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QuickBooks

QuickBooks is one of the financial accounting software/program that is used to


record the company, organization or business transactions so as to enable
automatic retrieval of various reports required e.g. Balance sheet, profit and loss
account, trial balance, debtors balance and creditor’s balances etc.
Important list
These are basic list maintained in QuickBooks so as to be used to enter the
transactions. They include:
1. Customers – this is an individual or organization that buys goods or services
from our business.
There are various transactions relating to customers. These include:
a) Sales order- A sales order is a document that specifies products and/or services
ordered by a specific business partner (customer), as well as the price and terms and
conditions.
b) Invoices – an invoice is a document sent by seller to the buyer requesting for
payment of goods and/or services supplied on credit bases.
c) Receive payment - is a transaction entered to record payments received
from customers for supplies made on credit that is where prior invoice had
been issued.
d) Refunds (return inwards)- is a transaction entered to record items returned
back by customers.
e) cash sales/sales receipts - is a transaction entered to record sales made
whose payments has been received immediately
f) Bad debts write off –is a transaction entered to cancel out customer
outstanding balances as a result of it being bad debt. NB: a bad debt is a
debt that is unrecoverable from a customer due to some reasons like death
of the customer, bankruptcy, insanity.
2. Suppliers - this is an individuals or company that supplies goods or services to
our business.
There are various transaction relating to suppliers. These include purchase
order, bills (invoices), payment, refunds (return outwards).
3. Items – this is what the business deals in, that is buying and selling it, or just
selling it. This includes the stock part items (items bought to be sold), non-
stock part items (items made, manufactured or created in the business for sale)
and services offered to customers.

Prepared by Mr. Mwangi


4. Accounts (Ledgers) – these are the basis of financial accounts reporting in
QuickBooks. They are the ones that are debited or credited whenever the
transactions are entered. They apply the basic concept of financial accounting
that is double entry.
Accounts are categorized in various types depending on what they are used to
track. These types include:-
i. Bank – This type of accounts are used to track the business money at
hand (petty cash) and cash at bank (savings, current, fixed deposits).
These accounts are used to make payments to suppliers and also hold
cash/cheque receipts from our customers.
ii. Fixed asset - This type of accounts are used to track the business fixed
asset items. Fixed assets are items or properties used in the business
to facilitate smooth running of business activities. E.g. Furniture’s,
computers, motor vehicles, land etc.
iii. Equity - This type of accounts are used to track the company or
business capital. E.g. ordinary share capital, owners contribution,
retained earnings, drawings
iv. Liability - This type of accounts are used to track the business debt
e.g. Bank loan
v. Accounts Payable - This type of accounts is used to the business trade
creditors (that is suppliers balances)
vi. Accounts Receivable - This type of accounts is used to the business
trade debtors (that is customer balances)
vii. Income - This type of accounts are used to track the business earnings
from various sources e.g. from sales, discount received, dividend
received and commissions.
viii. Expense - This type of accounts are used to track the business
expense e.g. rent, telephone, bad debt, electricity, depreciation
expense etc.

Prepared by Mr. Mwangi

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