QUICKBOOKS OVERVIEW

- Used by smaller businesses (SME)

- Developed by Intuit
- Most popular accounting software used in the US.
- Multi-user edition that can accommodate five users work simultaneously.
- Has multiple window functionalities, that help he user in managing financial data.

QUICKBOOKS DESKTOP VERSIONS

- 3 major versions: Pro, Premiere, and Enterprise.

THE ACCOUNTANT CENTER

- Gives easy access to the QuickBooks features that are commonly used by accountants.

USER INTERFACE

- Designed based on usual business process.

- A road map on how to manage the information of business.

HOMEPAGE

- Contains icons that correspond to business activities.

- Arranged based on the order-to-cash and purchase-to-pay process.

ICON BAR

- Customizable
- Contains shortcuts to the useful part of QuickBooks.

BUSINESS EVENTS

1. PURCHASE-TO-PAY
- Begins with sending purchase order to the vendor and ends with payment to the vendor.
2. ORDER-TO-CASH
- Starts with taking orders from the customer and ends with cash collection.

BUILDING ÇHART OF ACCOUNTS

BANK

- Includes checking, savings, and money market accounts. For all type of cash funds such as petty
cash fund.

ACCOUNTS RECEIVABLE

- Money that the customer owes from the company. Includes outstanding customer invoices and
promissory notes.

OTHER CURRENT ASSET

 - Current assets that do not qualify as bank or accounts receivable. Includes inventory and
prepayments.

FIXED ASSET

- Asset classified as PPE. Land and Office equipment.

OTHER ASSET

- Asset that d not qualify as current asset. Long-term notes receivable.

ACCOUNTS PAYABLE

- Transaction you owe from the supplier of goods or services. Includes notes payable.

CREDIT CARD

- Used for credit card purchase transactions.

CURRENT LIABILITY

- Obligations that are to be settled within 12 months.

LONG-TERM LIABILITY

- Obligations that are to be settled after a period longer that 12 months.

EQUITY

- Includes owner’s capital, drawing, and retained earnings.

INCOME

- Primary source of revenue of the business such as sales of products and services.

OTHER INCOME

- Deals with income earned such as interest earned from a bank deposit.

COST OF GOODS SOLD

- Records the cost of the inventory already sold.

EXPENSE

- Costs incurred for materials and services not directly related to the products.

OTHER EXPENSE

- Cost incurred for materials and services not part of the normal operation of the business.