Chapter 3

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Author:
atcannon
ID:
290283
Filename:
Chapter 3
Updated:
2014-11-30 18:36:25
Tags:
Accounting 406
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Description:
Overview of maintencace, processing information, and internal control
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  1. Maintenance
    means establishing the information in the system that permits the automatic and convenient processing of transactions and preparing reports
  2. Maintenance allows QuickBooks
    to automatically complete many parts of data entry in the processing windows such as customer address and terms
  3. 3 Maintenance tasks
    • Information:
    • add
    • change
    • delete
  4. Internal control in maintenance
    the inability to add, change, or delete any transaction data by doing any type of maintenance task
  5. Customers with open balances
    • Cutomer Center
    • Customer & Jobs tabs
    • Drop-down:
    • Customer with Open Balances
  6. Customer Maintenance
    Address Infor. tab
    • Customer Name-Balance
    • Company name
    • Full name
    • Job titles
    • Phone Number
    • Email
    • Fax
    • Website
    • Billing Address
    • Shipping Address
  7. Customer Maintenance
    Additional Info. tab
    • Customer type
    • Rep
    • Custom Fields:
    • Contract #
    • B-Day
    • Spouse's name
  8. Customer Maintenance
    Payment Settings Tab
    • Account #
    • Terms
    • Perferred Delivery
    • Perferred Payment
    • Credit limit
    • Price level
    • online payment link to invoices
    • Credit card information
  9. Customer Maintenance Tab
    Sales Tax Setting
    • Tax Code
    • Tax Item
    • Resale No.
  10. Maintenance-Deleting an Account
    when you delete any account, the account is permanently deleted in QuickBooks
  11. Deleting an Account-built in control
    Quickbooks prevents users from deleting accounts that include financial data. Will not delete account if used in one transaction in this accounting period
  12. Correcting a Transaction before it is recorded
    Transaction entry errors can be corrected by clicking the box containing the error and reentering the correct information
  13. Deleting a Transaction
    All evidence of the transaction is eliminated from the records
  14. Voiding a Transaction
    QuickBook retains the transaction information in the system, but records the amount as zero
  15. Why void a transaction
    if it is impractical to prepare the same document again.  Common when a company uses pre-numbered documents and discovers an error or document was destroyed. Preserves the audit trail
  16. When to delete a transaction
    if there is no need to preserve an audit trail. If transaction can be corrected before printing pre-numbered documents or if the documents are not pre-numbered
  17. Quick Add
    maintenacne on the fly
    When a company expects additional transactions with a customer in the future it is appropriate to add full customer detail as part of the transaction recording process
  18. Quick Add
    • When a company does not expect additional transactions with a customer in the future it is appropriate to include less information during the transaction process
    • *usually applies to customers an vendors
  19. QuickBook internal controls purpose
    minimizes the likelihood of errors and fraud
  20. QuickBook internal controls categories 2
    • applicable for processing transactions
    • restrict access to software
  21. Controls over processing transactions
    QuickBooks includes many controls to minimize errors and reduce the time it takes to enter data
  22. Processing Controls 6
    • Automatic Entry Controls
    • Automatic Calculation¬†
    • Posting Controls
    • Complete Data Controls
    • Valid Data Controls
    • Exceed limits controls
  23. Automatic Entry Controls
    automatically enter information after receiving a cue from the person entering the data. This reduces data entry time and likelihood of data entry errors
  24. Automatic Calculation
    automatically calculate or post information after the person entering data has entered other information or clicked certain buttons
  25. Posting Controls
    transaction information is automatically posted to subsidiary records, the general ledger, and other records through the use of the Print and Save button in various windows after transaction information is entered.
  26. Complete Data Controls
    informs the person entering data into the system that information needed to process the transaction has been omitted
  27. Valid Data Controls
    minimize the likelihood of entering incorrect data into the system. If a field is numeric it will not accept alphanumeric data. If a date option is out of range or invalid a message will show
  28. Exceeded Limits Control
    informs the person entering data that the transaction is not authorized due to such things as exceeding credit limits, or insufficient inventory on hand to fill the order
  29. Password Control
    permits restricting access to the software by the use of a password. Once set up, the software can be accessed only by entering the password whenever QuickBooks is opened.

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