NATIONAL ASSOCIATION OF INVESTORS CORPORATION (NAIC) CHAPTER ACCOUNTING WITH QUICKBOOKS USER PROCEDURES

Transcription

1 NATIONAL ASSOCIATION OF INVESTORS CORPORATION (NAIC) CHAPTER ACCOUNTING WITH QUICKBOOKS USER PROCEDURES Version: 2.2 Last Revised September 15, 2004

2 Table of Contents 1 PURPOSE OF THE USER PROCEDURES REQUIRED S FOR EACH CHAPTER SOFTWARE PACKAGE CONTENTS SETTING UP QUICKBOOKS NOTE FOR CHAPTERS ALREADY USING QUICKBOOKS INSTALLING QUICKBOOKS SETTING UP A NEW COMPANY LOADING STANDARD CHART OF ACCOUNTS INTO QUICKBOOKS SETTING PREFERENCES ENTERING BEGINNING BALANCES FOR EACH ACCOUNT JOURNAL TRANSACTIONS CREATING THE ACCOUNT BALANCE FILE SENDING THE ACCOUNT BALANCE FILE BACKING UP YOUR DATA HELP AND TECHNICAL SUPPORT...43 APPENDIX A CREATING SUBACCOUNTS...44 APPENDIX B EDITING JOURNAL ENTRIES...48 APPENDIX C - CHANGING ACCOUNT TYPE OF SAVINGS ACCOUNT...51 APPENDIX D YEAR-END CLOSING IN QUICKBOOKS...54 APPENDIX E - MOVING QUICKBOOKS DATA TO ANOTHER COMPUTER...56 BACKING UP THE CHAPTER S COMPANY DATA RESTORING THE CHAPTER S COMPANY DATA UNINSTALLING QUICKBOOKS APPENDIX F FOR QUICKBOOKS PRO, SAVE ACCOUNT BALANCE FILE AS A SPREADSHEET..65 APPENDIX G - CHAPTER CHART OF ACCOUNTS...71

3 1 PURPOSE OF THE USER PROCEDURES National Association of Investors Corporation (NAIC) is a non-profit organization that includes all Chapters in the same legal entity. As part of NAIC, the Chapters must send a file with the Chapter s account balance information quarterly to NAIC headquarters, where Chapter financials are integrated with the headquarters accounting system. A standard accounting package, QuickBooks 2002, has been selected as the software to be implemented at each of the Chapters. This document specifies the steps necessary to install, configure, and use the QuickBooks 2002 Accounting Package at an NAIC Chapter to generate the quarterly accounting data file. It is understood that the Chapters have various levels of experience with computers and accounting software, and these procedures have been created to provide as much detail as possible concerning the functions that must be performed to create this data file. It is recommended that you read this document thoroughly before installing and using the software. Additional help may also be found by using the Help functionality of QuickBooks and by consulting the QuickBooks documentation. 2 REQUIRED S FOR EACH CHAPTER Although every effort has been made to make this process as simple as possible, each Chapter will be required to perform the following tasks: Install and configure QuickBooks 2002 (one-time task) Load the standard chart of accounts into QuickBooks from diskette (one-time task) Enter beginning balances for each account (one-time task) Send the account balance file with the beginning balances to NAIC headquarters (onetime task) Enter journal transactions for the Chapter s accounting activity for that quarter Create the account balance file quarterly Send the account balance file to NAIC headquarters every quarter The procedures in this document detail how to accomplish each of these tasks. Note that each Chapter s fiscal year is from October 1 to September 30. Since QuickBooks automatically handles the transferring of income and expense balances to the Retained Earnings account, journal entries for this will not need to be entered to close out a fiscal year. 3

4 3 SOFTWARE PACKAGE CONTENTS The following items should have been received by your Chapter and are necessary to install and use QuickBooks: QuickBooks 2002 software package, containing: CD-ROM containing the QuickBooks installation software QuickBooks 2002 User s Guide A 3½ diskette containing the standard Chart of Accounts file for your Chapter This User Procedures document A document titled, Getting Started, which indicates your Chapter s 3-digit chapter number. New Treasurers should make sure they receive all of the above from their predecessor. If you are missing any of the above items, please contact Bonnie Reyes at bonnier@better-investing.org.or by calling NAIC headquarters. 4 ON THE BACK OF THE CD-ROM CASE IS A YELLOW STICKER INDICATING YOUR QUICKBOOKS INSTALLATION KEY CODE. IT IS VERY IMPORTANT THAT YOU NOT LOSE THIS NUMBER, AS IT IS REQUIRED IN ORDER TO INSTALL QUICKBOOKS. WRITE THIS NUMBER IN THE FRONT OF THE USER S GUIDE, ON PAGE II, TO ENSURE THAT IT IS NOT LOST. 4

5 4 SETTING UP QUICKBOOKS Note for Chapters Already Using QuickBooks If you have either Quicken or a previous version of QuickBooks, you should upgrade your current software to the QuickBooks 2002 version. 4.2 Installing QuickBooks 2002 The following procedure describes the steps necessary to install the QuickBooks 2002 software. 1 Locate the QuickBooks 2002 User s Guide that was provided with the software package. 2 Install the software as specified by this Guide on pages 7 9 under the heading, Installing QuickBooks. Note if you are installing from 3½ diskettes, you will be prompted to insert certain disks throughout the installation. 3 Register the software as specified by this Guide on page 12 under the heading, Registering QuickBooks. Make sure to record the registration number in the front of the User s Guide, on page ii. 5

6 4.3 Setting Up a New Company In order to use QuickBooks, you must first create a new company, to which all the accounting transactions will be associated. QuickBooks allows you to set up multiple companies, if desired, so that several different businesses can be tracked. This procedure lists the steps necessary to create the company required for creating the account balance file. 1 Open QuickBooks 2002: - Double-click the QuickBooks Basic icon on the desktop - OR - - Click on Start button, - Touch Programs, - Touch QuickBooks Basic, - Click on QuickBooks Basic. (Note: a Reminder window may display at this point. You can close this window.) This screen should now be displayed: 6

7 2 Start the EasyStep Interview for creating a new company in QuickBooks - Click on Create a new company, - The EasyStep Interview window should display. This screen should now be displayed: Use the Next button to move forward through the EasyStep Interview. Many of the windows in the EasyStep Interview do not require any information to be entered. To familiarize yourself with QuickBooks, it is recommended that you still read the information in these windows. 7

8 3 Click Next to go to next window, 4 Click Next to go to next window, 5 Click Next on the window titled, Setting up a new QuickBooks company, 6 Click Next on the window titled, Navigating around the interview, 7 Click Next on the window titled, Sections and topics, 8 Click Next on the window titled, Feel free to change your answers!, 9 Click Next on the window titled, Welcome completed, 10 Click Next on the window titled, General: Company Information. This window should now be displayed: 8

9 11 On the window titled, Your company name : - In the field, Company Name, enter NAIC Chapter ###, substituting your Chapter s three digit chapter number for ###. Note the chapter number should not be your K chapter number; it should be the three digit chapter number that was indicated on the Getting Started sheet that you received with this documentation. - In the field, Legal Name, enter the legal name for your Chapter. You will need to abbreviate National Association of Investors Corporation to NAIC. 9

10 12 Click Next to go to next window. 13 On the window titled, Your company address, enter your Chapter s published mailing address, phone number, and web site (if any.) 10

11 14 Click Next to go to next window. 15 On the window titled, Other company information : - Enter into the federal income tax ID number field. - Select October as the first month of the income tax year. - Select October as the first month in your fiscal year. 11

12 16 Click Next to go to next window. 17 On the window titled, Your company income tax form, select <Other/None>. 12

13 18 Click Next to go to next window. 19 A window will display asking for confirmation that <Other/None> should be used as the tax form. Click the OK button. 20 On the window titled Select your type of business, select Accounting/CPA. 13

14 21 Click Next to go to next window. 22 Click Next on the window titled, As an accountant. 23 Click Next on the window titled, Setup tips for your business. 24 Click Next on the window titled, We re ready to create your company file now. 25 On the window titled Save As, type Chapter### for the file name to save, where ### is the three digit chapter number for your Chapter. 26 Click on Save. 14

15 27 Wait for QuickBooks to finish creating the company file. 28 IMPORTANT : On the window titled Your income and expense accounts, click the button NO, I D LIKE TO CREATE MY OWN. MAKE SURE THAT THIS BUTTON IS SELECTED 15

16 29 Click Next to go to the next window. 30 Although there are other steps in the company creation interview, they are not needed for this application. Click the Leave button. When this screen is displayed, you may click the Leave button to exit the EasyStep Interview Click the Leave button to exit the EasyStep Interview. 16

17 4.4 Loading Standard Chart of Accounts into QuickBooks Each Chapter will use a standard chart of accounts, provided by NAIC headquarters, for their accounting. It is important that all transactions be made using these accounts. Do not create any new accounts in addition to these standard accounts, as this will cause errors when the account balance file is sent to headquarters. You may, however, create sub-accounts to the standard accounts. Please reference APPENDIX A CREATING SUB ACCOUNTS if you wish to set up sub accounts. 1 Locate the diskette labeled, Chart of Accounts for Chapter, that was sent to your chapter along with this user procedure document and the QuickBooks software. 2 Insert the diskette into your computer s diskette drive. 3 Import the Chart of Accounts into QuickBooks: - Click on File on the top menu bar. - Touch Utilities. - Click on Import. - Select 3½ Floppy by the header titled, Look in. - Click on ChartOfAccts###.iif, where ### is your chapter number, so that it is highlighted. - Click the Open button. This is the Import window: Use this down arrow to select the floppy disk drive after inserting the diskette containing the standard chart of accounts file. 17

18 4 A window stating, Your data has been imported, should be displayed. - If this window does not display or if you receive an error message, please contact NAIC headquarters. See the section in this document, HELP AND TECHNICAL SUPPORT, for information on whom to contact. 5 Click the OK button to close the window. This window should be displayed after the chart of accounts has been successfully imported: 18

19 4.5 Setting Preferences QuickBooks allows the setting of many preferences so users may configure the software to meet their business needs. This section contains instructions on setting preferences that are recommended for entering journal entries and creating the account balance file. 1 Open the Preferences window: - Click on Edit on the top menu bar. - Click on Preferences. This window should now be displayed: You can click an icon on this menu to switch between preference types. You can click on these tabs to switch between the two preference screens for each preference type. 19

20 When entering data into screens in other applications, the ENTER key is commonly used to move from field to field. QuickBooks, by default, uses the ENTER key to allow the user to close the current window displayed. It is recommended that you set the preference that will allow you to use the ENTER key to move from field to field. 2 On the My Preferences screen of the General preferences, click the box next to the header, Pressing Enter moves between fields, so that it is checked. Click on the My Preferences tab to view this window. Click on the General icon in this menu 20

21 It may be helpful to be able to see the account number as well as the account description when viewing and entering account information into QuickBooks. To see the account numbers, the following steps must be taken to set the preferences: 3 Click the Accounting icon in the vertical list in the left of the window. 4 Click the Yes button, in the You made changes in. Do you wish to save them? window. 5 Click the Company Preferences tab. 6 Click the Use account numbers checkbox. 7 Click the OK to close the window 8 Click the Yes button, in the You made changes in. Do you wish to save them? window. 21

22 QuickBooks displays reminder messages that are not needed to perform the tasks in this document. You may turn off these reminder messages, if desired, by performing the following steps: 9 If the Preferences window is not open, open the Preferences window: - Click on Edit on the top menu bar. - Click on Preferences. 10 Click on the Reminders icon in the vertical list in the left of the window. You may need to scroll down this list to do this. 11 Click on the Company Preferences tab. 12 Click the Don t Remind Me button for all reminders in this window. This is the Company Preferences window for Reminders : 13 Click the OK to close the window. 14 Click the Yes button, in the You made changes in. Do you wish to save them? window. 22

23 5 ENTERING BEGINNING BALANCES FOR EACH ACCOUNT At this point, QuickBooks is set up and ready for use. The first step is to enter the current account balances for all accounts in the Chart of Accounts. This is accomplished by entering journal transactions for each account with the full balance of that account. Please reference the following section in this document, ENTERING JOURNAL TRANSACTIONS, for details on how to use the Journal Entry screen. Note that the balances only need to be entered one time, when the software is first installed and the standard chart of accounts has been imported. Keep in mind that there is a slight but very important difference between entering the beginning balances for each account and the ongoing task of keeping the accounts up-to-date so that the account balance file can be created and sent to NAIC headquarters every fiscal quarter. Both of these processes require the entry of journal transactions. When the beginning balances are entered, the balance amount will be entered as the transaction amount for each account. After these beginning balances are entered, the Chapter will be required every quarter to enter journal transactions for all the account activity since the last time the account balance file was sent. When these journal transaction amounts are entered, the amounts that are entered should only be the account activity since the last entries were made, and should NOT be the current account balance. The main point to remember is that after the beginning balances have been entered, all journal transaction amounts from that point on should be transaction amounts representing the account activity. Entering beginning balances is the ONLY time that journal entries should be entered with the full balance amount for each account. If you intend to set up sub accounts to allow more detailed tracking of your account information, you may want to do so at this time, prior to entering the beginning balances for each account. Please reference APPENDIX A CREATING SUB ACCOUNTS for information on how to set up sub-accounts. 23

24 6 JOURNAL TRANSACTIONS Each Chapter will be required to keep their account balances up-to-date within QuickBooks. Account activity is entered into QuickBooks by entering journal transactions. The following procedure explains how to enter journal transactions into QuickBooks: 1 Start up QuickBooks Basic if it is not already running. 2 Open the company file if it is not already open: - Click on File. - Click on Open Company. - Click on (highlight) the company file to open (Chapter###.QBW). - Click on Open. 3 Make sure the QuickBooks Navigator window is displayed. If it is not, click on the Company and then click on Company Navigator. This is the Company Navigator window. It should now be displayed: 24

25 The first step is to open the General Journal Entry window. 4 In the Company Navigator window, click on the Chart of Accounts icon. The General Journal Entry window should now be displayed: 5 Open the General Journal Entry window by clicking on the Activities button. 6 Click on Make Journal Entry. 25

26 The first time you open the General Journal Entry window, the Assigning Numbers to Journal Entries window appears. 7 Click the Do not display this message in the future checkbox. 8 Click the OK to close the window. The General Journal Entry window should now be displayed: 26

27 It is important that the correct transaction date be entered for the journal entries. Note that the Date field defaults to the current date, which may not be correct for the journal entries that are being made. As long as this date is a date in the fiscal quarter for the corresponding account activity, the account balance file can be successfully created. Depending on how your Chapter uses the QuickBooks accounting package to manage your business, you may track your account activity more often than once a quarter, and may wish to be more detailed by entering account activity for certain dates, which QuickBooks allows you to do. If you are unsure of what date to use, enter or choose the last date of the fiscal quarter for which the account activity is being entered. 9 Enter the correct date for the account activity to be entered: - Highlight and type over the date in the window by the Date header. - OR - - Select the correct date from the built-in calendar by clicking on the box immediately to the right of the Date entry field. - Click on the arrow keys to choose the correct month and year. - Click on the date in the calendar window. This shows the calendar window, which may be used to select the correct date for the journal transactions: Click on the calendar button to display the calendar. Click on the arrows to move forward and backward between months and years. 27

28 The General Journal Entry window allows for easy entry of both beginning balances and account activity. You may enter as many account transactions as desired in one general journal entry. An important thing to note about this window is that you may not complete the journal entry (by clicking the Save & Close or Save & New buttons) unless the accounts are in balance, meaning that the debits are equal to the credits. The following are the steps required to enter a journal transaction: 10 Click in the space under the Account column. A down arrow should show next to the cursor. 11 Click the down arrow to view a list of the chart of accounts. 28

29 12 Clicking on an account will automatically choose that account and put the account in the general journal account column. 29

30 The Debit and Credit columns are used to enter the corresponding debit or credit amount for an account. To enter debit and credit amounts for the accounts: 13 Click in the space under the Debit or Credit column. - OR Use the TAB or ENTER key to move from field to field. 14 Enter the amount of the debit or credit in the field. 30

31 Continue entering transactions and their corresponding debit and credit amounts until all of the account activity has been entered. You will notice that as you select accounts on the next rows, QuickBooks automatically puts an amount in either the debit or credit column for the amount that will balance the entire general journal entry. You may ignore this and continue entering the correct debit and credit amounts for each account s activity. Note again that the debits must equal the total of the credits in order to complete the General Journal Entry. 15 After all the account activity has been entered, click Save & Close to close the window. After the entries have been made for all the accounts, the window may look similar to this. If the debits equal the credits, click the Save & Close button to finish the entry. 31

32 Here are some tips and things to remember about entering General Journal transactions: - QuickBooks will occasionally create accounts on its own. These accounts should not be used when entering journal transactions. The accounts that should be used by your chapter all have a 5-digit account number; the QuickBooks accounts, which should not be used, usually have a 4-digit account number. For example, when viewing your chart of accounts, you may see an account named Opening Bal Equity. This is an account that QuickBooks created automatically. This account should never have a balance and no journal entries should ever be entered for this account. If you are not sure whether an account was created by QuickBooks, please reference the Chart of Accounts list that you received with this procedure document. - It will be helpful to enlarge the General Journal Entry window so that as much of the account description can be viewed as possible. This can be accomplished by either stretching the window, or by clicking the maximize button in the upper right hand corner of the window. - The Memo and Name columns do not require any entry. Feel free to enter notes on journal transactions into the Memo column, however. - The Retained Earnings is a special account that is used when a fiscal year ends. QuickBooks automatically keeps the Retained Earnings account up-to-date and does not require any special year-end closing procedure. The Chapter should not have to enter any amounts for this account in the General Journal Entry window. 32

33 7 CREATING THE ACCOUNT BALANCE FILE At the end of each fiscal quarter, each NAIC Chapter will be required to send a file to NAIC headquarters containing the current account balances as of the end of that quarter. The file is created in QuickBooks by printing the Trial Balance report to a file. This procedure details how to create this account balance file. ALTHOUGH CREATING THE FILE IS NOT COMPLICATED, IT IS IMPORTANT THAT THIS PROCEDURE IS FOLLOWED SO THAT THE FILE IS CREATED CORRECTLY AND IN THE PROPER FORMAT. 1 Make sure the Company Navigator window is displayed. 2 Click on the Reports pull-down menu. 3 Touch the Accountant & Taxes item. 4 Click on the Trial Balance item. 33

34 The Trial Balance report window should be displayed. (Note that your Trial Balance window may have accounts listed with their corresponding debit or credit amounts, which is okay.): 34

35 The first step is to enter the correct date for the report. The date in the From and To should be the same and should be the last day of the fiscal quarter. The last days of the NAIC fiscal quarters are: December 31 March 31 June 30 September 30 5 Click in the From field on the second line of the top menu. 6 Enter the date of the last day of the fiscal quarter for which the account balance file is being created: - Enter the date in the field. - OR - - Use the Calendar window by clicking on the calendar button directly to the right of the From field. 7 Click in the To field on the second line of the top menu. 8 Enter the same date that was entered in the From field. 35

36 Although the new dates have been entered at this point, the data that you see on the report is still as of the current date. It is necessary to update or refresh the data on the report, which will recreate the report using the new dates that have been entered. 9 Click on the Refresh button, which will refresh the report amounts for the new date. You should now see the current balances for all the accounts as of the last day of the fiscal quarter displayed in the Trial Balance report window. Check all these amounts to ensure they are correct. 36

37 After ensuring the Trial Balance is correct, the next step is to save the report to a file. This file should be saved to a floppy diskette, which you will then need to mail to NAIC headquarters. 10 Click on the Print button on the first line at the top of the Trial Balance window. 11 If the New Printing Features window displays, check the box in front of Do not display this message in the future and click OK. The Print Reports window should now be displayed: 37

38 12 Under the header Print to, click the button next to File so that it is marked. 38

39 13 Click the down arrow in the file type window, which is immediately to the right of the File header. This will display the file type options. 39

40 14 IMPORTANT : click Tab delimited file. 40

41 15 Click Print. This will display the Create Disk File window. 41

42 16 If you are saving the file to a diskette, insert the diskette into the disk drive and select 3½ Floppy (A:) in the Save in field. 17 IMPORTANT : in the File name field, type Chapter###, where ### is your Chapter number. Do not put a space between Chapter and your Chapter number in the file name. 18 Click on the Save button to save the file. This window shows an example of the file name that should be entered prior to clicking the Save button. 42

43 It would also be very helpful if a paper copy of the Trial Balance report could also be sent to NAIC headquarters. If you have a printer attached to your computer or network, follow the procedure above until you get to the step where the Print button is clicked. At this point choose the Printer button under the Print to header and choose your printer. Sending the paper copy of the report should help NAIC headquarters resolve potential problems with your account balance file. 8 SENDING THE ACCOUNT BALANCE FILE Please send the diskette with the account balance file, a paper copy of your Trial Balance report, and a copy of your bank statement (with reconciliation) to: Bonnie Reyes NAIC 711 West Thirteen Mile Road Madison Heights, MI Also include the Bank Statement(s) for the Quarter End plus a copy of your bank reconciliation. 9 BACKING UP YOUR DATA To help insure against data loss, it is important that you create backups regularly of your QuickBooks data. The QuickBooks backup process will save your data to one or more diskettes, which can later be restored into QuickBooks if you lose your data. Please reference pages in the QuickBooks User Guide for details on how to back up your data. It is recommended that you back up your data whenever you enter data into QuickBooks, but should definitely be done whenever a significant amount of journal transactions have been entered. 10 HELP AND TECHNICAL SUPPORT The procedures detailed above cover the minimum required tasks for each chapter. QuickBooks contains many more screens that should simplify the accounting tasks at each Chapter, and you are encouraged to investigate these other features. The appendix to this document covers some additional QuickBooks features that may be helpful in accounting for your Chapter. Additional help in using QuickBooks may also be found in the User s Guide that you should have received with the software, and by using the Support features in the software itself. If you have any problems using QuickBooks or creating the account balance file, please contact Bonnie Reyes at (877) , ext 449, at NAIC headquarters for assistance. NAIC has purchased Premier Plan support through QuickBooks, which includes access to QuickBooks online esupport Center. The phone number is , and the support agreement number is

44 APPENDIX A CREATING SUBACCOUNTS Although the Chapters should not create any new accounts in QuickBooks in addition to the standard chart of accounts, subaccounts may be created to allow more detailed tracking of account information. This procedure details how to set up subaccounts in QuickBooks. 1 Start QuickBooks and open the company file for your Chapter, if it not already open. Make sure the Company Navigator window is displayed. 2 Select the Taxes and Accounting tab in the Company Navigator window. 3 Click the icon, Chart of Accounts, in the top of the Company Navigator window to display the Chart of Accounts window. You may wish to enlarge this window. This is the Chart of Accounts window. Note that at this point, your window may not have any balances listed for the accounts, which is okay. 44

45 4 Click on the Account button on the bottom of the window. 5 Click on New. 45

46 The New Account window should now be displayed. This window will be used to set up subaccounts. For the purposes of this procedure, we will assume that the Chapter is going to set up a subaccount for the account Treasurers Workshop Income named January Workshop. Any subaccounts that are set up must have the same account type as the parent account. The account type is listed in the Chart of Accounts window. Continuing our example, we note that the account, Treasurer s Workshop Income, has an account type of Income. Therefore, our new subaccount must also be an Income account. 6 In the field, Type, choose the account type of the parent account to which the subaccount will be created. 46

47 7 In the field, Name, enter the name for this subaccount. 8 IMPORTANT : click the checkbox next to the header, Subaccount of, so that it is checked. 9 Click the down arrow in the field to the right of the header, Subaccount of, to view a list of all accounts with an account type of Income. Choose the parent account to this subaccount. 10 Click OK to complete the subaccount set up. The new sub account should now show under the parent account in the Chart of Accounts window. The sub account will also be available in the General Journal Entry window when selecting accounts. Note on sub accounts: If sub accounts have been created, all journal transactions should be made to these sub accounts, and not to the parent account to which it belongs. 47

48 APPENDIX B EDITING JOURNAL ENTRIES Although there is validation in the General Journal Entry screen to ensure the entry is in balance, it is possible that a journal entry has been entered incorrectly. The easiest way to correct any errors is to make another journal entry that corrects the data. If necessary, however, journal entries can be edited. The following procedure is just one of several ways to edit the journal transactions. Many of the reports that can be viewed in QuickBooks allow you to click on specific accounts to see the journal transactions. 1 Open the Chart of Accounts window: - Make sure the Company Navigator window is open. - Click the Chart of Accounts icon near the top/center of the window. You may wish to enlarge this window. 2 Double-click on the account that needs to be edited. This will open a window showing the transactions for that account. 48

49 3 Double-click on the entry you wish to edit. The General Journal Entry window should appear with the corresponding journal transaction. 4 Correct the entry and click Save & Close when complete. 5 Click Yes to record your changes. 49

50 6 Click the X button, in the upper right corner of the window, to close the account. 50

51 APPENDIX C - CHANGING ACCOUNT TYPE OF SAVINGS ACCOUNT The following procedure indicates how to change the account type of the checking account from Other Current Asset to Bank, so that the QuickBooks bank account management functionality can be used. 1 If it is not already open, open the Company Navigator window in QuickBooks. 2 Open up the Chart of Accounts by clicking on the Chart of Accounts icon. 51

52 3 Click on the SAVINGS ACCOUNT account so that it is highlighted. 4 Click on the Account button at the bottom of the Chart of Accounts window 5 Click on Edit. The Edit Account window should display. 52

53 6 Click the down arrow next to the Type field to display the account type menu. 7 Click on Bank. 8 Click on OK to close the Edit Account window. 53

54 APPENDIX D - YEAR-END CLOSING IN QUICKBOOKS As part of the year-end closing process, balance amounts in income and expense accounts are transferred to the Retained Earnings account at the end of the year. QuickBooks does not require that any special journal entries or procedures be performed to close these accounts at year-end; instead it automatically reflects year-end closing based on the dates entered on the reports. For example, the Trial Balance report below was generated for the last day of the fiscal year, September 30. Note that the income and expense accounts have balances. The dates for this Trial Balance report are the last day of the fiscal year. The income and expense accounts have balances. 54

55 Continuing with our example, the Trial Balance report below has been generated for the first day of the new fiscal year, October 1. Note that the income and expense amounts have zero balances (they are not displayed on the report), and that the net balance amount for all the income and expense amounts has been moved to the Retained Earnings account. This transfer of the balances to Retained Earnings for year-end closing is reflected automatically in QuickBooks based on the date of the report; the Chapter does not have to make any journal entries to accomplish this. The dates for the Trial Balance report are the first day of the new fiscal year. The Retained Earnings account now contains the net balance amount for all income and expense accounts. 55

56 APPENDIX E - MOVING QUICKBOOKS DATA TO ANOTHER COMPUTER If a Chapter switches treasurers or purchases a new computer, it may be necessary to move the QuickBooks program and data from one computer to another. In order to move the data, a backup must be created on the original computer. After the QuickBooks software is installed on the new computer, this backup file will be restored, which should restore all the company data. The following procedure details how to move the QuickBooks data and how to uninstall the QuickBooks software from a computer. Backing Up the Chapter s Company Data 1 If it s not already open, open QuickBooks on the original computer and open the company file for the Chapter. 2 Insert a 3½ diskette into the disk drive on the original computer. 3 In QuickBooks, click on File on the top menu to display the File drop-down menu. Click on Back Up. 4 The Back Up Company To window should now be displayed. 56

57 5 If necessary, click on the down arrow next to the Save in header to display the drop down menu and select 3½ Floppy. Click the down arrow button to display the drop-down menu of drive and folder locations. 57

58 6 In the File name field, type in Chapter### for the file name, where ### is your Chapter s unique chapter number. QuickBooks may automatically fill this in for you. 7 Click the Save button to save the backup file to the diskette. A confirmation window should be displayed after the file has been backed up successfully. Click OK to close this window. This window should be displayed if the data was backed up successfully. If this window does not display or if you receive any error message while backing up, contact the Technical Support person at NAIC headquarters as indicated in the User Procedures binder. 58

59 8 Get your chapter s Registration Number from Quickbooks and write it down, and keep it with the your backup disk and Quickbooks CD. With Quickbooks open, press the "F2" key. A Product Information window will open. The Registration Number is the 3rd one down, on the left side of the window. 59

60 Restoring the Chapter s Company Data After a backup of the company data has been successfully created and saved on a diskette, the next step is to restore the file to the new computer. 1 On the new computer, install the QuickBooks software as indicated in the User Procedures binder. 2 Register the software on the new computer. The registration number should be written on the inside cover of the QuickBooks manuals, so it may not be necessary to register online or call Intuit. If you cannot find the registration number, follow the instructions on page 8 of the QuickBooks Installation and Conversion Guide to register the software. 3 Insert the diskette containing the backup file into the computer s disk drive. 4 Click on File on the top menu in QuickBooks to display the drop-down menu. Click on Restore. The Restore From window should now be displayed: 5 Click on the down arrow next to the Look in header and select 3½ Floppy. The backup file should now be displayed in the window. 6 Click on the file name to restore in the window, or type the name of the restore file in the field next to the header, File name. This file name is most likely named, Chapter###.QBB, where ### is your Chapter number. 7 Click the Open button. The Restore to window should now be displayed. 60

61 8 If it is not already entered in the File Name field, type Chapter###.QBW next to the header, File Name, where ### is your Chapter s unique chapter number. 9 Click Save to save the company file. 10 A confirmation window below should be displayed after the file has been restored successfully. Click OK to close this window. This window should be displayed if the data was backed up successfully. If this window does not display or if you receive any error message while backing up, contact the Technical Support person at NAIC headquarters as indicated in the User Procedures binder, Section Enter your chapter s Registration Number. Click on "File". Then choose "Register Quickbooks Basic". Choose "Phone". Enter your Registration Number. 61

62 Uninstalling QuickBooks After the Chapter s accounting data has been successfully backed up and restored to another computer, the last step is to remove the QuickBooks software from the original computer. Note: Do not uninstall QuickBooks from the original computer if you received any error during the back up or restore processes. 1 Open the Windows Control Panel: - Click on the Start button in the lower left hand corner of the screen. - Click Settings. - Click Control Panel. 2 Double-click the Add or Remove Programs icon in the Control Panel. 62

63 3 Click on QuickBooks 2002 so that it is highlighted. You may need to scroll this list down using the mouse or the arrow keys to find QuickBooks. 63

64 4 With QuickBooks 2002 highlighted, click the Change/Remove button. 5 Click OK on the window to complete the uninstall process. 64

65 APPENDIX F FOR QUICKBOOKS PRO, SAVE ACCOUNT BALANCE FILE AS A SPREADSHEET. These instructions replace the steps in 7. Creating the Account Balance File. Complete steps 1 9 as normal. Step 14 is critical. After ensuring the Trial Balance is correct, the next step is to save the report to a spreadsheet. The file should be saved to a floppy diskette, which you will then need to mail to NAIC headquarters. 10 Click on the Print button on the first line at the top of the Trial Balance window. 11 If the New Printing Features window displays, click OK. The Print Reports window should now be displayed: 65

66 12 Under the header Print to, click the button next to File so that it is marked. 66

67 13 Click the down arrow in the file type window, which is immediately to the right of the File header. This will display the file type options. 67

68 14 IMPORTANT : click Excel/Lotus 123 Spreadsheet. 68

69 15 Click Print. This will display the Create Disk File window. Excel(*.xls) 69

70 16 If you are saving the file to a diskette, insert the diskette into the disk drive and select 3½ Floppy (A:) in the Save In field. 17 IMPORTANT : in the File name field, type Chapter###, where ### is your Chapter number. Do not put a space between Chapter and your Chapter number in the file name. 18 Click on the Save button to save the file. This window shows an example of the file name that should be entered prior to clicking the Save button: M M Excel(*.xls) 70

71 APPENDIX G NAIC CHAPTERS STANDARD CHART OF ACCOUNTS The attached Chart of Accounts contains account numbers and descriptions of accounts to be utilized by all NAIC Chapters. Please do not add accounts without discussing with the VP Finance or Controller at NAIC Headquarters. Subaccounts can be added to account for various types of classes and expenses; see Appendix A for detailed instructions. 71