Accounting Instruction, Help, & How To (Financial & Managerial)

Simple bookkeeping system for a small business or small bookkeeping practice. When we set up a bookkeeping system, whether it be our baseness or a client, we need to specialize the service to the needs of the business. We will set up a bookkeeping system designed for small businesses and discuss the types of businesses our bookkeeping system will work well for. Small businesses often need to compile financial data in a fast and easy way so it can be used to create financial statement, often for tax preparation at year end. The main financial statement needed for tax preparation is the income statement or profit and loss, a list of income and expenses, the bottom line being net income. We will set up a cash basis system where most of the financial data is gotten from the bank statement and entered directly into QuickBooks using the cash register. For more accounting information see accounting website. http://accountinginstruction.info/

Enter cash outflows, checks and other outflows, from a bank statement to the QuickBooks Pro 2019 system. We will put together a cash based bookkeeping system we can use for a small business or as a bookkeeping business. We will enter transaction from a bank statement directly inter the QuickBooks check register. As we enter the first months worth of data a will need to check the vendor names and assign the correct expense accounts. We will have a list of expense accounts provided by QuickBooks when we set up a new QuickBooks file. The chart of accounts regenerated by QuickBooks will be based on the industry we select. If we cannot find an appropriate account we will create new accounts.
We will also enter many new vendors as we enter data from the bank statement to the check register. We may have ask the client about why the vendors are to assign the correct account. As we run into question we will enter an account called uncategorized expense so that we can keep moving forward. Once we get answers about the vendors QuickBooks will allow us to recatagorize the transactions we were not sure about.
For more accounting and QuickBooks information see accounting website.

QuickBooks Pro 2019 – Desktop 2019 Backup Data will cover the backup process for a QuickBooks 2018 data file. Backing up the accounting data file is important to safeguarding the data but could also help with in other areas. For example a backup of the data can be given to the CPA firm or tap practitioner at year end. A backup up file can also be used when experimenting. The QuickBooks 2019 backup file is most effected if saved to a location other then the one the data file is one. Saving the backup file to the same drive as the QuickBooks 2019 data file does provide some protection but does not protect against the hard drive crashing, theft, or fire. Saving the QuickBooks 2019 backup file to another drive or to the cloud adds more security that the data is not lost. When making a backup file QuickBooks 2019 will copy the current data file into a compressed backup. The QuickBooks backup file file cannot be run, but must be restored. It is important to note that a backup file can only be restored to a version of QuickBooks that is the same year or a later year. For example, a QuickBooks 2019 backup file cannot be restored to QuickBooks 2017 software but a QuickBooks 2017 backup file can be restored to QuickBooks 2019 software.
For more accounting and QuickBooks information see accounting website.

QuickBOoks Pro 2019 – QuickBooks Desktop 2019 unearned revenue adjusting entry covers the the adjusting entry for cash received but for which revenue has not yet been earned into the accounting software. When entering adjusting entries into accounting software we usually us the general journal but we will use Quickbooks 2019’s register feature to reduce the need for knowing debits and credits. The unearned revenue adjustment will be a bit different then theory textbooks because of the the QuickBooks 2019 track prepayments, the accounting software tracking prepayments as negative receivables rather then liabilities. This system works great because it allows QuickBooks 2019 to match prepayments with invoiced created later but it produces reports that are not in conformity with GAAP principles. To fix the problem we will make an adjusting entry increaseing accounts receivable for the deposit and increasing the liability account called unearned revenue.
For more accounting and QuickBooks information see accounting website.

QuickBooks Pro 2019 – QuickBooks Desktop 2019 Invoice Adjusting Entry will cover the entry of an adjusting entry for an invoice that was dated past the cut off date. In other words, an invoice was entered in the QuickBOoks pro 2019 system in the month of March when the work was actually done in February. This is common in many companies because it may have taken time to process the information needed to fill out the invoice. Under the revenue recognition principle however, we need to record the revenue when earned, in this case in February. To do this we will recreate the transaction QuickBooks 2019 generates when making an invoice on February 28th. In order to enter this into the accounting software we will need to understand the journal entry QUickBooks 2019 creates when making an invoice and then recreate the entry without making another invoice. Traditionally adjusting entries are done with the genearl journal feature of the accounting software. We will use QuickBooks 2019’s register feature to eliminate the need to understand debits and credits. Form more accounting and QuickBooks information see accounting website. http://accountinginstruction.info/