T.O. Financial Services

By: Nithusha Uthayakumaran

Accounting Clerk

At T.O. Financial Services I work as an "accounting clerk". An accounting clerk is to calculate, prepare, and process invoices, bills, accounts receivable, accounts payable, purchase orders, payroll, reports, and other financial records. Some duties I carry out are: recording transactions onto QuickBooks (weather it is debit or credit card statements ), run payroll for employees, sort through source documents such as receipts and invoices.

Recording and Analyzing Transactions onto QuickBooks

QuickBooks is an accounting software used to monitor expenses, create invoices, track change orders, manage inventory, customers, vendors, and employees. One vital most important duty consists of entering transactions onto QuickBooks. Not recording something in the right place could significantly affect the financial statements for the business. That's why it is so important to record each and every business transactions that occurs in a business. The first step in recording business transactions is to examine the transaction and decide what accounts will be affected. The second step in recording business transactions is to decide what account(s) will be debited what account(s) will be credited. The third step in recording business transactions is to actually document the transaction.

Steps of recording transactions onto Quickbooks

  1. Examine the debit card or credit card statement (deciding what accounts will be affected)
  2. Choose Banking then choose enter credit card charges
  3. From the credit card drop down list, select the credit card that you charged the expense against
  4. In the 'Purchased From Field', record the name of the business that you paid with a credit card
  5. Select the appropriate option button to indicate whether the transaction is a purchase or a credit
  6. Eneter the charge date in the 'Date Field'
  7. Type the charge amount in the 'Amount Field'
  8. Fill in the expenses tab
  9. Record the charge by clicking the 'Save & New' button
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Run Payroll

QuickBooks calculates each employee's gross pay and then calculated taxes and deductions to arrive at the net pay. With QuickBooks, you can write the pay cheque, record the transaction in your QuickBooks checking account, keep track of your liabilities, and pay them. As for the employer, they must subtract taxes and other deductions before issuing an employee's pay cheque.

Steps on how to run payroll

  1. Go onto to financial email and open employees email to figure out how many hours they worked for the week
  2. Go to employees tab in the employee centre and click the name of the employee
  3. Click Payroll info Tab
  4. Click Payroll Schedule and then select pay schedule
  5. click ok
  6. Review the information and the hours worked (overtime)
  7. Click continue
  8. Click pay cheques printed and emailed
  9. Review the payroll summary information
  10. Click Create Pay Cheques
  11. Save these pay cheques on the the to financial z drive
  12. Send the paystub to the employees
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