Learn responsibility accounting using class tracking for both the balance sheet and profit and loss from a CPA
What you will learn
How to download the free version of QuickBooks Enterprise
How to turn on class tracking for both the balance sheet and profit and loss
The differences between the class tracking feature for the QuickBooks Pro version and the QuickBooks Enterprise version
How to record direct costs to departments using class tracking
Methods for allocating indirect costs
Methods for allocating service center expenses to revenue centers
How to make adjusting entries related to a balance sheet by class report
How to generate and analyze a profit and loss by class report
How to generate and analyze a balance sheet by class
This course is a project-based course using the free trial version of QuickBooks Enterprise, practicing the feature of class tracking for both the balance sheet and profit and loss, the class tracking feature applied to responsibility accounting.
We will learn how to download the free trial version of QuickBooks Enterprise and set up a new company file to work in.
The course will show how to turn on the class tracking feature and discuss the differences between class tracking for the QuickBooks Pro version of the software and the QuickBooks Enterprise version.
We will record expenses by department using the class tracing feature and learn how to allocate indirect expenses.
The course will then demonstrate how to allocate service center expenses to revenue centers.
We will also consider adjustments to the balance sheet as we generate balance sheet reports by class.