April 1, 2011 (8:00am to 5:00pm)
RG Bud Phelps taught the continuing education course – “Practical Accounting + QuickBooks Start-up”.
Bud says, “The Practical Accounting + QuickBooks Start-up class is designed to give the students an in-depth study of how Practical Accounting System can help them in the management of their business, plus a quick introduction to QuickBooks”
- Recording accounting transactions puts everything in order, in a Practical Accounting System.
- A box full of scraps of paper – becomes numbers and names called accounts.
- An account can best be defined as a named item used to record each financial transaction that takes place during an operational period.
- All managers/owners of small businesses should have an understanding of the three main financial statements; (1) Balance Sheet, (2) Income Statement, & (3) Cash Flow Statement.
- Software programs like QuickBooks give the small businessman accounting simplicity.