COMPUTER ACCOUNTING WITH

QUICKBOOKS 2012

CHAPTER 03

Donna Kay

Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin

Banking

CHAPTER 3 OVERVIEW

Check Register

Record Deposits

Write Checks

Reconcile Bank Statements

3-2

HOME PAGE

BANKING

3-3

QUICKBOOKS CHECK

REGISTER SHOWS…

Checking Balance

Deposits

Payments (Checks)

3-4

RECORD DEPOSITS

Customer Payments are entered using

Receive Payments (Customer section of

Home page)

Undeposited funds are customer

payments received but not deposited yet

Nonsales receipts

can be entered

using Record

Deposits window

3-5

WRITE CHECKS…

Can be used to pay:

Expenses, such as rent, utilities, and

insurance

Non-inventory items, such as office

supplies

Services, such as

accounting or

legal services

3-6

PAY BILLS

One–Step Approach

Write Checks

3-7

WRITE CHECKS…

Should NOT be used to pay:

Paychecks to employees for wages and

salaries

Payroll taxes and liabilities

Sales taxes

Bills already entered

using Enter Bills window

(Vendor section of the

Home page)

3-8

RECONCILE BANK

STATEMENTS TO…

Detect errors

Update accounting

records for unrecorded

items

3-9

Bank statement balance

to

Company’s accounting records

RECONCILE…

3-10

DIFFERENCES

Differences between the bank statement

and accounting records are due to:

Errors

Timing differences

3-11

ERRORS

Bank errors

Company errors

3-12

TIMING DIFFERENCES

Bank has recorded an item, but the

company has not

Unrecorded bank charges

Unrecorded interest earned

The company has recorded an item, but the

bank has not

Deposits in transit

Outstanding checks

3-13

BANK RECONCILIATION

USING QUICKBOOKS

Record interest earned from bank statement

Record bank service charges from bank

statement

Compare Bank statement with the Reconcile

Window

Mark deposits

that have cleared

Mark checks that

have cleared

3-14

TO LEARN MORE …

Turn to Chapter 3

Visit the Online Learning Center

http://www. mhhe.com/kay2012

Visit

www.myquickbooks.me

3-15