Accounting Software - Quickbooks
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1. Recording of Sales Transactions
2. Subsequent Remittance of the Payment thru Bank
3. Recording of Sales (Accrual - service earned but not yet received)
4. Subsequently, payment is received thru check.
5. For Expenses, Billing Statement is received from the supplier which means that an expense is incurred but not yet paid. Create a bill.
- For payment, click the make payment.
6. When expense is incurred, create an expense.
7. To view the open supplier's invoice or bills, create/print AP Aging Report.
- The AP Aging Report must coincide with the supplier master file (please see below the attached snip for your reference).
8. Generate Reports.
- Profit and Loss Report (depends if fiscal or calendar period)
- Balance Sheet Report ( total assets should be equal to the total liabilities and equity)