PROJECT 1:
01/28/02
I reported on this day and was given an orientation lecture by John Capece ,the president of Southern Data
His outfit is made up of different companies .
Intelligentsia.
Intellitemps.
Southern DataStream.
Intelligentsia is a not for profit organization, non profit under501(c)3 educational outfit incorporated in 19---by John Capece
PROJECT 2
01/29/02
Learning the quick books and getting familiar with the quick book package. Learning
what I can do with it and how it can be used in small scale business.
Watched the quick books on the screen.
PROJECT 3
01/30/02
Getting started.
Sorted out bank statements of the various banks from January 1998 to January 2002.
Arranged bank statement for each of the banks.
Arranged the banks statement for each of the companies.
Noted missing bank statement for crossing checking.
PROJECT 4
01/31/02
searched for missing bank statement among files.
PROJECT 5
02/01/02
Found all the bank statements Getting prepared to enter them into quick books.
02/05/02
Started entering the bank statement transaction into QuickBooks.
02/06/02
Still entering the transactions into the QuickBooks.
02/08/02
Finished entering the transactions for GFCFCU and First Federal Bank.
02/11/02
Finished entering the transactions for Bank of America into QuickBooks.
02/12/02
Finished entering the transaction for Florida Community Bank into Quick books
I am now ready to start reconciling the accounts.
02/13/02
Started reconciliation today and was able to finish reconciliation for three banks:GFCFCU,First Federal and Florida community Bank.
02/14/02
Finished reconciliation for the last Bank today, that is Bank of America.
I'm now ready to start classification of the various accounts.
Procedures for reconciliation.
1.Sort out banks statements
2.Assemble complete sets of bank statements for each company.
3.Enter the bank statement data into QuickBooks
4.Reconcile the accounts:
1.Display the reconcile window by click on banking and selecting reconcile from the drop down.
2.In the account window enter the account you want to reconcile.
3.Compare the opening balance amount shown on your statement with the amount shown in the opening balance field in the reconcile window.
4.Find the ending balance on your statement and enter it in the ending balance field .
5.Complete the transaction to be added on the reconcile window .
6.When you find a transaction in the reconcile window that matches a transaction on the statement ,click the transaction to mark it as cleared.
7.For each transaction you select ,verify that it's amount matches the amount listed on the statement.
8.If some amount don't match ,or if you find transactions that contain errors, correct the transactions.(See note 1).
9.If you see a transaction on your statement that is not shown in the QuickBooks list of uncleared transactions enter it now.(See note 2).
10.When you have finished selecting the transactions, look at the difference amount in the bottom right corner of the reconcile window.
........If the amount is 0.00,click reconcile now and you have reconciled the statement .You can have Quick books print a reconciliation report.
.........If the amount is not zero ,your account does not balance for the period of time covered by the statement and you need to correct the difference.(See note3).
Note 1:Transaction correction.
1)In the reconcile window ,double- click the incorrect transaction to display it.
2)Correct the error and click save to record the changes.
3)Click in the reconcile window or choose from the banking menu to return the list of items you were marking.
4)Mark the correct ed transactions as to be cleared.
Note 2:Entering Missing Transaction.
1)From the banking menu, choose use register to open the register for the account.
2)Go to the blank transaction at the end of the register.
3)Enter the missing transaction .
4)Click record to record the transaction .
5)Click in the reconcile window or choose reconcile from the banking menu to return to the list of items you were marking.
6)Mark the transaction you just added as to be cleared.
Note 3:Differences Correction.
When your Quick books account doesn't balance with your statement ,you can have Quick books adjust for the difference or you track down and correct the problem yourself .If you discover that your bank made a mistake ,Quick books can compensate for the error until it is corrected on your next statement.
Click done and Quick books then adds a transaction that adjusts your account balance for the amount of difference, to enable you start with accurate totals the next time.
PROJECT 5:CLASSIFICATION OF ACCOUNTS.
Accounts for various companies have to be classified for tax purposes. So many transactions as at this date stands as miscellaneous or uncategorized both expense and income and this have to be classified by investigating into the transaction to find out where it ought to be.
Here the past transactions are used as a guide ,for example money going to the same vendor helps to tell what account was involved by looking at the previous transactions. Looking at the invoice also gives clue to which account a certain transaction should be. The history behind transactions in the invoice tells where it should fall.
In the course of going through ,I discovered some income that were registered as expense and vice versa. This I classified accordingly with the help of the bank statement it is very easy to know if a transaction should fall under expense or income.
Simple procedure for accounts classification.
1.Generate detailed profit and loss account by clicking on reports and the from the report menu select companies and financial and select profit and loss detail..
2.Change the date to suit the report for the period you want by choosing the date range you want from the date drop down list
3.Customize the account to show only the items you need by clicking on the customize button and in that window unmark the items that you don't need and click okay to customize the account.
3.Filter the report by account to change the scope by clicking customize and then filters in the report finder. Select what you want to filter from the list of filters.(for example account) and QuickBooks will display a field for you to fill. Click on select account and in that dropdown select the account you want( for example uncategorized income and expense, miscellaneous income and expense and other income and expenses) and click okay to narrow the scope of the account.
4.In the narrowed account ,pick each transaction and look at the detail by clicking on the amount to see where it should belong to. In the course of doing this, I discovered that transactions that were classified as uncategorized actually belong to some other account and were sent to where they belong. Some mortgage payment that have fixed payee and accounts were found as uncategorized but sent to were they belong there by reducing the uncategorized to only a few that have no clue nor history to help place them.
Once an transaction is amended or corrected, Quick books will automatically adjust the accounts involved.
Started another project today, entering credit card transaction into the QuickBooks.
Procedures:
From Banking menu select enter credit card and a window will open. In that window ,enter the transaction and click on save and new to enter more transactions. After this ,go to reconcile and with the credit card statement mark what transaction corresponds with the statement and click on the reconcile button to reconcile the credit card transaction.
Started with preparing reports for the company and getting ready to do the tax.