An Interactive Tour of Quickbooks Accountant

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An Interactive Tour of QuickBooks Accountant

Chapters 1–5 are designed to help students get a top-down view of QuickBooks Accountant as a user-oriented accounting program. Students can be expected to work through these on their own. In Chapter 1, students learn, in an interactive way, basic QuickBooks Accountant terminology, basic file management in QuickBooks Accountant, navigation techniques, and other essential skills such as printing and correcting mistakes.

CHAPTER 1 QUESTIONS

1. QuickBooks Accountant is used as an automated accounting information system that can help describe an entity’s financial position and operating results. Like any accounting system, QuickBooks Accountant can be used as an information tool to help make better decisions and help facilitate business record keeping and management. QuickBooks Accountant can be used to invoice customers, maintain receivables, pay bills, maintain accounts payable, track inventory, and create purchase orders.
2. QuickBooks Accountant’s four basic features are lists, forms, registers, and reports and graphs.
3. Lists are used to manage names and related information on such things as customers, vendors, employees, inventory, and accounts, to name a few.
4. Forms are used to record business activities such as a sale on account (customer invoice), a purchase (vendor bill), or a payment (check).
5. The customer invoice, vendor bill, and check are three forms used in QuickBooks Accountant.
6. Registers are used in QuickBooks Accountant to summarize all financial activity for specific balance sheet accounts such as checking, accounts receivable, inventory, and accounts payable.
7. Reports and graphs are used to present financial position and operating results of a company in a way that makes business decision making easier.
8. Centers provide quick access to commonly used activities and reports.
9. In order to be printed in QuickBooks Accountant, a report must first be created using the Reports menu, and then printed with the Print button on the Button bar.
10. Several Help features are available in QuickBooks Accountant. The main QuickBooks Accountant Help area is accessed via the main menu and provides a search text box for finding help on various topics. Another help feature is the Learning Center Tutorials which provide step by step illustrations of various QuickBooks Accountant procedures.

CHAPTER 1 MATCHING

dA repository for all financial activity for a specific balance sheet account.

eA means of presenting the financial position and the operating results of a company in a way that makes business decision making easier.

iThe process of creating a copy of a QuickBooks Accountant file for safekeeping or transporting to a different computer.

aContains backups of all the practice files needed for chapter work and completion of assignments.

bGroups of names such as customers, vendors, employees, items, and accounts.

hA big picture approach of how your essential business tasks fit together organized by logical groups such as customers, vendors, and employees.

cElectronic representations of paper documents used to record business activities such as customer invoices, vendor bills, and checks.

fThe process of rebuilding a backup file to a full QuickBooks Accountant file ready for additional input.

gOne click access to QuickBooks AccountantCenters and Home page.

Chapter 1 assignments

1. Working with Files
   

1. Practice Using the QuickBooks Accountant Help Menu

1. Using the QuickBooks AccountantLearningCenter Tutorials
   For each item of inventory, this report shows quantity on hand, average cost, and asset value.
   
2. Accessing Inventory Data
   
3. Item Pump is a Fountain pump #198-30.
4. At that date, there were 48 units on hand.
5. At that date, the average cost was $53.94.

1. Accessing Sales Data

1. DJ’s Computers was billed $110.
2. Jim's Family Storewas billed for the installation of a rock fountain.
3. The company billed customers $19,091.70.

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