Details

Bookkeeping Kit For Dummies


Bookkeeping Kit For Dummies


1. Aufl.

von: Lita Epstein

23,99 €

Verlag: Wiley
Format: PDF
Veröffentl.: 11.01.2012
ISBN/EAN: 9781118224373
Sprache: englisch
Anzahl Seiten: 432

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Beschreibungen

<b>The easy way to get a handle on bookkeeping</b> <p>Accurate and complete bookkeeping is crucial to any business owner, but it's also important to those who work with the business, such as investors, financial institutions, and employees. <i>Bookkeeping For Dummies</i> provides the easy and painless way to master this critical skill.</p> <p>You'll get clear and concise information on keeping track of transactions, figuring out balance sheets, keeping ledgers or journals, creating financial statements, and operating accounts for businesses, along with practices and examples to hone your skills. Plus, the bonus CD includes samples of bookkeeping forms, working papers, letters, resources, and spreadsheets.</p> <ul> <li>Keeping track of transactions</li> <li>Figuring out the balance sheet</li> <li>Keeping a ledger and journal</li> <li>Creating financial statements</li> <li>Operating accounts for businesses</li> <li>Recognizing assets and liabilities</li> <li>Up-to-date tax information</li> <li>Changes in small business regulations</li> <li>Additional and complementary examples</li> <li>Demonstration problems</li> <li>True/false and multiple-choice questions and scenarios</li> </ul> <p>Whether you're a professional or a student looking to expand your skills, <i>Bookkeeping Kit For Dummies</i> is a one-stop resource for anyone interested in this ever-growing occupation.</p>
<p>Introduction 1</p> <p>About This Book 1</p> <p>Conventions Used in This Book 2</p> <p>Foolish Assumptions 3</p> <p>What You’re Not to Read 3</p> <p>How This Book Is Organized 3</p> <p>Part I: Basic Bookkeeping: Why You Need It 4</p> <p>Part II: Keeping a Paper Trail 4</p> <p>Part III: Tracking Day-to-Day Business Operations with Your Books 4</p> <p>Part IV: Preparing the Books for Year’s (or Month’s) End 4</p> <p>Part V: Reporting Results and Starting Over 5</p> <p>Part VI: The Part of Tens 5</p> <p>Part VII: Appendixes 5</p> <p>Icons Used in This Book 5</p> <p>Where to Go From Here 6</p> <p><b>Part I: Basic Bookkeeping: Why You Need It 7</b></p> <p><b>Chapter 1: So You Want to Do the Books 9</b></p> <p>Delving Into Bookkeeping Basics 9</p> <p>Picking your accounting method 10</p> <p>Understanding assets, liabilities, and equity 10</p> <p>Introducing debits and credits 10</p> <p>Charting your bookkeeping course 11</p> <p>Recognizing the Importance of an Accurate Paper Trail 11</p> <p>Maintaining a ledger 12</p> <p>Keeping journals 12</p> <p>Consider computerizing 12</p> <p>Instituting internal controls 13</p> <p>Using Bookkeeping’s Tools to Manage Daily Finances 13</p> <p>Maintaining inventory 13</p> <p>Tracking sales 14</p> <p>Handling payroll 14</p> <p>Running Tests for Accuracy 14</p> <p>Proving out your cash 15</p> <p>Testing your balance 15</p> <p>Doing bookkeeping corrections 15</p> <p>Finally Showing Off Your Financial Success 15</p> <p>Preparing financial reports 16</p> <p>Paying taxes 16</p> <p><b>Chapter 2: Getting Down to Bookkeeping Basics 17</b></p> <p>Bookkeepers: The Record Keepers of the Business World 17</p> <p>Basic Bookkeeping Lingo 18</p> <p>Accounts for the balance sheet 19</p> <p>Accounts for the income statement 19</p> <p>Other common bookkeeping terms 20</p> <p>Practice: Account Basics 21</p> <p>Pedaling through the Accounting Cycle 23</p> <p>Tackling the Big Decision: Cash-Basis or Accrual Accounting 25</p> <p>Waiting for funds with cash-basis accounting 25</p> <p>Recording right away with accrual accounting 26</p> <p>Practice: Accrual versus Cash Accounting 27</p> <p>Seeing Double with Double-Entry Bookkeeping 29</p> <p>Differentiating Debits and Credits 31</p> <p>Practice: Double-Entry Accounting 32</p> <p>Answers to Problems on the Basics 34</p> <p><b>Chapter 3: Outlining Your Financial Road Map with a Chart of Accounts 39</b></p> <p>Getting to Know the Chart of Accounts 39</p> <p>Starting with the Balance Sheet Accounts 41</p> <p>Tackling assets 42</p> <p>Laying out your liabilities 45</p> <p>Eyeing the equity 47</p> <p>Tracking the Income Statement Accounts 48</p> <p>Recording the money you make: Revenue 49</p> <p>Tracking the cost of sales 50</p> <p>Acknowledging the money you spend: Expense accounts 50</p> <p>Setting Up Your Chart of Accounts 53</p> <p><b>Part II: Keeping a Paper Trail 55</b></p> <p><b>Chapter 4: The General Ledger: A One-Stop Summary of Your Business Transactions 57</b></p> <p>The Eyes and Ears of a Business: Looking at the General Ledger 57</p> <p>Developing Entries for the Ledger 58</p> <p>Practice: Summaries for General Ledger 62</p> <p>Posting Entries to the Ledger 65</p> <p>The Cash account 65</p> <p>The Accounts Receivable account 66</p> <p>The Accounts Payable account 66</p> <p>The balance sheet 67</p> <p>The Sales account 67</p> <p>Adjusting for Ledger Errors 69</p> <p>Practice: Posting to the General Ledger 69</p> <p>Using Computerized Transactions to Post and Adjust in the General Ledger 74</p> <p>Answers to Problems on Ledgers 76</p> <p><b>Chapter 5: Keeping Journals 81</b></p> <p>Establishing a Transaction’s Point of Entry 81</p> <p>When Cash Changes Hands: Juggling the Cash Accounts Journals 82</p> <p>Keeping track of incoming cash 82</p> <p>Following outgoing cash 84</p> <p>Practice: Cash Receipts and Cash Disbursements Journals 86</p> <p>Managing Sales Like a Pro 90</p> <p>Practice: Sales Journals 92</p> <p>Keeping Track of Purchases 93</p> <p>Practice: Purchases Journal 95</p> <p>Dealing with Transactions that Don’t Fit the Big Four 96</p> <p>Practice: General Journal 98</p> <p>Posting Journal Information to Accounts 99</p> <p>Simplifying Your Journaling with Computerized Accounting 101</p> <p>Answers to Problems on Keeping Journals 104</p> <p><b>Chapter 6: Computer Options for Your Bookkeeping 111</b></p> <p>Surveying Your Software Options 111</p> <p>Bookkeeper 112</p> <p>QuickBooks 113</p> <p>Sage Peachtree Complete Accounting 114</p> <p>Setting Up Your Computerized Books 115</p> <p>Customizing software to match your operations 117</p> <p>Converting your manual bookkeeping to a computerized system 119</p> <p><b>Chapter 7: Controlling Your Books, Your Records, and Your Money 121</b></p> <p>Putting Controls on Your Business’s Cash 121</p> <p>Checking accounts 122</p> <p>Savings accounts 125</p> <p>Petty cash accounts 125</p> <p>Cash registers 126</p> <p>Practice: Cash Controls 128</p> <p>Keeping the Right Paperwork 129</p> <p>Creating a fi ling system 130</p> <p>Figuring out what to keep and for how long 131</p> <p>Protecting Your Business against Internal Fraud 132</p> <p>Facing the reality of financial fraud 132</p> <p>Dividing staff responsibilities 133</p> <p>Balancing control costs 135</p> <p>Practice: Internal Controls 136</p> <p>Insuring Your Cash through Employee Bonding 138</p> <p>Answers to Problems on Controlling Your Books, Records, and Money 138</p> <p><b>Part III: Tracking Day-to-Day Business Operations with Your Books 139</b></p> <p><b>Chapter 8: Buying and Tracking Your Purchases 141</b></p> <p>Keeping Track of Inventory 141</p> <p>Entering initial cost 143</p> <p>Managing inventory and its value 146</p> <p>Practice: Working with Inventory and Calculating Cost of Goods Sold 150</p> <p>Buying and Monitoring Supplies 153</p> <p>Staying on Top of Your Bills 154</p> <p>Keeping tasks separate 154</p> <p>Developing a system for Accounts Payable 155</p> <p>Paying early if it benefits you 155</p> <p>Practice: Calculating Discounts 156</p> <p>Answers to Problems on Buying and Tracking Your Purchases 157</p> <p><b>Chapter 9: Counting Your Sales 159</b></p> <p>Collecting on Cash Sales 159</p> <p>Discovering the value of sales receipts 160</p> <p>Recording cash transactions in the books 161</p> <p>Practice: Recording Sales in the Books 163</p> <p>Selling on Credit 166</p> <p>Deciding whether to offer store credit 166</p> <p>Recording store credit transactions in the books 167</p> <p>Practice: Sales on Store (Direct) Credit 170</p> <p>Proving Out the Cash Register 174</p> <p>Practice: Proving Out 175</p> <p>Tracking Sales Discounts 177</p> <p>Practice: Recording Discounts 179</p> <p>Recording Sales Returns and Allowances 182</p> <p>Practice: Tracking Sales Returns and Allowances 183</p> <p>Monitoring Accounts Receivable 184</p> <p>Practice: Aging Summary 185</p> <p>Accepting Your Losses 186</p> <p>Answers to Counting Your Sales 187</p> <p><b>Chapter 10: Employee Payroll and Benefits 191</b></p> <p>Setting the Stage for Staffing: Making Payroll Decisions 191</p> <p>Completing government forms 192</p> <p>Picking pay periods 194</p> <p>Determining wage and salary types 195</p> <p>Collecting Employee Taxes 197</p> <p>Sorting out Social Security tax 197</p> <p>Making sense of Medicare tax 197</p> <p>Figuring out federal withholding tax 198</p> <p>Settling up state and local withholding taxes 199</p> <p>Determining Net Pay 199</p> <p>Practice: Payroll Tax Calculations 200</p> <p>Surveying Your Benefits Options 201</p> <p>Tax-exempt benefits 201</p> <p>Taxable benefits 203</p> <p>Dealing with cafeteria plans 203</p> <p>Preparing Payroll and Posting It in the Books 204</p> <p>Calculating payroll for hourly employees 204</p> <p>Doling out funds to salaried employees 204</p> <p>Totaling up for commission checks 205</p> <p>Determining base salary plus tips 206</p> <p>Practice: Payroll Preparation 207</p> <p>Finishing the Job 209</p> <p>Depositing Employee Taxes 210</p> <p>Outsourcing Payroll and Benefits Work 211</p> <p>Answers to Problems on Employee Payroll and Benefits 211</p> <p><b>Chapter 11: Employer-Paid Taxes and Government Payroll Reporting 213</b></p> <p>Paying Employer Taxes on Social Security and Medicare 214</p> <p>Filing Form 941 214</p> <p>Knowing how often to fi le 215</p> <p>Completing Unemployment Reports and Paying Unemployment Taxes 216</p> <p>Examining how states calculate the FUTA tax rate 217</p> <p>Calculating FUTA tax 218</p> <p>Filing and paying unemployment taxes to state governments 219</p> <p>Practice: Calculating FUTA Tax 220</p> <p>Carrying Workers’ Compensation Insurance 221</p> <p>Maintaining Employee Records 222</p> <p>Answers to Problems on Employer-Paid Taxes and Government Payroll Reporting 225</p> <p><b>Part IV: Preparing the Books for Year’s (or Month’s) End 227</b></p> <p><b>Chapter 12: Depreciating Your Assets 229</b></p> <p>Defining Depreciation 229</p> <p>Knowing what you can and can’t depreciate 230</p> <p>Figuring out the useful life of a fixed asset 231</p> <p>Delving into cost basis 232</p> <p>Practice: Calculating Cost Basis 233</p> <p>Reducing the Value of Assets 234</p> <p>Sharing the cost evenly: Straight-Line depreciation 234</p> <p>Starting stronger: Sum-of-Years-Digits depreciation 235</p> <p>Decreasing more quickly: Double-Declining Balance depreciation 236</p> <p>Accounting for varying output: Units of Production depreciation 237</p> <p>Practice: Calculating Depreciation 237</p> <p>Tackling Taxes and Depreciation 238</p> <p>Section 179 239</p> <p>MACRS 240</p> <p>Setting Up Depreciation Schedules 240</p> <p>Recording Depreciation Expenses 241</p> <p>Answers to Problems on Depreciating Your Assets 241</p> <p><b>Chapter 13: Paying and Collecting Interest 243</b></p> <p>Deciphering Types of Interest 243</p> <p>Simple interest 244</p> <p>Compound interest 244</p> <p>Practice: Calculating Simple and Compound Interest 245</p> <p>Handling Interest Income 246</p> <p>Delving Into Loans and Interest Expenses 247</p> <p>Short-term debt 247</p> <p>Long-term debt 251</p> <p>Practice: Calculating and Recording Credit and Long-Term Debt Payments 254</p> <p>Answers to Problems on Paying and Collecting Interest 257</p> <p><b>Chapter 14: Proving Out the Cash 261</b></p> <p>Why Prove Out the Books? 261</p> <p>Making Sure Ending Cash Is Right 262</p> <p>Closing the Cash Journals 263</p> <p>Finalizing cash receipts 264</p> <p>Finalizing cash outlays 268</p> <p>Practice: Closing the Cash Journals 269</p> <p>Using a Temporary Posting Journal 271</p> <p>Reconciling Bank Accounts 271</p> <p>Tracking down errors 272</p> <p>Using a computerized system 273</p> <p>Posting Adjustments and Corrections 275</p> <p>Answers to Problems on Proving Out the Cash 276</p> <p><b>Chapter 15: Closing the Journals 277</b></p> <p>Prepping to Close: Checking for Accuracy and Tallying Things Up 277</p> <p>Paying attention to initial transaction details 278</p> <p>Summarizing journal entries 278</p> <p>Analyzing summary results 281</p> <p>Planning for cash flow 282</p> <p>Posting to the General Ledger 282</p> <p>Checking Out Computerized Journal Records 283</p> <p><b>Chapter 16: Checking Your Accuracy by Trial and (Hopefully No) Error 289</b></p> <p>Working with a Trial Balance 289</p> <p>Conducting your trial balance 290</p> <p>Dealing with trial balance errors 291</p> <p>Practice: Preparing a Trial Balance 293</p> <p>Testing Your Balance with Computerized Accounting Systems 294</p> <p>Developing a Financial Statement Worksheet 295</p> <p>Replacing Worksheets with Computerized Reports 297</p> <p>Answers to Problem on Checking Your Accuracy 299</p> <p><b>Chapter 17: Adjusting the Books 301</b></p> <p>Adjusting All the Right Areas 301</p> <p>Depreciating assets 302</p> <p>Allocating prepaid expenses 304</p> <p>Counting inventory 304</p> <p>Allowing for bad debts 305</p> <p>Recognizing unpaid salaries and wages 307</p> <p>Practice: Adjusting for Certain Expenses and Inventory 309</p> <p>Testing Out an Adjusted Trial Balance 312</p> <p>Changing Your Chart of Accounts 313</p> <p>Answers to Problems on Adjusting the Books 314</p> <p><b>Part V: Reporting Results and Starting Over 317</b></p> <p><b>Chapter 18: Developing a Balance Sheet 319</b></p> <p>Gathering Balance Sheet Ingredients 319</p> <p>Dividing and listing your assets 321</p> <p>Acknowledging your debts 323</p> <p>Naming your investments 324</p> <p>Ta Da! Pulling Together the Final Balance Sheet 325</p> <p>Account format 325</p> <p>Report format 326</p> <p>Financial Position format 326</p> <p>Practice: Formatting Balance Sheets 327</p> <p>Putting Your Balance Sheet to Work 328</p> <p>Testing your cash 328</p> <p>Assessing your debt 329</p> <p>Practice: Calculating Balance Sheet Ratios 330</p> <p>Generating Balance Sheets Electronically 332</p> <p>Answers to Developing a Balance Sheet 332</p> <p><b>Chapter 19: Producing an Income Statement 337</b></p> <p>What’s an Income Statement? 337</p> <p>Formatting the Income Statement 338</p> <p>Preparing the Income Statement 339</p> <p>Finding Net Sales 340</p> <p>Finding Cost of Goods Sold 340</p> <p>Drawing the remaining amounts from your worksheet 340</p> <p>Gauging your Cost of Goods Sold in a manufacturing environment 342</p> <p>Practice: Calculating Net Sales and Cost of Goods Sold 342</p> <p>Deciphering Gross Profit 344</p> <p>Monitoring Expenses 344</p> <p>Using the Income Statement to Make Business Decisions 345</p> <p>Testing Profits 347</p> <p>Return on Sales 348</p> <p>Return on Assets 348</p> <p>Return on Equity 349</p> <p>Practice: Calculating ROS, ROA, and ROE 349</p> <p>Branching Out with Income Statement Data 351</p> <p>Answers to Producing an Income Statement 352</p> <p><b>Chapter 20: Completing Year-End Payroll and Reports 355</b></p> <p>Tackling Year-End Employee Reporting 355</p> <p>Sending in wage reports 360</p> <p>Producing 1099s for Vendors and Contractors 360</p> <p>Filing Year-End Summaries 363</p> <p><b>Chapter 21: Satisfying the Tax Man 365</b></p> <p>Finding the Right Business Type 365</p> <p>Sole proprietorship 365</p> <p>Partnership 366</p> <p>Limited Liability Companies (LLCs) 366</p> <p>Corporations 367</p> <p>Tackling Tax Reporting for Sole Proprietors 368</p> <p>Filing Tax Forms for Partnerships 369</p> <p>Paying Corporate Taxes 370</p> <p>Reporting for an S corporation 370</p> <p>Reporting for a C corporation 370</p> <p>Taking Care of Sales Taxes Obligations 371</p> <p><b>Chapter 22: Prepping the Books for a New Accounting Cycle 373</b></p> <p>Finalizing the General Ledger 373</p> <p>Zeroing out income statement accounts 374</p> <p>Carrying over balance sheet accounts 375</p> <p>Conducting Special Year-End Bookkeeping Tasks 375</p> <p>Checking customer accounts 376</p> <p>Assessing vendor accounts 377</p> <p>Deleting accounts 377</p> <p>Starting the Cycle Anew 378</p> <p><b>Part VI: The Part of Tens 379</b></p> <p><b>Chapter 23: Ten Ways to Manage Your Business Cash with Your Books 381</b></p> <p>Charting the Way 381</p> <p>Balancing Your Entries 381</p> <p>Posting Your Transactions 382</p> <p>Tracking Customer Collections 382</p> <p>Paying Bills Accurately and On Time 382</p> <p>Planning Profi ts 383</p> <p>Comparing Budget to Actual Expenses 383</p> <p>Looking at Sales Goals against Actual Sales 383</p> <p>Monitoring Cost Trends 384</p> <p>Making Pricing Decisions 384</p> <p><b>Chapter 24: The Ten (Plus One) Most Important Accounts for Any Bookkeeper 385</b></p> <p>Cash 385</p> <p>Accounts Receivable 386</p> <p>Inventory 386</p> <p>Accounts Payable 386</p> <p>Loans Payable 386</p> <p>Sales 387</p> <p>Purchases 387</p> <p>Payroll Expenses 387</p> <p>Office Expenses 387</p> <p>Owners’ Equity 388</p> <p>Retained Earnings 388</p> <p><b>Part VII: Appendixes 389</b></p> <p>Appendix A: Glossary 391</p> <p>Appendix B: About the CD 395</p> <p>System Requirements 395</p> <p>Using the CD 396</p> <p>What You’ll Find on the CD 396</p> <p>Software 397</p> <p>Chapter files 397</p> <p>Troubleshooting 399</p> <p>Customer Care 400</p> <p>Index 403</p>
<p><b>Lita Epstein, MBA,</b> designs online courses about reading financial reports, investing, and taxes. She’s the author of <i>Reading Financial Reports For Dummies</i> and also writes periodically for AOL’s Daily Finance. </p>
<p><b>The easy way to get a handle on bookkeeping</b></p> <p>Accurate and complete bookkeeping is crucial to investors, financial institutions, and various employees in businesses, and <i>Bookkeeping Kit For Dummies</i> provides the easy and painless way to master this critical skill. You’ll get clear and concise information along with plenty of practice opportunities and examples to hone your bookkeeping skills. <ul><li><b><i>Brush up on basics — get an overview of how bookkeeping works, understand terminology unique to bookkeeping, and set up your company’s books</li> <li>Keep a paper trail — find out how to enter your financial transactions in the books, post transactions to your General Ledger, and track all the details in your journals </li> <li>Roll out the dough — track your day-to-day business operations, set up and manage employee payroll, and make sense of government paperwork that comes with new hires</li> <li>All good things come to an end — delve into the process for closing out an accounting period, whether at the end of a month or the end of a year</li> <li>Report your results — discover how to use all the information in your books to prepare reports that show how well your company did during the month, quarter, or year</i></b></li></ul> <p><b>Open the book and find:</b> <ul><li><b>Tips for developing a good internal control system for managing your books</li> <li>The importance of an accurate paper trail</li> <li>How to test the balance of your books</li> <li>Year-end government reports and IRS forms</li> <li>Ledgers, journals, and computer options </li> <li>How to protect your business against internal fraud</li> <li>Ways to stay on top of inventory, supplies, and bills</li> <li>Lots of practice exercises</b></li></ul>

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