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COMPUTER ACCOUNTING WITH
QUICKBOOKS 2012
CHAPTER 12
Donna Kay
McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.
Advanced
QuickBooks Features
for Accountants
CHAPTER 12 OVERVIEW
Budgets
Estimates
Progress billing
Credit Card Sales
Bad Debts
Audit Trail
Accountant Copy
12-2
BUDGETS
Create budgets for:
Profit & Loss
Balance Sheet
12-3
Create estimates to bid on customer jobs.
ESTIMATES
12-4
Bill customer as the job progresses
Receive partial payment from customer
before the project is complete
PROGRESS BILLING
12-5
CREDIT CARD SALES
To process customers’ credit card payments:
1. For Payment Method select credit card type.
2. Enter Card No.
3. Enter Expiration Date.
QuickBooks offers
Merchant Account Services
to process credit card transactions.
12-6
BAD DEBTS
When a customer fails to pay their
account, it is a bad debt or uncollectible
account.
Two methods to account for bad debts
are:
Direct write-off method
Allowance method
12-7
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.
BAD DEBTS
12-8
AUDIT TRAIL
Audit Trail feature tracks all changes (additions,
modifications, and deletions) made to your
QuickBooks records.
Audit Trail improves internal control by tracking
changes by User ID.
12-9
AUDIT TRAIL
Create an Audit Trail report:
1. From the Report Center, select Accountant &
Taxes.
2. Select Audit Trail.
12-10
ACCOUNTANT’S COPY
Create a copy of your QuickBooks
company file for your accountant to
review and update (.QBX file).
Your accountant can make changes
while you continue to use QuickBooks.
12-11
Use the Ask My Accountant account when
you are not sure how to record an item.
ASK MY ACCOUNTANT
12-12
OTHER ADVANCED FEATURES
Save time:
Memorized transactions
Memorized reports
Go paperless and export reports to:
Microsoft Excel
Microsoft Access
12-13
TO LEARN MORE …
Turn to Chapter 12
Visit the Online Learning Center
http://www.mhhe.com/kay2012
Visit
www.myquickbooks.me
12-14
