance

Recording Investing Activity and Finance Activities:

• Record the acquisition of a fixed asset
• Record the acquisition of a long-term investment
• Record the sale of common stock
• Record the payment of a dividend
• Record a long-term borrowing (long-term debt)
• Record payment on long-term borrowing (long-term debt)
• Record the acquisition of a fixed asset by taking on new debt

Day 2

Recording Payroll:

• Add a new employee
• Add payroll-related general ledger accounts
• Pay employees and record payroll expenses and liabilities

Establish Budget and Prepare Bank Reconciliations

• Add budget amounts to create a budget
• Create Profit and Loss budget reports
• Reconcile a checking account and print a reconciliation report

Analysis and recording of Adjusting Entries:

• Prepare an unadjusted trial balance
• Make adjusting entries for the following:
  • Prepaid expenses
  • Accrued expenses
  • Unearned revenue
  • Accrued revenue
  • Depreciation

Preparing Financial Statements and Reports:

• Create an income statement
• Create a balance sheet
• Create a statement of cash flows
• Create an accounts receivable aging summary
• Create an accounts payable aging summary
• Create an inventory valuation summary
• Customize and save reports