I'm a student of accounting and am about three weeks from finishing my first accounting class. In class we do manual double entry accounting excercises with pencil and paper. These excercises are done in a workbook and the problems are in the textbook. The textbook has a section for the excercises at the end of each chapter and QuickBooks excercises are availbale in the book but as a class we aren't doing those. I am doing those excersise on my own though. I bought a copy of QuickBooks Premier Accountant 2014 for this purpose. I'm stumped on what QB module to click to do a particular transaction. So far in QuickBooks via the excercises, I have been exposed to make general journal entries, enter bills, pay bills, create invoices, receive payments and refunds & credits.
But I'm stumped on how to go about dealing with the following transaction. Will you folks please tell me what part of QuickBooks I need to open to enter the following transaction?:
December 15 The board of directors declared a dividend of $0.34 per share; capital stock issued is 8,600 shares. M337.
Can someone please give me a hand with this?
-- Edited by viperbyte on Tuesday 25th of March 2014 06:27:49 PM
-- Edited by viperbyte on Tuesday 25th of March 2014 07:39:41 PM
-- Edited by viperbyte on Tuesday 25th of March 2014 07:40:48 PM
Work out the amount and then do banking, write cheques and in the account field put Dividends as the account or whatever it is called in your version. It's an equity account in the chart of accounts. The amount will then appear at the bottom of the balance sheet.
What do I put in the "Pay to the order of" box after clicking Banking/Write Checks? In the dropdown I have a few customer job names and a few vendors. I could do a "Add New". This quickbook file came from the textbooks accompanying website, so that's why some vendors and customers are already setup. I suppose i'll have to create a new entity to make the check payable to. The name of the business for this particular chapter/file is "Williams Market". How do you bookkeepers go about this?
Thanks for the help Princess. I would need the American Idiot version. I'm in Miami, Florida USA. I couldn't find a good USA bookkeeping forum site. This one seems to be the best one. If you or anyone know of a good USA one please let me know. Thanks again :)
