ACC 314 - QuickBooks Accounting

Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Voc/Tech

Emphasizes application of QuickBooks computerized financial software used in business. Topics include recording activities in payables, receivable, inventory, accounting cycle, payroll, banking, and jobs and time tracking. Additionally new company setups and a capstone project will be completed.
Prerequisite: ACC 111 with a C or better or ACC 131 with a C or better.
Competencies

Navigate the tools available in the QuickBooks software package
1. Identify the four levels of operation within QuickBooks
2. Open a company file
3. Make backup copies of company files
4. Restore backup copies of company files
5. Change company names in company files
Complete transactions for purchases from a vendor for a service company
1. Identify the system default accounts for vendors
2. Update the Vendor Center
3. Record purchases on account
4. Record payments of accounts payable
5. Record cash purchases in the Write Checks window
6. Display and print vendor-related reports
Complete transactions for sales transactions for a service company
1. Identify the system default accounts for customers
2. Update the Customer Center
3. Record sales on account
4. Record collections of accounts receivable
5. Record deposits in the Make Deposit window
6. Display and print customer-related reports
Prepare period-end procedures for a service business
1. Update the Chart of Account List
2. Record adjustments
3. View the effect of period-end adjustments on the trial balance
4. Display and print period-end accounting reports
5. Change reports display
6. Display and print accounting reports and financial statements
Record transactions for sales and receivables for a merchandising business
1. Update the Item List
2. Record purchases of inventory items
3. Identify transactions requiring sales tax
4. Process sales discounts
5. Record adjustments to inventory item
6. Record payment of sales tax
7. Display and print inventory-related reports
8. Display and print accounting reports and financial statements
Set up a new company using detailed start
1. Create new company files and establish preferences using the QuickBooks Detailed Start method
2. Set up the Customer Center, Vendor Center, and Item List
3. Customize the Chart of Accounts List, System Default Accounts, and Terms List.
4. Update the Chart of Accounts and Item Lists
5. Update the Customer and Vendor Centers
6. Adjust the new company file to follow the accrual basis of accounting
7. Display and print accounting reports and financial statements
Set up a new company using and express start
1. Create a new company file using the QuickBooks Express Start method
2. Establish preferences
3. Update the Chart of Accounts List
4. Customize the System Default Accounts and Terms List
5. Update the Item List
6. Update the Customer and Vendor Centers
7. Adjust the new company file to follow the accrual basis of accounting
8. Display and print accounting reports and financial statement
Demonstrate payroll setup and transactions
1. Activate the payroll preference
2. Customize payroll system default accounts
3. Update the Chart of Accounts for payroll
4. Customize the Payroll Item List
5. Display and print the Payroll Item Listing report
6. Prepare payroll transactions
7. Record payments of payroll taxes
8. Display and print payroll-related reports, accounting reports, and financial statements
Apply banking procedures available in QuickBooks
1. Transfer funds between accounts
2. Reconcile cash accounts
3. Enter credit card charges
4. Display and print banking-related reports, accounting reports, and financial statement
Prepare jobs and time tracking reports
1. Add a job to the Customer Center
2. Record and allocate payroll incurred for jobs
3. Set up Time Tracking
4. Track employee time for each job using the Weekly Timesheet window
5. Create Invoices using Time Tracking data
6. Pay employees using Time Tracking data
7. Create Customer Statements
8. Display and print job and time tracking reports, accounting reports, and financial statements
Customize the company files to meet the unique needs of the company
1. Customize the desktop with the home page and icon bars
2. Customize Lists/Centers including subaccounts, merge entries, and custom fields
3. Customize reports
4. View fiscal year closing, set closing date, prepare for new fiscal year
Complete a capstone project
1. Set up a company set of books based on data provided
2. Create a chart of accounts
3. Create lists for customers, vendors, inventory items and enter beginning balances
4. Create payroll defaults and enter employees
5. Record transactions
6. Prepare reports associated with the company
7. Make all adjustment and prepare a bank reconciliation
8. Prepare all reports associated with the company

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