ISBN 9788120333994,Microsoft Office Accounting Professional 2007 Step By Step

Microsoft Office Accounting Professional 2007 Step By Step



Microsoft Press

Publication Year 2008

ISBN 9788120333994

ISBN-10 8120333993


Number of Pages 396 Pages
Language (English)

Personal finance

Learn basic accounting principles that help keep your business healthy! Track and manage income, expenses, assets, and liabilities Prepare quotes, invoices, and sales orders for all of your products and services Apply discounts, set pricing levels, and manage customer payments Do-it-yourself payroll--from 1 to 100 employees Easily transform your data into financial reports with a single click. About the Author Curtis Frye is a writer, speaker, and performer living in Portland, Oregon. He is the sole of lead author of more than 20 books, including Microsoft Excel 2010 Plain & Simple, Microsoft Access 2010 Plain & Simple, and Excel 2007 Pocket Guide. In addition to his writing, Curt presents keynote addresses on Excel and motivational topics Table of Contens Introducing Accounting 2007 Navigating Within Accounting 2007 Managing Your Business Information for Readers Running Windows XP Using the Start Menu Navigating Dialog Boxes Features and Conventions of This Book Getting Help Getting Help with Microsoft Offi ce Accounting 2007 1 Touring a Sample Company 1 Touring a Sample Company in Accounting Express 2007 Touring a Sample Company in Accounting Professional 2007 Key Points 2 Setting Up a New Company 13 Preparing to Set Up the Accounting System (What You'll Need) Determining a Fiscal Year and Start Date Preparing a Trial Balance Collecting Information Before Getting Started Creating a Company File Working Through the Accounting Professional Setup Wizard Working Through the Accounting Express Setup Wizard Changing Company Preferences Sidebar: Choosing an Entity Type for Your Business Managing Company Data Importing Company Data Sidebar: A Word About Comparability Defi ning Multiple Companies Sidebar: When a New Company Might Be a Good Idea Protecting Your Data Files Creating a Backup File Restoring Data from a Backup File Archiving Transactions from Past Fiscal Years Sidebar: Data Retention Considerations Key Points 3 Accounting: A Quick Overview 43 What Is Accounting? The Duality Concept (Double-Entry Bookkeeping) The Accrual Concept Other Accounting Concepts and Principles Key Accounting Terms and Defi nitions The Importance of Accounting Policies Accounting for Your Small Business Accounting for Your Business Cycle Your Accounting Cycle Ongoing Requirements for Your Business Key Points 4 Managing the Chart of Accounts 59 Viewing the Chart of Accounts Sidebar: Create Accounts That Match Your Business A Logical Level of Subdivision Fixed-Asset and Contra-Asset Accounts Beginning Balances and Valuation Classifi cation Adding and Editing Accounts Merging Accounts Viewing an Account Register Managing Journal Entries Sidebar: Journal Entries Illustrated Viewing the Journal Entry List Making a Journal Entry Editing and Voiding Journal Entries Key Points 5 Managing Products and Services 87 Viewing the Item List What Is Your Business? A Logical Level of Subdivision Proper Classifi cation of Products and Services Creating Items Editing Items Changing Item Prices Changing Multiple Price Levels (Professional Only) Changing Quantity (Professional Only) The Need for Periodic Inventory Counts and Adjustments (Professional Only) Changing Quantity and Value (Professional Only) Sidebar: Avoiding Negative Inventory Understanding Inventory Valuation (Professional Only) Creating Kits (Professional Only) Reporting Considerations for Products and Services Key Points 6 Managing Customers 113 Viewing the Customer List Creating Customer Records Entering Basic Customer Information Linking to Existing Files Viewing a Customer's Financial History Sidebar: Assigning a Customer Credit Limit Creating Customer Groups Sidebar: Customer Groups Can Be Powerful Business Intelligence Enhancers Creating Price Levels, Credit Ratings, and Payment Terms Defi ning New Price Levels Defi ning New Credit Ratings and Payment Terms Sidebar: Does It Make Sense to Use Payment Terms as a Cash Flow Enhancement Tool? Defi ning Shipping Terms and Methods Setting Up Sales Tax Agencies and Sales Tax Codes Sidebar: Tax Exempt Sales and Customers Creating Sales Tax Groups Sidebar: Considerations Surrounding Sales and Use Tax Classifi cations Managing Contacts by Using Business Contact Manager Integrating Accounting 2007 with Business Contact Manager Disabling Business Contact Manager Integration Sidebar: Reporting Considerations: Customers Key Points 7 Managing Jobs 145 What Is a Job? (Professional Only) Enabling Jobs in Accounting Professional 2007 Types of Jobs Viewing and Manipulating the Job List (Professional Only) Sorting and Filtering the Job List Viewing the Job List by Job Status Viewing Job Details (Professional Only) Creating Jobs (Professional Only) Editing and Deleting Jobs (Professional Only) Modifying Job Groups (Professional Only) Assigning Cash Sales to Jobs (Professional Only) Analyzing Job Histories (Professional Only) Job Group Profi tability--How It Works Jobs--A Few Best Practices Sidebar: Reporting Considerations: Jobs Key Points 8 Generating and Managing Quotes 165 Creating Quotes Initiating a Quote Adding Line Items to a Quote Sidebar: Analyzing Historical Quotes vs Profi tability to Refi ne Your Quote Process Viewing Quotes Accepting or Rejecting Quotes Printing Quotes Sidebar: Reporting Considerations: Quotes Key Points 9 Handling Sales 185 Entering a Sales Order (Professional Only) Creating a Sales Order from Scratch Creating a Sales Order from a Quote Viewing the Sales Order List (Professional Only) Sidebar: Reporting Considerations: Sales Editing Sales Orders (Professional Only) Sidebar: Online Sales, and Sales and Use Tax Considerations Managing Back Orders Key Points 10 Selling Goods and Services on eBay 199 Setting Up to Sell Online Listing Items for Sale Online Downloading Orders and Fees Accepting PayPal Payments Key Points 11 Managing Invoices 213 Invoicing a Customer Sidebar: Business Intelligence Through Accounts Receivable Aging Analysis Viewing the Invoice List Sidebar: Triggering Customer Aging Based Upon Invoice Date Generating an Invoice from a Quote Voiding and Editing Invoices Recording Finance Charges (Professional Only) Sidebar: Reporting Considerations: Invoices Sidebar: Accounting for Finance Charges Key Points 12 Handling Customer Payments 233 Managing Payments Receiving Payments into Accounting 2007 Voiding a Payment Sidebar: The Importance of Matching Receipts to Receivables Handling Cash Sales Setting Up Credit Card Processing Handling Payments in Foreign Currencies (Professional Only) Managing Returns and Refunds Handling Customer Returns Issuing a Refund by Check Issuing a Refund by Credit Card Creating a Customer Credit Memo for a Job (Professional Only) Creating a Customer Credit Memo from an Invoice Sidebar: Reporting Considerations: Customers and Receipts Key Points 13 Purchasing from Vendors 259 Creating a Vendor Record Viewing the Vendor List Creating a Purchase Order (Professional Only) Sidebar: When to Recognize Purchases and Book the Associated Assets Sidebar: Accrual Basis Accounting and the Accounts Payable Method of Bill Payment Receiving Purchased Items Sidebar: Commitments vs Liabilities Paying Vendor Bills Sidebar: Taking Advantage of Payment Terms Can Mean a Signifi cant Rate of Return Preparing 1099 Forms for Vendors Sidebar: Vendor 1099 Considerations Sidebar: Reporting Considerations: Purchasing and Vendors Key Points 14 Managing Bank Accounts and Transactions 28 Handling Accounts Adding a Bank Account Viewing and Recording Journal Entries Sidebar: Handling Cash Transactions and Petty Cash Accounting Working with Account Registers Sidebar: Adding a Bank Fee Entering Transactions Sidebar: Printing Checks Recording a Bank Deposit Sidebar: Managing Dishonored Checks Transferring Funds Entering a Credit Card Charge Reconciling a Bank Account Sidebar: Abandoned Property Considerations Banking Online Sidebar: Online Banking: Is It Right for Your Business? Setting Up Online Banking Transferring Funds Online Downloading and Matching Transactions for Online Accounts Canceling Online Payments Accepting Credit Card Payments Through ADP Sidebar: Reporting Considerations: Bank Accounts, Transactions, and Reconciliations Key Points 15 Creating Reports to Manage Your Business 31 Viewing Available Reports Managing Reports Displaying and Printing Reports Sorting and Filtering Reports Creating Custom Reports Generating Business Intelligence from Reports Projecting Cash Flow (Professional Only) Sidebar: Cash Flow Forecasting Identifying Your Best Customers Sidebar: Weeding Out Slow-Paying Customers Identifying Underperforming Products and Services Sidebar: Identifying Optimal Product Mix Planning for Traditionally Slow Periods Sidebar: Other Reporting Considerations Key Points Glossary Index About the Authors Acknowledgments On the CD 16 Managing Employee Time and Payroll C-1 Managing Employee Records Creating New Employee Records Viewing and Manipulating the Employee List Editing Employee Records Employees vs Contractors Employees Contractors Documenting Your Relationships with Employees and Contractors Tracking Employee Time Creating One Time Entry Editing a Time Entry Creating Multiple Time Entries by Using a Timesheet Doing Payroll Yourself Best Practices: Preparing and Filing Payroll Tax Returns Managing Payroll Outsourcing Payroll Processing Sidebar: Payroll Tax Liabilities Are Serious Business Downloading Payroll Information Sidebar: Reporting Considerations: Employees, Time, and Payroll Key Points 17 Interacting with Other 2007 Microsoft Offi ce System Applications C-23 Analyzing Data by Using Excel 2007 PivotTables Exporting Accounting Data to Excel 2007 Creating and Pivoting a PivotTable Filtering a PivotTable Analyzing Data by Using Access 2007 Reports and Queries Importing Accounting Data into Access Creating an Access Report Creating an Access Query Modifying Templates in Word 2007 Adding Text and Fields Adding Images Sidebar: Printing Forms by Using Templates Writing Letters by Using Word 2007 Mail Merge Key Points 18 Interacting with Your Accountant C-57 Defi ning User Accounts Creating a New Account Creating Custom User Roles and Permissions Deleting an Account Sharing Data with Your Accountant Sidebar: Sharing Data with Your Accountant by Using Offi ce Live Receiving a Company File into Accountant View Making Accounting Adjustments Typical Accounting Adjustments Posting Accounting Adjustments to the Books Compilation and Review Services Accountants Can Add Value via a Management Comment Letter Key Points