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Computerized Accounting
System
FM 4133

B. Sc. in Financial Management (Special) Degree Program

Sabaragamuwa University of Sri Lanka
Faculty of Management Studies
Presented by
H.R.Sampath

To create a new company file

File Menu

New company

There are several methods to start a company file in

Quick book enterprise solution
1.
2.
3.
4.

Express start
Detailed start
Create a new company file base on the existing one
Convert data which we already entered to other accounting soft ware to
quick book enterprise solution

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Before starting posting of transactions to quick

book, company must create several important
accounts named;

A complete list of a company's accounts and their balances. Use it to

track how much money your company has, how much money it owes,
how much money is coming in, and how much is going out. When you
created your QuickBooks company file, QuickBooks set up a chart of
accounts for the company.
The accounts that appear on the balance sheet are called "balance sheet
accounts." Other accounts track particular kinds of expenses or income.

Chart of Accounts
Customer list
Vendor list
Employee list
Inventory list
Bank details

There are several optional places to create chart of

accounts;
List menu
Accounts menu
Company menu

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To check the transaction history, you must select use register option in
chart of account.
This report shows, in sequential order, all the transactions related to
the name or payee who appears on the transaction you selected. For
example, if you selected Company check account, the report shows all
the transactions you made through this account.

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The Working Trial Balance window gathers in one place the

information you need for end-of-period tasks.
In this window, you can:
See your client's net income.
Review and edit transactions in your client's accounts, including
the Retained Earnings account.
Select different date ranges to review.
Enter adjusting journal entries.
Enter a work paper reference for an account.

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This list contains the items you've set up for the services and goods
you buy and sell, as well as special items that perform calculations
(subtotals, discounts, and sales tax). These items appear as line items
on your sales and purchase forms.

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Use the Add/Edit Multiple List Entries window to add and edit multiple
inventory items and non-inventory items. You can also copy and paste
list information from Excel directly into QuickBooks using this
window.

We use this option to calculate the sales price of items that have both
a cost and a sales price.
You'll see the effect of the default markup percentage when you
create inventory part, inventory assembly, non-inventory part,
service, and other charge items. When you enter the item's cost,
QuickBooks calculates the sales price and enters it in the Sales Price
field.
For example, entering a cost of 10.00 when the markup is 25%
causes QuickBooks to fill in the sales price as 12.50. If you don't
want to use the default markup for an item, change the sales price
that QuickBooks fills in.

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You must you sales receipt, when your customers pay in full at the time they
receive your service or product, then you don't have to track how much they
owe you. However, you might want to track each sale, calculate its sales tax, or
print a receipt for the sale. In that case, use a sales receipt.
You can also use a sales receipt to create a summary of sales income and sales
tax owed. You can summarize daily or weekly sales on a sales receipt.
If customers pay in advance, either in part or in full, you should not use a sales
receipt.
A cash sale, and using a sales receipt, requires full payment at the time you
record the sale.

You can change item prices one at a time or several at once, and you can
adjust prices by a fixed amount or by a percentage.

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When you build an assembly a build transaction occurs. Each

component used in the assembly (inventory part or an assembly
item nested within the assembly) is removed from quantity on
hand and the newly built assembly item is added to quantity on
hand.

By using current availability option, you can quickly determine the

available quantity of inventory part items and inventory assembly
items.

When you buy inventory items, you need to record them in QuickBooks
to keep your inventory quantities accurate.

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When you received the bill that arrived with the goods you ordered, you
must use this option.

Use this process if you have already received goods in QuickBooks and
have now received the vendor bill.

Use this process if you have already received goods in QuickBooks and
have now received the vendor bill.

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This reports shows information about the unit of measure sets you've
defined, including the set name, the base unit, and the default purchasing,
sales, and shipping units.

The Price Level list stores all the price levels you've created. The name
and type, either fixed percentage or per item, are included.

Price levels let you set custom pricing for different customers or jobs.
Once you create a price level and associate it with one or more customers
or jobs, each time you create an invoice, estimate, sales receipt, sales
order or credit memo for those customers or jobs, QuickBooks
automatically pulls up the correct custom price for a customer or job.
You create price levels, then use them on sales forms to adjust the price
of an item. You can also manually adjust the prices while creating a sales
form.

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The Billing Rate Level list stores all the billing rate levels that have been
created. Billing rate levels let you set custom service item rates based on
who did the work. The name and type of each billing rate level, either
fixed hourly rate or custom hourly rate per service item, is displayed.
You can have up to 100 billing rate levels.

The Payroll Item list holds the payroll items that are currently set up in
QuickBooks. The list is initially grouped by item type, but you can resort
by item name.

If you want to create a new pay roll schedule, you must use pay roll set
up wizard.

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If you want to create a new pay roll schedule, you must use pay roll set
up wizard.

This report shows each workers compensation code and its rate. If you
entered a new rate for a code, and the rate hasn't started yet, the new rate
and its start date appear in the Next Rate and Next Rate Effective Date
columns.

Use the Favorites menu to quickly access up to 30 of your favorite

QuickBooks menu items in one convenient place.

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Accountant menu gives you easy access to the QuickBooks features that
accountants use most.

Customer menu can use to add new customers, to create estimate, to

raise sales orders, invoicing, entering the customer collections, ect.

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When you don't have enough inventory available to fulfill all your sales
orders, use the Sales Order Fulfillment Worksheet to plan which sales
orders to fulfill first.

If you have an invoice you want to send to multiple customers, you don't
need to create a separate invoice for each customer. Instead, you can
create a single batch.
QuickBooks automatically uses the existing terms, sales tax rate, and
send method for each customer.
In addition, batch invoicing has a some limitations. Batch invoicing isn't
available if your company file tracks multiple currencies. Also, when you
create batch invoices, QuickBooks doesn't check the customer's credit
limit or let you use price levels.

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If the customers pay in full at the time they receive your service or
product, then you don't have to track how much they owe you. However,
you might want to track each sale, calculate its sales tax, or print a
receipt for the sale. In that case, use a sales receipt.
You can also use a sales receipt to create a summary of sales income and
sales tax owed. You can summarize daily or weekly sales on a sales
receipt.

When you receive payments from customers, you can either deposit each
payment directly into a QuickBooks bank account or you can group
payments together to be moved to that account later. You can choose the
method you prefer for depositing payments.

You can create new invoices charging finance charge for the customers
who dont settle their due in due cause.

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Vendor menu is used to add new vendors, enter bills, to raise purchase
orders, ect.

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You can enter bills for your inventory and non-inventory parts, services,
and fixed assets.
Entering a bill for items does not affect the inventory quantity on hand.
You must enter an item receipt to receive the items. You can enter a bill
for items before you receive them.

Use the Pay Bills window to view and pay the bills you've already enter
to the system.

This menu is used to add new employees, enter payroll information,

create new pay roll schedules, raise pay checks, estimate and record
working time, ect.

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If you need to cancel out the amount of a check, you can void the check
or delete it.
Voiding a check only changes the amount to zero, but keeps the empty
transaction in QuickBooks (other information is unchanged, for example
the name of the payee, address, and date). A voided check also displays
VOID in the memo field.

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