We will compare and contrast the allowance method and the direct write off method for dealing with accounts receivable. Accounts receivable is an asset but it is possible for it to be overstated by the amount of receivable not collectible. We could weight until we determine these receivables to be collectible to writhe them off, the direct write off method, or we can make an estimate of the uncollectable amount, the allowance method. The direct write off method is easier to use, takes less steps and requires less estimates, but it does not comply with the matching principle as well. The allowance method requires and estimate but does a better job of matching the bad debt expense with the same time period revenue is earned. The allowance method is the preferred method under Generally Accepted Accounting Principles GAAP For more accounting information see website: http://accountinginstruction.info/cou…
Author: Bob Steele CPA - Accounting Instruction, Help & How To
QuickBooks Online 9.15 Bank Reconciliation Second Month
We will enter a bank reconciliation for the first second of operation in QuicKBooks Online. Bank reconciliation are one of the most important internal controls an accounting system can have. The biggest internal controls is the double entry accounting system itself. The use of accounting software like QuickBooks Online requires us to be in balance by not allowing us to enter a financial transaction that is not in balance. The second most important internal control is the bank reconciliation. Because the bank is process our transactions a second tome the reconciliation process gives us a second check on many financial transactions. For more accounting information see our website. http://accountinginstruction.info/
QuickBooks Online 9.10 Bank Reconciliation First Month
We will enter a bank reconciliation for the first month of operation in QuicKBooks Online. Bank reconciliation are one of the most important internal controls an accounting system can have. The biggest internal controls is the double entry accounting system itself. The use of accounting software like QuickBooks Online requires us to be in balance by not allowing us to enter a financial transaction that is not in balance. The second most important internal control is the bank reconciliation. Because the bank is process our transactions a second tome the reconciliation process gives us a second check on many financial transactions. For more accounting information see our website. http://accountinginstruction.info/
QuickBooks Online v QuickBooks Desktop 8.80 Payroll
We will enter payroll transaction into QUickBOoks Online and QuickBooks Desktop 2018 comparing and contrasting the two accounting software. There are many different ways we can deal with payroll. QuickBOoks has at least three levels of paid payroll and we could have payroll done by a third party. Whether we use QuickBooks to process payroll or have a third party process payroll we need to have some understanding of the accounting transaction related to payroll. We will calculate payroll and then enter the transaction into QuickBOoks Online 2018. We will then analyze the effect of the financial transaction on the financial statements. For more accounting information see our website. http://accountinginstruction.info/
QuickBooks Online 7.80 Generate Report & Export to Excel
We will generate standard reports within QuickBooks Online 2018 after having entered a month worth of financial transactions. We will generate and export to excel the profit and loss or income statement and balance sheet. We will also generate the transaction report by date, an excellent report for checking our data input for the time period. For more accounting information see our website. http://accountinginstruction.info/
QuickBooks Online 7.70 Pay Employees
We discuss the payment of employees and how to record the transactio within QuickBooks Online. There are many different payroll options both inside QUickBooks online 2018 and outside with external providers. No matter what we use we do need to understand the payroll process so we can enter the information into the accounting system for our records. For more accounting information see our website. http://accountinginstruction.info/
QuickBooks Online 7.75 Job or Sub-Customer Sales Receipt
We will a sales receipt but instead of just applying it to a customer we will apply it to a job or sub-customer. We discussed how to set up a job or sub customer in a prior presentation. QuickBooks Desktop calls them jobs while QuickBooks Online calls them Sub Customers. For more accounting information see our website. http://accountinginstruction.info/
Customer Jobs or Sub Customers 7.65 QuckBooks Online 2018
We will enter jobs or sub customers into QuickBOoks Online 2018. If we are used to QuickBooks Desktop we will be familiar with the term job but the online version used different terminology and different process. For more accounting information see our website. http://accountinginstruction.info/
Pay Bills – QuickBooks Online 2018
We will enter the payment of bills in QuickBooks Online 2018. We will pay bills with a check but will use the pay bill feature to generate the checks.
QuickBooks Online v QuickBooks Desktop 7.20 Invoice with Inventory
We will enter an invoice into QuickBooks online and add an inventory item in the process. The invoice will increase accounts receivable, sales, sales tax payable, and cost of goods sold while decreasing inventory in the accounting software.