Tishk International University FASE Accounting department ACC 408:

Tishk International University FASE Accounting department ACC 408: Computerized Accounting – II W2 (18-22/10-2020) Topic : W3: QUICKBOOKS BASICS – CREATING NEW COMPANY ACC 408 , Grade IV– Fall Semester 2020-2021 Instructor: Dr. Kapila Uma Shankar

GREETING OF THE DAY Dear all, I hope you are all doing well. Today’s lecture topic : ACCOUNTING SOFTWARES Instructor: Dr. Kapila Uma Shankar PhD(Finance)., MBA., M.Com., NET.,SET.,FET.,DGA. Assistant Professor TIU, Erbil, Kurdistan, IRAQ . Let’s begin the today’s lesson

Learning Objectives The learning objectives of this topic is for you is 1. To understand quick books accounting software. 2. To understand creating new company . 3. To understand the how practically creating new company in Quickbooks.

Accounting Software For Small Businesses – Quick Books QuickBooks is an accounting developed and marketed by Intuit. software package QuickBooks products are geared mainly toward small and medium-size businesses and offer onpremises accounting applications as well as cloudbased versions that accept business payments, manage and pay bills, and payroll functions.

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Conti Intuit was founded in 1983 by Scott Cook and Tom Proulx in Mountain View, California, USA. After the success of Quicken for individual financial management, the company developed similar services for small business owners.

Initial release The initial Quicken software did not function as a " double-entry" accounting package. The initial release of QuickBooks was the DOS version that was based on the Quicken codebase. The Windows and Mac versions shared a different codebase that was based on In-House Accountant, which Intuit had acquired. The software was popular among small business owners who had no formal accounting training.

Subsequent releases Intuit sought to bridge the gap with these accounting professionals, eventually providing full audit trail capabilities, double-entry accounting functions and increased functions. By 2000, Intuit had developed Basic and Pro versions of the software and, in 2003, started offering industryspecific versions, with workflow processes and reports designed for each of these business types along with terminology associated with the trades.

Conti In September 2015, Intuit released QuickBooks 2016 that contains several improvements to the existing ones and new features such as batch transaction, bill tracking, continuous feed label printer support, batch delete/void transactions etc. In September 2016, Intuit released QuickBooks 2017 with several improvements like automated reports, smart search and improved viewing of report filters among other things.

In 2017, Intuit released QuickBooks 2018 to give its users a better experience by adding features such as mobile inventory barcode scanning, multimonitor support, search in the chart of accountants, mobile inventory scanning etc.

On September 17, 2018, Intuit announced the release of QuickBooks 2019 with some unique features requested by its users, including history tracker for customer invoices, ability to transfer credits between other jobs of the same customer, payroll adjustment feature, and more.

1. On September 16, 2019, QuickBooks 2020 was launched with the aim to improve the reliability and experience of using the software. All the desktop versions - Pro, Premier, Accountant, and Enterprise are packed with new features like the ability to add customer PO number in email subject lines, send batch invoices to customers, automatic payment reminders, collapse and expand columns, easy QuickBooks version update etc

How to Create a Company File in QuickBooks To get started using QuickBooks, you must first create a company file. Setting up your company file correctly is crucial to the overall efficiency of the QuickBooks software. Before you begin, you may want to verify your setup information with your CPA or with a QuickBooks Pro Advisor. There are three ways to create a new company file using QuickBooks. We recommended that you use the Express Start wizard to guide you step-by-step through the setup process.

The Express Start takes only a few minutes to complete, and it is recommended that you avoid skipping questions during the process. To set up your company file using the Express Start wizard:

From the QuickBooks menu, select File New Company.

In the QuickBooks Setup dialog box, click Express Start.

Enter name, industry, type, and tax ID information for your company. Click Continue

4. Enter the legal name of your business and general contact information. Click Preview Your Settings.

5. In the Preview Your Company Settings dialog box, select the Chart of Accounts tab.

Back in the contact screen, click Create Company File.

True And False Questions from the given below incorrect statement write correct statement 1. 2. 3. 4. 5. Fresh books accounting software is not used for Billing & Invoicing systems. ( ) Quite a small business can not be run just using an electronic spread sheet for its accounting software . ( ) Brightpearl accounting software is used for Time & Expense management systems. ( ) Odoo accounting software is used for Billing & Invoicing systems. ( ) Zoho Invoice accounting software is used for Enterprise resource planning systems. ( )

CORRECT STATEMENTS 1. Fresh books accounting software is used for Billing & Invoicing systems. 2. Quite a small business can be run just using an electronic spread sheet for its accounting software. 3. Bright pearl accounting software is used for Enterprise resource planning systems. 4. Odoo accounting software is used for Enterprise resource planning systems. 5. Zoho Invoice accounting software is used for Billing & Invoicing systems

MCQs 1. Before deciding to implement accounting software, you should first understand how accounting software works and----------. A. B. C. D. How it can benefit your business. Cost of accounting software None of the them Both of the them Answer : A Source : Refer slide No 4

MCQs 2. Accounting software is used to ---------- about and ------ on the financial viability of a business. A. B. C. D. collect information Report Collect information and Report None of them Answer : C Source : Refer slide No 5 ( )

MCQs 3. Which accounting software is used for Payroll management systems -------( ) A. B. C. D. Account Edge Zenefits Xero All of the above Answer : D Source : Refer slide No 5

MCQs 4. Which accounting software is used for Billing & Invoicing systems-----------------------------( ) A. Xero B. Zenefits C. Account Edge D. Fresh Books Answer : D Source : Refer slide No 14

MCQs 5. Which accounting software is used for Time & Expense management systems ------( ) A. B. C. D. Xero Zoho Expense Zenefits Account Edge Answer : B Source : Refer slide No 17

Essay Questions 1. Explain concept of computerized accounting . (Answers : Slide No 4&5) 2. Explain Types of accounting software. (Answers : Slide No 6,7,8,9,10,11,12,&13) 3. Explain Accounting Software For Specific Use (Answers : Slide No 14,15,16 &17)

SUMMARY Dear students we have discussed and understood the computerized accounting software, different types of computerized accounting software and the Accounting software for specific use.

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