QBPro_CertCourse2010_Section2_Module5-6

QBPro_CertCourse2010_Section2_Module5-6 - Module 5 Year-End...

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QuickBooks 2010 ProAdvisor Certification Course Section 2 – 104 Module 5 Year-End Procedures and Periodic Tasks Lesson 1 – Introduction to Year-End Procedures and Periodic Tasks Video Commentary Because QuickBooks is designed for your clients…who don’t have an accounting background, many closing tasks are automatically performed behind the scenes. For example, it is not necessary to make closing journal entries to Retained Earnings or an equivalent equity account. QuickBooks does this for you. However, there are additional tasks that you, as the advisor, should perform to ensure accurate books at year end. That is the focus of this last module in Section 2. By the end of this module, you’ll be able to prepare your client’s QuickBooks file for year-end financial statements, and gather information for yearly tax forms. You’ll learn how to close the books, and how to review and edit client data with the Working Trial Balance and Client Data Review tool. You’ll learn about different options for exchanging data with clients, and how to handle a data file that may be corrupt. You’ll also learn about budgets and forecasts…so you can begin planning for the next year. You also learn other recommended year-end tasks. END This section includes suggested year-end activities in QuickBooks. The subjects covered follow the order in which they might occur with your clients. After you finish this module you'll be able to do the following: Set a closing date Use the Working Trial Balance Remove unneeded detail from prior years' data Describe how QuickBooks handles retained earnings Exchange data with clients using different methods Access and use the Client Data Review center Find changes made to transactions from prior periods Enter and track information about fixed assets Create budgets and forecasts Generate reports comparing budget and forecast amounts against actual results
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QuickBooks 2010 ProAdvisor Certification Course Section 2 – 105 Identify possible corruption in QuickBooks data files In the next lesson, you'll learn how to close QuickBooks accounting records.
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Section 2 – 106 Module 5 Year-End Procedures and Periodic Tasks Lesson 2 – Closing the Books Close QuickBooks accounting records QuickBooks is one of the few accounting programs that doesn't require you to close the books. However, QuickBooks does make some adjustments automatically at year-end. In addition, QuickBooks allows you to protect last year's transactions from accidental change by setting a closing date and granting or denying user access to prior period transactions. In this lesson, you'll learn how to prepare QuickBooks files for year-end financial statements and tax returns. Page through the FlipBook to learn more about the steps involved.
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This note was uploaded on 08/28/2011 for the course ACC 215 taught by Professor Granillo during the Fall '11 term at Pima CC.

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QBPro_CertCourse2010_Section2_Module5-6 - Module 5 Year-End...

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