Chapter 10: Maintaining Accounting Records for Service Businesses McGraw-Hill/Irwin
Transcription
Chapter 10: Maintaining Accounting Records for Service Businesses McGraw-Hill/Irwin
Chapter 10: Maintaining Accounting Records for Service Businesses McGraw-Hill/Irwin Copyright © 2011 by The McGraw-Hill Companies, Inc. All rights reserved. Service Business Records In Chapter 10, you continue the work started in Chapter 9. You complete the computer accounting cycle for the month of October using your client's transaction register and bank statement as source documents. Source documents are used to show written evidence of a business transaction. For Vernon Firestone Designer, the source documents used are his transaction register and bank statement. The transaction register shows Mr. Firestone’s checking account activity. 10-2 Peachtree Tips Chapters 9, 10 and 11 are cumulative. The Vernon Firestone Designer service business set up in Chapter 9 is continued in Chapters 10 and 11. The company set up in Exercise 9-1, Student Name, Design, is continued in Exercises 9-2, 10-1, 10-2, 11-1, and 11-2. 10-3 Backing Up Chapter 10 In the textbook, detailed steps are shown for backing up to Peachtree’s default hard drive location: C:\Program Files\Sage Software\Peachtree\Company\verfirde [or, your company’s shortened name]. The chart on textbook pages 275-276 shows the size of the backup files. The Excel files saved are also shown. The textbook steps explain how to backup to external media such as CD-Rs, DVD-Rs, and USB media. Backup Name (.ptb) Excel (.xlsx) Kilobytes Page Nos. Chapter 10 Transaction Register October.ptb 1,339 KB 336 Chapter 10 October.ptb 1,358 KB 349 18 KB 349-351 Exercise 10-1.ptb 1,298 KB 356 Exercise 10-2.ptb 1,303 KB 358 18 KB 359 Chapter 10_October Balance Sheet and Income Statement.xlsx Exercise 10-2_October Balance Sheet and Income Statement.xlsx 10-4 Maintain Global Options, steps 1-2, p. 328-329 From the menu bar, click on Options, Global. Make sure the box next to Recalculate cash balance automatically in Receipts, Payments, and Payroll Entry has a check mark next to it. Click <OK>. When you use Receipts and Write Checks, make sure that the check register’s balance agrees with the cash balance shown on the check register. Refer to the partial check register on p. 328. 10-5 Editing Journal Entries, p. 344 Click on Tasks, then Receipts. Click on the icon. Double-click the deposit you want to edit Make any necessary changes, then click on Save to post. 10-6 Glossary of Terms Chapter 10 10-7 Source Documents, p. 325 Source documents are used to show written evidence a business transaction. For Vernon Firestone Designer, the source documents used are his transaction register and bank statement. 10-8 Transaction Register, p. 325 The transaction register shows checking account activity. 10-9 Bank reconciliation, p 339 Peachtree’s Account Reconciliation feature allows you to adjust Mr. Firestone’s bank statement. Bank reconciliation is the process of bringing the balance of the bank statement and the balance of the cash account into agreement. 10-10 Peachtree’s Resource Center, p. 351 1. Read the Peachtree Resource Center information on pages 351. 2. To access Peachtree’s Products & Services website, link to www.peachtree.com/productsServices/whatsNew/. 3. In the New Features Videos list, select My Dashboard. 4. Watch the YouTube video. (This information is for Peachtree Quantum software.) 10-11 Internet Activity, p. 351 1 Go to the book’s website at www.mhhe.com/yacht2010. 2 Link to Student Edition. 3 In the Choose a Chapter field, select Chapter 10. Observe that the Quizzes and More Resources list includes additional activities. In the Course-wide Content list, link Internet Activities; then link to Part 2 Internet Activities for Chapter s 9-11. Select Open or Save. 4 If necessary, scroll down the window to UNDERSTANDING ACCOUNTING TERMS – Chapter 10. Read steps 1, 2 and 3. 5 Follow the steps shown on the textbook’s website to complete this Internet activity. 6 Use a word processing program to write a summary for each website visited. Your summaries should be no more than 75 words. 10-12 Going to the Net, p. 352 Access the Peachtree Quantum website at http://www.peachtree.com/productsServices/quantum/. Watch the product video and customer profile video. Then, answer the following questions: 1. What are some of the features of Peachtree Quantum. 2. What is SmartPosting? 10-13