International Field Office QuickBooks User Manual RTI International is a trade name of Research Triangle Institute
Table of Contents Chapter 1: Introduction... 1 1. 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... 10 2. Glossary... 13 3. Keyboard Shortcuts... 15 4. Login Screen and Roles... 17 Login Screen and User Names... 17 Change Password... 17 Roles... 18 5. Multi-user Mode... 19 Set Up Multi-user Mode... 19 6. QuickBooks Home Page... 21 7. Class (Locations)... 23 8. Sub-class (Grants)... 25 9. Vendors... 27 Quick Add Method... 27 Vendor Center Method... 27 Merging Two Vendor Names... 30 10. Customers (Employees and Project Charge Codes)... 31 Quick Add Method... 31 Customer Center Method... 32 Merging Two Customers Names... 33 11. Budgets... 35 12. Backup Files... 43 Saving a Backup Copy... 44 File Verification... 47 Chapter 2: Transaction Types by Activity... 49 1. Receipt of Cash from RTI... 51 2. Writing Checks... 55 Default Accounts... 55 Check Colors... 57 Duplicate Check Numbers... 57 Finding Checks... 57 Reports: The Missing Checks Report is helpful when using checks.... 59 International Field Office QuickBooks User Manual iii Version 2.0
3. Voiding Checks... 61 Type 1: Voiding a previously recorded check... 61 Type 2: Blank check (a check that was not used)... 63 Reverse Previously Voided Transaction... 65 Type 3: Uncleared check from prior closed period (never to be cashed)... 67 4. Petty Cash... 69 5. Deposits (Security and Other)... 75 6. Procurement... 77 Requisitions... 77 Modifying Requisitions before Month End or After Items Are Received... 78 Change Orders... 79 Purchase Orders... 81 Creating a Purchase Order from a Requisition... 81 Modifying Purchase Orders After Month End... 84 Blanket Purchase Orders... 84 Reports... 86 7. Entering Bills... 89 Entering bills for Vendors with Outstanding Purchase Orders... 89 Entering Bills for Vendors That Do Not Require Purchase Orders... 91 Reports... 92 8. Paying Bills... 95 Reports... 97 9. Employee Advances... 99 Scenario 1: Advance Johnny Smith (5000 LC) = Expense (5000 LC)... 100 Scenario 2: Advance Roger Davis (5000 LC) > Expense (4800 LC)..... 104 Scenario 3: Advance to Janet Kim (5000 LC) < Expense (5200 LC).... 111 Scenario 4: Advance to Andre Sony (5000 LC) > Expense (4800)..... 116 Scenario 5: Advance to Mary Roberts (5000 LC) > Expense (4800).... 121 10. Advances to Subcontractors, Consultants, and Grantees... 129 Scenario 1: Advance to subcontractor (15000 LC) = expense (15000 LC).... 129 Scenario 2: Advance to grantee (15000 LC) > expense (14000 LC).... 133 Scenario 3: Advance to consultant (15000 LC) < expense (16000 LC).... 139 Scenario 4: Advance to subcontractor (15000 LC) > expense (14000 LC).... 144 Reclassify and reverse vendor (subcontractor, consultant, grantee) prepayments at month end.... 149 11. CCN Payroll... 157 Scenario 1a: Payroll paid in current month, employees paid by check.... 158 Scenario 1b: Payroll paid in current month, Employees paid by cash.... 162 Scenario 1c: Payroll paid in current month, employees paid by EFT... 165 Scenario 2: Payroll transaction not funded in current month, record as accrual as well as taxes and fringe benefits.... 167 Scenario 3: Payroll reflects repayment of employee loan (from advance)... 170 12. Value Added Tax... 173 Scenario 1: Bill > 500. Pay expenses and VAT.... 173 Scenario 2: Bill < 500. Pay expenses and VAT.... 176 Scenario 3: Pay vendor for expenses portion of bill only.... 179 International Field Office QuickBooks User Manual Page iv Version 2.0
13. Journal Entries... 187 Journal Entries for Current Month Transactions... 187 1. Reclassify uncleared employee advance.... 187 2. Reclassify and Reverse Vendor (Subcontractor, Consultant, Grantee) Prepayments at Month End... 188 3. Accrue known vendor bills (not already entered in QuickBooks) via journal entry at month end.... 195 Journal Entries for Prior Month Transactions... 198 Journal Entry Reports... 199 Chapter 3: Month End... 201 1. Month End... 203 Throughout the Month... 203 Close 5 Days... 204 Close + 1 Day... 204 Close + 2 Days through Close + 10 Days... 205 By 15 th Day of Following Month... 205 2. Reconciliation Process... 207 International Field Office QuickBooks User Manual Page v Version 2.0
International Field Office QuickBooks User Manual Page vi Version 2.0