You are previewing Microsoft® Office Accounting Professional 2007 Step by Step.
O'Reilly logo
Microsoft® Office Accounting Professional 2007 Step by Step

Book Description

Experience learning made easy—and quickly teach yourself how to manage your small business financial information with Accounting Professional 2007. With Step By Step, you set the pace—building and practicing the skills you need, just when you need them!

• Learn basic accounting principles that help keep your business healthy! •Track and manage income, expenses, assets, and liabilities •Prepare quotes, invoices, and sales orders for all of your products and services •Apply discounts, set pricing levels, and manage customer payments •Do-it-yourself payroll—from 1 to 100 employees •Easily transform your data into financial reports with a single click

Your all-in-one learning experience includes: •Fully searchable eBook •Extended coverage with three bonus chapters •Windows Vista Product Guide eReference—plus other resources on CD

Table of Contents

  1. Microsoft® Office Accounting Professional 2007 Step by Step
  2. A Note Regarding Supplemental Files
  3. Introducing Accounting 2007
    1. Navigating Within Accounting 2007
    2. Managing Your Business
  4. Information for Readers Running Windows XP
    1. Using the Start Menu
    2. Navigating Dialog Boxes
  5. Features and Conventions of This Book
  6. Using the Book's CD
    1. What's on the CD?
    2. Minimum System Requirements
    3. Installing the Practice Files
    4. Using the Practice Files
    5. Reinstalling the Practice Files
  7. Getting Help
    1. Getting Help with This Book and Its Companion CD
    2. Getting Help with Microsoft Office Accounting 2007
  8. 1. Touring a Sample Company
    1. Chapter at a Glance
    2. Touring a Sample Company in Accounting Express 2007
    3. Touring a Sample Company in Accounting Professional 2007
    4. Key Points
  9. 2. Setting Up a New Company
    1. Chapter at a Glance
    2. Preparing to Set Up the Accounting System (What You'll Need)
      1. Determining a Fiscal Year and Start Date
      2. Preparing a Trial Balance
      3. Collecting Information Before Getting Started
    3. Creating a Company File
      1. Working Through the Accounting Professional Setup Wizard
      2. Working Through the Accounting Express Setup Wizard
      3. Changing Company Preferences
    4. Managing Company Data
      1. Importing Company Data
        1. Account Mapping Considerations
        2. Chart Redesign in Conjunction with Import from Another System
        3. Importing Data from Microsoft Money
        4. Importing Data from QuickBooks
        5. Importing Data from Excel
      2. Defining Multiple Companies
    5. Protecting Your Data Files
      1. Creating a Backup File
      2. Restoring Data from a Backup File
      3. Archiving Transactions from Past Fiscal Years
    6. Key Points
  10. 3. Accounting: A Quick Overview
    1. What Is Accounting?
      1. The Duality Concept (Double-Entry Bookkeeping)
      2. The Accrual Concept
      3. Other Accounting Concepts and Principles
    2. Key Accounting Terms and Definitions
    3. The Importance of Accounting Policies
    4. Accounting for Your Small Business
      1. Accounting for Your Business Cycle
      2. Your Accounting Cycle
      3. Ongoing Requirements for Your Business
    5. Key Points
  11. 4. Managing the Chart of Accounts
    1. Chapter at a Glance
    2. Viewing the Chart of Accounts
      1. A Logical Level of Subdivision
      2. Fixed-Asset and Contra-Asset Accounts
      3. Beginning Balances and Valuation
      4. Classification
    3. Adding and Editing Accounts
    4. Merging Accounts
    5. Viewing an Account Register
    6. Managing Journal Entries
      1. Viewing the Journal Entry List
      2. Making a Journal Entry
      3. Editing and Voiding Journal Entries
    7. Key Points
  12. 5. Managing Products and Services
    1. Chapter at a Glance
    2. Viewing the Item List
    3. What Is Your Business?
      1. A Logical Level of Subdivision
      2. Proper Classification of Products and Services
    4. Creating Items
    5. Editing Items
      1. Changing Item Prices
      2. Changing Multiple Price Levels (Professional Only)
      3. Changing Quantity (Professional Only)
      4. The Need for Periodic Inventory Counts and Adjustments (Professional Only)
        1. Optimal Inventory Reorder Levels
        2. Inventory Write-Ups and Write-Downs
      5. Changing Quantity and Value (Professional Only)
      6. Understanding Inventory Valuation (Professional Only)
    6. Creating Kits (Professional Only)
    7. Reporting Considerations for Products and Services
    8. Key Points
  13. 6. Managing Customers
    1. Chapter at a Glance
    2. Viewing the Customer List
    3. Creating Customer Records
      1. Entering Basic Customer Information
      2. Linking to Existing Files
      3. Viewing a Customer's Financial History
    4. Creating Customer Groups
    5. Creating Price Levels, Credit Ratings, and Payment Terms
      1. Defining New Price Levels
      2. Defining New Credit Ratings and Payment Terms
    6. Defining Shipping Terms and Methods
    7. Setting Up Sales Tax Agencies and Sales Tax Codes
    8. Creating Sales Tax Groups
    9. Managing Contacts by Using Business Contact Manager
      1. Integrating Accounting 2007 with Business Contact Manager
      2. Disabling Business Contact Manager Integration
    10. Key Points
  14. 7. Managing Jobs
    1. Chapter at a Glance
    2. What Is a Job? (Professional Only)
      1. Enabling Jobs in Accounting Professional 2007
      2. Types of Jobs
    3. Viewing and Manipulating the Job List (Professional Only)
      1. Sorting and Filtering the Job List
      2. Viewing the Job List by Job Status
    4. Viewing Job Details (Professional Only)
    5. Creating Jobs (Professional Only)
    6. Editing and Deleting Jobs (Professional Only)
    7. Modifying Job Groups (Professional Only)
    8. Assigning Cash Sales to Jobs (Professional Only)
    9. Analyzing Job Histories (Professional Only)
    10. Job Group Profitability—How It Works
    11. Jobs—A Few Best Practices
    12. Key Points
  15. 8. Generating and Managing Quotes
    1. Chapter at a Glance
    2. Creating Quotes
      1. Initiating a Quote
      2. Adding Line Items to a Quote
    3. Viewing Quotes
    4. Accepting or Rejecting Quotes
    5. Printing Quotes
    6. Key Points
  16. 9. Handling Sales
    1. Chapter at a Glance
    2. Entering a Sales Order (Professional Only)
      1. Creating a Sales Order from Scratch
      2. Creating a Sales Order from a Quote
    3. Viewing the Sales Order List (Professional Only)
    4. Editing Sales Orders (Professional Only)
    5. Managing Back Orders
    6. Key Points
  17. 10. Selling Goods and Services on eBay
    1. Chapter at a Glance
    2. Setting Up to Sell Online
    3. Listing Items for Sale Online
    4. Downloading Orders and Fees
    5. Accepting PayPal Payments
    6. Key Points
  18. 11. Managing Invoices
    1. Chapter at a Glance
    2. Invoicing a Customer
    3. Viewing the Invoice List
    4. Generating an Invoice from a Quote
    5. Voiding and Editing Invoices
    6. Recording Finance Charges (Professional Only)
    7. Key Points
  19. 12. Handling Customer Payments
    1. Chapter at a Glance
    2. Managing Payments
      1. Receiving Payments into Accounting 2007
      2. Voiding a Payment
    3. Handling Cash Sales
    4. Setting Up Credit Card Processing
    5. Handling Payments in Foreign Currencies (Professional Only)
    6. Managing Returns and Refunds
      1. Handling Customer Returns
      2. Issuing a Refund by Check
      3. Issuing a Refund by Credit Card
      4. Creating a Customer Credit Memo for a Job (Professional Only)
      5. Creating a Customer Credit Memo from an Invoice
    7. Key Points
  20. 13. Purchasing from Vendors
    1. Chapter at a Glance
    2. Creating a Vendor Record
    3. Viewing the Vendor List
    4. Creating a Purchase Order (Professional Only)
    5. Receiving Purchased Items
    6. Paying Vendor Bills
    7. Preparing 1099 Forms for Vendors
    8. Key Points
  21. 14. Managing Bank Accounts and Transactions
    1. Chapter at a Glance
    2. Handling Accounts
      1. Adding a Bank Account
      2. Viewing and Recording Journal Entries
    3. Working with Account Registers
    4. Entering Transactions
      1. Recording a Bank Deposit
      2. Transferring Funds
      3. Entering a Credit Card Charge
    5. Reconciling a Bank Account
    6. Banking Online
      1. Setting Up Online Banking
      2. Transferring Funds Online
      3. Downloading and Matching Transactions for Online Accounts
      4. Canceling Online Payments
    7. Accepting Credit Card Payments Through ADP
    8. Key Points
  22. 15. Creating Reports to Manage Your Business
    1. Chapter at a Glance
    2. Viewing Available Reports
    3. Managing Reports
      1. Displaying and Printing Reports
      2. Sorting and Filtering Reports
    4. Creating Custom Reports
    5. Generating Business Intelligence from Reports
      1. Projecting Cash Flow (Professional Only)
      2. Identifying Your Best Customers
      3. Identifying Underperforming Products and Services
      4. Planning for Traditionally Slow Periods
    6. Key Points
  23. A. Your All-in-One Resource
  24. Glossary
  25. B. Acknowledgments
  26. About the Author
  27. Copyright