International Field Office QuickBooks User Manual

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1 International Field Office QuickBooks User Manual RTI International is a trade name of Research Triangle Institute

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3 Table of Contents Chapter 1: Introduction Basic Accounting... 3 Assets, Liabilities and Equity (Balance Sheet Line Items)... 3 Income and Expense Accounts (P&L/Income Statement Line Items)... 4 Debits and Credits... 4 Accounting and Accounting Terms... 6 The Accounting Cycle... 9 Cash Basis or Accrual Accounting... 9 Double-Entry Accounting... 9 Debits and Credits Glossary Keyboard Shortcuts Login Screen and Roles Login Screen and User Names Change Password Roles Multi-user Mode Set Up Multi-user Mode QuickBooks Home Page Class (Locations) Sub-class (Grants) Vendors Quick Add Method Vendor Center Method Merging Two Vendor Names Customers (Employees and Project Charge Codes) Quick Add Method Customer Center Method Merging Two Customers Names Budgets Backup Files Saving a Backup Copy File Verification Chapter 2: Transaction Types by Activity Receipt of Cash from RTI Writing Checks Default Accounts Check Colors Duplicate Check Numbers Finding Checks Reports: The Missing Checks Report is helpful when using checks International Field Office QuickBooks User Manual iii Version 2.0

4 3. Voiding Checks Type 1: Voiding a previously recorded check Type 2: Blank check (a check that was not used) Reverse Previously Voided Transaction Type 3: Uncleared check from prior closed period (never to be cashed) Petty Cash Deposits (Security and Other) Procurement Requisitions Modifying Requisitions before Month End or After Items Are Received Change Orders Purchase Orders Creating a Purchase Order from a Requisition Modifying Purchase Orders After Month End Blanket Purchase Orders Reports Entering Bills Entering bills for Vendors with Outstanding Purchase Orders Entering Bills for Vendors That Do Not Require Purchase Orders Reports Paying Bills Reports Employee Advances Scenario 1: Advance Johnny Smith (5000 LC) = Expense (5000 LC) Scenario 2: Advance Roger Davis (5000 LC) > Expense (4800 LC) Scenario 3: Advance to Janet Kim (5000 LC) < Expense (5200 LC) Scenario 4: Advance to Andre Sony (5000 LC) > Expense (4800) Scenario 5: Advance to Mary Roberts (5000 LC) > Expense (4800) Advances to Subcontractors, Consultants, and Grantees Scenario 1: Advance to subcontractor (15000 LC) = expense (15000 LC) Scenario 2: Advance to grantee (15000 LC) > expense (14000 LC) Scenario 3: Advance to consultant (15000 LC) < expense (16000 LC) Scenario 4: Advance to subcontractor (15000 LC) > expense (14000 LC) Reclassify and reverse vendor (subcontractor, consultant, grantee) prepayments at month end CCN Payroll Scenario 1a: Payroll paid in current month, employees paid by check Scenario 1b: Payroll paid in current month, Employees paid by cash Scenario 1c: Payroll paid in current month, employees paid by EFT Scenario 2: Payroll transaction not funded in current month, record as accrual as well as taxes and fringe benefits Scenario 3: Payroll reflects repayment of employee loan (from advance) Value Added Tax Scenario 1: Bill > 500. Pay expenses and VAT Scenario 2: Bill < 500. Pay expenses and VAT Scenario 3: Pay vendor for expenses portion of bill only International Field Office QuickBooks User Manual Page iv Version 2.0

5 13. Journal Entries Journal Entries for Current Month Transactions Reclassify uncleared employee advance Reclassify and Reverse Vendor (Subcontractor, Consultant, Grantee) Prepayments at Month End Accrue known vendor bills (not already entered in QuickBooks) via journal entry at month end Journal Entries for Prior Month Transactions Journal Entry Reports Chapter 3: Month End Month End Throughout the Month Close 5 Days Close + 1 Day Close + 2 Days through Close + 10 Days By 15 th Day of Following Month Reconciliation Process International Field Office QuickBooks User Manual Page v Version 2.0

6 International Field Office QuickBooks User Manual Page vi Version 2.0