QUICKBOOKS

DESKTOP
COMPLETE TRAINING
BY MUHAMMAD REHAN
QUICKBOOKS TRAINER
 LESSON -01

INTRODUCTION TO
COMPUTERIZED ACCOUNTING
Businessman or Business Operation
 MOST IMPORTANT THINGS FOR YOUR BUSINESS

 1. Are you recording the daily financial transactions of your business somewhere?
 2. Are you familiar with the day-to-day financial transactions of your business?
 3. How reliable and accurate is the financial information you have about your business?
 AS A BUSINESSMAN, YOU NEED TO HAVE AT LEAST THE
FOLLOWING BASIC INFORMATION ABOUT YOUR BUSINESS

 Have you got the money (Capital) you invested in your business back from your business?
 What is your monthly income and what are your expenses?
 Are you running a profitable business or is your business constantly losing money?
 How much money do you currently have in cash and bank balances to run your business?
 If you are involved in retail or wholesale business, then how much inventory do you currently
have, and what is it worth?
 How many credit sales have you made and how much receivable balance do you have in th
market?
 AS A BUSINESSMAN, YOU NEED TO HAVE AT LEAST THE
FOLLOWING BASIC INFORMATION ABOUT YOUR BUSINESS

 How much credit have you taken from the market for goods and services and how much do you
own people?
 How much money do you own for utility bills and other business expenses?
 How much money have you taken out of your business for personal use since the beginning of
the business?
All of this information is only available when you
are recording your business transactions
somewhere.
 Recording business financial transactions is
commonly known as Bookkeeping.

Bookkeeping is the recording financial

transactions, and is part of the process of
accounting in business. Transactions include
purchases, sales, receipts and payments by an
individual person or an organization / corporation.
 Definition of Accounting

 Accounting is the recording of financial transactions along with storing, sorting, retrieving,
summarizing, and presenting the results in various reports and analyses.
Nowthe question arises how to do the
accounting of any business ?
 There are two ways to do any Business Accounting.

Manual Accounting Computerized Accounting

 manual accounting is a system of
accounting that uses physical
registers and account books, for
keeping financial records.
 Computerized accounting is an
accounting system that uses an
accounting software, for recording
financial transactions
electronically.
BASIS FOR COMPARISON MANUAL ACCOUNTING COMPUTERIZED ACCOUNTING

Recording is possible through book of The transactions are recording in the

Recording transactions original entry ,i.e. journal day book form of data, in the customized
database.

All the calculation i.e. addition There is no need to perform

Subtraction, etc. is performed calculation, as the calculations,
Calculation manually. As the calculations are performed by
the computer automatically.

Slow/ tedious/time consuming Comparatively faster once the

transaction is entered, it is
Working Speed automatically update in all the
accounts

Lengthy process to find and rectify Errors can be sought out quickly and
Rectification of Error errors in all related accounts once corrected it is automatically
updated in all the accounts.

Not possible to backup entries and Entries of transactions can be saved

Data Backup other record and backed up

It is prepared at the end of the period, It is provided at the click of button.

Financial Statements or quarter.
 Computerized Accounting

 1. Accurate
 2. Reliable
 3. Time Saving
 4. Data can be backed up
 5. Instant transactions finding
 6. Instant rectifications of Errors
 7. Instant creation of multiple reports
Famous software in the world used for computerized accounting in small and
medium size businesses

 Microsoft Excel
 Sage 50 Accounting (Peachtree)
 Intuit QuickBooks
 Xero accounting
 MYOB Accounting
 Wave Accounting
 Tally accounting
 MS Account