Accounting Basics for QuickBooks Companies in .NET

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4 Accounting Basics for QuickBooks Companies
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Cash-basis reports re ect income only if the company has received a cash equivalent as payment for the goods or services. So, for example, accounts receivable would not be included in a cash-basis report. Reports prepared on the accrual basis re ect income and expenses at the time that a legal right or obligation for payment arises. Revenue from a sale made to a customer who will be billed at a later date would be recognized using the accrual method. In the accrual method, receipt of income and payment are recorded as two separate events. In the cash basis, they would be reported as a single event. You will determine whether you want your company s Pro t and Loss Statement to be shown on a cash or accrual basis during the initial company setup, as discussed in 5. QuickBooks default settings show all summary reports on an accrual basis unless you specify that you want them to be shown on the cash basis. Summary reports summarize groups of transactions and contain the term Summary. To show Summary reports on the cash basis, follow these steps: 1. Go to the Edit menu and choose Preferences. The Preferences window appears, as shown in Figure 4-10. 2. Use the scroll bar to the left of the Preferences window to access the Reports icon. 3. Click the Company Preferences tab. 4. Under Summary Reports Basis, where you can select either Cash or Accrual, select Cash.
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Figure 4-10: The Company Preferences window is where you select whether summary reports should be shown on the cash or accrual basis.
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70 Part I The QuickBooks System
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Traditionally, the cash-basis method of accounting has been viewed as an easier method of record keeping because you recognize transactions only at the time of payment that is, when you pay the bill. If you are keeping books on the accrual basis, you must make two entries to re ect the same transaction; you record both the receipt and the payment of the bill. By streamlining the procedures and minimizing the time required to record accounting transactions and events, QuickBooks makes it easy to use either method. Accrual-based reports will give you a better idea of how well your company is doing, which is why QuickBooks displays reports on the accrual basis by default.
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This chapter introduced you to those accounting concepts that are relevant to maintaining records for a QuickBooks company. You now understand why a transaction is reported in a particular manner instead of just mechanically entering it into the system. You learned about generally accepted accounting principles, or GAAP, and now know that all companies keep their books using these conventions (if they are keeping them correctly). You learned the characteristics of the ve basic types of accounts: income, expense, asset, liability, and equity. You learned the format and logic of the two major nancial statements the Pro t and Loss Statement and the Balance Sheet and can comfortably read or create them for any QuickBooks company. You now know what a general journal and a ledger are, and how QuickBooks renders these traditional accounting concepts obsolete. You learned that cash-basis reporting recognizes a transaction only when money is paid or received, and accrual-basis accounting recognizes income or expenses anytime a right or obligation for payment is created.
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Establishing Your Own QuickBooks Business
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In This Part
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5 Setting up Your QuickBooks Company 6 Customizing Your Chart of Accounts 7 Entering Historical Transactions and Data 8 Using Lists 9 Working with Customers and Jobs 10 Using Items to Designate Products and Pricing
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Setting Up Your QuickBooks Company
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C H A P T E R
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Simplify life with the EasyStep Interview Completing the Welcome and General sections Deciding about income and expense Entering Opening Balances Payroll Bypassing the EasyStep Interview
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etting up a QuickBooks company is a bit like unpacking your belongings in a new house. The more advance thought you have put into the project, the less rearranging you will need to do in the future. But if you do have to rearrange a bit to make your surroundings (or accounting system) more comfortable, it isn t the end of world. This chapter gives you the basics on setting up a QuickBooks company and tells you which initial decisions are easily reversed and which ones can be undone only by starting from scratch and reentering your company data. Fortunately, very few decisions fall into the latter category.
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