Cover image for The Complete Idiot's Guide® To Accounting

The Complete Idiot's Guide® To Accounting

Author Lita Epstein , Shellie L. Moore
Release Date: 2011/02/01
ISBN: 9781615640652
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Book Description

The art of accounting-by the numbers.

The Complete Idiot's Guide® to Accounting, Third Edition takes the guess work out of this basic business activity. This updated edition has all the current information any business person will need to understand the "books," along with a useful workbook style appendix to re-enforce the lessons learned throughout the book.

* Fully updated including all new forms

* New workbook appendix with dozens of useful exercises

* Up-to-date information on the changes in payroll taxes, including the new Medicare tax

Table of Contents

  1. Title Page
  2. Copyright Page
  3. Introduction
  4. Acknowledgements
  5. Part 1 - Charting the Books
    1. Chapter 1 - Structuring Your Business
      1. Accounting for the Cash
      2. Choosing a Method
      3. Getting Organized
      4. Choosing Your Organization
      5. Picking Your Year
    2. Chapter 2 - Mapping Your Accounts
      1. Creating Reports
      2. Balancing the Business
      3. Counting Assets
      4. Determining Liabilities
      5. Recording Equities
      6. Your Chart of Accounts Balance Sheet
    3. Chapter 3 - Getting the Number News
      1. Developing Profit and Loss Statements
      2. Tracking Income
      3. Determining Sales Costs
      4. Calculating Expenses
      5. Your Chart of Accounts Profit and Loss Statement
    4. Chapter 4 - Developing the General Ledger
      1. Working With Debits and Credits
      2. Creating Entries
      3. Posting to the Ledger
    5. Chapter 5 - Changing the General Ledger
      1. Adjusting Accounts
      2. Depreciating Assets
      3. Booking Prepaid Expenses
      4. Adding Accounts
      5. Deleting Accounts
  6. Part 2 - Doing Business
    1. Chapter 6 - Getting Organized
      1. Setting Up Cash-Operating Procedures
      2. Designing Filing Systems
      3. Implementing Controls
      4. Bonding Your Employees
    2. Chapter 7 - Tracking Sales
      1. Taking In Cash
      2. Selling on Credit
      3. Combining Cash and Credit
      4. Prepaying Accounts
      5. Controlling the Cash
      6. Monitoring Accounts Receivable
    3. Chapter 8 - Determining Costs
      1. Recording Purchases
      2. Managing Inventory
      3. Paying Bills
    4. Chapter 9 - Adjusting Sales
      1. Sales Discounts
      2. Sales Returns and Allowances
      3. Purchase Discounts
      4. Purchase Refunds and Allowances
      5. Bad Debt
    5. Chapter 10 - Cashing Out
      1. Tracking General Expenses
      2. Interest Payments
      3. Using Subledgers
      4. Posting to the General Ledger
    6. Chapter 11 - Keeping Records and Paying Taxes
      1. What to Keep
      2. How Long to Keep It
      3. Reconciling Accounts
      4. Reporting to the Taxman
  7. Part 3 - Keeping Employees Happy
    1. Chapter 12 - Hiring and Paying Employees
      1. Taking a Number
      2. Hiring Employees
      3. Filing Government Forms
      4. Picking Pay Periods
      5. Determining Wage Types
    2. Chapter 13 - Taxing Times
      1. Employer and Employee Taxes
      2. State Withholding Tax
      3. Calculating Payroll Taxes
      4. Paying Unemployment Taxes
      5. In-House or Outsource?
    3. Chapter 14 - Benefiting Employees
      1. Exploring Tax-Exempt Benefits
      2. Reviewing Taxable Benefits
      3. Valuing Benefits
      4. Using Cafeteria Plans
      5. Your Tax Benefits for Offering Benefits
    4. Chapter 15 - Keeping Tax and Benefit Records
      1. Posting Payroll
      2. Making Payroll Tax Deposits
      3. Avoiding Tax Penalties
      4. Workers’ Compensation
      5. Conforming to Federal and State Regulations
    5. Chapter 16 - Reporting Employee Costs
      1. Preparing Employee Ledgers
      2. Federal Payroll Tax Reports
      3. State Payroll Tax Reports
      4. Unemployment Reports
      5. Your Tax Reports
  8. Part 4 - Closing Out the Books
    1. Chapter 17 - Closing Cash Journals
      1. Closing Cash Receipts Journal
      2. Summarizing Cash and Credit Transactions
      3. Closing Cash Disbursements Journal
      4. Temporary Posting Journal
      5. Posting to the General Ledger
    2. Chapter 18 - Closing Employee Accounts
      1. Closing Employee Expense Accounts
      2. Posting Payroll
      3. Posting to the General Ledger
      4. Tracking Benefits
    3. Chapter 19 - Balancing the Ledger
      1. Reconciling Bank Accounts
      2. Developing Ledger Adjustments
      3. Posting to the General Ledger
    4. Chapter 20 - Testing Your Work
      1. Doing a Trial Balance
      2. Reviewing the General Ledger
      3. Developing the Financial Statements
  9. Part 5 - Putting On a Show
    1. Chapter 21 - Balancing Act
      1. Producing the Balance Sheet
      2. Checking Your Cash Status
      3. Knowing Your Assets
      4. Tracking Your Debt
    2. Chapter 22 - Getting the Good and Bad News
      1. Developing the Monthly Profit and Loss Statement
      2. Using the P&L for Business Decision Making
      3. Reformatting the Data for Specific Uses
      4. Producing the Year-End P&L Statement
    3. Chapter 23 - Year-End Payroll Reporting
      1. Producing Employee W-2s
      2. Transmitting the Wage Statements
      3. Producing Vendor and Contractor 1099s
      4. Filing Federal Government Reports
      5. Beginning the Cycle Again
  10. Part 6 - Closing the Books at Year-End
    1. Chapter 24 - Doing Personal and Business Tax Returns
      1. Understanding Tax Types
      2. Sorting Out the Forms
      3. Meeting Filing Requirements
    2. Chapter 25 - Closing the Books
      1. Finalizing the General Ledger
      2. Reviewing Customer Accounts
      3. Finalizing Vendor Accounts
      4. Closing the P&L Statement Accounts
      5. Getting Ready for the New Year
    3. Chapter 26 - Computerizing the Books
      1. Choosing the Software
      2. Setting Up the Application
      3. Customizing the Software
      4. Converting from a Manual to a Computerized System
  11. Appendix A - Glossary
  12. Appendix B - Key Business Forms
  13. Appendix C - Small Business Tax and Form Calendar
    1. January
    2. February
    3. March
    4. April
    5. May
    6. June
    7. July
    8. August
    9. September
    10. October
    11. November
    12. December
    13. Fiscal Year Businesses
  14. Appendix D - Accounting Workbook
    1. Questions
    2. Answers to Questions
  15. Index
18.117.142.128