Chapter 4-Period-End Procedures.pptx - Computerized...

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ComputerizedAccounting withQuickBooks 2018
Chapter4Period-End ProceduresMaking General JournalEntries© Paradigm Publishing, Inc.2
Objectives – Slide 1© Paradigm Publishing, Inc.3Update the Chart of Accounts ListSave a Trial Balance as PDF before recordingadjustmentsRecord adjustments in the Make General Journal EntrieswindowView the effect of period-end adjustments on the trialbalanceDisplay and print period-end accounting reports
Objectives – Slide 2© Paradigm Publishing, Inc.4Change the reports display using theCustomize Report buttonDisplay and print accounting reports andfinancial statementsAdd a password to close the books
Introduction© Paradigm Publishing, Inc.5QuickBooks allows you to record journal entries ingeneral journal format.Daily activities are recorded in windows, such as:Enter BillsPay BillsWrite ChecksCreate InvoicesReceive PaymentsQuickBooks records the activities in general journalformat by:using debits and creditsusing accounts from the Chart of Accounts
Introduction Cont.© Paradigm Publishing, Inc.6Some account balances need to be adjusted basedon information that does not appear in the dailyactivities.enables financial statements to be prepared in accordancewith generally accepted accounting principles (GAAP)Adjusting journal entries are recorded in the MakeGeneral Journal Entries window.As daily activities and adjusting journal entries arerecorded, QuickBooks simultaneously updates theaccounting records and financial statements.
© Paradigm Publishing, Inc.7Manual Accounting SystemQuickBooksChart of AccountsChart of Accounts ListGeneral LedgerGeneral LedgerReportGeneral JournalMake General Journal Entries windowBelow is a comparison of a manual accounting ledgerand journals with QuickBooks functions:QuickBooks v. ManualAccounting
© Paradigm Publishing, Inc.8The Chart of Accounts List –Slide 1
The Chart of Accounts List –Slide 2© Paradigm Publishing, Inc.9Lists and Centers need to be revisedperiodically when:new accounts need to be addedaccounts not used need to be deletedmodifications need to be made to an accountWhen you make these revisions, you areupdating the Chart of Accounts List.
The Chart of Accounts List –Slide 3© Paradigm Publishing, Inc.10

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Term
Fall
Professor
NoProfessor
Tags
Balance Sheet, Double entry bookkeeping system

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