Question

In: Accounting

1. What are the steps to take to accept a customer’s payment and record it in...

1. What are the steps to take to accept a customer’s payment and record it in the bank?
2. What do you look for when “analyzing” financial reports?
3. What is a Sub-Account? And why would you use it?
4. What does the collapse and expand button do on standard reports?
5. What is the difference between Profit and Loss Report and the Balance Sheet Report?

Solutions

Expert Solution

1. What are the steps to take to accept a customer’s payment and record it in the bank?
Two Steps: Click of “receive payments” and select client and invoice to apply payment to… this will increase your “undeposited funds” account. Then click on Record Deposit after it is taken to the bank and record all payments that are being deposited together in a single transaction to match the bank.

2. What do you look for when “analyzing” financial reports?

  • Consistency: Such as expenses that are expected to repeat every month and Income matching the business activities.
  • Common Sense: do the numbers make sense or are the numbers expected. Generally, there should be no negative numbers unless there is a refund you are aware of.
  • Trends and Relationships: such as sales going down or expenses going up. Also the percentage of direct costs vs. revenue, etc…

3. What is a Sub-Account? And why would you use it?

A sub account is an account that belongs to a main or a parent account and is used to create additional categories (or details) within a main category, for example, Lodging and Airfare are sub-accounts of Travel expense

4. What does the collapse and expand button do on standard reports?
It shows or hides sub accounts.

5. What is the difference between Profit and Loss Report and the Balance Sheet Report?

  • P&L shows activities: income and expenses to arrive to Net Income (Profit) for a specific time period.
  • Balance Sheet shows values: Assets and Liabilities to arrive to Equity (Net Worth) as of an specific date.
  • The Net income from the Profit & Loss pass through the equity section in the balance sheet

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