Quickbooks: Payroll Accounting Class

An accounting cycle is a process, or a series of activities, that consists of collecting an organization’s transactions at the end of a reporting period to prepare essential financial statements of a business (Fleury, 2015). The accounting cycle is a strict, methodical set of rules used to ensure the accuracy and conformity of financial statements (Investopedia, 2017). The steps involved with an accounting cycle, the roles each of the step facilitate, the impact of omission, and what financial statements are assembled from the accounting cycle data.

CHAPTER 7 Transaction No. 11 |FEDERAL DEPOSIT INFORMATION WORKSHEET | | | | |Employer | | |Identification Number 31-0450660 |Name Glo-Brite Paint Company | |Month Tax Year Ends 12 |Amount of Deposit 6443.08 | |Type of Tax (Form) 941

Payton Approved, a new dog bakery opened in July 2014. To measure the businesses success the first six months are reviewed. The first topic will discover the steps of the accounting cycle with descriptions of each process. Next, one will learn and analyze a report of the importance of each step for the accounting process to measure success. The last analyzed step will discuss how the omission of one step can impact the success of the company.

Enter the appropriate numbers/formulas in the shaded (gray) cells. An asterisk (*) will appear to the right of an incorrect answer.

Accounting is commonly described as the language of business. It is very important for all business owners to have very good understanding of their finances. Having the knowledge of your business finance, you will know where the money is going. Every business owner should have a good understanding of finance. To have a good understanding business owners needs to understand basic accounting steeps, how does accounting play a role in their business, how to define a financial statement and how the omission of any of these steps would affect the success of a business. Once you have an understanding of accounting/finance and the how it plays

Revenue recognition is one of the top causes for financial statement restatements. In addition, revenue recognition is an area commonly questioned by the Securities and Exchange Commission (SEC) staff in their review of public filings and resultant comment letter process. Furthermore, revenue recognition is often prey to financial fraud.

On Wednesday, February 24, 2016, I conducted an interview with Professor Clarissa Wilkerson, JD, CPA. As an accounting major, I am extremely interested in pursuing a career in accounting and am a student in Professor Wilkerson’s class. Her enthusiastic personality continues to inspire me to pursue a career in this field. After explaining my career goals and the details of this assignment, she gladly accepted when I asked if she would be willing to conduct an interview to help me complete this interview report. Professor Wilkerson received her Master’s degree in Taxation from Georgia State University. She is also a licensed Certified Public Accountant (CPA), and has considerable experience in the field of accounting. A few of the topics we discussed were: the importance of teamwork, the way technology is changing accounting, the value of understanding finance and economics in relation to accounting, and the usefulness of receiving a degree in accounting and earning a CPA license.

How will a buyback of shares provide a “quick fix” for EPS (earning per share)?

11 Carson, Fran M. 12 Wilson, William A. 13 Utley, Harry T. 21 Fife, Lawrence R. 22 Smith, Lucy K. 31 Fay,

QuickBooks and Sage 50 Accounting are both great options for small business accounting. These programs help manage business finances which can drastically save time that may have been spent creating Excel spreadsheets and more. However, while both programs are sufficient for small businesses, the programs differ based on what they can offer your company.

Companies are devising means of outsourcing payment set ups because of their employees. The Payroll companies are skilled in this perspective, having the capacity for processing payrolls better. Furthermore, using the services of the right payroll company can go quite a distance in saving the business a large amount of money in the proper execution of selecting the services of in-house staff to undertake the task. Things to consider whenever choosing a payroll provider include:

Intuit’s QuickBooks product line is a staple of American small business finance and continues to expand; worldwide via QuickBooks Online, accountant channels with QuickBooks Accountant’s edition, and into the payment market with QuickBooks Point of Sale and Merchant Servicing. The QuickBooks product line is sold from many channels; direct from Intuit, major retailers, discount retailers like Sam’s Club and Costco, independent resellers, and QuickBooks “ProAdvisor” certified accountants. With such a diverse product depth, varied market segmentations, and multichannel distribution chain, a pricing strategy can be more difficult but rewarding in reaching and retaining more customers (Sotgiu, & Ancarani, 2004).

We are in search of an outgoing sale associated that can use quickbooks to process transaction and inventory. We would someone to put about of our countercultural lifestyle store. We would like someone knowable about glass apparel and an open mind about art. We are looking for someone that can help out a few full- day of work a week.

Accounting/Finance application systems like Peachtree, Net Suite and QuickBooks let you manage your business with a little or no experience. All three application systems allow the users to manage the companies' capital including bookkeeping, inventory,

QuickBooks is designed to help small businesses and corporations organize their finances. This program is created so that it can be accessed from a computer or mobile device from any location. Through QuickBooks, businesses can enjoy having a simplified way of tracking expenses, sales and taxes.