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This Book doesn't come with CD. • 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. About the Author Curtis Frye is a writer, speaker, and performer living in Portland, Oregon. He is the sole of lead author of more than 20 books, including Microsoft Excel 2010 Plain & Simple, Microsoft Access 2010 Plain & Simple, and Excel 2007 Pocket Guide. In addition to his writing, Curt presents keynote addresses on Excel and motivational topics Table of Contens • Introducing Accounting 2007 • Navigating Within Accounting 2007 • Managing Your Business • Information for Readers Running Windows XP • Using the Start Menu • Navigating Dialog Boxes • Features and Conventions of This Book • Getting Help • Getting Help with Microsoft Offi ce Accounting 2007 • 1 Touring a Sample Company 1 • Touring a Sample Company in Accounting Express 2007 • Touring a Sample Company in Accounting Professional 2007 • Key Points • 2 Setting Up a New Company 13 • Preparing to Set Up the Accounting System (What You’ll Need) • Determining a Fiscal Year and Start Date • Preparing a Trial Balance • Collecting Information Before Getting Started • Creating a Company File • Working Through the Accounting Professional Setup Wizard • Working Through the Accounting Express Setup Wizard • Changing Company Preferences • Sidebar: Choosing an Entity Type for Your Business • Managing Company Data • Importing Company Data • Sidebar: A Word About Comparability • Defi ning Multiple Companies • Sidebar: When a New Company Might Be a Good Idea • Protecting Your Data Files • Creating a Backup File • Restoring Data from a Backup File • Archiving Transactions from Past Fiscal Years • Sidebar: Data Retention Considerations • Key Points • 3 Accounting: A Quick Overview 43 • What Is Accounting? • The Duality Concept (Double-Entry Bookkeeping) • The Accrual Concept • Other Accounting Concepts and Principles • Key Accounting Terms and Defi nitions • The Importance of Accounting Policies • Accounting for Your Small Business • Accounting for Your Business Cycle • Your Accounting Cycle • Ongoing Requirements for Your Business • Key Points • 4 Managing the Chart of Accounts 59 • Viewing the Chart of Accounts • Sidebar: Create Accounts That Match Your Business • A Logical Level of Subdivision • Fixed-Asset and Contra-Asset Accounts • Beginning Balances and Valuation • Classifi cation • Adding and Editing Accounts • Merging Accounts • Viewing an Account Register • Managing Journal Entries • Sidebar: Journal Entries Illustrated • Viewing the Journal Entry List • Making a Journal Entry • Editing and Voiding Journal Entries • Key Points • 5 Managing Products and Services 87 • Viewing the Item List • What Is Your Business? • A Logical Level of Subdivision • Proper Classifi cation of Products and Services • Creating Items • Editing Items • Changing Item Prices • Changing Multiple Price Levels (Professional Only) • Changing Quantity (Professional Only) • The Need for Periodic Inventory Counts and Adjustments • (Professional Only) • Changing Quantity and Value (Professional Only) • Sidebar: Avoiding Negative Inventory • Understanding Inventory Valuation (Professional Only) • Creating Kits (Professional Only) • Reporting Considerations for Products and Services • Key Points • 6 Managing Customers 113 • Viewing the Customer List • Creating Customer Records • Entering Basic Customer Information • Linking to Existing Files • Viewing a Customer’s Financial History • Sidebar: Assigning a Customer Credit Limit • Creating Customer Groups • Sidebar: Customer Groups Can Be Powerful Business • Intelligence Enhancers • Creating Price Levels, Credit Ratings, and Payment Terms • Defi ning New Price Levels • Defi ning New Credit Ratings and Payment Terms • Sidebar: Does It Make Sense to Use Payment Terms as • a Cash Flow Enhancement Tool? • Defi ning Shipping Terms and Methods • Setting Up Sales Tax Agencies and Sales Tax Codes • Sidebar: Tax Exempt Sales and Customers • Creating Sales Tax Groups • Sidebar: Considerations Surrounding Sales and Use Tax Classifi cations • Managing Contacts by Using Business Contact Manager • Integrating Accounting 2007 with Business Contact Manager • Disabling Business Contact Manager Integration • Sidebar: Reporting Considerations: Customers • Key Points • 7 Managing Jobs 145 • What Is a Job? (Professional Only) • Enabling Jobs in Accounting Professional 2007 • Types of Jobs • Viewing and Manipulating the Job List (Professional Only) • Sorting and Filtering the Job List • Viewing the Job List by Job Status • Viewing Job Details (Professional Only) • Creating Jobs (Professional Only) • Editing and Deleting Jobs (Professional Only) • Modifying Job Groups (Professional Only) • Assigning Cash Sales to Jobs (Professional Only) • Analyzing Job Histories (Professional Only) • Job Group Profi tability—How It Works • Jobs—A Few Best Practices • Sidebar: Reporting Considerations: Jobs • Key Points • 8 Generating and Managing Quotes 165 • Creating Quotes • Initiating a Quote • Adding Line Items to a Quote • Sidebar: Analyzing Historical Quotes vs Profi tability • to Refi ne Your Quote Process • Viewing Quotes • Accepting or Rejecting Quotes • Printing Quotes • Sidebar: Reporting Considerations: Quotes • Key Points • 9 Handling Sales 185 • Entering a Sales Order (Professional Only) • Creating a Sales Order from Scratch • Creating a Sales Order from a Quote • Viewing the Sales Order List (Professional Only) • Sidebar: Reporting Considerations: Sales • Editing Sales Orders (Professional Only) • Sidebar: Online Sales, and Sales and Use Tax Considerations • Managing Back Orders • Key Points • 10 Selling Goods and Services on eBay 199 • Setting Up to Sell Online • Listing Items for Sale Online • Downloading Orders and Fees • Accepting PayPal Payments • Key Points • 11 Managing Invoices 213 • Invoicing a Customer • Sidebar: Business Intelligence Through Accounts • Receivable Aging Analysis • Viewing the Invoice List • Sidebar: Triggering Customer Aging Based Upon Invoice Date • Generating an Invoice from a Quote • Voiding and Editing Invoices • Recording Finance Charges (Professional Only) • Sidebar: Reporting Considerations: Invoices • Sidebar: Accounting for Finance Charges • Key Points • 12 Handling Customer Payments 233 • Managing Payments • Receiving Payments into Accounting 2007 • Voiding a Payment • Sidebar: The Importance of Matching Receipts to Receivables • Handling Cash Sales • Setting Up Credit Card Processing • Handling Payments in Foreign Currencies (Professional Only) • Managing Returns and Refunds • Handling Customer Returns • Issuing a Refund by Check • Issuing a Refund by Credit Card • Creating a Customer Credit Memo for a Job (Professional Only) • Creating a Customer Credit Memo from an Invoice • Sidebar: Reporting Considerations: Customers and Receipts • Key Points • 13 Purchasing from Vendors 259 • Creating a Vendor Record • Viewing the Vendor List • Creating a Purchase Order (Professional Only) • Sidebar: When to Recognize Purchases and Book • the Associated Assets • Sidebar: Accrual Basis Accounting and the Accounts • Payable Method of Bill Payment • Receiving Purchased Items • Sidebar: Commitments vs Liabilities • Paying Vendor Bills • Sidebar: Taking Advantage of Payment Terms Can Mean • a Signifi cant Rate of Return • Preparing 1099 Forms for Vendors • Sidebar: Vendor 1099 Considerations • Sidebar: Reporting Considerations: Purchasing and Vendors • Key Points • 14 Managing Bank Accounts and Transactions 28 • Handling Accounts • Adding a Bank Account • Viewing and Recording Journal Entries • Sidebar: Handling Cash Transactions and Petty Cash Accounting • Working with Account Registers • Sidebar: Adding a Bank Fee • Entering Transactions • Sidebar: Printing Checks • Recording a Bank Deposit • Sidebar: Managing Dishonored Checks • Transferring Funds • Entering a Credit Card Charge • Reconciling a Bank Account • Sidebar: Abandoned Property Considerations • Banking Online • Sidebar: Online Banking: Is It Right for Your Business? • Setting Up Online Banking • Transferring Funds Online • Downloading and Matching Transactions for Online Accounts • Canceling Online Payments • Accepting Credit Card Payments Through ADP • Sidebar: Reporting Considerations: Bank Accounts, • Transactions, and Reconciliations • Key Points • 15 Creating Reports to Manage Your Business 31 • Viewing Available Reports • Managing Reports • Displaying and Printing Reports • Sorting and Filtering Reports • Creating Custom Reports • Generating Business Intelligence from Reports • Projecting Cash Flow (Professional Only) • Sidebar: Cash Flow Forecasting • Identifying Your Best Customers • Sidebar: Weeding Out Slow-Paying Customers • Identifying Underperforming Products and Services • Sidebar: Identifying Optimal Product Mix • Planning for Traditionally Slow Periods • Sidebar: Other Reporting Considerations • Key Points • Glossary • Index • About the Authors • Acknowledgments • On the CD • 16 Managing Employee Time and Payroll C-1 • Managing Employee Records • Creating New Employee Records • Viewing and Manipulating the Employee List • Editing Employee Records • Employees vs Contractors • Employees • Contractors • Documenting Your Relationships with Employees and Contractors • Tracking Employee Time • Creating One Time Entry • Editing a Time Entry • Creating Multiple Time Entries by Using a Timesheet • Doing Payroll Yourself • Best Practices: Preparing and Filing Payroll Tax Returns • Managing Payroll • Outsourcing Payroll Processing • Sidebar: Payroll Tax Liabilities Are Serious Business • Downloading Payroll Information • Sidebar: Reporting Considerations: Employees, Time, and Payroll • Key Points • 17 Interacting with Other 2007 Microsoft Offi ce • System Applications C-23 • Analyzing Data by Using Excel 2007 PivotTables • Exporting Accounting Data to Excel 2007 • Creating and Pivoting a PivotTable • Filtering a PivotTable • Analyzing Data by Using Access 2007 Reports and Queries • Importing Accounting Data into Access • Creating an Access Report • Creating an Access Query • Modifying Templates in Word 2007 • Adding Text and Fields • Adding Images • Sidebar: Printing Forms by Using Templates • Writing Letters by Using Word 2007 Mail Merge • Key Points • 18 Interacting with Your Accountant C-57 • Defi ning User Accounts • Creating a New Account • Creating Custom User Roles and Permissions • Deleting an Account • Sharing Data with Your Accountant • Sidebar: Sharing Data with Your Accountant by Using Offi ce Live • Receiving a Company File into Accountant View • Making Accounting Adjustments • Typical Accounting Adjustments • Posting Accounting Adjustments to the Books • Compilation and Review Services • Accountants Can Add Value via a Management Comment Letter • Key Points