ACC 210 Week 4 QuickBooks® Online Training Module 4: Exploring QuickBooks Online Accountant Practice

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ACC 210 Week 4 QuickBooks® Online Training Module 4: Exploring QuickBooks Online Accountant Practice
ACC 210 Week 4 QuickBooks® Online Training Module 4: Exploring QuickBooks Online Accountant Practice
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ACC 210 Week 4 QuickBooks® Online Training Module 4: Exploring QuickBooks Online Accountant Practice

Part 1

Use the QuickBooks® Online sample company, Craig’s Design and Landscaping Services, to practice the transactions in Part 2 before entering them in your Grant Corporation books for submission.

Part 2

Use QuickBooks® Online to complete the following in Grant Corporation:

Create two customer invoices using the Customers Dashboard.

USE THE DATES GIVEN and add the current year.

  1. Oct 18 – Customer Dentist for 4 days of consulting services at $5,000/day, total $20,000.

  2. Oct 19 – Customer Furniture Store for 5 days of consulting services at $5,000/day, total $25,000.

Enter three expenses using the Vendors Dashboard. The Create Expense option can be found on right side, below the Action label, click the arrow next to Create Bill. Do NOT use the Create Bills option; this results in Accounts Payable.

USE THE DATES GIVEN and add the current year.

  1. Oct 20 – $3,000 Legal & Professional Fees paid to David Stewart for legal documents.

  2. Oct 20 – $1,000 Utilities Expense paid to the Power Service Co. for month’s utilities

Run the following reports using the Reports Dashboard:

USE THE DATES GIVEN and add the current year.

  • Under Recommended Reports, click on Profit and Loss.  Set transaction dates as October 1-31.

    • Export the Profit and Loss Report as a Microsoft® Excel® file to your desktop.

  • Under Recommended Reports, click Balance Sheet. Set both transaction dates as October 20.

    • Export the Balance Sheet Report as a Microsoft® Excel® file to your desktop.

  • Under All Reports, click A/R Aging Summary. Set both transaction dates as October 31.

    • Export the A/R Aging Summary Report as a Microsoft® Excel® file to your desktop.

Analyze the reports to make sure they agree with the transactions in part 2. Hint: Net Income should equal $50,000; Total Assets should be $50,000. These entries need to be correct to continue with next week’s transactions.

Click the Assignment Files tab to submit the Profit and Loss, Balance Sheet, and A/R Aging Summary Report.