QuickBooks Online 2021. Now, opening balances and add accounts to chart of accounts. Let’s get into it with Intuit QuickBooks Online 2021. Here we are in our get great guitars practice file, we’re going to be continuing to enter our beginning balances and add any necessary accounts to do. So if we go back on over to our trial balance, we’ve been entering those balances that have kind of like special needs as we enter the beginning balances.
Advanced financial accounting PowerPoint presentation. In this presentation we will discuss the depreciable asset transfer. In other words, a transfer intercompany transfer with the context of our consolidation process. In essence, a transfer from parent to subsidiary or subsidiary to parent get ready to account with advanced financial accounting. In prior presentations, we talked about the transfer of land and we talked about the transfer of inventory. So the depreciable assets are going to be similar to the transfer of land but now we’ve got that added depreciation we’re going to have to deal with so it’s going to be similar to the transfer of land except that depreciation adds a level of complexity because we are now dealing with an asset that has a change in value over time.
Advanced financial accounting PowerPoint presentation. In this presentation we’re going to take a look at an overview of the transfer of long term assets and services. In other words transfers between related entities. If we’re thinking about a consolidation process then transfers that we will have to deal with with the consolidation process with consolidating or eliminating journal entries, you’re ready to account with advanced financial accounts. intercompany transactions need to be removed in the consolidation process.
In this presentation, we will continue putting together a statement of cash flows using the indirect method focusing in on adjustments to reconcile net income to net cash provided by operating activities. So this is going to be the information we will be using, we have the comparative balance sheet, the income statement added information, we took this comparative balance sheet to create our worksheet. So here is our worksheet for two time periods. This is the difference we’re basically looking to find a home for all of these differences we have done so with cash, and we’ve done so with a difference in retained earnings. So here’s cash, here’s net income, the difference in retained earnings, we will have to adjust net income shortly or at the end of the problem. We’ll we’ll take a look at that we’ll make an adjustment for it. We’re going to now find the difference for all the rest of these. Also note that of course cash is going to be the change in cash will be our bottom line. Never we’re going to recalculate this But it’s nice to know where we are ending up at. So this is kind of like even though it’s at the top of our worksheet, that’s where we want to end up by finding a home for everything else. So now we’re going to take a look at the adjustments to reconcile net income to net cash provided by operating activities. So these are going to be those types of things that we look at the income statement, and we’re going to say that these are non cash activities, meaning income is calculated as revenue minus expenses. And the cash flow.
This presentation we will take a look at the tools needed in order to complete a statement of cash flows. to complete a statement of cash flows, we are typically going to need a comparative balance sheet that’s going to include a balance sheet from the prior period, whether that be the prior month or the prior year and a balance sheet from the current period, then we’re going to have to have an income statement. And then we’ll need some additional information in a book problem, it’ll typically give us some additional additional information often having to do with things like worth an equipment purchases, whether equipment purchases or equipment sales, were their investments in the company where their sales of stocks, what were the dividends within the company. In practice, of course, we would have to just know and recognize those types of areas where we might need more detail. And we would get that additional information with General Ledger we’d go into the general ledger, look at that added information. Now once we have this information, our major component we’re going to use is going to be the comparative balance sheet. That’s where we will start. So that comparative balance sheet is going to be used to make a worksheet such as this.
This presentation and we’re going to enter and adjusting entry related to depreciation. Let’s get into it with Intuit QuickBooks Online. Here we are in our get great guitars file. Let’s go down and open up our reports, we’re going to go down to the reports down below, open up our favorite reports at the end the balance sheet reports, we’re going to open that one up, we’re going to be changing the dates up top going to go up top and change those dates from a one on one to zero to 1231. Let’s make it as of the cutoff date here, Ode to 29 to zero, and then run that report and duplicate the tab up top by right clicking on it and duplicating it.