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Bookkeeping All-In-One for Dummies


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Table of Contents

Introduction 1 About This Book 2 Foolish Assumptions 2 Icons Used in This Book 2 Beyond the Book 3 Where to Go From Here 3 Book I: Keeping the Books 5 Chapter 1: Basic Bookkeeping 7 Bookkeepers: The Record Keepers of the Business World 7 Delving into Bookkeeping Basics 8 Picking your accounting method: Cash basis versus accrual 9 Understanding assets, liabilities, and equity 9 Introducing debits and credits 9 Charting your bookkeeping course 10 Recognizing the Importance of an Accurate Paper Trail 10 Maintaining a ledger 11 Keeping journals 11 Instituting internal controls 11 Computerizing 12 Using Bookkeeping's Tools to Manage Daily Finances 12 Maintaining inventory 12 Tracking sales 13 Handling payroll 13 Running Tests for Accuracy 14 Proving out your cash 14 Testing your balance 14 Doing bookkeeping corrections 14 Finally Showing Off Your Financial Success 14 Preparing financial reports 15 Paying taxes 15 Wading through Bookkeeping Lingo 16 Accounts for the balance sheet 16 Accounts for the income statement 17 Other common terms 17 Pedaling through the Accounting Cycle 18 Tackling the Big Decision: Cash ]basis or Accrual Accounting 20 Waiting for funds with cash ]basis accounting 20 Recording right away with accrual accounting 21 Seeing Double with Double ]Entry Bookkeeping 22 Differentiating Debits and Credits 24 Chapter 2: Charting the Accounts 25 Getting to Know the Chart of Accounts 25 Starting with the Balance Sheet Accounts 27 Tackling assets 28 Laying out your liabilities 31 Eyeing the equity 33 Tracking the Income Statement Accounts 34 Recording the money you make 34 Tracking the Cost of Sales 35 Acknowledging the money you spend 35 Setting Up Your Chart of Accounts 37 Chapter 3: The General Ledger 41 The Eyes and Ears of a Business 41 Developing Entries for the Ledger 42 Posting Entries to the Ledger 46 Adjusting for Ledger Errors 50 Using Computerized Transactions to Post and Adjust in the General Ledger 51 Chapter 4: Keeping Journals 53 Establishing a Transaction's Point of Entry 53 When Cash Changes Hands 54 Keeping track of incoming cash 54 Following outgoing cash 56 Managing Sales Like a Pro 58 Keeping Track of Purchases 60 Dealing with Transactions that Don't Fit 62 Posting Journal Information to Accounts 64 Simplifying Your Journaling with Computerized Accounting 66 Chapter 5: Controlling Your Records 71 Putting Controls on Your Business's Cash 71 Checking accounts 72 Savings accounts 77 Petty cash accounts 77 Cash registers 78 Keeping the Right Paperwork 80 Creating a filing system 81 Figuring out what to keep and for how long 82 Protecting Your Business Against Internal Fraud 83 Facing the reality of financial fraud 83 Dividing staff responsibilities 85 Balancing control costs 87 Insuring Your Cash through Employee Bonding 88 Chapter 6: Computer Options for Bookkeeping.89 Surveying Your Software Options 90 Bookkeeper 90 Sage 50 Pro 91 QuickBooks Pro 92 Setting Up Your Computerized Books 93 Customizing software to match your operations 95 Converting your manual bookkeeping to a computerized system 97 Chapter 7: Financial Statements and Accounting Standards 99 Reviewing the Basic Content of Financial Statements 100 Realizing that form follows function in financial statements 100 Income statements 102 Balance sheets 104 Statement of cash flows 108 A note about the statement of changes in shareowners' equity 111 Contrasting Profit and Cash Flow from Profit 111 Gleaning Key Information from Financial Statements 113 How's profit performance? 113 Is there enough cash? 114 Can you trust financial statement numbers? 115 Why no cash distribution from profit? 116 Keeping in Step with Accounting and Financial Reporting Standards 117 Recognizing U.S. standards 117 Getting to know the U.S. standard setters 119 Internationalization of accounting standards (maybe, maybe not) 120 Divorcing public and private companies 121 Following the rules and bending the rules 122 Book II: Accounting and Financial Reports 125 Chapter 1: Financial Report Basics 127 Figuring Out Financial Reporting 128 Preparing the reports 128 Seeing why financial reporting counts (and who's counting) 129 Checking Out Types of Reporting 131 Keeping everyone informed 131 Following the rules: Government requirements 132 Going global 133 Staying within the walls of the company: Internal reporting 134 Introducing the Annual Report 135 Breaking down the parts 135 Getting to the meat of the matter 136 Keeping the number crunchers in line 137 Digging Deeper into the Annual Report 138 Debunking the letter to shareholders 138 Making sense of the corporate message 140 Meeting the people in charge 140 Finding basic shareholder information 140 Getting the skinny from management 141 Management as a whole? 144 Getting guarantees from management 144 Bringing the auditors' answers to light 145 Summarizing the Financial Data 148 Finding the highlights 148 Reading the notes 149 Chapter 2: Reporting Profit 151 Introducing Income Statements 152 Looking at a product business 152 Looking at a service business 153 Taking care of some housekeeping details 154 Your job: Asking questions! 156 Finding Profit 157 Getting Particular about Assets and Operating Liabilities 160 Making sales on credit Accounts receivable asset 161 Selling products Inventory asset 161 Prepaying operating costs Prepaid expense asset 162 Fixed assets Depreciation expense 163 Unpaid expenses Accounts payable, accrued expenses payable, and income tax payable 164 Summing Up the Diverse Financial Effects of Making Profit 165 Reporting Extraordinary Gains and Losses 167 Correcting Common Misconceptions About Profit 170 Closing Comments 170 Chapter 3: Exploring Business Structures 173 Flying Solo: Sole Proprietorships 174 Keeping taxes personal 174 Reviewing requirements for reporting 175 Joining Forces: Partnerships 175 Partnering up on taxes 176 Meeting reporting requirements 176 Seeking Protection with Limited Liability Companies 176 Taking stock of taxes 177 Reviewing reporting requirements 177 Shielding Your Assets: S and C Corporations 177 Paying taxes the corporate way 178 Getting familiar with reporting requirements 180 Investigating Private Companies 181 Checking out the benefits 181 Defining disadvantages 182 Figuring out reporting 183 Understanding Public Companies 184 Examining the perks 186 Looking at the negative side 186 Filing and more filing: Government and shareholder reports 187 Entering a Whole New World: How a Company Goes from Private to Public 190 Teaming up with an investment banker 190 Making a public offering 191 Chapter 4: The Balance Sheet: Assets, Liabilities, and Equity 193 Understanding the Balance Equation 193 Introducing the Balance Sheet 194 Digging into dates 194 Nailing down the numbers 196 Figuring out format 196 Ogling Assets 198 Current assets 198 Long ]term assets 201 Accumulated depreciation 204 Looking at Liabilities 205 Current liabilities 205 Long ]term liabilities 206 Navigating the Equity Maze 206 Stock 207 Retained earnings 208 Capital 208 Drawing 208 Chapter 5: The Income Statement 209 Introducing the Income Statement 209 Digging into dates 210 Figuring out format 211 Delving into the Tricky Business of Revenues 214 Defining revenue 214 Adjusting sales 215 Considering cost of goods sold 217 Gauging gross profit 218 Acknowledging Expenses 219 Sorting Out the Profit and Loss Types 221 EBITDA 221 Non ]operating income or expense 222 Net profit or loss 223 Calculating Earnings per Share 223 Chapter 6: The Statement of Cash Flows 225 Digging into the Statement of Cash Flows 225 The parts 226 The formats 227 Checking Out Operating Activities 229 Depreciation 230 Inventory 230 Accounts receivable 231 Accounts payable 231 The cash flow from activities section, summed up 232 Investigating Investing Activities 232 Understanding Financing Activities 233 Issuing stock 233 Buying back stock 234 Paying dividends 235 Incurring new debt 235 Paying off debt 235 Recognizing the Special Line Items 236 Discontinued operations 236 Foreign currency exchange 236 Adding It All Up 237 Chapter 7: Getting a Financial Report Ready 239 Recognizing Top Management's Role 240 Reviewing the Purposes of Financial Reporting 242 Keeping Current with Accounting and Financial Reporting Standards 243 Making Sure Disclosure Is Adequate 244 Footnotes: Nettlesome but needed 245 Other disclosures in financial reports 246 Putting a Spin on the Numbers (Short of Cooking the Books) 249 Window dressing for fluffing up the cash balance and cash flow 250 Sanding the rough edges off the year ]to ]year profit numbers 251 Going Public or Keeping Things Private 256 Reports from publicly owned companies 256 Reports from private businesses 257 Dealing with Information Overload 258 Browsing based on your interests 258 Recognizing condensed versions 259 Using other sources of business information 260 Statement of Changes in Owners' Equity 260 Chapter 8: Accounting Alternatives 263 Setting the Stage 264 Taking Financial Statements with a Grain of Salt 264 Taking an alternative look at the company's financial statements 265 Spotting significant differences 266 Explaining the Differences 268 Accounts receivable and sales revenue 269 Inventory and cost of goods sold expense 270 Fixed assets and depreciation expense 271 Accrued expenses payable, income tax payable, and expenses 272 Wrapping things up 273 Calculating Cost of Goods Sold Expense and Inventory Cost 274 FIFO 274 LIFO 275 Recording Depreciation Expense 278 Scanning Revenue and Expense Horizons 280 Book III: Day ]to ]Day Bookkeeping 283 Chapter 1: Buying and Tracking Your Purchases 285 Keeping Track of Inventory 286 Entering initial cost 287 Managing inventory and its value 290 Practice: Working with Inventory and Calculating Cost of Goods Sold 295 Buying and Monitoring Supplies 298 Staying on Top of Your Bills 298 Keeping tasks separate 298 Developing a system for Accounts Payable 299 Paying early if it benefits you 300 Practice: Calculating Discounts 300 Answers to Problems on Buying and Tracking Your Purchases 301 Chapter 2: Counting Your Sales 303 Collecting on Cash Sales 303 Discovering the value of sales receipts 304 Recording cash transactions in the books 305 Practice: Recording Sales in the Books 307 Selling on Credit 308 Deciding whether to offer store credit 309 Recording store credit transactions in the books 310 Practice: Sales on Store (Direct) Credit 313 Proving Out the Cash Register 315 Practice: Proving Out 317 Tracking Sales Discounts 319 Practice: Recording Discounts 320 Recording Sales Returns and Allowances 322 Practice: Tracking Sales Returns and Allowances 323 Monitoring Accounts Receivable 324 Practice: Aging Summary 325 Accepting Your Losses 326 Answers to Counting Your Sales 326 Chapter 3: Employee Payroll and Benefits 329 Setting the Stage for Staffing: Making Payroll Decisions 329 Completing government forms 330 Picking pay periods 332 Determining wage and salary types 332 Collecting Employee Taxes 334 Sorting out Social Security tax 334 Making sense of Medicare tax 335 Figuring out federal withholding tax 335 Settling up state and local withholding taxes 336 Determining Net Pay 336 Practice: Payroll Tax Calculations 337 Surveying Your Benefits Options 338 Tax ]exempt benefits 338 Taxable benefits 339 Dealing with cafeteria plans 340 Preparing Payroll and Posting It in the Books 340 Calculating payroll for hourly employees 341 Doling out funds to salaried employees 341 Totaling up for commission checks 341 Determining base salary plus tips 342 Practice: Payroll Preparation 343 Finishing the Job 344 Depositing Employee Taxes 345 Outsourcing Payroll and Benefits Work 346 Answers to Problems on Employee Payroll and Benefits 347 Chapter 4: Employer ]Paid Taxes and Government Payroll Reporting 349 Paying Employer Taxes on Social Security and Medicare 350 Filing Form 941 350 Knowing how often to file 351 Completing Unemployment Reports and Paying Unemployment Taxes 352 Examining how states calculate the FUTA tax rate 353 Calculating FUTA tax 354 Filing and paying unemployment taxes to state governments 355 Practice: Calculating FUTA Tax 356 Carrying Workers' Compensation Insurance 356 Maintaining Employee Records 358 Answers to Problems on Employer-Paid Taxes and Government Payroll Reporting 360 Book IV: Preparing for Year's End 363 Chapter 1: Depreciating Your Assets 365 Defining Depreciation 365 Knowing what you can and can't depreciate 366 Figuring out the useful life of a fixed asset 367 Delving into cost basis 368 Reducing the Value of Assets 368 Evaluating your depreciation options 369 Tackling Taxes and Depreciation 372 Section 179 372 MACRS 373 Setting Up Depreciation Schedules 373 Recording Depreciation Expenses 374 Chapter 2: Paying and Collecting Interest 375 Deciphering Types of Interest 375 Simple interest 376 Compound interest 376 Handling Interest Income 377 Delving into Loans and Interest Expenses 378 Short ]term debt 379 Long ]term debt 382 Chapter 3: Proving Out the Cash 387 Why Prove Out the Books? 387 Making Sure Ending Cash Is Right 388 Closing the Cash Journals 389 Finalizing cash receipts 391 Finalizing cash outlays 395 Using a Temporary Posting Journal 396 Reconciling Bank Accounts 396 Tracking down errors 397 Using a computerized system 398 Posting Adjustments and Corrections 400 Chapter 4: Closing the Journals 401 Prepping to Close: Checking for Accuracy and Tallying Things Up 401 Paying attention to initial transaction details 402 Summarizing journal entries 402 Analyzing summary results 405 Planning for cash flow 406 Posting to the General Ledger 407 Checking Out Computerized Journal Records 408 Chapter 5: Checking Your Accuracy 413 Working with a Trial Balance 413 Conducting your trial balance 414 Dealing with trial balance errors 416 Testing Your Balance Using Computerized Accounting Systems 417 Developing a Financial Statement Worksheet 419 Replacing Worksheets with Computerized Reports 421 Chapter 6: Adjusting the Books 423 Adjusting All the Right Areas 423 Depreciating assets 424 Allocating prepaid expenses 425 Counting inventory 426 Allowing for bad debts 427 Recognizing unpaid salaries and wages 428 Testing Out an Adjusted Trial Balance 430 Changing Your Chart of Accounts 431 Book V: Accounting and Managing Your Business 433 Chapter 1: Managing Profit 435 Helping Managers: The Fourth Vital Task of Accounting 436 Following the organizational structure 436 Centering on profit centers 437 Internal Profit Reporting 438 Designing internal profit (P&L) reports 438 Reporting operating expenses 439 Presenting a Profit Analysis Template 441 Separating variable and fixed expenses 442 Stopping at operating earnings 444 Focusing on margin - the catalyst of profit 444 Answering Critical Profit Questions 445 How did you make profit? 446 How did you increase profit? 447 Taking a Closer Look at the Lines in the Profit Template 448 Sales volume 448 Sales revenue 448 Cost of goods sold 449 Variable operating expenses 450 Fixed operating expenses 450 Using the Profit Template for Decision ]Making Analysis 451 Tucking Away Some Valuable Lessons 453 Recognize the leverage effect caused by fixed operating expenses 453 Don't underestimate the impact of small changes in sales price 453 Know your options for improving profit 454 Closing with a Boozy Example 455 Chapter 2: Budgeting 457 Exploring the Reasons for Budgeting 458 Modeling reasons for budgeting 459 Planning reasons for budgeting 460 Control reasons for budgeting 461 Additional Benefits of Budgeting 462 Is Budgeting Worth Its Costs? 464 Realizing That Not Everyone Budgets 465 Avoiding budgeting 465 Relying on internal accounting reports 466 Watching Budgeting in Action 468 Developing your profit improvement strategy and profit budget 469 Budgeting cash flow for the coming year 472 Considering Capital Expenditures and Other Cash Needs 474 Chapter 3: Cost Accounting 477 Looking Down the Road to the Destination of Costs 478 Are Costs Really That Important? 479 Becoming More Familiar with Costs 482 Direct versus indirect costs 482 Fixed versus variable costs 483 Relevant versus irrelevant costs 484 Actual, budgeted, and standard costs 485 Product versus period costs 486 Assembling the Product Cost of Manufacturers 486 Minding manufacturing costs 487 Classifying costs properly 489 Calculating product cost 491 Examining fixed manufacturing costs and production capacity 492 Puffing Profit by Excessive Production 495 Shifting fixed manufacturing costs to the future 495 Cranking up production output 496 Being careful when production output is out of kilter with sales volume 498 Chapter 4: Filing and Paying Business Taxes 501 Finding the Right Business Type 501 Sole proprietorship 502 Partnership 502 Limited Liability Companies (LLCs) 503 Corporations 503 Tackling Tax Reporting for Sole Proprietors 504 Filing Tax Forms for Partnerships 505 Paying Corporate Taxes 506 Reporting for an S corporation 506 Reporting for a C corporation 506 Taking Care of Sales Taxes Obligations 507 Chapter 5: Prepping the Books for a New Accounting Cycle 509 Finalizing the General Ledger 509 Zeroing out income statement accounts 510 Carrying over balance sheet accounts 511 Conducting Special Year ]End Bookkeeping Tasks 511 Checking customer accounts 512 Assessing vendor accounts 513 Deleting accounts 513 Starting the Cycle Anew 514 Index 515

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