+ All Categories
Home > Documents > PowerPoint Presentationstatic.knowledgevision.com/.../Presentation_6_Liquor_Store.pdfpayment types...

PowerPoint Presentationstatic.knowledgevision.com/.../Presentation_6_Liquor_Store.pdfpayment types...

Date post: 26-Apr-2018
Category:
Upload: phamkien
View: 219 times
Download: 5 times
Share this document with a friend
52
© 2012 Educating Bookkeepers for Business, Inc. Presentation 6 Liquor Store
Transcript

© 2012 Educating Bookkeepers for Business, Inc.

Presentation 6

Liquor Store

Chapter 1: Liquor Store File Set Up

© 2012 Educating Bookkeepers for Business, Inc.

© 2012 Educating Bookkeepers for Business, Inc.

Edit: Preferences: Accounting

© 2012 Educating Bookkeepers for Business, Inc.

Edit: Preferences: Desktop View

© 2012 Educating Bookkeepers for Business, Inc.

Edit: Preferences: General

© 2012 Educating Bookkeepers for Business, Inc.

QuickBooks: Inventory Part

© 2012 Educating Bookkeepers for Business, Inc.

QuickBooks: Journal Entry

QuickBooks: Sales Receipt

Liquor Store POS: Daily Batch Report

© 2012 Educating Bookkeepers for Business, Inc.

income & COSG categories cigarettes misc. taxable liquor beer wine champagne wine coolers non-taxable

© 2012 Educating Bookkeepers for Business, Inc.

discounts income categories to work through sales tax purchase empties container deposits tap deposits gift certificates paid on account

© 2012 Educating Bookkeepers for Business, Inc.

payment types accepted cash debit cards checks American Express VISA Mastercard Discover

© 2012 Educating Bookkeepers for Business, Inc.

payment types to work through tap returns vendor coupons house charge

© 2012 Educating Bookkeepers for Business, Inc.

income & COSG categories cigarettes misc. taxable liquor beer wine champagne wine coolers non-taxable inventory (current asset)

© 2012 Educating Bookkeepers for Business, Inc.

COA accounts? sales tax purchase empties container deposits tap deposits gift certificates paid on account tap returns vendor coupons house charge

© 2012 Educating Bookkeepers for Business, Inc.

sales tax: sales tax payable current liability

© 2012 Educating Bookkeepers for Business, Inc.

purchase empties & container deposits: container deposits payable current liability

© 2012 Educating Bookkeepers for Business, Inc.

tap deposits & returns: tap deposits/returns current liability

© 2012 Educating Bookkeepers for Business, Inc.

gift certificates & vendor coupons: gift certificates current liability

© 2012 Educating Bookkeepers for Business, Inc.

paid on account & house charge: house accounts receivable current asset

© 2012 Educating Bookkeepers for Business, Inc.

Execute the action in parentheses to activate the following modules: Accounts Receivable (create an invoice) Accounts Payable (enter a bill) Undeposited Funds (receive payment)

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Chart of Accounts

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Chart of Accounts

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Chart of Accounts

© 2012 Educating Bookkeepers for Business, Inc.

File: Utilities: Import IIF Files: Liquor Store COA IIF Open or Restore Company: Restore a Backup Copy: Local Backup: Liquor Store COA

© 2012 Educating Bookkeepers for Business, Inc.

Chapter 2: Liquor Store Transactions

© 2012 Educating Bookkeepers for Business, Inc.

Company: Make Journal Entries

© 2012 Educating Bookkeepers for Business, Inc.

Company: Make Journal Entries

© 2012 Educating Bookkeepers for Business, Inc.

income items income account wine 40100 wine liquor 40200 liquor beer 40300 beer cigarettes 40400 cigarettes champagne 40500 champagne wine coolers 40600 wine coolers misc. taxable 40700 misc. taxable misc. non-taxable 40800 misc. non-taxable

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

payment items assigned to undeposited funds cash debit cards checks AMEX VISA MC discover

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

other charge items COA accounts sales tax 22000 sales tax purchase empties 22500 container deposits container deposits 22500 container deposits tap deposits 23000 tap deposits/returns gift certificates 23500 gift certificates tap returns 23000 tap deposits/returns vendor coupons 23500 gift certificates paid on account 11100 house A/R discount item COA account discount 40900 discounts payment item COA account house charge 11100 house A/R

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

Lists: Item List

© 2012 Educating Bookkeepers for Business, Inc.

Customers: Enter Sales Receipt

© 2012 Educating Bookkeepers for Business, Inc.

Customer: Enter Sales Receipt

© 2012 Educating Bookkeepers for Business, Inc.

Memorized Transaction List

© 2012 Educating Bookkeepers for Business, Inc.

Chapter 3: Deposits, Mark Up & Margin

© 2012 Educating Bookkeepers for Business, Inc.

Reports: Company & Financial: P & L Standard

© 2012 Educating Bookkeepers for Business, Inc.

Banking: Make Deposits: Payments to Deposit

© 2012 Educating Bookkeepers for Business, Inc.

Banking: Make Deposits

© 2012 Educating Bookkeepers for Business, Inc.

Banking: Make Deposits

© 2012 Educating Bookkeepers for Business, Inc.

Banking: Make Deposits

© 2012 Educating Bookkeepers for Business, Inc.

Reports: Company & Financial: Balance Sheet

© 2012 Educating Bookkeepers for Business, Inc.

Mark-Up and Margin

© 2012 Educating Bookkeepers for Business, Inc.

Mark-Up vs. Margin

Cost $100. The product is marked up by $25 and sold for $125. The mark up formula is: Mark-Up = Margin/Cost ex. $25/$100 = 25% The margin formula is: Margin = Margin/Selling Price ex. $25/$125 = 20% The profit margin is always lower than the mark-up.

© 2012 Educating Bookkeepers for Business, Inc.

Big Picture Mark-Up vs. Margin

Mark-Up = Gross Margin/Cost of Goods Sold Margin = Gross Margin/Sales

Liquor Store

Mark-Up = $54,232/$211,781 = 25.6% Margin = $54,232/$266,013 = 20.4%

© 2012 Educating Bookkeepers for Business, Inc.

Balance Sheet

Cash Outflows: Department of Revenue • Sales Tax Owed = $15,873.22 • Container Deposits Owed = $4,200.65

Red Flag Negative Numbers Inventory Tap Deposits/Returns Gift Certificates

© 2012 Educating Bookkeepers for Business, Inc.

End of Presentation 6

Liquor Store

© 2012 Educating Bookkeepers for Business, Inc.


Recommended