Balance Sheet

QuickBooks Period End Tasks: The Accounting Side – Chpt.3

This brings us to the final chapter on QuickBooks period end tasks. What will be covered here is Long Term Debts, Audit Trail and Setting the Closing Date. Long Term Liabilities – If this type of liability was financed by a lending or banking institution, then at the end of each year, a statement from the lender should be reconciled to the Balance Sheet amount. Here one has to be cognizant...

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QuickBooks Period End Tasks: The Accounting Side – Chpt.1

I’m going to start a series to do with QuickBooks accounting side of the Fiscal Period End, and the tasks involved.  Now although these articles are aimed at the more senior accounting person, I do feel that the less experience person can pick up some useful information on what is expected from them. This will have to do with reviewing and reconciling the Balance Sheet. Unless you are...

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QuickBooks Equity Accounts – Understanding Them

What is Equity anyways? For you that may not understand it completely, equity is the difference between your assets and liabilities (A-L =E). Say you sold off all your assets and paid off all your liabilities, using the funds you received from the sale of your assets, equity would be the money you have left. This would also mean that your total assets equal the sum of liabilities and equity (A=...

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QuickBooks Inventory – Part Two – Entering Items

Carrying on from Inventory Part One, it is time to enter in some inventory items. From the Home page click on the Items & Service icon which opens up the Item List screen, then right click on your mouse and New. In the Type field click on the drop-down box and choose Inventory Part. In the Item Name/Number field type in Cab 2015 then click on the subitem of checkbox and choose...

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First United Church of Canada

“Larry was involved in First United’s accounting software change over in the spring of 2009. He installed QuickBooks and set up the Company file, along with the Chart of Accounts. From there he entered in the Opening Balances from the prior year Balance Sheet and reconciled those accounts. Since we were starting three months into the new fiscal year, Larry entered in the historical data...

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