Using QuickBooks Accountant FOR ACCOUNTING 2015 Glenn Owen Allan Hancock College Australia • Brazil • Mexico • Singapore • United Kingdom • United States Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it This is an electronic version of the print textbook Due to electronic rights restrictions, some third party content may be suppressed Editorial review has deemed that any suppressed content does not materially affect the overall learning experience The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest Important Notice: Media content referenced within the product description or the product text may not be available in the eBook version Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Using QuickBooks Accountant 2015 For Accounting R Glenn Owen Vice President, General Manager: Balraj Kalsi Product Director: Mike Schenk Senior Product Manager: Matt Filimonov Content Developer: Ted Knight, J.L Hahn Consulting Group ª 2016, 2015 South-Western, Cengage Learning WCN: 02-200-203 ALL RIGHTS RESERVED No part of this work covered by the copyright herein may be reproduced, transmitted, stored, or used in any form or by any means graphic, electronic, or mechanical, including but not limited to photocopying, recording, scanning, digitizing, taping, web distribution, information networks, or information storage and retrieval systems, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the publisher Senior Product Assistant: Adele Scholtz Senior Marketing Manager: Robin LeFevre Senior Marketing Coordinator: Eileen Corcoran Art and Cover Direction, Production Management, and Composition: Cenveo Publisher Services For product information and technology assistance, contact us at Cengage Learning Customer & Sales Support, 1-800-354-9706 For permission to use material from this text or 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the United Kingdom, Australia, Mexico, Brazil, and Japan Locate your local office at: www.cengage.com/global Cengage Learning products are represented in Canada by Nelson Education, Ltd For your course and learning solutions, visit www.cengage.com/school Visit our company website at www.cengage.com Printed in the United States of America Print Number: 01 Print Year: 2016 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Brief Contents Part Getting Started with QuickBooks Accountant Chapter Chapter Preparing a Balance Sheet Using QuickBooks Accountant 27 Chapter Preparing an Income Statement Using QuickBooks Accountant 43 Chapter Preparing a Statement of Cash Flows Using QuickBooks Accountant 63 Creating Supporting Reports to Help Make Business Decisions 72 Chapter Part An Interactive Tour of QuickBooks Accountant Creating a QuickBooks Accountant File to Record and Analyze Business Events Chapter Setting Up Your Business’s Accounting System 89 90 Chapter Cash-Oriented Business Activities 146 Chapter Additional Business Activities 224 Chapter Adjusting Entries 270 Chapter 10 Budgeting 298 Chapter 11 Reporting Business Activities 321 Chapter 12 Managing Fixed Assets 363 Appendix Payroll Taxes 389 Appendix Traditional Accounting: Debits and Credits 399 Helpful References 410 Appendix Index 422 iii Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Contents Preface ix About the Author & Dedication xiv Note to the Student and Instructor xv Part Getting Started with QuickBooks Accountant Chapter An Interactive Tour of QuickBooks Accountant Case: Larry’s Landscaping & Garden Supply Using This Text Effectively Demonstrations QuickBooks Accountant Application Installation CD Data Files What Is QuickBooks Accountant? Lists Forms Registers Reports and Graphs Launching QuickBooks Accountant Restoring and Opening a QuickBooks Accountant File The QuickBooks Accountant Window Backing Up and Closing a QuickBooks Accountant File QuickBooks Accountant’s Menus and Shortcut List Using QuickBooks Accountant to Make Business Decisions Printing in QuickBooks Accountant Using QuickBooks Accountant Help Date Formats The QuickBooks Accountant Home Page QuickBooks Learning Center Tutorials Exiting QuickBooks Accountant End Note Chapter Practice Chapter Questions Chapter Matching Chapter Assignments 2 3 4 5 10 12 13 13 16 17 18 19 22 23 24 25 25 25 25 Chapter Preparing a Balance Sheet Using QuickBooks Accountant 27 Case: Larry’s Landscaping & Garden Supply Creating a Balance Sheet Creating a Comparative Balance Sheet Creating a Summary Balance Sheet Investigating the Balance Sheet Using QuickZoom Modifying Balance Sheet Reports Memorizing a Report in QuickBooks Accountant Printing the Balance Sheet Chapter Practice Chapter Questions Chapter Matching Chapter Assignments Chapter Cases Case Problem 1: Sierra Marina Case Problem 2: Jennings & Associates Case Problem 3: Jason Galas, Attorney at Law PC Chapter Preparing an Income Statement Using QuickBooks Accountant Case: Larry’s Landscaping & Garden Supply Creating an Income Statement Modifying an Income Statement Creating a Comparative Income Statement Using QuickZoom with the Income Statement Modifying the Income Statement Report Printing the Income Statement Chapter Practice Chapter Questions Chapter Matching Chapter Assignments Chapter Cases Case Problem 1: Sierra Marina Case Problem 2: Jennings & Associates Case Problem 3: Jason Galas Attorney at Law PC Chapter 27 27 29 30 30 33 35 36 38 38 38 39 40 40 41 41 43 43 43 45 47 48 50 53 59 59 59 60 60 60 61 61 Preparing a Statement of Cash Flows Using QuickBooks Accountant 63 Case: Larry’s Landscaping & Garden Supply Creating a Statement of Cash Flows iv Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 63 63 Contents Using QuickZoom with the Statement of Cash Flows Formatting and Printing the Statement of Cash Flows Chapter Practice Chapter Questions Chapter Matching Chapter Assignment Chapter Cases Case Problem 1: Sierra Marina Case Problem 2: Jennings & Associates Case Problem 3: Jason Galas Attorney at Law PC Chapter Creating Supporting Reports to Help Make Business Decisions Case: Larry’s Landscaping & Garden Supply Creating and Printing an Accounts Receivable Aging Report Creating and Printing a Customer Balance Summary Creating and Printing an Inventory Valuation Summary Report Creating, Printing, and Analyzing an Accounts Payable Aging Report Creating and Printing a Vendor Balance Summary End Note Chapter Practice Chapter Questions Chapter Matching Chapter Assignments Chapter Cases Case Problem 1: Sierra Marina Case Problem 2: Jennings & Associates Case Problem 3: Jason Galas Attorney at Law PC Part 67 68 69 69 69 70 70 70 70 71 72 72 72 75 76 79 81 84 85 85 85 86 87 87 87 87 Creating a QuickBooks Accountant File to Record and Analyze Business Events 89 Chapter Setting Up Your Business’s Accounting System 90 Case: Wild Water Sports, Inc Creating a New Company File Using the EasyStep Interview Set Up Company Preferences Set Up Company Items Set Up Customers, Vendors, and Accounts 90 91 95 99 105 Set Up Payroll and Employees Viewing Transactions and Backing Up Your Company File End Note Chapter Practice Chapter Questions Chapter Matching Chapter Exercises Exercise 1: Create a New Company Exercise 2: Add Customers Exercise 3: Add Vendors Exercise 4: Add Items Exercise 5: Add Employees Exercise 6: Add Accounts and Set Opening Balances Chapter Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Creating a New Company: Central Coast Cellular Assignment 3: Creating a New Company: Santa Barbara Sailing Assignment 4: Creating a New Company: Drone City Chapter Cases Case 1: Forever Young Case 2: Ocean View Flowers Case 3: Aloha Properties Chapter Cash-Oriented Business Activities Case: Wild Water Sports, Inc Recording Cash-Oriented Financing Activities Recording Cash-Oriented Investing Activities Recording Cash-Oriented Operating Activities Evaluate a Firm’s Performance and Financial Position End Note Chapter Practice Chapter Questions Chapter Matching Chapter Exercises Exercise 1: Cash-Oriented Financing Activities Exercise 2: Cash-Oriented Investing Activities Exercise 3: Cash-Oriented Operating Activities – Sales Exercise 4: Cash-Oriented Operating Activities – Purchases Exercise 5: Cash-Oriented Operating Activities – Expenses Chapter Assignments Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it v 116 123 125 127 127 127 128 128 129 129 130 130 131 131 131 133 135 137 139 139 142 143 146 146 147 148 152 181 185 187 187 187 188 188 188 188 189 189 190 vi Contents Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing Assignment 4: Adding More Information: Drone City Chapter Cases Case 1: Forever Young Case 2: Ocean View Flowers Case 3: Aloha Properties Comprehensive Problems Comprehensive Problem 1: Sarah Duncan, CPA Comprehensive Problem 2: Pacific Brew Comprehensive Problem 3: Sunset Spas Comprehensive Problem 4: Bridgette Sweet Photography Comprehensive Problem 5: Crystal Clear Pool Service Chapter Additional Business Activities Case: Wild Water Sports, Inc Recording Additional Financing Activities Recording Additional Investing Activities Recording Additional Operating Activities Recording Noncash Investing and Financing Activities Evaluate a Firm’s Performance and Financial Position End Note Chapter Practice Chapter Questions Chapter Matching Chapter Exercises Exercise 1: Financing Activities Exercise 2: Investing Activities Exercise 3: Operating Activities – Purchases and Payments from/to Vendors Exercise 4: Operating Activities – Expenses & Sales Chapter Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing 190 193 195 Assignment 4: Adding More Information: Drone City Chapter Cases Case 1: Forever Young Case 2: Ocean View Flowers Case 3: Aloha Properties 261 263 263 265 267 Adjusting Entries 270 270 270 273 247 251 253 253 253 254 254 254 Case: Wild Water Sports, Inc Accruing Expenses Accruing Revenue Recording Expenses Incurred but Previously Deferred Adjusting for Unearned Revenues Preparing a Bank Reconciliation and Recording Related Adjustments End Note Chapter Practice Chapter Questions Chapter Matching Chapter Exercises Exercise 1: Accruing Expenses Exercise 2: Accruing Revenue Exercise 3: Recording Expenses Incurred but Previously Deferred Exercise 4: Preparing Bank Reconciliation Chapter Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing Assignment 4: Adding More Information: Drone City Chapter Cases Case 1: Forever Young Case 2: Ocean View Flowers Case 3: Aloha Properties 254 Chapter 10 196 198 198 199 201 203 203 207 210 214 219 224 224 224 228 229 246 255 256 256 259 260 Chapter Budgeting 277 281 284 287 289 289 289 290 290 290 291 291 292 292 293 293 294 295 295 296 297 298 Case: Wild Water Sports, Inc Budgeting Revenues Budgeting Expenses Budgeted Income Statement Budgeting Assets, Liabilities, and Equities Budgeted Balance Sheet End Note Chapter 10 Practice Chapter 10 Questions Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 298 299 302 303 306 309 312 313 313 Contents Chapter 10 Matching Chapter 10 Exercises Exercise 1: Budgeting Revenues and Expenses Exercise 2: Budgeting Assets, Liabilities, and Equities Chapter 10 Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing Assignment 4: Adding More Information: Drone City Chapter 10 Cases Case 1: Forever Young Case 2: Ocean View Flowers Case 3: Aloha Properties Chapter 11 Reporting Business Activities Case: Wild Water Sports, Inc Creating and Memorizing a Customized Income Statement Creating and Memorizing a Customized Balance Sheet Creating Graphs to Illustrate Financial Information Create Additional Detail Reports Exporting Reports to Excel End Note Chapter 11 Practice Chapter 11 Questions Chapter 11 Matching Chapter 11 Exercises Exercise 1: Graphs Exercise 2: Additional Reports Exercise 3: Export to Excel Chapter 11 Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing Assignment 4: Adding More Information: Drone City Chapter 11 Cases Case 1: Forever Young Case 2: Ocean View Flowers 313 314 314 315 Case 3: Aloha Properties Comprehensive Problems Comprehensive Problem 1: Sports City Comprehensive Problem 2: Pacific Brew Comprehensive Problem 3: Sunset Spas Comprehensive Problem 4: Bridgette Sweet Photography Comprehensive Problem 5: Crystal Clear Pool 315 Chapter 12 314 315 316 317 318 318 319 320 321 321 322 326 328 333 337 341 342 342 342 343 343 343 343 344 344 344 Managing Fixed Assets Case: Wild Water Sports, Inc Starting the Fixed Asset Manager Application Fixed Asset Item List Synchronizing the Fixed Asset Manager Depreciation Report Depreciation Journal Entry Projections of Future Depreciation Disposal of an Asset End Note Chapter 12 Practice Chapter 12 Questions Chapter 12 Matching Chapter 12 Assignments Assignment 1: Adding More Information: Wild Water Sports Assignment 2: Adding More Information: Central Coast Cellular Assignment 3: Adding More Information: Santa Barbara Sailing Assignment 4: Adding More Information: Drone City Appendix Payroll Taxes Overview Federal Income Tax Withholding Social Security and Medicare Taxes Federal Unemployment Taxes State Income Tax Withholding and Unemployment Taxes Appendix Practice Appendix Questions Appendix Assignments 345 Appendix 346 346 346 347 Case: Wild Water Sports, Inc Trial Balance General Ledger General Journal vii 347 348 348 350 353 356 359 363 363 364 365 371 373 375 377 379 383 384 384 384 385 385 386 386 388 389 389 389 392 394 396 397 397 397 Traditional Accounting: Debits and Credits 399 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 399 400 402 405 Contents viii End Note Appendix Practice Appendix Questions Appendix Assignments Appendix Case Problems Appendix Overview Helpful References 407 408 408 408 409 410 Install and Register QuickBooks Accountant File Management Memorize Reports in Groups Upload a QuickBooks Company or Backup File to an Instructor Become QuickBooks Certified Index 410 412 414 414 415 422 410 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 418 Helpful References Appendix Basic Accounting (10% of exam) A student should know: • What the basic financial statements are and have a basic understanding of what they mean (pg 7) • The difference between cash and accrual reports (*) • How and why to set a closing date (*) • How to enter a Journal Entry if asked to so by an accountant; i.e., they not need to fully understand what accounts to debit or credit (pg 391) Customization/Saving Time and Shortcuts (12% of exam) A student should know: • How and why to memorize transactions (*) • How to set up multiple users and what level of access can be granted or denied (*) • How and why to create custom fields (customers, vendors, and employees) (*) • How to customize an invoice (*) Will This Text Prepare Me to Pass the QuickBooks Certification Exam? The short answer is yes, this text does address most but not all of the certification exam questions However, this book was not created as a guide on how to pass the certification exam It is an accounting text, teaching students how to utilize their accounting knowledge in a computerized environment, specifically QuickBooks Secondly, this is a case-based text designed to teach and evaluate a student’s ability to analyze information, organize that information into a QuickBooks file, and use QuickBooks to answer business-related questions and generate reports that provide management insight into their business Texts that use multiple choice questions to assess a student’s ability to use QuickBooks come up short on actually assessing a student’s QuickBooks skills This text focuses on educating and assessing students’ ability to solve problems by asking them to create QuickBooks files, answer business questions, and generate business reports based on case data Thus, the long answer is no This text was not designed as a certification preparation text That is a side benefit, not the goal Certification Topics Not Specifically Covered in This Text The following are certification topics not specifically covered in this text; thus, they are addressed in this appendix: Topic Area Topic Explanation QuickBooks Setup How to keep the lists and preferences from an old file while removing old transactions To create a new company file for a new year, perform the Archive & Condense Data procedure: Select the File menu and select Utilities > Condense Data Click Yes to the message, ‘‘Budget data may be moved during cleanup Do you want to continue anyway?’’ Select ALL Transactions in the Condense Data window Click Yes to the confirmation message Click Begin Condense Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Helpful References Appendix 419 Topic Area Topic Explanation QuickBooks Utilities and General Product Knowledge How to use QuickBooks in single-user and multiuser mode If QuickBooks is running in single-user mode, any number of users can work on the file, but only one at a time If QuickBooks is running in multi-user mode, multiple users can access the same company file at the same time from different computers To password-protect your QuickBooks data file, click on Company in the menu bar and then click Set Up Users From here, you can assign a password for the main (Administrator) account in QuickBooks You can also set up user accounts, passwords, and different levels of access if you have multiple people using your QuickBooks file The primary reason for using statements in QuickBooks is to remind delinquent customers that they owe you money and to summarize the amount they owe To create statements in QuickBooks for all customers that owe you money, select Create Statements from the Customers menu Specify a statement date and statement period and then select customers for which you want statements created Record your bank’s charges for a bounced check Record a credit memo to reverse the original sale Create a new customer invoice that should include all of the items from the original invoice, plus a line item for Bad Check Charge created above From the startup screen, click on Banking Then click on Credit Cards Use the drop-down box at the top of the screen to choose the card you are adding expenses for (Note: Each credit card has its own register that lists all the charges and credits you’ve recorded and the payments you’ve made You can enter new charges and payments directly in the register.) In the Purchased From field, enter the name of the vendor you purchased the goods or services from In the Amount field, enter the amount of the charge Below, under the Expenses tab, enter the name of the account you use to track this type of expense (advertising, etc.) How to passwordprotect QuickBooks Sales How and why to create statements How to handle bounced (NSF) checks Purchases Payroll Using a credit card Using a debit card Same as using a credit card above How and why to record a vendor credit Often a vendor will grant a business credit for returned items or allowances To record this credit: From the Vendors menu, click Enter Bills At the top of the Enter Bills window, click Credit Enter the vendor’s name and the amount of the credit In the detail area, enter the expense accounts, customers, jobs, or classes to which you want to assign the credit Save the credit How to track sick or vacation time To set up the sick and vacation payroll items in QuickBooks: Click the Lists drop-down menu on the top menu bar, and then select Payroll Item List Click the Payroll Item button in the bottom left corner, and then select New Select Custom Setup, and then click Next Select Wage, and then click Next Select either Annual Salary or Hourly Wages depending on whether you are setting up these payroll items for salaried or hourly employees, and then click Next Select Sick Pay or Vacation Pay, and then click Next Name the item (for example: Hourly Sick Pay), and then click Next Select the expense account that you want this item to report to Click Finish Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it 420 Helpful References Appendix Topic Area Topic Explanation How and why to setup payroll schedules Pay schedules make it easier to organize multiple pay frequencies The Pay Employees window displays the next pay date and pay period for each pay schedule Pay schedules make it easier to see who needs to be paid and when From the menu at the top, click Employees > Payroll Center In the Payroll Center, under the Pay Employees section, select Set up your payroll schedule In the New Payroll Schedule window, enter a name for your payroll schedule Enter how often you will pay your employees on this schedule Enter your pay period end date Enter the date that should appear on paychecks for this pay period Indicate if you pay your employees either monthly or semimonthly When finished, click OK Choose whether this schedule should be applied to all employees with the same pay frequency Select Yes to globally assign this payroll schedule, or select No How to prepare payroll forms (Form 941, W-2) in QuickBooks From the Employees menu, select Payroll Tax Forms & W-2s Then select Process payroll forms if you have a payroll subscription If not, select Tax form worksheets in Excel Reports How and why to process multiple reports To expedite the processing and printing of reports in QuickBooks: Go to the Reports menu and click Process Multiple Reports Click the Select Memorized Reports From drop-down list and choose All Reports, Ungrouped Reports, or a specific memorized report group Click in the left column to select the reports that you want to display or print Clear the checkmark for each report that you don’t want to display or print Basic Accounting The difference between cash and accrual reports The accrual bookkeeping method is where you regard income or expenses as occurring at the time you ship a product, render a service, or receive a purchase Under this method, the time when you enter a transaction and the time when you actually pay or receive cash may be two separate events In QuickBooks, an accrual basis report shows income, regardless of whether all your customers have paid their invoices, and expenses, regardless of whether you have paid all your bills The cash bookkeeping method is where you regard income or expenses as occurring at the time you actually receive a payment or pay a bill A cashbasis report shows income only if you have received it and expenses only if you have paid them For example, if you have not yet received a payment for an invoice, a cash-basis report on your sales will not include the amount of the invoice You can choose whether or not to close your books at the end of the year QuickBooks doesn’t require you to so If you choose not to close your books in QuickBooks (the method chosen by the author of this text), you always have easy access to last year’s data, including the details of every transaction You can also create comparative reports between this year and last year If you choose to close your books, QuickBooks performs certain year-end adjustments, based on your fiscal year start month QuickBooks adjusts your income and expense accounts at year end to zero them out Therefore, you start your new fiscal year with a zero net income QuickBooks makes an adjusting entry to your net income On the first day of the new fiscal year, QuickBooks increases your Retained Earnings equity account by the previous year’s net income This way, you start each new fiscal year with a net income of zero How and why to set a closing date Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Helpful References Appendix 421 Topic Area Topic Explanation Customization/Saving Time and Shortcuts How and why to memorize transactions The QuickBooks memorized transaction feature can save valuable time To memorize a transaction: Enter a transaction or open a previous transaction that you wish to memorize Right-click on the transaction and then click Memorize How to set up multiple users and what level of access can be granted or denied How and why to create custom fields (customers, vendors, and employees) Later, QuickBooks will automatically launch a Memorize Transaction window You can then select to have QuickBooks automatically enter the transaction (you set the specifics of how and when), and whether you want QuickBooks to remind you about the transaction For the most reliable multi-user setup, Intuit recommends that you install QuickBooks or the QuickBooks Server on the same computer as the company file and set up that computer to host multi-user access to company files With multi-user QuickBooks, you can all the same activities that you would normally in QuickBooks When more than one user needs to use the company file, you can open it and switch to multi-user mode Once the file is in multi-user mode, the other users you set up can now open that same file from another computer Some activities, such as backing up a file, can be done only when a single user is working on the company file QuickBooks makes it easy to switch to singleuser mode for those activities and then switch back to multi-user mode To add users and give them access (Note: Only the QuickBooks Administrator can this task.): Go to the Company menu, click Set Up Users and Passwords, and then click Set Up Users Click Add User Assign a user name and password Choose whether this person will have access to selected areas of QuickBooks or all areas of QuickBooks If you granted access to all areas of QuickBooks, you have no more selections to make Click Yes to confirm that you want this person to have full access Click Finish to complete the setup process If you are selecting the areas the user has access to, make your selections in the window Click Next to go to the next window No access: Denies access of any kind to the area Full access: Provides general access to the area, letting the user everything except edit and delete transactions You’ll be asked near the end of the setup process if you also want the user to edit and delete transactions Selective access: Provides a more limited access to the area than full access Select this option if you want the user to have access, but not be able to a particular activity For example, you can allow someone to enter transactions but prevent them from printing them You can add up to seven custom fields to each Customers list, Vendors list, or Employees list Overlapping fields count as one field on each list For example, if you add the same field to all three lists, you can still add six other fields to each list You can add custom fields you’ve set up for customers to any sales form Likewise, you can add custom fields you’ve set up for vendors to the purchase order form If you want information you’ve entered in the custom fields to appear on a form, you must add the fields to the form Click the Customers icon, Vendors icon, or Employees icon Click the left tab in the left pane, either Customers, Vendors, or Employees Right-click any name on the list and then click Edit Click the Additional Info tab Click the Define Fields button For each field you want to add, enter the name you want to use in the Label column, and select which lists the custom field applies to Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it index Accounting backing up company file, 123–125 creating new company file using EasyStep Interview, 91–94 general journal, 396–398 general ledger, 393–396 overview, 90, 390 setting up company items, 99–105 setting up company preferences, 95–99 setting up customers, vendors, and accounts, 105–115 setting up payroll and employees, 116–122 trial balance, 391–393 Wild Water Sports, Inc., 90–91, 390–391 Accounts handling opening balances, 112–115 printing chart of, 115 setting up, 105–115 using names vs using numbers for, 98–99 Accounts Payable Aging report, 79–80, 327–329 Accounts Payable graph, 324–325 Accounts Receivable aging summary, 14–15, 73–74 creating report, 327–329 defined, 14 investigating particular receivables, 74–75 Accounts Receivable Aging report, 72–75 Accounts Receivable graph, 324–325 Accruing expenses, 270–273 interest expense, 271–272 interest income, 274 revenue, 273–276 Active windows, 11 Adjusting entries accruing expenses, 270–273 accruing revenue, 273–276 adjusting for unearned revenues, 275–278 overview, 270 prepaid advertising, 277 prepaid insurance, 278 preparing bank reconciliation and recording related adjustments, 278–281 recording expenses incurred but previously deferred, 277–281 Wild Water Sports, Inc., 270 Advanced deposits, recording, 164–167 Advertising, adjusting prepaid, 277 Assets See also Fixed assets budgeting, 299–301 splitting, 379–383 viewing depreciation schedule for, 377–378 Backing up files company files, 123–125 overview, 12–13 restoring, 9–10 Balance sheets budgeted, 301–305 comparative, 29, 36 creating, 27–28 customized, 33–35, 318–320 fixed assets portion, 274 Larry’s Landscaping & Garden Supply, 27 memorizing report in QuickBooks Accountant, 35–36 modifying balance sheet reports, 33–35 overview, 27 preparing, 182–183, 247–251 printing, 36–37 standard, 28 summary, 30 using QuickZoom, 30–33 Balances, opening, 112–115 Bank See also Loans reconciliation, preparing and recording related adjustments, 278–281 recording cash deposits, 161–163 Banking portion, home page, 20 Bills See also Invoices choosing and paying, 239–240 transaction history, 82–83 viewing, 78–79 Budget overview report, 296–297, 301–303 Budget vs Actual report, 298, 303–305 Budgeted balance sheet, 301–305 Budgeted income statement, 296–299 Budgeting assets, 299–301 budgeted balance sheet, 301–305 budgeted income statement, 296–299 equities, 299–301 expenses, 295–296 liabilities, 299–301 overview, 291 revenue, 292–294 Wild Water Sports, Inc., 291–292 Business accounting system See Accounting Business activities See also Cash-oriented business activities creating graphs to illustrate financial information, 320–325 customized balance sheet, 318–320 customized income statement, 314–318 detail reports, 325–329 evaluating firm’s performance and financial position, 247–251 exporting reports to Excel, 329–333 financing, 224–228 investing, 228–229 operating, 229–246 overview, 224, 313 recording noncash investing and financing activities, 246–247 Wild Water Sports, Inc., 224, 313 Business decisions overview, 13–14 supporting reports to help make Accounts Payable Aging report, 79–80 Accounts Receivable Aging report, 72–75 customer balance summary, 75–76 Inventory Valuation Summary report, 76–79 Larry’s Landscaping & Garden Supply, 72 overview, 72 vendor balance summary, 81–84 Business documents, recording transactions via, 390 Business transactions, viewing journal entry support for, 398–400 Cash collected on account, recording, 161 deposits, 161–163, 236–237 Cash flows, statement of creating, 63–67 formatting, 68 Larry’s Landscaping & Garden Supply, 63 overview, 63 printing, 68 using QuickZoom with, 67–68 Cash sales, recording, 158–160, 236–237 Cash-oriented business activities evaluating firm’s performance and financial position, 181–185 financing activities, 147–148 investing activities, 148–152 422 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Index operating activities, 152–181 overview, 146 Wild Water Sports, Inc., 146–147 Chart of accounts, printing, 115 Checks for bills, recording, 172 checking register, 6–7 for expenses, recording, 168–171 Classes, QuickBooks Accountant, 292 Classify Cash window, 65–66 Closing files, 12–13 Column Labels window, 55 Command menus, 10 Common stock account, 112 Company backing up company files, 123–125 setting up customers, vendors, and accounts, 105–115 setting up items, 99–105 setting up payroll and employees, 116–122 setting up preferences, 95–99 Company portion, home page, 20 Comparative balance sheets creating, 29 memorizing, 36 printing, 37 Comparative income statement income statements, 47–48 preparing, 247–251 Contact lists customer, 108 employee, 122 vendor, 110 Credit balances, 179, 391 Credit cards establishing account, 111–112 processing credit card received as deposit, 157 Credits See Debits and credits; Deposits Customer balance accessing details of, 15–16 creating and printing summary, 75–76 printing details of, 16–17 Customers billing for time recorded via payroll system, 180–181 setting up in accounting system, 105–115 Customers menu, 11 Customers portion, home page, 19–20 Customized balance sheet, 318–320 Customized income statement, 314–318 Data files CD, Date formats, 18–19 Debits and credits general journal, 396–398 general ledger, 393–396 overview, 390 trial balance, 391–393 Wild Water Sports, Inc., 390–391 Deferred expenses, 277–281 Deposits advanced, recording, 164–167 cash, 236–237 on future sales, recording receipt of, 156–158 processing credit card received as, 157 recording, 147–148 Depreciation depreciation journal entry, 375–377 depreciation report, 373–374 projections of future, 377–378 recording depreciation expense, 278–279 Detail reports, 325–329 Display Tab, Modify Report dialog box balance sheets, 33 income statements, 47, 50 Dual-entry (double-entry) accounting system, 390 Dynamic menus, 13 Earnings, retained, 112–115 EasyStep Interview, 91–94 Electronic transfer of funds, 227–228 Employees See also Payroll printing contact list, 122 setting up, 116–122 Entries, adjusting See Adjusting entries Equipment Fixed Asset Item List, 365–371 purchasing with long-term debt, 246–247 recording purchase of, 151–152 Equities budgeting, 299–301 opening balance, 112–115 Evaluating firm’s performance and financial position, 181–185, 247–251 Excel, exporting reports to, 329–333 Exiting QuickBooks Accountant, 23 Expenses accruing, 270–273 budgeting, 295–296 deferred, 277–281 end-of-month, recording, 244–245 recording checks written for, 168–171 reversing accrued expense entries, 273 Exporting reports to Excel, 329–333 External drive, backing up data to, 124–125 Federal income tax withholding, 380–383 Federal Insurance Contributions Act (FICA), 384 Federal Unemployment Tax Act (FUTA) tax, 385–387 FICA (Federal Insurance Contributions Act), 384 Fields, form filling in, 5–6 overview, 423 Files See also Backing up files data files CD, opening, 9–10 saving automatically, 13 Financing activities See also Cash-oriented business activities defined, 146–147 recording, 224–228, 246–247 Fixed Asset Item List defined, 370 general discussion, 365–370 manually updating, 370–371 synchronizing with Fixed Asset Manager, 371–373 Fixed Asset Manager starting, 364–365 synchronizing, 365–371 Fixed assets depreciation journal entry, 375–377 depreciation report, 373–374 disposal of, 379–383 Fixed Asset Item List, 365–371 Fixed Asset Manager, 364–371 modifying purchase recording method, 366–369 overview, 363 projections of future depreciation, 377–378 Wild Water Sports, Inc, 363–364 Fixed assets portion, balance sheet, 274 Fonts & Numbers Tab, Modify Report dialog box balance sheets, 34 income statements, 51–52, 54–55 statements of cash flows, 68 Formatting date formats, 18–19 statement of cash flows, 68 Forms, 5–6 Furniture See Equipment; Fixed assets FUTA (Federal Unemployment Tax Act) tax, 385–387 General journal See also Adjusting entries overview, 398–400 printing entries, 277–278 General ledger account assigning, 375–376 creating, 149–150 overview, 393–396 Graphs Accounts Payable, 324–325 Accounts Receivable, 324–325 Income and Expense, 322–323 overview, 7–8 Sales, 8, 320–322 Header/Footer Tab, Modify Report dialog box balance sheets, 34 income statements, 45–46, 48, 51–52 Help features, 11, 17–18, 116 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Index 424 Home page navigating through, 20–21 overview, 19–20 viewing, 20 Icon bar, 11 Inactive windows, 11 Income and Expense graph, 322–323 Income statements budgeted, 296–299 comparative, 47–48, 247–251 customized, 45, 50–53, 314–318 modifying, 45–47, 50–53 overview, 43–45 previewing modified, 53–54, 56 printing, 53–58 reporting amounts without cents, 51–52 standard, 44 using QuickZoom with, 48–49 Income tax withholding federal, 380–383 state, 387 Installation CD, Insurance, prepaid adjusting, 278 payment for, 169 Interest expense, accruing, 271–272 Interest income accruing, 274 reversing, 274 Internal Revenue Service (IRS), 380–383 See also Income tax withholding Inventory Inventory Valuation Summary, 76–79 recording payment of, 162–164 recording receipt of, 162–164, 231–233 recording sales of, 164–167 Inventory part items defined, 99 recording checks written for, 168–171 Investing activities cash-oriented, 148–152 defined, 148–149 recording, 228–229 Invoices for sales on account, 237–238 sample form, transaction history, 75 viewing from accounts receivable aging report, 74 IRS (Internal Revenue Service), 380–383 See also Income tax withholding Items See also Inventory part items defined, 99 setting up, 99–105 Journal entries, recording transactions via, 391 Landscape orientation, 56–57 Larry’s Landscaping & Garden Supply balance sheets, 27 introduction, 2–3 statement of cash flows, 63–64 Launching QuickBooks Accountant, 8–9 Learning Center Tutorials, 22–23 Liabilities, budgeting, 299–301 Lists, Lists menu, 11 Loan amortization schedule, 225 Loans long-term, recording, 148 recording payments on, 224–228 Long-term debt, purchasing equipment with, 246–247 Long-term loans, 148 Medicare tax, 383–385 Memorizing balance sheets, 35–36 budget overview report, 296–297, 301–303 Budget vs Actual report, 298 comparative balance sheets, 36 customized balance sheet, 318–320 customized income statement, 314–318 exporting report, 329–332 Menu bar, 10 Menus, QuickBooks Accountant, 13 Modify Report dialog box Display Tab, 33, 47, 50 Fonts & Numbers Tab, 34, 51–52, 54–55, 68 Header/Footer Tab, 34, 45–46, 48, 51–52 Modifying balance sheet reports, 33–35 income statement report, 50–53 income statements, 45–47 purchase recording method, fixed assets, 366–369 Money market funds recording purchase of, 149 stock purchases and, 228–229 Net income, 64–65, 299–300, 320 Noncash investing, 246–247 Opening balance equity, recategorizing, 112–115 Opening files, 9–10 Operating activities See also Cash-oriented business activities; Deposits; Invoices cash-oriented, 152–181 defined, 146 recording, 229–246 Payroll calculating, 173 end-of-month, recording, 245–246 processing, 177–179 setting up, 116–122 Payroll taxes federal income tax withholding, 380–383 federal unemployment taxes, 385–387 overview, 380 paying, 242–244 Social Security and Medicare taxes, 383–385 state income tax withholding, 387 unemployment taxes, 387 Percentage column, balance sheets, 320 Percentage Method of Withholding, income tax, 381–382 Portrait orientation, 56–57 Preferences, setting up, 95–99 Prepaid advertising, adjusting, 277 Prepaid insurance adjusting, 278 trial balance and, 395 Print Preview window, 53–54 Print Reports window, 56–57 Printing Accounts Payable Aging report, 79–80 Accounts Receivable Aging report, 72–75 balance sheets, 36–37 Budget overview report, 296–297, 301–303 Budget vs Actual report, 298, 303–305 chart of accounts, 115 customer balance summary, 75–76 customer contact list, 108 employee contact list, 122 income statements, 53–58 Inventory Valuation Summary report, 76–79 in QuickBooks Accountant, 16–17 statement of cash flows, 68 vendor balance summary, 81–84 vendor balances, 110 vendor contact list, 110 Profit and Loss reports, Purchase orders creating, 153–154 recording, 230–231 viewing, 83 QuickBooks Accountant backing up and closing files, 12–13 data files CD, date formats, 18–19 demonstrations, 3–4 exiting, 23 forms, 5–6 graphs, 7–8 Help features, 17–18 home page, 19–21 installation CD, Larry’s Landscaping & Garden Supply, 2–3 launching, 8–9 Learning Center Tutorials, 22–23 lists, menus and shortcut list, 13 overview, 2, Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Index printing in, 16–17 QuickBooks Accountant window, 10–11 registers, 6–7 reports, 7–8 restoring and opening files, 9–10 using to make business decisions, 13–16 versions of, window components, 10–11 QuickZoom balance sheets, 30–33 income statements, 48–49 statement of cash flows, 67–68 trial balance and, 391 Receive Payments window, 75 Recording bank reconciliation related adjustments, 278–281 cash sales, 236–237 cash-oriented financing activities, 147–148 cash-oriented investing activities, 148–152 cash-oriented operating activities, 152–181 depreciation expense, 278–279 disposal of asset, 379–383 electronic transfer of funds and payment on loan, 227–228 end-of-month expenses, 244–245 end-of-month payroll, 245–246 expenses incurred but previously deferred, 277–281 invoices for sales on account, 237–239 noncash investing and financing activities, 246–247 payment on bank loan, 225–226 purchase orders, 230–231 purchasing equipment with long-term debt, 246–247 receipt of inventory and bill, 231–233 service-related account activity, 233–235 short-term investment activity, 228–229 Registers overview, 6–7 record transactions via, 390–391 Reporting business activities creating graphs to illustrate financial information, 320–325 customized balance sheet, 318–320 customized income statement, 314–318 detail reports, 325–329 exporting reports to Excel, 329–333 overview, 313 Wild Water Sports, Inc., 313 Reports See also Balance sheets customized income statement, 314–318 exporting previously memorized report, 329–332 exporting to Excel, 329–333 overview, 7–8 Reports menu, 11 Restoring backup files to original format, 9–10 data to external drive, 124–125 Retained earnings net income and, 299–300 recategorizing opening balances, 112–115 Revenue accruing, 273–276 budgeting, 292–294 creating budget for specific, 292–294 unearned, adjusting for, 275–278 Reversing accrued expense entries, 273 interest income accrual, 274 reclassification of unearned revenue, 275–276 sales accrual, 276 Rounding to whole dollar, 34 Sales accrual, 276 Sales by Customer Summary report, 325–326 Sales graph, 8, 320–322 Sales on account, invoices for, 237–238 Sales tax, 242–244 Saving files automatically, 13 work, 105 Service items, 99 Service-related account activity, 231–233 Short-term investment activity, recording, 228–229 Social Security tax, 383–385 Source documents, 48 Standard balance sheets, 28 Standard income statement, 182–183 State income tax withholding, 387 Statement of cash flows creating, 63–67 customizing, 65–66 formatting, 68 Larry’s Landscaping & Garden Supply, 63 overview, 63 printing, 68 using QuickZoom with, 67–68 Summary balance sheets creating, 30 printing, 37 Summary Sales by Item report, 325–326 Supporting schedules/reports See also Reports Accounts Payable Aging report, 79–80 Accounts Receivable Aging report, 72–75 customer balance summary, 75–76 defined, 72 depreciation, 374, 377–378 Inventory Valuation Summary report, 76–79 425 Larry’s Landscaping & Garden Supply, 72 loan amortization, 225–226 overview, 72 vendor balance summary, 81–84 Taxes See also Payroll taxes federal income tax withholding, 380–383 FUTA, 385–387 Medicare, 383–385 sales, 242–244 Social Security, 383–385 state income tax withholding, 387 unemployment, 387 Time sheets, 173–178 Title bar, 10–11 Traditional accounting general journal, 396–398 general ledger, 393–396 overview, 391 trial balance, 391–393 Wild Water Sports, Inc., 390–391 Transaction by Date report, 247–251 Transaction List by Date report, 123, 184 Transferring funds electronic transfer of funds, 227–228 paying sales tax and payroll tax obligations and, 242–243 Trial balance, 113, 391–393 Uncategorized account balances, 113–115 Unearned revenue, adjusting for, 275–278 Unemployment taxes, 387 USB drives, backing up data to, 124–125 Vendor balance summary, 81–84 Vendors balances, 110 printing contact list, 110 setting up, 105–115 Vendors portion, home page, 19 Wild Water Sports, Inc., 90–91 adjusting entries, 270 budgeting, 291–292 business activities, 224 cash-oriented business activities, 146–147 fixed assets, 363–364 introduction, 90–91 reporting business activities, 313 traditional accounting, 390–391 Window menu, 11 Withholding amounts See Payroll taxes Without Cents option, Modify Report dialog box, 34, 51–52, 68 Workflow arrows, home page, 19 Writing checks See Checks Zooming Print Preview Window, 54 QuickZoom, 30–33, 48–49, 67–68, 391 Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it Copyright 2016 Cengage Learning All Rights Reserved May not be copied, scanned, or duplicated, in whole or in part Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s) Editorial review has deemed that any suppressed content does not materially affect the overall learning experience Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it ... Closing a QuickBooks Accountant File QuickBooks Accountant s Menus and Shortcut List Using QuickBooks Accountant to Make Business Decisions Printing in QuickBooks Accountant Using QuickBooks Accountant. .. Files What Is QuickBooks Accountant? Lists Forms Registers Reports and Graphs Launching QuickBooks Accountant Restoring and Opening a QuickBooks Accountant File The QuickBooks Accountant Window... Getting Started with QuickBooks Accountant Chapter Chapter Preparing a Balance Sheet Using QuickBooks Accountant 27 Chapter Preparing an Income Statement Using QuickBooks Accountant 43 Chapter