How can i industry sign banking hawaii pdf later
my under spell Watkins and this is the first instructional video for QuickBooks and in it I'm going to go through the transactions that are part of your practice number one you're going to learn to do these at home at the lab in the library and when you feel confident that you can do them and get to the same write numbers that we have then you're going to go and do it in the testing center so to get started we're going to open QuickBooks QuickBooks is a program that's developed over the years to become pretty much the standard small to medium business software it's used by every everybody pretty much you're going to encounter it and you're going to find that the businesses where the owners know how to use QuickBooks are much more efficient at capturing their accounting information and they can make better business decisions so we feel that it's necessary for you as a business student to know how to use the software so we're gonna get started by creating a company you're gonna name it after yourself so that I don't get 20 uploads with the same name Island surfboards or Island bicycles so we use your name for the company name and we're going to use a general service based business and we're gonna make our business a sole proprietorship meaning it has one owner so when you go to open QuickBooks make sure that you're opening the QuickBooks premier Edition accounting software 2012 don't open the file manager or you won't be able to get this now if it comes up with a screen that says open a new company click on open a new company but most of this most of the computer stations in the lab and the library are set up to erase everything you do when you log off so this screen will come up first this is the Express Start screen start and it'll ask you those three questions so we're going to start with your name for the company name and we're going to be a general service based business we're gonna sell Internet connections and we're going to be a sole proprietorship don't worry about the tax ID don't worry about addresses and phone numbers and a lot of the other information that you would typically use we're doing this in an academic setting so all we really want are the names and the numbers but be careful of the date the program wants to always use the current date that's a safety feature but we're going to be doing from February 3rd to February 28th we're going to use different dates and so you're gonna have a lot of little error messages pop up and QuickBooks is going to try to correct you you have to be sure that you're committing these on the right date or your transactions won't be in order and you won't get the right numbers meaning you'll have to if you're in the testing center and screw it up you have to go back and do it again we only want to do it once so watch the dates so I'm going to continue again I don't need all of this information so I'm going to create the company file and you can see this little box here see if I can move it's very difficult for the computer to open the QuickBooks file because they're so huge and so your computer will likely say not responding and it will take a while to take a minute or two in some cases so I'm going to pause this while it's working ok when you're done you're going to see this screen here this is the start working screen will click on it and QuickBooks will enter actually it'll try to take over your desktop now I I can't video the entire desktop so we'll have to work around that this QuickStart don't need it so close it and what you've got I wish I could resize this here let me see if I can ah good okay I can resize it for you okay so let's take a look here at what you're seeing this is a kind of a representation of the business cycle we make sales we collect money and everything goes into the bank that's the most important icon for you to know to begin because before we do anything remember we're trying to book these these transactions before I do anything I have to have money in the bank and so what we're going to do if the in this first practice is explore putting money in the bank and with a loan the bank of light ei will loan you $25,000 on terms of 5% compounded monthly and amortized for four years don't worry about the 5% and the amortization banks will send you bills every month and you'll know exactly how much to pay you don't have to worry about entering that information what you do need to do is put that 25,000 in the bank and make sure that it is being counted as a long-term liability because it's alone typically when you start a small business you go to your bank with a business plan and say hey if you loan me this much money here's how I plan to turn it into more money and pay you lots of fees in the meantime okay so first thing you do in any QuickBooks assignment I have four practices and the ten and the test once you get to this point click on the bank it will say you need to have a valid bank account create one now yes it's gonna be the bank of like year I might give you a different name for the bank that's fine look at this add new account window it's very important okay here is a list of the different kinds of accounting accounts that you can open each one of these lines has a different part of your financial statements so when it opens a bank account remember you only do that once you will never do this again save it close it's done I've got a bank account now here I'm going to deposit to this bank account On February 3rd let's make sure we change that but I'm going to get it not from my own money we'll do that another practice this time we're going to get it from the bank so I'm going to type Bank apply a now a word about QuickBooks data entry when you see that little arrow right there that means that you have a list of various entities vendors are other businesses that you do business with customers our businesses or people you sell things to employees work for you and other the only other I know of is you so we're gonna add a vendor and that vendor is going to be bank apply yet you say wait a minute we already added Bank apply yet but you didn't you made a bank account in the name of the bank of like ei you did not add them as a vendor this is going to be on the final you have to keep those separate the bank of light yeah he's going to loan you money now opening balance this line is for entering information into QuickBooks for a company that already exists we're not going to worry about that so you don't have to worry about this date right here because we're starting fresh if you're confused and want to make sure you do it doesn't hurt you can set that to February 3rd won't hurt anything but just remember you don't have to do that all you need is the name ok now I've got the name Bank apply a what kind of account is that Bank of Lari a loan well it's going to be a long-term liability ok read these directions very carefully create a new account it is a long-term liability name it note payable Bank of Liyang ok so how do I do that I go into the account I add a new account because it's not in the list I have to add it now this screen confuses a lot of people this is just a helper screen this does not make the selection for you it helps you find the right selection so for example if I hit loan here it will take me to some kind of liability account continue there's the liability okay let me cancel that and show you that you can create a new account totally bypass this screen by just clicking here and saying long term liability okay these selections help you find the right account but the one that really matters is this box up here at the top account type long term liability the name is no payable bank of whyyyy now I know you have it all finished 201 but there's two kinds of notes there's current liability which means you're gonna pay it off in a year or in the business cycle and there's a long term liability which means it's going to be longer than a year that's why I told you it was gonna be a four year note so all I need to the name all this other information that you would typically do we don't have to worry about it so now I know who I got it from I know which of my accounting accounts I put that in the memo it's just a brief description so that I can see on my accounting Journal what this transaction was about so I'll say initial funding loan of course they're just gonna put cash into my account in the amount of $25,000 so here's your first transaction person the account description and the money let's double-check our date February 3rd okay and we'll save and close now that beep that's going to annoy a lot of people in the testing center I should probably show you how to turn that off go to edit okay Oh in fact we've got something missing up here that we're gonna need if you go here here's the step we skipped we have to select preferences and turn on purchase orders and inventory okay a lot of times the default that it presents to you it's incomplete so let's do that now edit preferences now here's how you get rid of the beep it comes up on general and see that beep when recording a transaction I'll just turn that off right there then I'll look for items and inventory save the other ones go to company and click the box all you do everything's fine just click that box I hit OK it will want to close everything let it close everything and then you can hit the home button again and it will all come back but this time you'll see purchase orders and receiving inventory and entering bills it's complicated this little screen a bit and depending on your business this screen can get very complicated but all we did was we added purchase orders and we got rid of the beep ok so we have put money in the bank let's click on the bank anytime you want to see what you have done in QuickBooks you can just go to the screen where you entered the information and hit previous there it is and up to a certain point I can make changes to that so if you just made let's say for example you saved it and you forgot to do the date and you just thought oh I have to fix the date what you would do is you just go back to record deposits go previous click the date save it it will say if you want to change it and you'll say yes ok so now on the transaction here I'm going to show you how to check your work at this point February 3rd your balance sheet will have two items you'll have cash in the bank and a liability of $25,000 remember in accounting everything is always in balance assets equal liabilities plus owner's equity liabilities are our debt financing of your business and owner's equity is your financing of the business either you kept businesses earnings inside the business or you gave the business some of your money so let's look at a balance sheet go to reports company and financial balance sheets standard always use standard statements do not use the detail or the summary use standards okay so balance sheet standard or profit loss standard which is your income statement so if we go to the balance sheet now we have to tell it what time we're looking at because again it always wants to come up with January 4th which is today so I'm going to change that to February 3rd and hit refresh it's that hitting refresh that a lot of people forget all right here's my balance sheet I did make $25,000 deposit to the bank and they do have a 25 thousand dollar liability so you've done it correctly if you see this on your balance sheet the object at the end of the exercise is to have financial statements such as the balance sheet that have the correct numbers on them so just remember that's what you're working on alright so let's go back you go and rent an office at the lai a professional building the security deposit of fifteen hundred and first month's rent of a thousand fifty are paid to Hawaii properties via check number one from your bank of like a account let's do it we have money in the bank so we can write a check we're gonna there's two ways to put names into the list I showed you the one where you hit the arrow and you hit add new there's a quick add procedure where I can say what was it again Hawaii properties inc and then I hit enter and it says it's not in the name list we want to add it I hit quick add it says it's this a vendor customer or employee remember a vendor is a business that you do business with so it is a vendor all right so now we have our check there now we want to put check one that's it gets important later on when you're doing bank reconciliations that you have the right numbers on your checks learn how to do it now unclick the to be printed box and put a wine up there that'll start your checks we're still on the 3rd of February that's good so now we're going to figure out how to enter the transaction so the first part was the actual first month's rent well we go down our list of accounts and there's a rent expense I don't know if you can see that let me see if I pull that down hopefully you can see it now rent expense push this back up the rent expense was 1050 so I enter the amount 1050 and I say way down here what I'm doing is I'm doing my accounting okay I can have more than one accounting account on a check the second thing that check is going to have is a security deposit so I open it up you won't find security deposits here your only asset accounts or furniture and depreciation so you're gonna have to add a new asset account it's gonna be an other asset ok just remember that I think I tell you on their hitch oh I didn't tell you ok so just remember it's an other asset other asset continue select from examples make sure that this is the box that took term ins that last screen was just a helper screen so make sure that says other asset there it is when I hit the select from examples it's a security deposits asset so I hit OK and it entered it for me so I save and close so now I have the right account I'm gonna put $1,500 in that account and that's my security deposit remember you get your security deposit back so it's an asset in your business but it's not a liquid asset meaning you know you you can't run low one month and go to your landlord and say hey I need some of that $1,500 because I have to pay a bill the landlord will say no as long as you're in my maya building you keep that 1,500 there we're gonna call it an other asset and together these two entries in my accounting are going to take two thousand five hundred and fifty out of my bank account let's put a memo on the checks with first month's rent and security deposit always a good idea so a check can go to two different accounts that's what this transaction is showing you okay now you don't have to do this every time but you're still new to it so I'll show you the balance sheet again company and financial balance sheet and we're gonna change this to today a balance sheet is a snapshot as of a given date click refresh so now we can see hey we spent some money but now we've got a security deposit and then the difference here was an expense which means so far for the year we only have expenses we don't have any revenues income is revenue minus expense so of course we have a negative income but we're in balance everything's good that's what QuickBooks does QuickBooks handles the debits and credits it knows where to put your entries so that your accounting is accurate so we've written our check everything looks good and again if you screwed up the cheque you click on your checkbook you hit previous and you fix whatever went wrong if it's really bad you right-click on it and you just delete the whole check just get rid of it start over so now let's do our next transaction the office needs furniture you've had a busy day here so February 3rd you're going to go to town and buy office furniture and office supplies from Honolulu business supply ok furniture and equipment is an asset so our office supplies so you're going to create a current asset account called office supplies inventory because you're going to use them during the year they're current asset the furniture and equipment account already exists so let's go back write a check remember I showed you that quick ad it's automatically check number 2 Oh business supply enter its a vendor so we're done there so now we're going to buy furniture so it's furniture equipment and I think it
as 1700 see what it was 1700 and this is office furniture purchase the next one is going to be our supplies now don't use office supplies here because that's an expense account it's a different kind of account so we're gonna we're gonna have to add a new account and I told you it was a current asset okay so I'm gonna continue here and just say office supplies inventory yeah I haven't used them yet when I use them that's an expense so at the end of the year I'll count up how much I have left and whatever the difference is I'll enter an expense but you don't have to worry about that now all you have to worry about is getting them on your books so we're gonna put 300 office supplies 300 of supplies good so put this of office supplies and then on the check I'll just say furniture and office supplies all right the memo line is not graded it's just so that you can identify what this transaction is when you're looking at your statements so $2,000 on the third save and close all right on February 6th you've made a deal with the local cable company to supply a fiber optic line directly to their main hub so that you can sell high-speed Internet to cable customers I'm going to write two checks on the 6th of February first one it's going to be trans-pacific as your first payment all right let's do that let's write a check it's number 3 done February 6 it's just fans Pacific they're gonna be quickly added as a vendor and it's going to be for $1,500 as my first semi annual payment so I have to get the internet before I sell it this is going to be computer and internet expense $1,500 first six months internet service okay I'll just say here first six months service that's everything the check is good dates right amounts right pays right save and close now here's one of those warnings here we'll just ignore that check number 4 goes to Island Tech for running the fiber line from the trans-pacific office to your cable cut so this is going to be island text okay it's going to be a computer and Internet expense again and it's going to be do run and they're going to get two thousand okay this is accounting you're identifying business transactions and recording them running fiber all right done so now we're gonna do a purchase order a purchase order is not an accounting transaction it's a an invitation if you are like an invitation to a party you're gonna send an invitation to this company and say I would like to purchase these from you at your stated terms and if they agree they'll send you the items with a bill for those terms if they disagree they'll send back your purchase order and say we don't agree with your purchase order we're not going to fill it so in order to do purchase orders at this point if you don't see that purchase order icon then you have to go edit preferences items in inventory company preferences and click this box hopefully you did it with us before so now we're going to go purchase order and where a vendor is going to be California data Inc we can use the same quick add procedure and it automatically knows it's a vendor because that's a vendor field we're not going to worry about where it's shipping to or the addresses or anything like that but we are going to worry about the date it's the tenth so we'll change the date to the tenth purchase order number one now what are we going to purchase that is where the item comes in and an item is described on an item screen inventory part these are all the different things that you can describe we're going to describe a piece of inventory called a router okay if it had a number or something we put that in so I think it was a wireless router wireless router okay it's gonna cost us a hundred bucks we're gonna sell it to our customers for 200 there's there's a must enter on all inventory items you have to put an income account and if you look through all of your accounts there's only one sales revenue it's not called sales revenue but its sales it could be merchandise sales or it just could be sales because we did a general services based business it didn't tell us merchandise it just says sales down here is a little way to remind yourself to reorder when you get low so this date here is not important to change but if you were being super careful and you want to put it February 10 it's not going to hurt anything so February 10th router a common problem is after you've gone through the work of defining the item you forget to tell it how many of them ok what's the quantity we want 20 of them so we're gonna hit 20 it's going to automatically figure out that we owe them 2,000 we'll just say this is our first purchase of routers and we'll save and close and again with with all of the QuickBooks stuff if I go back I can fix it if I made a problem now remember what you're doing these are screens that are entering information but what QuickBooks really does is much more than that okay QuickBooks will allow you let's just preview this it creates this business document for you there's the purchase order you can design it make it fancy so don't don't forget when you're entering all these numbers what you're really doing is entering actual information that will be an invoice or a receipt or any other a bill of lading bill of materials all the standard kinds of paper that used to run a business is all computerized now okay so we no longer need to see the print dialog everything looks good our dates good again a word about the date if you don't have the purchase order on the right date then when you go to pick up your inventory it's not going to be ready for you so we're told that on the 17th we're going to receive the routers with a bill for 2000 so I go to receive inventory with a bill but if I leave the date wrong then the inventory won't be ready fortunately it remembered 2:10 so now the vendor on the bill California Data Inc now it remembers here's where you start to save time with QuickBooks it remembered that we had a purchase order for those routers so we hit yes click the box and it will bring in the information about those routers 20 of them cost $100 total of 2000 now let's look at our transaction the terms on the bill are due on receipt terms are right here we're going to learn more about terms later but for now do on receipt and we'll say first order of router's and what the bill does is it will pop up on our screen on the due date and say pay me so I hit save and close but we are told we've changed the terms sure it will have them show up next time we're told that we're going to pay this bill on the same day so once you've once you've received your inventory with a bill or if you receive without a bill you do a receipt and then you enter the bill here we're gonna pay the bill by moving down to the pay bill screen you can see that it all you have to do is check a box we want to assign a check number the date is still 2/10 I'm sorry we receive on the 17th ok so let's go back let's go to our bills enter bills now even though we received inventory with a bill if we want to correct a bill you have to go to the intr bill and I'll go back and here's a great example of how to fix them its 17th now the bill is due on the 17th ok so I'll save it close it'll say correct it yes now I'll pay it it's the 17th now on the bill ok 17 and we'll assign a check number and what's our check number now check number is 5 so we'll pay the bill that will say 5 for the check number and it's done and once we've paid the bill we have inventory okay if we have those routers in our inventory and if we ever want to know what's going on in our inventory we can go to our reports screen inventory look at a summary as of remember today's the 17th refresh and there's 20 wireless routers in our inventory we'll do more complicated inventory and later practices all right so we've paid the bill this is an example of something that gets students in trouble receiving the router with the bill opens one screen paying the bill takes another screen so make sure that you always complete the whole transaction and it's really easy to make that date problem you just saw me make that date mistake so always check your box with a pencil or do something to make sure you do it right ok on the 19th we're gonna do a sale today you signed up your first customer Kaneohe pawnshop and you're going to give them a router and internet service for a month we're gonna prepare a receipt and deposit funds with the bank all right sales come in two forms it's either a credit sale which we'll do in a later exercise or it's a cash sale if it's a cash sale and you've gotten your payment you've created a receipt and let's see this was Kaneohe pawnshop it's in a customer field so when I enter it's going to say quick add it's got that the date was the 19th so we'll change the date the item that you sold them was a router get in one router but we also are going to sell them services so we have to define that so let's add a new item service remember we're a general service based business so it figured that out one month Internet that's what we're selling to people so one month Internet and we're gonna sell them a month at $500 and the account is going to be sales remember you always have that account so that's how to enter service now we can say quantity one and they're gonna pay us cash and there's seven hundred dollars so let's give them a thank you for your business this is our first cash sale and now we have revenue in our business and we can start to offset some of those expenses so save and close that's done that's our sales receipt so whenever you have a cash cash sale you use the receipt we'll go back and apparently I want you to practice this and it says they paid you cash we did that we prepared a receipt but did we deposit the funds with the bank no so all you have to do to make the deposit is click on the bank and it will say by the way here's some undeposited funds if you end your if you end your transactions and your balance sheet says undeposited funds that's an error that will send you back to do it again so again make sure you get the whole transaction all you have to do is hit okay does it all save and close that was easy so let's do that again now twenty first two customers both the same kind of sale wall and wall and 'allahu properties so sales receipt it's the twenty-first will do wall and wall quick add customer and we're going to give them an internet service one month and we're going to give them a router one router thank you for your business they're gonna pay cash second cash sale save and close' done we have a second sale on that same day to allah who whacks that property's pink okay so let's hit turn quick ad they're in they're gonna get the same thing one router one so we had two sales on the same day cash sales thank you for your business third cash sale okay and remember what you're doing when you do a sales receipt is you're actually printing out a document that can be designed in any way but here it is let me move this over when you're used to seeing your little receipt at the register at the supermarket or something but if you're a business that's doing business over the internet or something you're going to send them a receipt look something like that okay well close the print dialog and when you make your sales at the end of the day you take your cash to the bank never leave your cash on the premises and never forget to get it in the bank where it earns interest so I click on the bank and it says hey I've been two separate pieces of cash that were recorded coming in I hit okay they're deposited alright now we get our loan bill it shows that our first payment is five seven five seven three so our cheque is four five seven five seven three but loans consist of two different items there's interest and principal and the bank always gets its interest first whatever's left over pays principle which reduces your loan balance so let's write that check this again is on the final and for some reason it's difficult for students so learn it well here February 28 checks 6 so February 28 check 6 remember we don't have to enter Bank of lollies a they are already a vendor in our system so the first thing we do is pay the interest interest expense there it is and let's look at our 104 16 first months this loan and then whatever is left over after the interest is paid reduces the loan and you'll recall that we did the loan as a long term note payable so 471 57 first month on the check we'll just say first much loan payment and that's how to make a loan payment it's our the final and I'm always surprised by how many students struggle with this one learn it now and you'll never have trouble with it again so it's 28 575 close and that's your last transaction so once you've finished booking the transactions we're going to prepare PDF files of the balance sheet income statement and accounting journal this is very important I only accept PDF files so let's go back let's do the balance sheet first reports company a financial balance sheet standard we're gonna set the date for February 28 refresh there's my balance sheet it's done okay I'm gonna go file save this PDF and I'm gonna name it jbw balance sheet and make sure it goes to my desktop so that I can see it cuz you're going to want to upload this later now let's look at your balance sheet okay this is the point where you decide whether you did your did your work right so if you see that your balance of assets is twenty one thousand six seventy four twenty seven you're good to go I was just checking against my own so that was good so we have the balance sheet done now let's do the income statement profit and loss always use the standard okay profit and loss is different it's not as of a date it's as of a range of dates so start at the beginning of the year and either say all okay which would get the whole year that's a shortcut or you could have from January 1st to February 28 and refresh either way works fine okay the object is to get that number two eight five four sixteen good so there's my my two primary statements now the general journal each time you book a transaction you're booking it to the general journal and I can't grade you unless I can see that so you're the accountant Journal okay I'll leave that on the screen for a minute you need to know how to do an accounting journal so let's go back here reports accountant journal ok the journal same thing I want to get all of my transactions refresh now here I'm gonna ask you to print this a different way it makes it so much easier to grade print but don't use the regular printer use a PDF printer so in the testing center it's called cutepdf you can download one anywhere you're at whatever one but make it a landscape meaning that it turn the paper on it's wide side so that I can see the numbers together with the transactions it's really hard to grade if you don't do that so I said print okay it'll come up with another screen saying what do you want to call it when it gets around to it here we go and I'll just say jbw Journal save on my desktop all right so let's look at my desktop now I've got a journal and a balance sheet up gotta make sure I get the profit loss so I'll go save as PDF jbw pocket loss safe okay done okay once you finish booking everything and you've prepared your PDF files and they're saved on your desktop close your QuickBooks raise your hand get the password from the TA at the testing center and then you're going to take a quiz now regardless of whether you have the quiz answers correct the quiz is just for you if you get the quiz answers correct thumbs up you know you're done but if it's regardless you've got to upload them so I can grade them so let's assume you've taken the quiz now what we're going to do is we're going to go and take a look at the upload so if I go let me turn this thing here to student so that we can see it the way you see it alright so this is how you are now looking at QuickBooks or sorry at accounting 231 all the grayed out things are grayed out because you have to complete the items above before you can move down because of that I have given you a place at the bottom where QuickBooks will always be available to you so you're done and you click on QuickBooks practice 1 and then you submit your assignment we're going to choose
ur file to upload you can choose any one of the three let's go to our desktop and there's my balance sheet so I'll click on balance sheet down at the bottom here you can't see it let me see if I can bring it up for you there we go I'm going to hit open okay submit assignment it's submitting okay now resubmit now this time I'm going to submit another file I'm going to do actually let's see I had another file Oh so I could have done that that way okay so let's go back and let's do two at once so I'll choose the journal and then I'll choose the profit loss and I'll submit okay so now there we go we've got the journal the profit loss the one that you did before I will see it so if I leave student view okay and then I go to my speed grader and I come up to test student you see this there's the one I did before I didn't lose it it was there so even though you don't see it don't panic and and redo it again once you've submitted it I can see it and I can see when you submitted it I can grade it and you're done and I just want you to take a look here when you use that print PDF and do it in landscape mode I think really happy thoughts about you because I can see it all on the same page otherwise it comes up like this and it cuts off the numbers and I have to print them out and paste them together and it's really annoying but this is your first practice get in there QuickBooks is not that difficult it's not rocket science this isn't statistics okay just learn how to enter those transactions learn how to read my descriptions of the transactions get in to the testing center do the practice and you're done remember online students have a different deadline than the lecture students so be careful and look at canvas for your deadlines and then get it done get it done early start on your pivot tables
