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I am struggling to make my ledger in quickbooks and was wondering if anyone could help. Step 2. Step 2: Update your chart of accounts
I am struggling to make my ledger in quickbooks and was wondering if anyone could help.
Step 2.
Step 2: Update your chart of accounts to include accounts related to a manufacturer. To convert your QuickBooks service company's accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts. Those accounts are: 1. Raw Materials Inventory 2. Work in Process Inventory 3. Finished Goods Inventory 4. Wages Payable 5. Factory Overhead 6. Sales Revenue 7. Cost of Goods Sold 8. Selling and Administrative Expenses Go to QuickBooks and login to your company. Choose the Accounting menu from the left hand side of the screen, and select "Chart of Accounts." Click "New" (green button on the upper right side of the screen). Enter the "Account Type." "Detail Type," and "Name" for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter "Save and New to enter another account. "Save and Close" when you have entered all accounts. Step 2: Update your chart of accounts to include accounts related to a manufacturer. To convert your QuickBooks service company's accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts. Those accounts are: 1. Raw Materials Inventory 2. Work in Process Inventory 3. Finished Goods Inventory 4. Wages Payable 5. Factory Overhead 6. Sales Revenue 7. Cost of Goods Sold 8. Selling and Administrative Expenses Go to QuickBooks and login to your company. Choose the Accounting menu from the left hand side of the screen, and select "Chart of Accounts." Click "New" (green button on the upper right side of the screen). Enter the "Account Type." "Detail Type," and "Name" for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter "Save and New to enter another account. "Save and Close" when you have entered all accountsStep by Step Solution
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