Small Business Accounting using QuickBooks session 2
14
SMALL BUSINESS ACCOUNTING USING QUICKBOOKS Session 2 Presented by Peggy Seville PowerOFFICE Software Systems Inc.
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Transcript of Small Business Accounting using QuickBooks session 2
SM
ALL B
US
INE
SS
AC
CO
UN
TIN
G
US
ING
QU
ICK
BO
OK
S
Ses
sion
2
Pre
sent
ed b
y P
eggy
Sev
ille
Pow
erO
FF
ICE
Sof
twar
e S
yste
ms
Inc.
Ove
rvie
w –
Ses
sio
n 1
_________________________________________________________________________
�Q
uick
book
sO
nlin
e or
Des
ktop
�S
et u
p Q
uick
book
s
�S
ales
& P
aym
ents
�V
endo
rs &
Bill
s
�D
ebit
Car
d &
Cre
dit C
ard
Pur
chas
es
Ove
rvie
w –
Ses
sio
n 2
_________________________________________________________________________
�Ty
pes
of E
xpen
ses
�B
anki
ng &
Rec
onci
ling
�S
trat
egie
s to
Sav
e fo
r H
ST
& In
com
e
Tax
�H
ST
Rep
ortin
g
�R
epor
ting
Mea
ls &
En
tert
ain
men
t_________________________________________________________________________
$15.
10 x
13
/113
= $
1.74
HS
T
$1.7
4 x
50%
= $
0.87
Tota
l Exp
ense
= $
17.3
6 -
$0.8
7
= $
16.4
9
HS
T =
$0.
87
Veh
icle
Exp
ense
s_________________________________________________________________________
Dire
ct M
etho
d:
% B
usin
ess
Use
x F
uel,
Insu
ranc
e, R
&M
,
Dep
reci
atio
n
Sim
plifi
ed M
etho
d:
# km
sdr
iven
for
bus
ines
s x
mile
age
rate
2015
-$0
.55/
km fi
rst 5
,000
km
s
$0.4
9/km
afte
r
Ho
me
Off
ice
Exp
ense
s_________________________________________________________________________
Squ
are
foot
age
of y
our
offic
e
Div
ided
by
Squ
are
foot
age
of y
our
hom
e
= %
bus
ines
s us
e
Cla
im %
bus
ines
s us
e x
expe
nse
& H
ST
QU
IZ!
____
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____
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____
____
____
____
____
____
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____
____
____
____
____
____
_
Wha
t is
used
to r
ecor
d an
inte
rac
debi
t pur
chas
e fr
om y
our
bank
?W
RIT
E C
HE
QU
ES
Wha
t kin
d of
an
acco
unt d
o yo
u ne
ed to
set
up to
rec
ord
Vis
a or
M
aste
rcar
dpu
rcha
ses?
CR
ED
IT C
AR
D A
CC
OU
NT
Whe
re d
o yo
u fin
d tr
ansa
ctio
ns y
ou h
ave
mem
oriz
ed?
LIS
TS
/ M
EM
OR
IZE
D T
RA
NS
AC
TIO
N L
IST
How
muc
h H
ST
can
you
cla
im o
n M
eals
& E
nter
tain
men
t?50
%
MO
RE
QU
IZ!
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____
____
_
Wha
t met
hod
of tr
acki
ng v
ehic
le e
xpen
ses
clai
ms
the
busi
ness
po
rtio
n of
fuel
, ins
uran
ce, a
nd r
epai
rs?
DIR
EC
T M
ET
HO
D
Wha
t met
hod
of tr
acki
ng v
ehic
le e
xpen
ses
clai
ms
the
# of
bu
sine
ss k
ms
driv
en x
mile
age
rate
?S
IMP
LIF
IED
ME
TH
OD
How
do
you
calc
ulat
e th
e bu
sine
ss u
se o
f hom
e %
?S
QU
AR
E F
T. O
FF
ICE
/ S
QU
AR
E F
T. H
OM
E
You
pay
for
next
yea
r’s
insu
ranc
e. W
hat k
ind
of e
xpen
se is
this
ca
lled?
PR
EPA
ID E
XP
EN
SE
Sav
ing
fo
r H
ST
_________________________________________________________________________
Set
up
a se
para
te b
ank
acco
unt t
o se
t asi
de
mon
ey fo
r H
ST
and
Tax
es
Det
erm
ine
net %
HS
T y
ou n
orm
ally
ow
e ie
. 10%
Whe
n yo
u de
posi
t, tr
ansf
er 1
0% in
to S
avin
gs
Ie.
Invo
iced
$10
,000
, HS
T is
$1,
300
ITC
s ar
e $3
00, N
ET
$1,
000
Sav
ing
fo
r T
AX
_________________________________________________________________________
Use
you
r pa
st in
com
e ta
x re
turn
as
a gu
ide
Ass
umin
g no
maj
or c
hang
es
Div
ide
net t
ax p
aid
by g
ross
inco
me
Ie.
Gro
ss In
com
e $1
00,0
00
Pai
d $1
5,00
0 in
tax
Set
asi
de 1
5% fo
r ta
x
YU
P -
QU
IZ!
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____
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____
____
____
____
____
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____
____
____
____
____
____
____
_
Wha
t do
you
use
to r
ecor
d m
ovin
g m
oney
from
one
ban
k ac
coun
t to
ano
ther
?T
RA
NS
FE
R F
UN
DS
Wha
t do
you
use
to c
heck
that
all
depo
sits
and
pay
men
ts a
re
post
ed to
you
r ba
nk a
ccou
nt?
BA
NK
ING
/ R
EC
ON
CIL
E
Wha
t kin
d of
acc
ount
is p
etty
cas
h se
t up
as?
BA
NK
AC
CO
UN
T
Wha
t rep
ort w
ould
you
run
to s
ee h
ow m
uch
net i
ncom
e yo
u m
ade
from
a c
usto
mer
?R
EP
OR
TS
/ C
OM
PAN
Y &
FIN
AN
CIA
L /
PR
OF
IT &
LO
SS
BY
CU
ST
OM
ER
QU
IZ__
____
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____
____
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____
____
____
____
____
____
____
____
____
____
____
____
____
___
Wha
t rep
ort w
ould
you
run
to fi
le y
our
HS
T?
SA
LE
S T
AX
/ TA
X A
GE
NC
Y R
EP
OR
T
Wha
t rep
ort w
ould
you
look
at t
o se
e ne
t inc
ome
brok
en d
own
by
busi
ness
seg
men
t or
proj
ect?
RE
PO
RT
S /
CO
MPA
NY
& F
INA
NC
IAL
/ P
RO
FIT
& L
OS
S B
Y C
LA
SS
How
wou
ld y
ou ju
st s
how
one
cla
ss?
CU
ST
OM
IZE
RE
PO
RT
/ F
ILT
ER
S /
CL
AS
S
How
do
perf
orm
an
adva
nced
sea
rch
for
tran
sact
ions
?E
DIT
/ F
IND
/ A
DVA
NC
ED
YO
U P
AS
SE
D!
