Tony sent in this summary of the information from our first class:
Email: mslizny@gmail.com
Before
you accept a book-keeper's job, find out if they have a licensed
accountant. A licensed accountant can indemnify you through their
insurance policies.
QuickBooks uses the Generally Accepted Accounting Principals (GAAP)
Book-keeping is for creating and keeping financial transaction records
Accounting involves the interpretation and preparation of financial statements, tax returns and internal reports
Internal controls - Every record keeping system needs quality controls built into it.
Accounting
includes measuring the financial effects of economic activity,
financial reporting of values, and performance measures to those that
need the information.
Internal controls
(1) minimize errors
(2) detect and
deter theft, embezzlement,
fraud, and dishonest
behavior of all kinds
Sample Internal controls:
- Don't get a signature stamp
- Put passwords and access levels on Quick books files
The home page is divided into five areas: Vendors, Customers, Employees, Banking & Company
If ADP does payroll, you import ADP's Excel format file into your QuickBooks.
Time
tracking is important because it enables you to pass those costs along
to the client. QuickBooks enterprise are units that are separately
purchased that are custom tailored by industry (e.g. Non profits).
A balance sheet reflects assets, liabilities, & equity
Assets - what a business owns
Liabilities - what it owes
Capital or Equity - what it worth
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