ACC 314 - QuickBooks Accounting

1. Navigate the tools available in the QuickBooks software package
   1. Identify the levels of operation within QuickBooks
   2. Open a company file
   3. Change company names in company files
   4. Make the class instructor the Accountant in your company file in QuickBooks.
2. 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
   6. Display vendor-related reports
3. 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
   6. Display customer-related reports
4. 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 period-end accounting reports
   5. Change reports display
   6. Display accounting reports and financial statements
5. 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 inventory-related reports
   8. Display accounting reports and financial statements
6. Set up a new company
   1. Create new company files and establish preferences using the QuickBooks
   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 accounting reports and financial statements
7. Demonstrate payroll setup and transactions
   1. Customize Employees and Contractors List
   2. Update the Chart of Accounts for payroll
   3. Prepare payroll transactions
   4. Record payments of payroll taxes
   5. Setup Time Tracking Preferences
   6. Enter Time Tracking
   7. Display payroll-related reports, accounting reports, and financial statements
8. Utilize banking procedures available in QuickBooks
   1. Transfer funds between accounts
   2. Reconcile cash accounts
   3. Enter credit card charges
   4. Display banking-related reports, accounting reports, and financial statement
9. Customize the company files to meet the unique needs of the company
   1. Customize 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
10. 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
    4. Create payroll defaults and enter employees
    5. Record transactions
    6. Make all end-of-period adjustments
    7. Prepare all reports associated with the company