QuickBooks Pro 2007 ... 3
Accessing and Logging into QuickBooks Pro 2007 ... 4
Company information ... 5
Entering and Editing Company Information... 5
To View or Change Company information... 5
The Chart of Accounts ... 6
Setting Preferences in QuickBooks Pro 2007 ... 8
Setting the Primary Cash Account Defaults... 8
Turning off the Inventory Tracking options... 10
To turn off the Inventory Tracking Preferences... 10
Creating New Sub-accounts ... 12
Adding New Sub-accounts... 12
Adding Items for Income and Expense Accounts... 15
To Add an Item for an Income or Expense Account: ... 15
Working with Classes... 18
Adding Classes... 19
Entering Vendors... 20
Using Quick Add... 22
Entering Customers ... 23
Using Quick Add... 25
Working with Journal Entries ... 26
To Make a Journal Entry:... 27
Writing Checks... 28
To Write a Check: ... 28
Creating Sales Receipts... 30
Entering Dues and Fees... 31
To enter Dues from a Deposit History Report: ... 31
Enter Dues from the Dues and Fees Log Book ... 32
Memorizing Transactions... 36
NSF Check Posting ... 38
Posting NSF Fees and Bank Charges... 39
Re-Payment of NSF Checks, Bank Charges and Fees ... 40
Payment of NSF Charges and Fees ... 41
Viewing Undeposited Funds ... 42
Preparing and Recording Deposits... 43
Entering Journal Entries to create Unemployment Tax Liabilities ... 45
Entering Bills... 46
To enter a Bill:... 46
Paying Bills ... 49
To Record Bill Payments: ... 50
To Pay Bills by Printing Checks: ... 51
Transferring Funds ... 55
To Transfer Funds using Online Banking:... 55
To Transfer Funds at the Financial Institution:... 56
Reconciling Bank Statements... 57
Adjusting Inventory Balances ... 62
To adjust a General Ledger Inventory Account:... 62
Inventory Accounts with corresponding Cost of Goods Sold Account #’s ... 63
Monthly Reports... 65
To access the Monthly Reports: ... 65
Reports ... 67
Create and View Reports... 67
Backup... 69
Restore Function ... 72
QuickBooks Pro 2007
QuickBooks Pro 2007 is the computerized accounting system that has been selected by Moose International for use by fraternal units as part of the LCL project. QuickBooks Pro 2007 operates on a personal computer through the Windows XP Pro or Vista operating systems. Because QuickBooks Pro 2007 is a Windows based system, you will use a mouse in moving from one area of the system to another.
QuickBooks Pro 2007 is designed to be easy to use; yet it contains important controls and reporting capabilities. The QuickBooks Pro 2007 system is known as an “integrated accounting package”, that is, you enter information into the system once and that information will be saved to all parts of the accounting system affected by the entry, eliminating repetitive entry of data. This is just one of the advantages of a computerized accounting system.
Also, QuickBooks Pro 2007 has been set up as an accrual accounting system. It records revenues when the sale is made (not when payment is received), and records expenses when they are incurred (not when payment is issued).
QuickBooks Pro 2007 has the capability to send accounting information electronically to other computer programs. Information will be sent electronically from your QuickBooks Pro 2007 accounting package to LCL.net to prepare the Monthly Balance Sheet and Profit and Loss Statement required by Moose International monthly.
This system is designed to track income and expenses, enter bills, pay bills, enter receipts, make deposits and give totals for all financial transactions. Savings, investments and manual payroll are also part of this financial package. QuickBooks Payroll Services are available through Intuit on a subscription basis. Intuit has several levels of payroll accounting systems that can be purchased directly through them. These payroll packages include Tax Rate and Tax Form updates on a regular basis depending on the package purchased. A Chart of Accounts is provided for easy reference and tracking of individual transactions.
QuickBooks Pro 2007 uses the term “Company” to refer to the data file that stores accounting information about a specific Fraternal Unit.
As in LCL.net, you must use the Tab key to maneuver through the fields in QuickBooks Pro 2007.
Accessing and Logging into QuickBooks Pro 2007
Refer to the Getting Started with QuickBooks Pro 2007 chapter of the Moose International QuickBooks Pro 2007 Resource Manual.
You can access QuickBooks Pro 2007 from an Icon on your desktop or from the Start menu. A student file has been installed so that you can “practice” in QuickBooks Pro 2007 without affecting actual financial data. This is the file we will be using for these student exercises. The QuickBooks Pro 2007 program can be started using any of the methods commonly used to start other Windows applications.
Double click on the QuickBooks Pro 2007 icon on the Windows desktop or 1. Click on the Start button on the Windows taskbar.
2. When the Start menu appears select Programs or All Programs and the Programs submenu appears.
3. Click on QuickBooks and the QuickBooks submenu appears. 4. Choose QuickBooks Pro 2007
Note: QuickBooks Pro 2007 opens the most recently used Company file when the program is launched.
If QuickBooks Pro 2007 opens and the No Company Open dialog box appears.
You can select a file from the list of previously opened files or choose Open an Existing Company and select another file from the Open a Company screen.
Once you have found the correct Company file, highlight the file and click the Open button. All data is automatically saved when the Company file is closed.
Company information
Entering and Editing Company Information
Company information for your Fraternal Unit can be viewed and modified whenever necessary.
To View or Change Company information
1. On the Menu Bar choose Company.2. Choose Company Information.
3. Add or modify information, if necessary. Use the Tab key to move from one field to another.
4. Click OK to save changes and close the window or click Cancel to close the window without saving changes.
Note: DO NOT CHANGE the initial information set up by Moose International in the Report Information section of the Company Information screen.
***Exercise – Editing Company Information
Enter your Fraternal Unit’s Name, Number and other information. Jefferson Moose Lodge #9999
123 Main Street Jefferson IL 60539 Phone #630-859-2000 Fax #630-859-2001 E-mail [email protected] ID# 39-2563901
The Chart of Accounts
Refer to the Using QuickBooks Pro Accounts chapter of the Moose International QuickBooks Pro 2007 Resource Manual.
The Chart of Accounts is the core of your computerized accounting system and has been pre-entered by Moose International for you. The Chart of Accounts is already set up in QuickBooks Pro 2007 for Fraternal Units. This account structure will make your financial reports and statements easier to read and understand. To make working with accounts a little easier, each account is assigned a number.
QuickBooks Pro 2007 allows you and Moose International encourages you to create any additional sub-accounts that you need for your operation, which will allow you to customize your financial statements.
Important: You shall not edit any Parent Account provided for you by Moose International and you must not add any accounts at a Parent Account level. You may add as many sub-accounts to the Parent Accounts as you need.
It is important to understand the account numbering system used by Moose International. These account numbers help to classify Income, Expenses, Liabilities and Assets.
Number Type Description
1000 series Bank Includes checking, savings and investment accounts 1000 series Accounts
Receivable
Includes money owed to the Fraternal Unit. The balance changes whenever an invoice is issued or a payment is recorded against an invoice.
1000 series Assets Includes things that the organization owns, such as Undeposited Funds, Lodge Home/Building, Inventory and Furniture and Fixtures.
2000 series Accounts Payable
Includes all unpaid bills. The balance in this account changes whenever new bills are entered or outstanding bills are paid. 2000 series Liability Includes money that the organization owes, such as unpaid bills,
payroll taxes and amounts owed to Moose International.
3000 series Equity Bookkeeping accounts that record opening account balances and profits or losses from prior years. These amounts are
automatically created and updated by QuickBooks Pro 2007. 4000 series Income Records and categorizes money that has been received. 5000 series Expenses Records and categorizes money that has been spent.
Remember: The Chart of Accounts is already set up for the Fraternal Units with Parent Accounts and Sub-Accounts. While Sub-Accounts can be added and/or changed, the Parent Accounts SHALL NOT be changed in any way.
Sub-accounts are set up and must be attached to Parent Accounts. Sub-accounts are indented in the Chart of Accounts, in an outline format.
Important: If Sub-accounts are used, the “Parent” accounts will not contain any transactions; Parent Accounts will serve only as accounts to collect all the transactions from the sub-accounts attached to them.
NEVER ADD A SUB-ACCOUNT TO ANOTHER SUB-ACCOUNT
If a new Sub-account is created, it is important that it is in the proper numbering sequence with similar sub-accounts and that it be at the correct level in the outline structure as a Sub-account.
Note: Before creating new asset or liability sub-accounts, it is recommended that the Fraternal Unit consult the Finance Department at Moose International to ensure that the account will be recognized by the Moose International accounting system.
Setting Preferences in QuickBooks Pro 2007
The following procedures should be used to set certain preferences in QuickBooks Pro 2007 so as to minimize entries to wrong Account Numbers and negative Balances in the Inventory Accounts.Setting the Primary Cash Account Defaults
QuickBooks Pro 2007 allows you to set the default Cash account for Write Checks, Pay Bills, Pay Sales Tax and Make Deposits. Setting the default to the primary checking account 1005.00 – General Checking will decrease the possibility of Checks, Bill Payments, Sales Tax Payments and Make Deposits being made to or from the Parent account 1000.00 – Cash.
Note: There will be instances where the Cash account to be used will be other than 1005.00 – General Checking. (I.e. 1006.00 – Bingo Checking) In this case you will need to manually change the account number in QuickBooks.
To set the Cash account to the desired account for Write Checks, Pay Bills, Pay Sales Tax and Make Deposits:
1. Click Edit in the Menu Bar.
The Edit Drop Down Menu will open.
2. Click Preferences.
The Preferences Box will open.
3. Click Checking in the Selection Box on the left side of the Preferences Box. 4. Choose the My Preferences Tab.
5. Click in the four boxes to the left of the word Open to place a Check Mark in each box. 6. From the Drop Down Menu for each of the four lines select 1005.00 – General
Checking.
7. Click OK in the upper right corner.
The Write Checks Screen, Pay Bills Screen, Pay Sales Tax Screen and Make Deposits Screen will now open to 1005.00 – General Checking each time they are opened.
Checking
My Preferences Tab
Four Check Boxes
Account
Turning off the Inventory Tracking options
Unless you are using Computerized Cash Registers routed to QuickBooks, the Inventory Tracking Options in QuickBooks should be turned off. If this is not done, QuickBooks will create negative account balances in the Inventory accounts that will show on the Balance Sheet.
To turn off the Inventory Tracking Preferences
1. Click Edit in the Menu Bar.
The Edit Drop Down Menu will open.
2. Click Preferences.
The Preferences Box will open.
3. Click Items & Inventory in the Selection Box on the left side of the Preferences Box. 4. Choose the Company Preferences Tab.
5. Starting at the bottom Check Box, Click in each Box to take the Check Mark out.
Note: If you do not take the Check Marks out of the Boxes from the bottom up, QuickBooks may not turn the Inventory Tracking off.
6. Click OK in the upper right corner.
The Warning Message should no longer appear when entering Bills. Click Preferences
Company Preferences Tab Check Boxes
Creating New Sub-accounts
Refer to the
Using QuickBooks Pro Accounts chapter of the Moose
International QuickBooks Pro 2007 Resource Manual – Working with Asset and Liability Accounts.Before setting up any new sub-accounts, it is important to review the account numbering system used by Moose International. These account numbers help to classify income, expenses, liabilities and assets.
If a new sub-account is created, it is important that it is in the proper numbering sequence with similar accounts and that it be at the correct level in the outline structure as a sub-account.
Adding New Sub-accounts
To Add a New Sub-account:1. In the Company Navigator portion of the Home Page, select the Chart of Accounts Icon. 2. In the lower left corner of the window, choose Account, New.
The Choose Account Type screen opens.
3. Choose one of the listed Account Types or select from the Other Account Types drop down list.
4. Click Continue.
The Add New Account window opens.
5. Enter an account number that does not duplicate an existing account, but is in the proper numbering sequence group. Be sure to add .00 to the end of the Account number. I.e.: 5481.00 – Support Services and Fees.
6. Enter the Name of the account. 7. Click the box next to Subaccount of.
8. Use the Subaccount of drop down list to select the “parent” account. 9. Enter a brief description if needed.
10. Choose Save and Close to save the new sub-account and close the Add New Account screen.
- Or -
***Exercise*** - Entering New Income and Expense Sub-accounts
Enter the following new sub-account numbers that will be used in this Class: New Expense sub-account 5481.00 Support Services and Fees New Income sub-account 4630.00 Register Overages
New Income sub-account 4620.00 Miscellaneous Income – SQ New Income sub-account 4625.00 Miscellaneous Income – Lodge New Income sub-account 4730.00 Community Service Income New Income sub-account 4805.00 Entertainment Income New Income sub-account 4715.00 Sports Comm. Income New Income sub-account 4720.00 Ritual Comm. Income New Other Liability sub-account 2320.00 Bingo Sales Tax Liability New Expense sub-account 5505.00 Bingo Prizes & Jackpots New Income sub-account 4615.00 NSF Fee
New Expense sub-account 5615.00 Electricity Expense New Expense sub-account 5520.00 Bingo Utilities New Expense sub-account 5460.00 Mortgage Interest New Expense sub-account 5625.00 Gas Expense
New Expense sub-account 5645.00 Risk Pool Insurance New Expense sub-account 5515.00 Bingo Donations New Expense sub-account 5510.00 Bingo Supplies New Expense sub-account 5245.00 Register Shortages New Expense sub-account 5230.00 Bar Supplies New Expense sub-account 5240.00 Laundry – SQ New Expense sub-account 5485.00 Officers Bond New Expense sub-account 5660.00 Janitorial Service New Expense sub-account 5655.00 Equipment Repairs New Accounts Receivable sub-account 1105.00 NSF Checks
Adding Items for Income and Expense Accounts
Refer to the Using QuickBooks Pro Accounts chapter of the MooseInternational QuickBooks Pro 2007 Resource Manual – Working with Income and Expense Accounts.
When a sale receipt or a bill is recorded in QuickBooks Pro 2007, part of the information on the receipt or bill is the item for which the receipt or bill is being written. When a new Income or Expense sub-account is added to the QuickBooks Pro 2007 Chart of Accounts (COA), a corresponding Item must also be added to the Item list. While providing a quick way to enter data, an Item also handles behind-the-scenes accounting because it is linked to a specific account in the Chart of Accounts.
Note: Standard Moose International practice is to use the first four digits of the COA account number and title as the Item Name/Number for the corresponding Item, and the Name of the COA account as the description of the corresponding Item. This facilitates selecting the correct Item when recording a sales receipt or a bill.
To Add an Item for an Income or Expense Account:
1. Click the Item button in the Icon Bar.The Item List window opens.
The New Item window opens.
3. Choose the Type in the Type drop down list. Typically, the Types used in Fraternal Units will be Service, Inventory Part, Non-Inventory Part or Other Charge.
4. Enter the first four digits of the corresponding COA Income or Expense account number and the name in the Item Name/Number field.
5. If this Item is a sub-item of another Item currently on the Item list, place a check in the checkbox next to Subitem of and enter the first four digits of the parent Item and the name of the parent Item in the field below Subitem of.
6. Enter the name of the corresponding COA Income or Expense account in the Description field.
7. Select the corresponding COA Income or Expense account in the Account drop down list. 8. Choose OK to save the New Item and close the New Item screen.
- or –
Choose Next to save the New Item and enter another.
Note: It is helpful to select or create the COA Income or Expense sub-account first, so that this information is visible before entering an Item Name/Number and Description for the new Item.
***Exercise*** - Entering New Income and Expense Item Numbers Enter the following new Item Numbers that will be used for this Class:
New Income Item 4625 Miscellaneous Income – Lodge
New Income Item 4620 Miscellaneous Income – Social Quarters New Income Item 4730 Community Service Committee
New Income Item 4630 Register Overages New Income Item 4805 Entertainment Income New Income Item 4715 Sports Committee Income New Income Item 4720 Ritual Committee Income New Other liability Item 2320 Bingo Sales Tax Liability New Expense Item 5505 Bingo Prizes & Jackpots New Income Item 4245 Miscellaneous Merchandise New Current Liability Item 2305 Sales Tax Liabilities
Working with Classes
Refer to the Using QuickBooks Pro Accounts chapter of the Moose
International QuickBooks Pro 2007 Resource Manual – Working with Classes. QuickBooks Pro 2007 provides a feature called Class Tracking that permits you to group items and transactions in a way that matches the type of reporting you want to perform. This gives you an additional method to classify business transactions in addition to assigning an income or expense account. This allows the Fraternal Units to track income and expenses for separate parts of the organization.
When entering transactions, each transaction window provides a field for entering a class. This allows you to generate a report on all transactions pertaining to a particular class, or generate a report showing all classes and the breakdown of transactions applied to each class. Classes allow the user to generate Profit/Loss Reports divided by class to get a better snapshot of the breakdown of monies received and spent in each area of the Lodge operations.
To access the current Class list: Choose Lists on the Menu Bar
Choose Class List in the drop down menu.
Adding Classes
To add a new Class:1. Select the Class button at the bottom of the window and select New from the pop-up menu.
The New Class window opens.
2. Fill in the Class Name that you want to use for the new class.
3. Select OK to save the new Class Name and exit the New Class screen. - or -
Select Next to save the new Class Name and enter another. ***Exercise*** - Adding New Classes
Enter these new Classes. Social Quarters Kitchen Bingo Gaming NSF Checks Youth Club Payroll Entertainment Comm.
Entering Vendors
Refer to the Working with Vendors Chapter of the Moose International QuickBooks Pro 2007 Resource Manual
QuickBooks Pro 2007 defines a Vendor as anyone, other than employees, to whom money is paid. Fraternal Units may have a variety of vendors with whom they do business.
Entering Vendors in advance ensures that all information will be available when it is needed. If a vendor is not entered in advance, information can also be entered at the time of the transaction.
To enter a Vendor in QuickBooks:
1. Click the Vendor Center Icon in the Navigation Bar on the Home Page. The Vendor Center screen opens.
The New Vendor screen opens.
3. Click the Address Info Tab.
4. Enter the Vendor’s Company Name in the appropriate field.
Note: The Company Name has been automatically added to the Vendor Name field. 5. Enter the salutation, the first name, middle initial, last name and address for the
contact person, if available.
Note: The contact information has been automatically added to the Name and Address fields.
6. Enter the Phone, Fax and e-mail. DO NOT enter a balance in the Opening Balance field. Balances for Vendors are created by entering Bills.
7. Choose the Additional Info Tab and enter the account number. 8. Choose OK to save the Vendor and close the New Vendor screen.
- or -
Using Quick Add
If a Vendor has not been entered in advance, the information can be added at the time of a specific transaction, using the Quick Add process.
To use the Quick Add process:
1. Access the desired transaction. For example, click the Enter Bills Icon in the Vendors section of the Home Page.
2. Enter the Vendor Name in the Vendor field. 3. Press Tab.
The Vendor Not Found dialog Box opens.
4. Click the Quick Add button.
The Vendor is added to the Vendor List. 5. Complete the transaction.
***Exercise*** - Entering Vendors Enter the following Vendors:
First National Bank – Use Quick Add
Boy Scouts of America – Use the New Vendor screen Commonwealth Edison – Use Quick Add
Bingo Bonanza – Use either method House Committee – Use either method Lodge #9999 – Use either method ***Exercise*** - Enter Employees
Enter the following Employees: Ned Avery
Irene Fletcher Donna Clark
Entering Customers
Refer to the Working with Customers chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Entering Customers
QuickBooks Pro 2007 defines a Customer as anyone from whom money is received. For Fraternal Units, Customers will be Member Dues and Fees, Kitchen, House Committee, Etc. However, money received from such sources as Endowment Fund, Committees, Bingo, Etc., will also need to be entered directly into QuickBooks Pro 2007.
Entering Customers in advance ensures that all information will be available when it’s needed. If a Customer is not entered in advance, information can also be entered at the time of a transaction.
To Add a Customer using the New Customer screen:
1. Click the Customer Center Icon in the Navigation Bar on the Home Page. The Customer Center screen opens.
The New Customer screen opens.
3. Click the Address Info Tab.
4. Enter the Customer Name in the Company Name field or the Individuals name in the Name field.
5. Enter the Bill To address. You must press enter to change lines in the Address field. Note: The contact information has been automatically added to the Customer Name, Contact and Bill To fields.
6. Choose the Copy button to copy the Bill To information into the Ship To box, if needed. 7. Enter the contact Phone, Fax and E-mail address.
8. The remaining Tabs (Additional Info, Payment Info and Job Info) do not contain information that would be useful to a Fraternal Unit.
9. Choose OK to save the New Customer and close the New Customer screen. -or-
Using Quick Add
If a Customer has not been entered in advance, information can be added at the time of a specific transaction (such as recording a receipt for a Committee turning in money) , using the Quick Add process.
To use Quick Add to Add a Customer:
1. Access the desired transaction. For example, click the Create Sales Receipts Icon in the Customer section of the Home Page.
2. Enter the Customer Name in the Customer: Job field of the Enter Sales Receipt screen. 3. Press Tab.
The Customer: Job Not Found dialog box opens.
4. Click on the Quick Add button. The Customer is added to the Customer: Job list. You will not see the Customer Job list at this time.
5. Complete the current transaction.
***Exercise*** - Entering Customers Enter the following Customers:
Endowment Fund Chairman – Use Quick Add Ritual Chairman – Use the New Customer screen Sports Committee Chairman – Use Quick Add Youth Club Chairman – Use either method NSF Checks – Use either method
Bingo – Use either method
Entertainment Chairman – Use either method Lodge – Use either method
Working with Journal Entries
Refer to the
Using QuickBooks Pro 2007 Accounts
chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Working with Journal EntriesA Journal Entry can be used to adjust the balances of accounts in specific kinds of situations: If an initial account balance was entered incorrectly and needs to be adjusted.
If a transaction was incorrectly charged to the wrong COA account and a monthly reporting period has passed, the correction should be made using a Journal Entry so as to not compromise the data for the previous reporting period.
General Journal Entries require offsetting balances of Debits and Credits in the COA. Each General Journal Entry should be carefully planned based on the following guidelines.
To increase the balance of an Asset account (Including Bank Accounts), the adjustment is entered in the Increase or Deposit column depending upon the type of account being adjusted.
To decrease the balance of an Asset account (Including Bank Accounts), the adjustment is entered in the Decrease or Payment column depending upon the type of account being adjusted.
Note: Cash accounts column headers will read Payment and Deposit. Other accounts column headers will read Decrease and Increase.
To increase the balance of an Equity account (such as Opening Balance Equity), the adjustment is entered in the Increase column.
To decrease the balance of an Equity account (such as Opening Balance Equity), the adjustment is entered in the Decrease column.
Note: If assistance is required, contact Moose International before making any General journal Entries.
To Make a Journal Entry:
1. Click the Chart of Accounts Icon in the Company section of the Home Page. 2. Double Click the Account you wish to adjust.
The General ledger page for that account opens.
3. Enter the Date of the adjustment in the next available Row. 4. Enter Adj in the Ref column.
5. Enter the Amount of the Adjustment (Not the new balance),
in either the Decrease/ Payment or Increase/Deposit column depending whether you are increasing or decreasing the balance.
6. Tab to the next line and enter the Adjusting Account number by typing it or choosing it from the Account drop down box.
7. Enter a Memo if desired.
8. Hit Tab and the amount in the Balance column will change to the new Balance for that account.
9. Click Record to enter the General Journal Entry into QuickBooks Pro 2007. -or-
Click Restore to erase the entries without saving them in QuickBooks.
Note: If you are adjusting a balance, enter only the amount of the adjustment, not the resulting balance.
Writing Checks
Refer to the Working with Bank Accounts chapter of the QuickBooks Pro 2007 Resource Manual – Writing Checks.
There may be situations in which a check must be written without having a formal Bill entered in advance. Some occasions for writing checks, instead of Enter Bill – Pay Bill, might include manual payroll processing or a one time only payment. Even if the check is hand written, it must be recorded in QuickBooks Pro 2007.
To Write a Check:
1. Click the Write Checks Icon in the Banking section of the Home Page. The Write Checks screen opens.
2. Select the Bank Account from which the check will be written, using the drop down list. 3. Correct the Check Number if necessary.
4. Type the Date of the check or use the Calendar button to select the Date.
5. Select the Payee from the drop down list in the Pay to the Order of field or begin typing the Payee’s name. QuickBooks Pro 2007 automatically completes the name if it has been entered previously.
Note: Any name that is entered in the Payee field must be entered into the QuickBooks Pro 2007 database. If the name is not in the database, the following message opens.
6. Designate if the new name is a Vendor, Customer, Employee, or Other.
7. Click OK.
The Write Checks screen opens again.
8. Enter the amount of the check. Note that the payee information has been automatically entered in the address field.
Note: You must press enter to change lines in the address field. Note that the amount has been written out on the Dollars line.
9. Enter a brief description in the Memo field.
10. If the check is to be computer printed, select the “To Be Printed” check box. 11. Select the first line in the Account column and use the drop down list to choose the
balance sheet account from which the check will be paid.
Note: If the check will be charged to multiple accounts: Select additional accounts on subsequent lines. Divide the total amount of the check between the accounts.
12. Choose Save & Close to record the check and close the window. -or-
Choose Save & New to record the check and begin another.
Note: If you are interested in Printing Checks on the Computer, refer to the Working with Bank Accounts chapter in the QuickBooks Pro 2007 Resource Manual under Writing Checks.
Creating Sales Receipts
Refer to the Working with Bank Accounts chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Issuing Receipts
When money is received a receipt must be generated for the funds. Issuing a receipt will apply the value to the proper COA account and will record the entry in the 1199.00 – Undeposited Funds account.
To issue a Sales Receipt:
1. Click the Create Sales Receipts Icon in the Customer section of the Home Page. The Enter Sales Receipts window opens.
2. Select the Customer: Job from the drop down list or begin typing the name in the Customer; Job field until the name appears.
3. You may use Quick Add to add a new name. 4. Enter the appropriate Class.
5. Enter the Date of the transaction.
QuickBooks automatically assigns the Sales Receipt Number.
6. Enter the Item Number or use the drop down list to choose the Item Number in the first line of the Item column to which the first Item will be charged. Select a different Item Number for each Item to be entered on the Sales Receipt until the entire Sales Receipt amount has been accounted for.
7. Enter the amount for each Item in the Amount column. 8. Enter information in the Memo field if desired.
9. Choose Save & Close to save the Sales Receipt and close the window. -or-
Entering Dues and Fees
Refer to the Working with Bank Accounts chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Entry of Dues and Fees
Dues will be manually entered into QuickBooks Pro 2007. Entries will be made from the Deposit History Report obtained from LCL.net for the direct deposit of Dues made by Moose International into the Fraternal Units checking account for Dues paid through the Lockbox. Use the Customer Name of Membership Dues and Fees when entering a Dues Receipt for Dues and Fees.
Dues and Fees collected from Applicants will also be entered into QuickBooks Pro 2007. It is recommended that you continue to use the Dues and Fees Log Book and enter the receipts from those entries.
It is possible that you may receive Dues monies from your Members from time to time and those entries must also be made into QuickBooks Pro 2007. A Deposit of those funds will be made into the Fraternal Unit’s Checking account using an Other Current Liability sub-account attached to 2500.00 – Due Other Fraternal Units. A Fraternal Unit check will then be written on behalf of the Member, including his Lodge name and number and MID# on the Memo line. This check should be made out to Moose International and mailed to the Lockbox.
To enter Dues from a Deposit History Report:
1. Click the Create Sales Receipt Icon in the Customer section of the Home Page. 2. Change the Custom Sales Receipt option in the upper right corner of the Enter Sales
Receipt screen to Dues Receipt.
3. Select Member Dues and Fees from the drop down list in the Customer; Job field. 4. Select the appropriate Class for Member Dues and fees.
5. Enter the Date of the Dues Deposit from the Deposit History Report. 6. Select the Item for Membership Dues (4005) from the drop down list. 7. Enter the Amount of the Deposit.
8. Enter the Names of the Members appearing on the Deposit History Report on the Dues Receipt. The names can be entered in the description area of the Dues Receipt.
9. Enter the Batch number of the Deposit History Report on the Memo line. ***Exercise*** - Entering Dues and Fees from the Deposit History Report
12345678 Ned Avery D $ 24.00 51000## Seth Welsley D $ 48.00 2137698 Donnie Cowean D $ 24.00 8284757 Ronnie W Ferrell D $ 24.00 2285142 Will Hacker D $ 24.00 1895381 Ted Kull D $ 24.00 2285146 Theodore Lektor D $ 24.00 1772487 Dan Manley D $ 24.00 2282956 Ronald Sentry D $ 24.00 TOTALS $240.00
Enter Dues from the Dues and Fees Log Book
1. Click the Create Sales Receipt Icon in the Customer Section of the Home Page. 2. Change the Template Type to Dues Receipt.
3. Click the drop down arrow for Customer: Job. 4. Select Member Dues and Fees.
5. Select the appropriate Class for Member Dues and Fees. 6. Enter the Date of the Receipt of the Member Dues and Fees. 7. Select Item 4005 – Member Dues from the drop down Item List. 8. Select Item 2515 – ABCD from the drop down Item List.
9. Select Item 2510 – Fees from the drop down Item List.
10. Select Item 4020 – Acceptance Fee from the drop down Item List. 11. Select Item 4025 – Transfer Fee from the drop down Item List. 12. Enter the Dollar Amount for each Item.
13. Enter the names of the Members appearing in the Dues and Fees Log Book on the Dues Receipt. The names can be entered in the description area of the Dues Receipt or on the Memo line.
***Exercise*** - Entering Dues and Fees
App. ID # Name Fees Dues Remit to MI
51000## John Davis $20.00 51000## John Davis $24.00 $16.00 51000## David Smith $20.00 51000## David Smith $24.00 $16.00 51000## Jim Bennett $50.00 51000## Jim Bennett $5.00 Totals $55.00 $48.00 $72.00 Grand Total $175.00
Note: In the Exercise above, the Remit to MI column of the Log Book includes Application Fees and ABCD that are collected by the Lodge, but are actually Moose International Funds. These should not be entered into QuickBooks as Lodge Income. Entering Application Fees and ABCD as Lodge Income inflates the Income and gives false figures on the Profit and Loss Report. Application Fees should be entered into and paid from Account #2510.00. ABCD should be entered into and paid from Account #2515.00.
***Exercise*** - Entering Receipts Enter the following Receipts:
Note: On the House Committee Receipt below, notice that the Sales Tax has been calculated and deducted from each Line Item and the receipt indicates the Sales Tax that should be entered and deposited to Account 2305.00 Sales Tax Liabilities. (A 7% Sales Tax Rate was used for the calculation)
Mdse. #1…Beer…$ 3316.76 Mdse. #1…Liquor $ 2672.90 Mdse. #1…Wine...$ 38.38 Food………..$ 1892.52 Overage………….$ 4.25 Vend. Mach……..$ 444.16 Misc. Merch…….$ 509.35 Lodge Merch……$ 93.46 Sales Tax Coll…..$ 627.72 Total Receipts……...$9599.50
Memorizing Transactions
Some transactions that are entered on a repetitive basis can be memorized so they do not have to be created again and again. Once memorized these transactions can be selected at any time and the only entries that will need to be made will be the date and the amounts.
To Memorize a transaction:
1. Enter the transaction as you normally would, whether it is a Sales Receipt, a Dues
Receipt, Enter a Bill, Pay a Bill or any other type of transaction. Do not enter the Date or any Dollar Amounts.
2. Once the transaction is created, click Edit on the Menu Bar or right click the mouse. 3. Select Memorize Sales Receipt (or Bill, etc.)
The Memorize Transaction Box will appear.
4. Select whether you want to be reminded of the transaction.
5. Select the frequency of the reminder if you choose to be reminded. 6. Click OK.
7. The next time you need to enter this transaction you can click MemTX on the Icon Bar and bring up the list of Memorized Transactions and select the one you want to use.
Entering Bingo Receipts
When entering Bingo Receipts, it is necessary to enter the transactions in order to show all monies received and paid out. This requires entering the actual amount of money received from Admissions and Card Sales, even if it is not the amount of money that will be deposited.
To Enter a Bingo Receipt:
1. Select the Item for Admissions and Card Sales in the Item column.
2. Enter the Total amount of money collected for Admissions and Card Sales in the Amount column.
3. Select the Item for Bingo Concessions or Food Sales in the Item column.
4. Enter the Total amount of money collected for Concessions and Food Sales in the Amount column.
5. Select the Item for Sales Tax Collected in the Item column. (If required by your State). 6. Enter the Total amount of Sales Tax Collected in the Amount column.
7. Select the Item for Prizes and Jackpots in the Item column.
8. Enter the Total amount of Prizes and Jackpots paid out as a (-) minus in the Amount column.
***Exercise*** - Entering Bingo Receipts Enter the following Bingo Receipt:
Item #4505 – Admissions and Card Sales $5000.00 Item #4515 – Concessions and Food Sales $ 300.00 Item #2320 – Sales Tax Collected $ 75.00 Item #5505 – Prizes and Jackpots - $2125.00
Enter Prizes and Jackpots as a Negative (-) Minus
NSF Check Posting
If you receive notice from your Bank that an insufficient funds check has been returned, you can enter the following transaction to remove those funds from your checking account until such time that you receive payment for those funds.
Note: The first time you post an NSF Check, you must create Account #1105.00 – NSF Checks (Attached to 1100.00 – Accounts Receivable). You also must create Item # 1005 – NSF Checks.
To Post an NSF Check:
1. Click the Invoices Icon in the Customers Section of the Home Page. The Create Invoices screen opens.
2. Enter the Customer Name: NSF Checks in the Customer; Job field. The Bill To Box will auto fill with NSF Checks.
3. Select NSF Checks from the drop down list in the Class field.
4. Select 1105.00 – NSF Checks fro the drop down list in the Account field.
5. Enter the Date the NSF Check was charged to your Checking Account by your Financial Institution.
6. Select Item 1005 – NSF Checks from the drop down list in the Item column. 7. Enter the Amount of the NSF Check in the Amount column.
8. Enter the Name of the person who wrote the NSF Check in the Memo field. 9. Click Save and Close to save the Invoice and close the Create Invoices screen.
Posting NSF Fees and Bank Charges
Most Banks also charge a Fee for NSF Checks returned to them. This Fee should also be collected from the writer of the NSF Check when it is re-paid to the Fraternal Unit. Some Fraternal Units also charge an additional Fee to cover the inconvenience and expense incurred in collecting the money owed them by the NSF Check writer. The Fee the Bank charges will be entered as a Bank Charge. The additional Fee the Fraternal Unit charges will be entered as an NSF Check Fee, but will not be entered until collected.
To Post the Bank Charge:
1. Click the Chart of Accounts Icon in the Company Section of the Home Page. 2. Double click Account 1005.00 – Checking – Cash to open the Account Register
3. Enter the Date the Bank Charged the NSF Check to your Account on the first available blank transaction line.
4. Enter Bank Charge in the Number/Type column. 5. Enter NSF Checks in the Payee field.
6. Enter the Amount the Bank charged as a Fee for the NSF Check in the Payment column. 7. Select 5405.00 – Bank Charges from the drop down list in the Account field.
8. Enter the Name of the NSF Check writer in the Memo field. 9. Push Tab.
The Charge is deducted from the amount in the Balance column. 10. Click Record to save the transaction.
When completed the transaction should look like the highlighted Entry below.
***Exercise*** - Entering NSF Checks and Bank Charges Enter NSF Checks and Bank Charges for the following
Name Check Amount Bank Charge
Pat Morris $25.00 $10.00
Molly Brown $150.00 $10.00
Darrell Baker $50.00 $10.00
Re-Payment of NSF Checks, Bank Charges and Fees
When a person re-pays the amount of an NSF Check, typically an amount for incurred Bank Charges plus an amount for an NSF Fee is usually paid at the same time. This money is entered into QuickBooks Pro 2007 in two separate transactions.
To enter the NSF Check re-payment amount:
1. Click the Receive Payments Icon in the Customer Section of the Home Page. The Receive Payments screen opens.
2. Select the Customer NSF Checks in the drop down list in the Received From field. 3. Select 1105.00 – NSF Checks in the drop down list in the A/R field.
4. Enter the Amount being re-paid in the Amount field. (Do not include Fees or Charges) 5. Enter the Date of the re-payment in the Date field.
6. Select a Payment Method from the Pmt. Method drop down list. 7. Enter a reference number.
From the amount entered in step #4, QuickBooks will automatically put a check mark by the appropriate line in the table. This check mark may be moved to another line if needed.
8. Click Save & Close to complete the transaction -or-
Click Save & New to save the transaction and enter another NSF Check re-payment. ***Exercise*** - Entering Re-payment of NSF Checks
Enter Re-payment of: (Actual amount of the NSF Check)
Name Amount
Pat Morris $25.00
Molly Brown $150.00
Darrell Baker $50.00
Payment of NSF Charges and Fees
When Payment to reimburse the Fraternal Unit for the Bank Charges is received and/or the NSF Fee charged by the Fraternal Unit is received, they are entered into QuickBooks Pro 2007 on a Sales Receipt.
To enter Bank Charges and/or Fees:
1. Click the Create Sales Receipt Icon in the Customer Section of the Home Page. The Enter Sales Receipt screen opens
2. Select NSF Checks from the drop down in the Customer; Job field. 3. Select NSF Checks from the drop down in the Class field.
4. Enter the Date the funds were received.
5. Select 4620 – NSF Check Fee from the drop down in the Item column. 6. Enter the Amount in the Amount column.
7. Select 5405 – Bank Charge from the drop down in the Item column. 8. Enter the NSF Check writers name in the Memo field.
9. Click Save & Close to save the transaction and close the Enter Sales Receipt screen. -or-
Click Save & New to save the transaction and enter another.
***Exercise*** - Entering Re-payment of Bank Charges and NSF Check Fees Enter Re-payment of:
Name Bank Charge NSF Fee
Pat Morris $10.00 $10.00
Molly Brown $10.00 $10.00
Darrell Baker $10.00 $10.00
Viewing Undeposited Funds
The Account 1199.00 – Undeposited Funds is a holding account for the Receipts you have entered into QuickBooks Pro 2007. It’s function is to act as a virtual Safe for money you hold until you go to the Bank and make a Deposit. Once you have entered deposits, this account will then have a zero balance and the money will show as deposited into your Checking Account(s).
To view account #1199.00 – Undeposited Funds:
1. Click the Chart of Accounts Icon in the Company Section of the Home Page. 2. Double click on the 1199.00 – Undeposited Funds line item.
The Account Register for account 1199.00 – Undeposited Funds opens.
3. Examine the entries as needed.
Preparing and Recording Deposits
Refer to the Working with Bank Accounts chapter of the Moose international QuickBooks Pro 2007 Resource Manual – Preparing and Recording Deposits
Before Funds are deposited, the amounts are held in the 1199.00 Undeposited Funds account. When a Bank Deposit is made, that deposit must be recorded in QuickBooks Pro 2007.
Note: When making deposits to two separate accounts, (such as General Checking and Bingo Checking) each deposit should be processed separately.
To prepare and Record a Deposit:
1. Click the Record Deposits Icon in the Banking Section of the Home Page. The Payments to Deposit window opens
2. Select the Payments to include in the Deposit by clicking to the left of the Payment Line Items to be included in that deposit.
3. Click OK
4. Select the Account the deposit is to be made into from the drop down list in the Deposit To field.
5. Enter the Date of the Deposit.
6. Enter a brief description in the Memo field if desired. 7. Verify the Deposit Sub-total.
Note: Cash Back is not permitted by Moose International; those fields should be left blank in all deposit transactions.
8. Choose Save and Close to record the deposit and close the window. -or-
Choose Save and New to record the deposit and open a new deposit window. ***Exercise*** - Deposit Funds
Enter the following Deposits:
Deposit #1 Endowment Fund $34.75
Total Deposit= $34.75 Deposit #2 House Committee
4=NSF Checks, Fees & Charges Dues & Fees
Dues & Fees
$ 9599.50 $ 380.00 $ 240.00 $ 175.00 Total Deposit= $10,394.50 Deposit #3 Youth Club
Pete Space Sports Committee Ritual Committee $ 178.00 $ 2500.00 $ 900.00 $ 318.00 Total Deposit= $ 3896.00
Deposit #4 Bingo Receipts $ 3250.00
Entering Journal Entries to create Unemployment Tax Liabilities
You would calculate these figures on the form received from your state. They have to be entered into QuickBooks as a Journal Entry for proper distribution to the COA to show as an expense on the Income Statement. They also post to the Balance Sheet as a Liability. These amounts are the Fraternal Unit responsibility and are not deducted from the Employees paychecks. The liability and expense for this Tax is established by a Journal Entry and Payment is made from the Liability Account 2210.00. If the Liability is not established prior to making payment, a negative balance will appear in the COA and on the Balance Sheet.
***Exercise*** - Enter a Journal Entry for Unemployment Taxes Enter the following information
Payroll Taxes-Lodge Account #5115.00 (Debit) $ 63.50 Payroll Taxes-SQ Account #5135.00 (Debit) $200.00 Payroll Tax Liability Account #2210.00 (Credit) $263.50
Entering Bills
Refer to the Working with Vendors chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Entering Bills
When a Bill is received, the Fraternal Unit has an obligation to pay that Bill. QuickBooks uses an Accounts Payable balance sheet account to temporarily record these obligations until the Bills are paid. Moose International recommends that Fraternal Units enter Bills into QuickBooks as they are received. That allows QuickBooks to keep track of due dates and provide reminders of upcoming payments.
To enter a Bill:
1. Click the Enter Bills Icon in the Vendors Section of the Home Page. The Enter Bills screen opens.
2. Select the Vendor name from the Vendor field drop down list. 3. Enter the Date the Bill was issued.
4. Enter the Total Amount of the Bill. 5. Enter the Due Date of the Bill.
6. Enter the Discount Terms if applicable.
7. Enter the Invoice Number in the reference field. 8. Enter a Memo if desired.
9. Select an Account to which the first Item will be charged in the first line in the Account column.
10. Select additional accounts on subsequent lines if the Bill is to be charged to more than one account.
11. Enter the exact dollar amount for each line Item until the total Bill Amount is accounted for.
12. Enter a Memo in the Memo column if desired. 13. Enter a Class if desired.
14. Choose Save & Close to save the Bill and close the window. -or-
Enter Bills Continued ***Exercise*** - Enter Bills:
Note: Bill #1 is for the purchase of Beer for resale in the Social Quarters. Purchases of merchandise for resale in the Social Quarters must be entered using the Cost of Goods Sold Account numbers. Using the Cost of Goods Sold Account numbers for purchases and making adjustments to the Cost of Goods Sold Accounts from the Monthly Inventory of House Committee Merchandise for resale, allows for the generation of accurate Profit and Loss Statements and Balance Sheets.
Enter the following unpaid Bills (Invoices)
Ben E. Keith - Beer Inv. #12 $ 863.90 Acct #5030.00
Commonwealth Edison – Electricity Inv. #1234 $2537.06 Acct #5615.00= $1316.97 Acct #5520.00= $1220.09 First National Bank – Mortgage Inv. #2098 $1000.00 Acct #2055.00= $ 738.62 Acct #5460.00= $ 261.38 Nicor Gas – Heating Bill Inv. #13 $ 306.39 Acct #5625.00= $ 148.10 Acct #5520.00= $ 158.29 Moose Intl – Risk Pool Insurance Inv. #16 $ 450.00 Acct #5645.00
Boy Scouts of America – Donation Inv. #20 $1500.00 Acct #5515.00 Bingo Bonanza – Bingo Supplies Inv. #21 $ 550.00 Acct #5510.00 Moose Charities – Endowment Fund Inv. #10 $ 34.75 Acct #2505.00
Enter the Moose International Consolidated Statement: 2006-01
Officers Bond $415.00 Acct #5485.00
Support Services & Fees $ 10.00 Acct #5481.00 Total = $425.00
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Refer to the Working with Vendors chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Paying Bills
QuickBooks Pro 2007 provides a Pay Bills window that incorporates all the steps involved in paying bills. Even if the Fraternal Unit ultimately hand-writes it’s checks, bill payments must be recorded in QuickBooks Pro 2007 for accurate record keeping.
Note: It is important to use the Pay Bills window for all Bills that have been previously entered. If the payment is recorded in another way, the Accounts Payable Balance will not be credited correctly.
The following information boxes are displayed in the Pay Bills window.
Area Description
Select Bills to be Paid Identifies which Bills to display and how they are sorted. Contains a list of Bills that can be selected. Discount & Credit Information Provides details about discounts and credits
available for the Bill that is highlighted in the listing. You can apply the suggested discount to the Bill.
Payment Account Allows you to select the Bank Account from which the Bill will be paid.
Payment Method You can specify the form of payment and whether checks will be computer-printed or hand-written. Payment Date Indicates the date on which the payment will be
posted in QuickBooks Pro 2007
The Bill payment process should be completed regularly to ensure that all available discounts are taken.
To Record Bill Payments:
1. Choose the Pay Bills Icon in the Vendors Section of the Home Page. The Pay Bills screen opens
2. Enter the date in the Due on or Before field or select Show all Bills.
3. Select the Sort Bills By method to determine the order in which the Bills will appear. Note: The Bills DO NOT appear in the order they were entered.
4. In the lower center portion of the screen, enter the date on which the Bills will be paid. 5. Click in the Boxes in the far left hand column to place a check mark next to each Bill to
be paid.
6. If a check mark has been entered incorrectly, click in the Box again to remove the check mark.
7. Use the Arrow keys to move to the first Bill to be paid.
8. If discount terms are available, choose Set Discount to apply the discount.
9. Confirm or adjust the amount of the discount. Confirm the balance sheet Discount account that will contain the offsetting entry for the discount.
10. If necessary, repeat steps 7-8 to set the discounts for all Bills to be paid.
11. In the lower left corner of the window, use the drop down list to select the Bank Account from which the Bill will be paid.
12. Select Check in the Payment Method drop down list. 13. Choose Assign check no. if the check has been hand-written.
-or-
Choose To be Printed if the check will be computer printed. 14. Choose Pay & Close to record the payment and close the window.
-or-
Choose Pay & New to record the payment and leave the window open to pay another Bill.
To Pay Bills by Printing Checks:
Refer to the Working with Vendors Chapter of the Moose International QuickBooks Pro 2007 Resource Manual – To Pay Bills by Printing Checks
After recording the Bill payments to the actual checking accounts that they are to be paid from, you should open that account and either print the checks from the computer or record the checks and write the checks by hand for the Bills. This is done by using the account register.
1. Open the Chart of Accounts.
2. Double click on the account that you wish to write the checks from or highlight the desired account and choose Activities, Use Register or right click the desired account and choose Use Register from the pop up menu.
Note: You will notice that the Bills we just paid have been entered and the check number is “To Print”.
3. Double click on the first check to print. Notice the number on the check is “To Print”, also. The number will be assigned when the check is printed.
5. If the Printed Check Number in the Print Check window is incorrect, change the check number to match the Check Number being used.
6. Click OK.
7. After ensuring that the print options are correct in the print dialog box, click Print to print the check.
8. After clicking print, the following dialog box will appear.
9. If the check did not print properly, click in the left column to place a check mark next to the check and click OK. This will return you to the check, to print it again.
10. If the check printed properly, click OK to complete the check printing process. 11. Click Save & Close to record the check and close the window.
-or-
Click Save & New to record the check and move to the next check to be paid as shown in the register.
***Exercise*** - Paying Bills-General Checking
Pay the following Bills using General Checking – (Account 1005.00).
Check #5 – Commonwealth Edison Electric Bill $1316.97 Check #6 – Moose Charities Endowment Fund $ 34.75
Check #7 – First National Bank Mortgage $1000.00
Check #8 – Ben E. Keith Beer $ 863.90
Check #9 – Nicor Gas Gas Bill $ 148.10
Check #10 – Moose International Risk Pool Insurance $ 450.00 Total Bills Paid $3813.72
***Exercise*** - Paying Bills-Bingo Checking
Pay the following Bills using Bingo Checking – (Account 1006.00)
Check #2 – Boy Scouts of America Donation $1500.00 Check #3 – Commonwealth Edison Electric Bill $1220.09 Check #4 – Bingo Bonanza Bingo Supplies $ 550.00
Check #5 – Nicor Gas Gas Bill $ 158.29
***Exercise*** - Write Checks-Payroll
Enter the following Payroll Checks using General Checking (1005.00) Check #1 – Donna Clark
Adm. Asst.
Check Amount - $238.12 Clerical Help Salary – (5110.00)
Payroll Tax (FICA & Medicare) – (5115.00) Payroll Tax Liability – (2210.00)
$ 300.00 $ 19.88 $ -81.76
Check #2 – Ned Avery
Social Quarters Manager
Check Amount - $402.81 Manager Salary – (5130.00)
Payroll Tax (FICA & Medicare) – (5135.00) Payroll Tax Liability – (2210.00)
$ 500.00 $ 47.19 $-144.38
Check #3 – Ned Avery
Administrator Salary
Check Amount - $360.00 Administrator Salary – (5105.00)
Payroll Tax (FICA & Medicare) – (5115.00) Payroll Tax Liability – (2210.00)
$ 536.00 $ 53.00 $-229.00
Check #4 – Irene Fletcher
Bartender
Check Amount - $372.50 Salary – (5130.00)
Payroll Tax (FICA & Medicare) – (5135.00) Payroll Tax Liability – (2210.00)
$ 450.00 $ 22.50 $-100.00 Total of Payroll Checks - $1373.43
Transferring Funds
Transferring Funds from one Banking Account to another should be performed in a manner that will not inflate the Income and Expense Account figures on the Profit and Loss Statements of the Fraternal Unit.
The method used to Transfer Funds in QuickBooks Pro 2007 from Checking to Savings or Savings to Checking is dependant on whether you have Online Banking or physically do your Banking Transactions at the Bank Facility.
To Transfer Funds using Online Banking:
1. Connect to your Financial Institutions Website and complete the Transfer of Funds in your Banking Accounts.
2. Click Banking on the Menu Bar in QuickBooks Pro 2007. 3. Click Transfer Funds in the drop down menu.
The Transfer Funds window will open.
4. Click the Calendar to the right of the Date field and select the date of the Transfer of Funds by clicking the correct date in the Calendar.
5. Click the drop down arrow to the right of the Transfer Funds From field and select the Account number you wish to transfer the funds out of in the drop down menu.
The Account Balance will appear to the right of the From Account number field. 6. Click the drop down arrow to the right of the Transfer Funds To field and select the
Account number you wish to transfer the funds in to from the drop down menu. 7. Enter the Dollar amount of the Transfer in the Transfer Amount field.
8. Enter a message in the Memo field if desired.
9. Click Save & Close to enter the Transaction into QuickBooks Pro 2007 and close the Transfer Funds window.
-or-
Click Save & New to enter the Transaction into QuickBooks Pro 2007 and enter another Transfer Funds transaction.
-or-
Click Close to close the window without recording the transaction into QuickBooks Pro 2007.
To Transfer Funds at the Financial Institution:
1. Click the Write Checks Icon in the Banking Section of the Home Page. The Write Checks screen will open.
2. If the To Be Printed box has a check mark in it, click the box to deselect “To Be
Printed” if you hand write your checks or make sure it has a check mark in it if you Print your checks.
3. Make sure the Bank Account field shows the account number of the Account you are transferring the Funds From.
4. Click in the No. field and enter the check number.
If you Print your Checks, the system will assign the Check Number. 5. Enter the Lodge Name in the Pay to the Order of field.
6. Enter the amount you are transferring in the field to the right of the ($) sign. The Dollar Amount automatically populates the written amount field. 7. Enter Funds Transfer on the Memo Line.
8. Select the Account you are transferring the Funds To in the Account Column. 9. Enter a Memo, Customer Job and Class if desired.
10. Click Save & Close to enter the transaction and close the Write Checks Screen. -or-
Click Save & New to enter the transaction and enter another Write Checks transaction. -or-
Click Close to close Write Checks without entering the transaction.
11. Endorse the Check and take it to the Bank to complete the Funds Transfer.
Note: Remember to reconcile all Bank Accounts including Checking, Savings, CD’s, Etc. The Transfer amount will show on each Bank Account during the reconciliation process in QuickBooks Pro 2007 and should appear on the Bank Statements.
***Exercise*** - Transfer Funds
Enter the following Transfer of Funds made using Online Banking. Transfer $1500.00 from: 1005.00 – General Checking
Reconciling Bank Statements
Refer to the Working with Bank Accounts chapter of the Moose International QuickBooks Pro 2007 Resource Manual – Reconciling Bank Statements
All Cash Accounts should be reconciled prior to creating and transmitting Monthly Reports. When a Bank Statement is received, it is important to reconcile the transactions on the Bank Statement with the transactions recorded in QuickBooks Pro 2007. Fortunately, QuickBooks Pro 2007 provides a simple method of reconciling Bank Statements.
To Reconcile a Bank Statement:
1. Choose the Reconcile Icon in the Banking Section of the Home Page. The Begin Reconciliation window opens.
2. Select the Account to be reconciled from the drop down list in the Account field.
Note: The Beginning Balance is displayed automatically. The Beginning Balance should match the Beginning Balance on the Bank Statement. The “What if my beginning balance doesn’t match my statement?” link offers troubleshooting tips.
3. Enter the Statement Date in the corresponding field. 4. Enter the Ending Balance from the Bank Statement.
5. If a Service Charge is applied to the account, enter the relevant information: Service Charge – the amount of the charge.
Date – the date the charge was applied to the account.
Account – the balance sheet expense account that will record the charge; (Acct# 5405.00).
Class – the class that the service charge will be charged to.
6. If Interest is earned on the account, enter the relevant information: Interest Earned – the amount of Interest applied to the account. Date – the date the Interest was applied to the account.
Account – the balance sheet income account that will record the Interest; Acct# 4400.00 Class – the class that the Interest Income will be posted to.
The Reconcile Window opens.
8. Click in the left column under Checks, Payments and Service Charges to place a check mark in front of each Check, Payment or Service Charge listed on the Bank Statement. 9. Click in the left column under Deposits, Interest and Other Credits to place a check mark
in front of each Deposit, Interest or Other Credit listed on the Bank Statement.
10. The Difference Amount in the lower right corner of the window should be zero (0.00).
11. If the difference is not Zero (0.00), DO NOT CLICK THE “RECONCILE NOW” BUTTON.
Note: If you click the Reconcile Now button when the Difference is not Zero, the system will try to figure out the problem and put an entry into QuickBooks to fix it and then it will cause problems on subsequent Reconciliations.
12. If the Difference is Zero (0.00), click the Reconcile Now button. The Select Reconciliation Report Window opens.
13. Choose Detail or Summary, as desired. Note: Detail is recommended.
14. If a Reconciliation Dialog box appears, Click OK.
15. Choose Display to view the report on the screen before printing it or choose Print, to print the report without displaying it.
16. If Display is chosen, the report will appear on the screen. Choose the Print button at the top of the report window to print the report.
Note: Remember, you must reconcile each of your Bank Accounts including Checking, Savings, CDs, Money Market, Etc.
Bank Statement
FIRST NATIONAL BANK GENERAL CHECKING ACCOUNT
LODGE NUMBER 9999
PREVIOUS BALANCE 9,957.73
DEPOSITS & OTHER CREDITS 14,325.25
CHECKS & OTHER DEBITS 7,027.15
CURRENT BALANCE 17,255.83 DEPOSITS 0X/08 $ 3,896.00 0X/08 $ 10,394.50 0X/08 $ 34.75 ***CHECK TRANSACTIONS***
NUMBER AMOUNT NUMBER AMOUNT
1 238.12 Transfer $1500.00 2 402.81 3 360.00 4 372.50 5 1316.97 6 34.75 7 1000.00 8 863.90 9 148.10 10 450.00
***CHECKING ACCOUNT TRANSACTIONS***
DESCRIPTION DEBITS CREDITS
