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Accounting



The basic accounting features of Childcare Professional include the ability to track assets, liabilities, equities, income and expenses. You can reconcile bank and credit card accounts, track your time-space percentage, keep mileage records and even analyze your financial position using standard financial ratios.
Chart of Accounts
Your chart of accounts includes all the categories of which you want to keep track. They include your bank accounts, your parents’ billing accounts, credit cards, loans, income and expense categories. Each category must belong to a group. The groups can be used to summarize a set of related categories such as credit cards or utilities.
How do I add a group account?


  • To add a group account:




  1. Select Chart of Accounts from the Accounting Menu. The Chart of Accounts window will appear.

  2. Click on the Add button. The Modify Account Information window will appear.

  3. Select the Account Type. It can be an Asset, Liability, Equity, Income or Expense group.

  4. Enter the Account Number. The account numbers that you can use depend on the account type. Assets numbers are 1000-1999, Liabilities are 2000-2999, Equities are 3000-3999, Income numbers are 4000-4999 and Expense numbers are 5000-9999.

  5. Enter the Group Account Name.

  6. If the group is an asset or liability, you need to select whether the account is a current, intermediate, long term or other asset or liability meaning how quickly you can sell it or need to pay it.

  7. Select Group Account as the account Subtype.

  8. Select the Tax Line for this group. Most assets, liabilities and equities have this set to None. Income and expense accounts are usually set to Schedule C tax lines.

  9. The Business Percentage is usually set to 100% meaning that all of it is business related. You can set this percentage to anything from 0-100%.

  10. Click on the Update button.


The group account is setup and ready to use. You can now start adding accounts that use this group account.
How do I add an asset account?


  • To add an asset account:




  1. If the Chart of Accounts window is not open, select Chart of Accounts from the Accounting Menu. The Chart of Accounts window will appear.

  2. If there is an asset account of the same type or group already in the list of assets, select it so that many of the defaults will already be set correctly.

  3. Click on the Add button. The Modify Account Information window will appear.

  4. If the Account Type is not Asset, select Asset from the list.

  5. Set the Account Subtype to the correct type of account you are creating. The choices are Cash, Checking, Savings, Accounts Receivable, Inventory and Other Asset.

  6. If the Group Account is not correct, select the Group from the list. If you need to add a group, click on the Locate button next to the group box.

  7. Check the Account Number to be sure that the one Childcare Professional generated for this new account is the one you want.

  8. Enter the Account Name.

  9. Select whether the account is a current, intermediate, long term or other asset meaning how quickly you can sell it.

  10. If the account is an accounts receivable account, select the Vendor whose name and address you want to appear on the bill.

  11. If you want this account to appear on your tax report, select the appropriate Tax Line.

  12. Enter the Serial Number or Account Number for this asset.

  13. Enter any Unit Name, if appropriate.

  14. The Business Percentage is usually set to 100% meaning that all of it is business related. You can set this percentage to anything from 0-100%.

  15. Enter this account’s Beginning Balance.

  16. Enter this account’s Beginning Cost., if appropriate.

  17. Enter this account’s Beginning Quantity, if appropriate.

  18. If you want to be able to balance this account, check the Reconcilable Account box.

  19. Click on the Update button.


The account is setup and ready to use. You can now start adding transactions that use this account.
How do I add a liability account?


  • To add a liability account:




  1. If the Chart of Accounts window is not open, select Chart of Accounts from the Accounting Menu. The Chart of Accounts window will appear.

  2. If there is a liability account of the same type or group already in the list of liabilities, select it so that many of the defaults will already be set correctly.

  3. Click on the Add button. The Modify Account Information window will appear.

  4. If the Account Type is not Liability, select Liability from the list.

  5. Set the Account Subtype to the correct type of account you are creating. The choices are Credit Card, Accounts Payable, Loan, a variety of Payroll accounts and Other Liability..

  6. If the Group Account is not correct, select the Group from the list. If you need to add a group, click on the Locate button next to the group box.

  7. Check the Account Number to be sure that the one Childcare Professional generated for this new account is the one you want.

  8. Enter the Account Name.

  9. Select whether the account is a current, intermediate, long term or other liability meaning how quickly you need to pay it.

  10. If you want this account to appear on your tax report, select the appropriate Tax Line.

  11. Enter the Vendor Name for the account.

  12. Enter the Account Number for this asset.

  13. The Business Percentage is usually set to 100% meaning that all of it is business related. You can set this percentage to anything from 0-100%.

  14. Enter this account’s Beginning Balance.

  15. Enter this account’s Beginning Cost., if appropriate.

  16. Enter this account’s Beginning Quantity, if appropriate.

  17. If you want to be able to balance this account, check the Reconcilable Account box.

  18. Click on the Update button.


The account is setup and ready to use. You can now start adding transactions that use this account.
How do I add an income account?


  • To add an income account:




  1. If the Chart of Accounts window is not open, select Chart of Accounts from the Accounting Menu. The Chart of Accounts window will appear.

  2. If there is an income account of the same type or group already in the list of income accounts, select it so that many of the defaults will already be set correctly.

  3. Click on the Add button. The Modify Account Information window will appear.

  4. If the Account Type is not Income, select Income from the list.

  5. Set the Account Subtype to Other Income.

  6. If the Group Account is not correct, select the Group from the list. If you need to add a group, click on the Locate button next to the group box.

  7. Check the Account Number to be sure that the one Childcare Professional generated for this new account is the one you want.

  8. Enter the Account Name.

  9. Select the appropriate Tax Line so that this will appear on your tax report.

  10. The Business Percentage is usually set to 100% meaning that all of it is business related. You can set this percentage to anything from 0-100%.

  11. Enter the Standard Amount for this account if you usually receive a set amount each time.

  12. Enter the Standard Memo for this account.

  13. Check it Apply Time-Space Percentage if it applies to this account.

  14. Click on the Update button.


The account is setup and ready to use. You can now start adding transactions that use this account.
How do I add an expense account?


  • To add an expense account:




  1. If the Chart of Accounts window is not open, select Chart of Accounts from the Accounting Menu. The Chart of Accounts window will appear.

  2. If there is an expense account of the same type or group already in the list of expenses, select it so that many of the defaults will already be set correctly.

  3. Click on the Add button. The Modify Account Information window will appear.

  4. If the Account Type is not Expense, select Expense from the list.

  5. Set the Account Subtype to the correct type of account you are creating. The choices are Depreciation, Payroll and Other Expense..

  6. If the Group Account is not correct, select the Group from the list. If you need to add a group, click on the Locate button next to the group box.

  7. Check the Account Number to be sure that the one Childcare Professional generated for this new account is the one you want.

  8. Enter the Account Name.

  9. Select the appropriate Tax Line so that this will appear on your tax report.

  10. The Business Percentage is usually set to 100% meaning that all of it is business related. You can set this percentage to anything from 0-100%.

  11. Enter the Standard Amount for this account if you usually pay a set amount each time.

  12. Enter the Standard Memo for this account.

  13. Check it Apply Time-Space Percentage if it applies to this account.

  14. Click on the Update button.


The account is setup and ready to use. You can now start adding transactions that use this account.
Checking Transactions
Using an account setup as a Checking account in your Chart of Accounts, you can keep track of checks, deposits and withdrawals from your checkbook. All transactions entered on all your accounts are entered in the Transaction Register.
How do I enter a check?


  • To enter a check:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select your checking account from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several checks in a row, click on the Checks transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Checks transaction type, the Choose Transaction window will appear. Click on the Checks options and then click on the Select button. The Modify Transaction Information window will appear.

  5. Make sure that the Check Number is correct. Childcare Professional will automatically calculate the next Check number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the check is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the check.

  9. Enter the Quantity, if appropriate. The quantity can be the number of hours, gallons of fuel or whatever you need for this transaction.

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the expense Account that you wish to use for all or part of the transaction amount.

  13. If the amount for the expense category is less than the entire amount, enter the Amount for the expense category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the check, then the transaction is balanced and you can click on the Update button to save it.


The check has been completed and will appear in your register. The balance for the checking account will be updated to reflect the check.
How do I enter a deposit?


  • To enter a deposit:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select your checking account from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several deposits in a row, click on the Deposits transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Deposits transaction type, the Choose Transaction window will appear. Click on the Deposits options and then click on the Select button. The Modify Transaction Information window will appear.

  5. If you want to number your deposits, make sure that the Deposit Number is correct. Childcare Professional will automatically calculate the next Deposit number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the deposit is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the deposit.

  9. Enter the Quantity, if appropriate. The quantity can be the number of hours, gallons of fuel or whatever you need for this transaction.

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the income Account that you wish to use for all or part of the transaction amount.

  13. If the amount for the income category is less than the entire amount, enter the Amount for the income category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the deposit, then the transaction is balanced and you can click on the Update button to save it.


The deposit has been completed and will appear in your register. The balance for the checking account will be updated to reflect the deposit.
How do I enter a withdrawal or banking fee?


  • To enter a withdrawal or banking fee:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select your checking account from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several withdrawals in a row, click on the Checks transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Checks transaction type, the Choose Transaction window will appear. Click on the Checks options and then click on the Select button. The Modify Transaction Information window will appear.

  5. Enter a 0 for the Withdrawal Number.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the withdrawal is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the withdrawal.

  9. Enter the Quantity, if appropriate. The quantity can be the number of hours, gallons of fuel or whatever you need for this transaction.

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the expense Account that you wish to use for all or part of the transaction amount.

  13. If the amount for the expense category is less than the entire amount, enter the Amount for the expense category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the withdrawal, then the transaction is balanced and you can click on the Update button to save it.


The withdrawal has been completed and will appear in your register. The balance for the checking account will be updated to reflect the withdrawal.
Accounts Receivable
You can track and bill parents by creating an Accounts Receivable account for each one. Enter the account in the Account box of their record and the automatic billing will place all charges in this account for you. If you want to manually add charges, you simply enter charges just like you would enter checks and deposits. And payments are entered the same way.
How do I enter a payment on a parent’s account?


  • To enter a payment on a parent’s account:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select the accounts receivable account you want from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several payments in a row, click on the Payments transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Payments transaction type, the Choose Transaction window will appear. Click on the Payments options and then click on the Select button. The Modify Transaction Information window will appear.

  5. If you want to number your payments, make sure that the Payment Number is correct. Childcare Professional will automatically calculate the next Payment number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the payment is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the payment.

  9. Enter the Quantity, if appropriate

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the cash, checking or savings Account into which you wish to deposit all or part of the transaction amount.

  13. If the amount for the category is less than the entire amount, enter the Amount for the category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the payment, then the transaction is balanced and you can click on the Update button to save it.


The payment has been completed and will appear in your register. The balance for the accounts receivable account will be updated to reflect the payment.
How do I enter another charge on a parent’s account?


  • To enter another charge on a parent’s account:



  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select the accounts receivable account you want from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several charges in a row, click on the Charges transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Charges transaction type, the Choose Transaction window will appear. Click on the Charges options and then click on the Select button. The Modify Transaction Information window will appear.

  5. If you want to number your charges, make sure that the Charge Number is correct. Childcare Professional will automatically calculate the next charge number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the charge is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the charge.

  9. Enter the Quantity, if appropriate.

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the expense Account that you wish to use for all or part of the transaction amount.

  13. If the amount for the expense category is less than the entire amount, enter the Amount for the expense category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the charge, then the transaction is balanced and you can click on the Update button to save it.


The charge has been completed and will appear in your register. The balance for the accounts receivable account will be updated to reflect the charge.
Credit Card Transactions
You can keep track of your credit card transactions as easily as your checkbook. You enter charges just like checks and payments just like deposits.
How do I enter charges on my credit card?


  • To enter a charge on your credit card:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select your credit card account from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several charges in a row, click on the Charges transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Charges transaction type, the Choose Transaction window will appear. Click on the Charges options and then click on the Select button. The Modify Transaction Information window will appear.

  5. If you want to number your charges, make sure that the Charge Number is correct. Childcare Professional will automatically calculate the next charge number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the withdrawal is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the charge.

  9. Enter the Quantity, if appropriate.

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the expense Account that you wish to use for all or part of the transaction amount.

  13. If the amount for the expense category is less than the entire amount, enter the Amount for the expense category.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button. If the amount you entered is less than the transaction amount, the Modify Transaction Detail window will remain open with the remaining amount to be categorized. Go back to #12 and repeat until the total amount has been categorized.

  17. If the amounts in the list below the check equal the amount of the charge, then the transaction is balanced and you can click on the Update button to save it.


The charge has been completed and will appear in your register. The balance for the credit card account will be updated to reflect the charge.
How do I enter payments on my credit card?


  • To enter a payment on your credit card:




  1. Select Transaction Register from the Accounting Menu. The Transaction Register window will appear.

  2. Select the checking account that you are using to pay on your credit card from the Account list. If you need to add an account, click on the Locate button next to the Account list.

  3. If you want to enter several payments in a row, click on the Checks transaction type in the lower left corner of the window.

  4. Click on the Add button. If you didn’t select the Checks transaction type, the Choose Transaction window will appear. Click on the Checks options and then click on the Select button. The Modify Transaction Information window will appear.

  5. Make sure that the Check Number is correct. Childcare Professional will automatically calculate the next Check number from previously entered transactions.

  6. Make sure that the Date is correct. Childcare Professional will automatically use the most recent date from previously entered transactions.

  7. Enter the Vendor Name. If you need to add a vendor, click on the Locate button next to the Vendor list. If there is a previous transaction for this vendor the information for the rest of the withdrawal is entered automatically. You can page through past transactions by pressing the Page Up and Page Down keys.

  8. Enter the Amount of the payment.

  9. Enter the Quantity, if appropriate

  10. Enter the Memo.

  11. If you tab past the Memo field, the Modify Transaction Detail window will automatically appear with the amount of the transaction to categorize.

  12. Enter the credit card Account that you wish to pay.

  13. Make sure the Amount for the payment is correct.

  14. Enter the Quantity, if appropriate.

  15. Enter the Memo.

  16. Click on the Update button.

  17. If the amounts in the list below the check equal the amount of the payment, then the transaction is balanced and you can click on the Update button to save it.


The payment has been completed and will appear in your register. The balance for the credit card account will be updated to reflect the payment.
Reconciliation
You can use Childcare Professional to balance your accounts with your monthly statements. Just enter the statement date, ending balance and check off all the transactions on the statement. If it doesn’t balance, double-check your transactions for mistyped amounts.
How do I reconcile my bank and credit card statements?



  • To reconcile your bank or credit card statement:




  1. Select Reconcile Accounts from the Accounting Menu. The Reconcile Accounts window will appear.

  2. Select the checking account or credit card account that you want to reconcile from the Accounts list.

  3. Enter the Statement Date from your statement.

  4. Enter the Ending Balance from your statement.

  5. Double-click on each of the transactions listed on your statement. The numbers and amounts in the bottom left-hand corner of the window will keep track of the transaction totals.

  6. The Difference listed in the bottom right-hand corner should be 0 if the reconciliation is successful. If it isn’t 0, double-check your transaction amounts and check to make sure you have all the transactions listed on your statement.

  7. When the Difference is 0, click on the Done button.

  8. Childcare Professional will ask you if you want a reconciliation statement listing the beginning balance, all cleared transactions, the ending statement balance, all uncleared transactions and the current balance for the account. If you want this report, click on the Yes button.


The account has been balanced. Place your account statement in a safe place in case you need it in the future.
Financial Ratios

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