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What will happen to transactions entered today if a backup from an earlier date is restored in Quickbooks?
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Marlow company use a perpetual inventory system It entered into the following calendar-year 2011 purchases and sales transactions?
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
What is the difference between profit and loss account and cash flow statement?
Cashflow : Only the actual cash spent / received will be entered. Credit will not be entered. Profit & loss : It is more of accrual basis, all transactions that are happening in that accounting period will be entered. Cashflow : Only the actual cash spent / received will be entered. Credit will not be entered. Profit & loss : It is more of accrual basis, all transactions that are happening in that accounting period will be entered.
What is isolated transaction?
(a)those transactions outside the ordinary course of business of a taxpayer carrying on a business; and(b)those transactions entered into by non-business taxpayers.
What is merchant summary used for?
A merchant summary is a sheet, similar to a credit card voucher, provided by the bank. Banks will be required to group together various types of non-cash transactions such as: visa card transactions Bankcard transactions MasterCard transactions Cheques Gift vouchers EFTPOS transactions Once the above types of transactions have been grouped together, you can then calculate the amounts for each type of transactions. Finally, you can add all of these individual amounts together to give you an overall amount for non-cash transactions. This amount will be entered onto a merchant summary sheet.
Why are transactions recorded in the journals before being entered in the ledger accounts?
Journal is called the book of original entry because it is the first step as per the definition of accounting as well after that transactions are summarized into different ledgers etc.
How do you fix a quickbooks file?
QuickBooks files that have problems include files that 1. have transactions missing (never entered) 2. have transactions entered using the incorrect form 3. have accounts with incorrect beginning balances 4. have transactions entered with inaccurate amounts, names, items, accounts For inexperienced QuickBooks users, starting over with a new QuickBooks file would be easier. You can start by finding the mistakes through reconciliations of the bank accounts, credit card accounts, current liablity accounts, and long term liability accounts (banking menu > reconcile). In addition you can review the Accounts Payable Aging Summary, Accounts Receivable Aging Summary, Inventory Valuation Summary reports for problem transactions. Actually fixing mistakes within a reasonable amount of time takes a great deal of QuickBooks experience and accounting expertise. You can find individuals who possess these qualities at http://www.qbalance.com or http://www.proadvisor.intuit.com/referral Linda Saltz, CPA Advanced Certified QuickBooks Advisor Intuit Solution Provider We provide one on one training and problem solving with QuickBooks.
How do you fix a do file?
QuickBooks files that have problems include files that 1. have transactions missing (never entered) 2. have transactions entered using the incorrect form 3. have accounts with incorrect beginning balances 4. have transactions entered with inaccurate amounts, names, items, accounts For inexperienced QuickBooks users, starting over with a new QuickBooks file would be easier. You can start by finding the mistakes through reconciliations of the bank accounts, credit card accounts, current liablity accounts, and long term liability accounts (banking menu > reconcile). In addition you can review the Accounts Payable Aging Summary, Accounts Receivable Aging Summary, Inventory Valuation Summary reports for problem transactions. Actually fixing mistakes within a reasonable amount of time takes a great deal of QuickBooks experience and accounting expertise. You can find individuals who possess these qualities at http://www.qbalance.com or http://www.proadvisor.intuit.com/referral Linda Saltz, CPA Advanced Certified QuickBooks Advisor Intuit Solution Provider We provide one on one training and problem solving with QuickBooks.
Marlow company use a perpetual inventory system It entered into the following calendar-year 2011 purchases and sales transactions?
Anthony Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
What is the difference between profit and loss account and cash flow statement?
Cashflow : Only the actual cash spent / received will be entered. Credit will not be entered. Profit & loss : It is more of accrual basis, all transactions that are happening in that accounting period will be entered. Cashflow : Only the actual cash spent / received will be entered. Credit will not be entered. Profit & loss : It is more of accrual basis, all transactions that are happening in that accounting period will be entered.
What are the benefits of QuickBooks pro training?
Learning how to use QuickBooks pro can be really beneficial to your business. This is because once you have entered your information and business details, the software will then work out all your reports and help you to easily manage your cash flow and projections.
What is isolated transaction?
(a)those transactions outside the ordinary course of business of a taxpayer carrying on a business; and(b)those transactions entered into by non-business taxpayers.
Why are a set of financial statements printed out of Quickbooks not necessarily GAAP compliant or correct although they may appear to be at first glance or to a lay-person?
QuickBooks does a nice job of formatting the data that has been entered, but it cannot format data that has NOT been entered. For example, GAAP requires businesses to record amounts owed to vendors at year-end as payables. If these amounts have never been entered into QuickBooks, the statements look good to a casual observer but are not GAAP compliant.=================QuickBooks does a fantastic job with financial and managerial reporting. However the matter of data not being entered is a human error that applies to all accounting systems and is not unique to QuickBooks.It is my understanding that some people consider the ability to edit/correct historical transactions directly (with the appropriate security level), to be the villain in the GAAP debate - even with QuickBooks' always-on audit trail system.Personally, I love ability to edit directly. In most other accounting systems one has to use a journal entry to make an account classification correction or even to change descriptive text and in in the process one loses a lot of original context.Most of the time the edit is to fix sloppy data entry or to correct coding. The real GAAP issue in my opinion regardless of the system, is poor training and systems that are more mouse driven, than keyboard driven.
What is merchant summary used for?
A merchant summary is a sheet, similar to a credit card voucher, provided by the bank. Banks will be required to group together various types of non-cash transactions such as: visa card transactions Bankcard transactions MasterCard transactions Cheques Gift vouchers EFTPOS transactions Once the above types of transactions have been grouped together, you can then calculate the amounts for each type of transactions. Finally, you can add all of these individual amounts together to give you an overall amount for non-cash transactions. This amount will be entered onto a merchant summary sheet.
Why are transactions recorded in the journals before being entered in the ledger accounts?
Journal is called the book of original entry because it is the first step as per the definition of accounting as well after that transactions are summarized into different ledgers etc.
How do you view an existing invoice in Quickbooks?
There are several ways to do this in QuickBooks. You can open the Customer Center and double-click on an invoice to open it. Or, you can go to the edit menu and choose find - search for the invoice number or other identifiable information. You can also open a new invoice and click on the previous arrow to see the previously entered invoice.
What was made first the m4 carbine or the m16?
The M16. The M16 entered production in 1960. The M4 entered production in 1984, and was an improvement over the earlier XM-177 carbines.
Explain the meaning of term journal and state its significance?
An accounting record where all business transactions are originally entered. A journal details which transactions occurred and what accounts were affected. Journal entries are usually recorded in chronological order, and using the double-entry method of bookkeeping.
