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by Lisa A. Bucki, Gail Perry, David H. Ringstrom
Introductory Accounting
Cover
Title Page
Copyright Page
Introduction
Part 1: Laying the Groundwork
1 How Accounting Works
Accounting Simplified
Accounting Terminology and Concepts
Books and Accounts
Debits and Credits
Assets and Liabilities
T Accounts
How T Accounts Work
Using T Accounts
Recording Your Transaction
Typical Accounting Transactions
Checks
Invoices
Sales Receipts
Credit Card Transactions
Recording Estimates and Sales Orders
2 Selecting Your Business Structure
Organizing Your Business
Sole Proprietorships
Partnerships
S Corporations
Limited Liability Companies
C Corporations
Tax-Exempt (Nonprofits)
Your First Capital Infusion
Separating Business from Personal
Choosing an Accounting Method
Deciding on a Tax Year End
Zoning/Business License
Your Tax ID Number
Your Business Plan
Part 2: Doing the Books
3 Choosing Accounting Software
The Importance of Accounting Software
Desktop Versus Cloud-Based Software
Common Desktop Accounting Packages
Quicken
QuickBooks Pro
QuickBooks Premier
QuickBooks Enterprise
Sage 50
Mid-Range to Enterprise Accounting Software
Common Cloud Accounting Programs
QuickBooks Online
Xero
FreshBooks
Point-of-Sale Software
QuickBooks Point of Sale
Revel Systems POS
Changing Software
Getting Help with Your Accounting Software
4 Managing Your Accounts
Account Categories
Assets
Liabilities
Equity
Revenue
Cost of Goods Sold
Expenses
Other Accounts
Managing a Chart of Accounts
Making Everything Balance
Trial Balance
General Ledger
5 Accounting for Inventory
The Importance of Tracking and Valuing Inventory
Inventory Item Types and Setup
Stock Items
Nonstock Items
Assemblies
Service Items
Special-Use Items
Physical Inventory Valuation Methods
Average Cost
First in, First Out
Last in, First Out
Specific Identification
Keeping Count
Reordering
Taxes, Accounting, and Inventory
Physical Inventory Count
Inventory Adjustments
Reporting
Inventory Valuation Report
Sales by Item
Items Sold to Customers
Physical Inventory List Report
6 Doing Business Day to Day
Recording Sales
Customer Records
Sales Receipts
Invoices
Receiving Payment
Making Bank Deposits
Sales Orders
Customer Retainers and Deposits
Other Invoicing-Related Transactions
Paying Bills
Credit Card Purchases
Purchasing Inventory
Purchase Orders
Processing Payroll
Voiding Checks
7 Tackling the General Ledger
The Importance of the General Ledger
Updating Transactions Directly
Adjusting Journal Entries
Prior Year Adjustments
Finding Misplaced Transactions
Noncash Transactions
Nonposting Transactions
When Not to Use Journal Entries
8 Reconciling Bank and Credit Card Statements
I’s Not Just for Month-End
Preparing and Reconciling
Why Reconcile?
Reconciling at a Glance
Starting a Reconciliation
Clearing Transactions
Making Corrections
Tips for Successful Reconciliations
Automated Reconciliations
Reconciling Credit Card Statements
Identifying Transpositions
When You Can’t Reconcile
Part 3: Employee-Related Accounting
9 Setting Up New Team Members
Are You an Employee?
The Difference Between Employees and Independent Contractors
New Hire Paperwork
Federal Paperwork
State Paperwork
Local Paperwork
Rules for Hourly and Salaried Employees
Hourly Workers
Salaried Workers
Paying Owners
Payroll Processing Options
Third-Party Providers
Accounting Software Options
Manual Calculations
10 Understanding Insurance
Liability Insurance
Workers’ Compensation
General Liability Insurance
Product Liability Insurance
Directors’ and Officers’ Liability Insurance
Professional Liability Insurance
Automobile Insurance
Cyber Risk Insurance
Personal Umbrella Insurance
Property Insurance
Boiler and Machinery Insurance
Business Interruption Insurance
Inland Marine Insurance
Health Insurance
Life Insurance
Tax Advantages
Health Insurance for the Self-Employed
Health Insurance Paid by Individuals
Recording Insurance Costs and Reimbursements
11 Other Benefits and Reimbursements
Retirement Plans
SIMPLE IRAs
Simple Employee Pensions (SEPs)
401(k) Plans
Keogh Plans
Remitting Retirement Contributions
Government Oversight
Vehicle Reimbursements
Other Reimbursements
Cafeteria Plans
Paid Vacation and Sick Leave
Paid Vacation
Sick Leave
Family and Medical Leave Act
12 Payroll Taxes
Withholding Taxes
Federal Withholding
State Withholding
Local Withholding
Social Security and Medicare
Social Security Withholding
Medicare Withholding
Unemployment Taxes
Federal Unemployment Taxes
State Unemployment Taxes
Temporary Disability Insurance
Part 4: Financial Reporting
13 Tracking Receivables and Payables
Payment Terms
Aged Accounts Receivable Report
Customer Statements
Collectability Risk
Finance Charges
Refunding Credit Balances
Writing Off Bad Debts
Managing Credit Risk
Aged Accounts Payable Report
Eliminating Zero Balances on Aging Reports
14 The Big Three Financial Statements
The Profit and Loss, or Income, Statement
The Balance Sheet
Current Assets
Long-Term Assets
Current Liabilities
Long-Term Liabilities
Equity
The Statement of Cash Flows
Cash Flow from Operations
Cash Flow from Investing Activities
Cash Flow from Financing Activities
Reviewing Your Financial Statements
Reviewing Your Income Statement
Reviewing Your Balance Sheet
When You Find an Error
15 Internal Control and Minimizing Fraud Risk
Securing Your Accounting Records
Updating Your Accounting Software
Backing Up Your Accounting Records
Backing Up and Restoring Desktop-Based Data
Backing Up Cloud-Based Data
Managing Identity Theft Risk
Securing Customer Information
Using Magnetic Swipe Card Readers
Securing Checks
Destroying Records
Disaster Recovery
16 Financial Reports and Stakeholders
How the IRS Reviews Your Financials
What Lenders Are Looking For
Consistency
Collateral
Cash Flow
Minimal Revenue Concentrations
Financial Ratios
Depreciated Assets
Discretionary and Owner Expenses
Using Financial Ratios
Current Ratio
Quick Ratio
Debt-to-Equity Ratio
Cash Flow Coverage Ratio
Performance and Probability Ratios
Accounts Receivable Turnover Ratio
Accounts Payable Turnover Ratio
Inventory Turnover Ratio
Part 5: Monthly, Quarterly, and Annual Activities
17 Closing Your Books and Other Accounts
Monthly Accounting Procedures
Program-Specific Tasks
Bank and Credit Card Reconciliation
Balance Sheet Review
Income Statement Review
Inventory Analysis
Aging Reports Review
Payroll Liabilities
Understanding the Trial Balance
Adjusted Trial Balance
Accounts with Opposite Signs
Amortizing Prepaid Expenses
Checking and Correcting Balances
Lingering Balances
Duplicate and Mistaken Transactions
Double-Checking Your Work
Year-End Procedures
18 Remitting and Reporting Taxes
Remitting Payroll Taxes
Federal Payroll Taxes
Federal Unemployment Taxes
State Withholding Taxes
State Unemployment Taxes
Local Withholding Taxes
Reporting Payroll Taxes
Federal Payroll Taxes
State Withholding Taxes
State Unemployment Taxes
Sales Tax
Other Taxes
Annual State Registration Fee
Business License Tax
Ad Valorem Taxes
Excise Taxes
Tourist Taxes
19 Filing Business and Personal Tax Returns
Business Income Tax Returns
Sole Proprietorship
Partnerships
S Corporations
C Corporations
Limited Liability Companies
Due Dates
Tax Return Extensions
Estimated Tax Payments
Business State Income Tax Returns
Supporting Tax Forms
Form W-2
Schedule K-1
Form 1099
Personal Income Tax Returns
Federal Income Tax Return
State Income Tax Return
Getting Help Versus Filing on Your Own
Hiring a Professional
Filing on Your Own
Tax Return Tips
20 Recordkeeping Rule Book
Maintaining Your Accounting Records
Keeping Employee Records
Federal Requirements
State Requirements
Local Requirements
Other Stakeholders
Dealing with Other Records
Records to Keep Permanently
Records to Hold Temporarily
On-Demand Records
Part 6: Data Analysis and Forecasting
21 Working with Spreadsheets
Spreadsheet Options
Introduction to Spreadsheets
Spreadsheet Basics
Making Basic Cell Entries
Entering Formulas and Filling Entries
Inserting a Function
Finishing the Amortization Table Formulas
Freezing Rows On-Screen
Printing
22 More Spreadsheet Tools and Techniques
Spreadsheet Templates
Accessing Templates
Types of Templates
Developing the Foundation of a Budget
Exporting from Xero
Exporting from QuickBooks Desktop
Building Your Budget
Maintaining a Shadow Accounting System
Forecasting Inflows
Forecasting Outflows
Analyzing Accounting Data
Filtering Data
Quick Analysis
Recommended Charts
Recommended PivotTables
Maintaining Supporting Schedules
Appendixes
A Glossary
B Key Business Forms
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