Introduction. Open the Intro 12Problem1.QBW

Transcription

1 Introduction Open the Intro 12Problem1.QBW 1. Select Customers from the QuickBooks Icon Bar. This will display the Customer Center. a) What is the first customer listed on the left of the Customer Center? b) In the Customers & Job list, single click on Miranda's Corner. What is Miranda's Corner's balance? c) Click the Date dropdown list above the transaction listing in the right hand panel and scroll up to the top of the list to select All. How many transactions do you see and what type? d) Close the Customer Center 2. Select Vendors from the QuickBooks Icon Bar. This displays the Vendor Center. a) Double click Sinclair Insurance. This opens the Edit Vendor window. What is the Phone Number? Close the Edit Vendor window. b) What is the amount of Bill number 5055 to Sinclair Insurance? (You may need to set the Date to All as in Step 1.) c) Close the Vendor Center. 3. From the Home page, click the Chart of Accounts icon to display the Chart of Accounts a) What type of account is the Checking Account? b) How many accounts of type Bank are in the Chart of Accounts? c) How many accounts of type Income are in the Chart of Accounts? 4. While still in the Chart of Accounts, Double click the Checking account on the Chart of Accounts list. This will open the register for Checking account. a) Who is the payee for the check on 2/11/2015? b) What is the amount of the check? c) Close the checking account register and Chart of Accounts list. 5. Click the Create Invoices icon on the Home page, and then click Previous (top left). a) What is the Invoice #? b) What is the first Item listed in this invoice? c) Close the invoice. 6. Select the Chart of Accounts option from the Lists menu. Double click on the Checking account. a) Which vendor was paid by the last bill payment in the register? b) What is the amount of the last bill payment in the register? c) Close the Checking register and close the Chart of Accounts list. continued

2 Introduction Problem 1 continued 7. Click the Write Checks icon on the Home page and follow these steps: a) Click on the Calendar icon immediately to the right of the Date Field. Enter in the Date field and press Tab. b) In the Pay to the Order of field, enter Boswell Consulting. Press Tab. c) Enter in the Amount field and press Tab. d) Click in the To be printed check box. e) What is the city displayed in the Address field on the check for Boswell Consulting? f) Click Clear and then close the check. 8. Select the Chart of Accounts option from the Lists menu and double click on Accounts Receivable. a) What is the ending balance in the account? b) What is the date of the last transaction in the register? c) Close the register and the Chart of Accounts. 9. Click the Check Register button on the Home page. a) Select Checking from the Use Register dialog box. b) What is the ending balance in the checking register? c) Close the Checking Register. 10. Close the working data file Intro 12Problem1.QBW.

3 The Sales Process Open the Sales 12Problem1.QBW 1. Enter your own name and address information into the Customer Center List. 2. Enter a Sales Receipt using the data in Table 2 4. The payment will be automatically grouped with other payments in the Undeposited Funds account. You'll need to create the customer record using Quick Add, or by enter by setting it up in the list before adding the sale. Table 2 4 Field Data Customer Name Horowitz, Daniel Class Walnut Creek Date 1/29/2015 Sale # Sold To Daniel Horowitz 1695 Blue Sky Pkwy Walnut Creek, CA Check No 477 Payment Method Check Item Camera SR32, Qty 2, Item Case, Qty 2, $79.99 Sales Tax Contra Costa (8.25%) Auto Calculates Total Sale $1, Customer Tax Code Tax Memo 2 Camera's, 2 Cases 3. Enter an Invoice using the data in Table 2 5. Table 2 5 Field Data Customer Name Pelligrini, George: 1254 Wilkes Rd. Class San Jose Custom Template Academy Photo Service Invoice Date 1/31/2015 Invoice # Bill To Pelligrini Builders 222 Santana Ave. Los Gatos, CA PO Number 8324 Terms Net 30 continued

4 The Sales Process continued Item Indoor Photo Session, Qty 6, $95/hour (Non taxable) Item Retouching, Qty 1 (hrs), $95/hour (Non taxable) Sales Tax Santa Clara (8.25%) Auto Calculates Total Sale $ Memo 6 Hour Session, 1 Hour Retouching 4. Enter a second Invoice using the data from Table 2 6 below. You will need to add this customer either through Quick Add or entering the customer information in the Customer Center. Table 2 6 Field Data Customer Name Fuller, Nathan Class San Jose Custom Template Academy Photo Service Invoice Date 1/31/2015 Invoice # Sold To Nathan Fuller Market St. Santa Clara, CA PO Number Terms 2% 10 Net 30 Item Indoor Photo Session, Qty 3, $95/hour (Non taxable) Sales Tax Santa Clara (8.25%) Auto Calculates Total Sale $ Memo 3 Hour Session 5. Record a payment dated 2/15/2015 for $ from Nathan Fuller (check #5342) and apply it to Invoice On 2/15/2015, you received a partial payment from George Pelligrini for the 1254 Wilkes Rd. Job for $300. American Express payment, card # , expires 5/ On 2/15/2015, deposit everything from the Undeposited Funds account using the following: a) Deposit Cash and Check payments together (Memo: Deposit Checks). Total Deposit $1, b) Deposit American Express payments separately (Memo: Deposit American Express). Record a 2% bankcard discount fee (use QuickMath to calculate) on the credit card deposit number (Account Bankcard Fee, Payment Method American Express Memo 2% Discount Fee). This amount should be a negative number. Total Deposit $294.00

5 Tracking Revenue Open the Revenue 12Problem1.QBW 1. On Feb 7, 2015, create Invoice # to Morris Consulting. Use Walnut Creek class, terms 2% 10, Net 30. (Note: Special terms apply to this Invoice only). The customer purchased a 2 hour Indoor Photo Session ($95 per hour) and 2 hours with a Photographer ($125 per hour). Use the Out of State Sales Tax Item. The Invoice total is $ On Feb 9, 2015, create Invoice # to Easley Business Services. Use the class San Jose. Terms are Net 30. The customer purchased 4 Cameras ($695.99), 4 Lens ($324.99), and 4 Cases ($79.99). Use the Out of State Sales Tax Item. The Invoice total is $4, On Feb 10, 2015, receive check #58621 in the amount of $ from Morris Consulting in full payment of Invoice # He took a 2% discount of $8.80. Use Sales Discount account and the Walnut Creek class. 4. On Feb 15, 2015, Donald Easley of Easley Business Services called and gave his VISA credit card number to pay off the balance on his open invoices. The payment amount was $4,403.88; VISA # ; Exp. 05/ On Feb 23, 2015, Morris Consulting requested a refund for two hours of Photographer services. Create Credit Memo # C and use the Walnut Creek class. Issue Morris Consulting a refund check. 6. On Feb 26, 2015, create a Credit Memo to write off Invoice 3696 to Ortega Services. You will need to create a Bad Debt item (Type: Other Charge, Name: Bad Debt, Description: Bad Debt Write Off, Account:60300 Bad Debts). Since Invoice 3696 included a taxable item, you will need to mark the Bad Debt item on the Credit Memo for the amount of $ and mark it as taxable. Use the Walnut Creek class. Credit Memo # 3696C. The entire amount of the write off is $ On Feb 27, 2015, receive payment for $1, from Miranda's Corner in payment of Invoice # She uses her VISA card number expiration date 12/2015, to pay this Invoice. 8. On Feb 28, 2015, issue Credit Memo # C to Miranda's Corner for Invoice # Credit Memo # C. The customer returned 1 Camera ($695.99). A 10% restocking fee applies. Use the San Jose class and the Santa Clara County sales tax. Issue a refund to Miranda's Corner's VISA card on using the Refunding Credit Cards method. Total refund: $ Deposit the check in the Undeposited Funds account on 2/28/2015. Total deposit amount is $ Deposit all VISA receipts on 2/28/2015. Record a 2% bankcard discount fee (use QuickMath to calculate) on the credit card deposit. Total deposit amount is $4,

6 Expenses Open the Expenses 12Problem1.QBW 1. Activate Class tracking in the data file (Hint: Preference Settings ). 2. Add a new vendor to the Vendor list using the data in the table below. Fields that are not provided below can be left blank. Table 4 2 Field Data Vendor Name Prado Photography Services Company Name Prado Photography Services Mr./Ms./ Ms. First Name Joy Last Name Prado Name and Address Prado Photography Services Joy Prado 755 Market Ave. Castro Valley, CA Contact Joy Prado Phone (510) joy@pradophoto.biz Print on Check as Prado Photography Services Account # Vendor Type Consultant Terms Net 30 Tax ID Check Box Vendor Eligible for 1099 County Alameda Account Prefill Professional Fees 3. Enter check #331 directly in the Checking register on 01/12/2015 to Carl's Hardware for $ Use Quick Add to add the Vendor. Split the expense to $ for Office Supplies for the San Jose store and $ for Repairs and Maintenance for the Walnut Creek store. 4. Using Write Checks, enter a check (to be printed) to Orlando Properties, dated 01/12/2015 for $1, for Rent at the San Jose store. Make the check printable, but don't print the check. 5. Enter Bill #1500 from Nellis Distributing on 01/18/2015 for $ with Terms of Net 15. The Bill is for the purchase of supplies for the Bob Mason job (Not billable), so code the Bill to Cost of Goods Sold. Bob Mason is a customer in the San Jose store, so link the cost with the appropriate Job and Class. 6. Enter Bill #3453 from Sinclair Insurance on 01/19/2015 for $1, with Terms of Net 30. Code the Bill to Insurance Expense. Allocate 100% of the cost to the San Jose store. continued

7 Expenses continued 7. Create and Unpaid Bills Detail report dated 01/20/ Pay all of the Bills due on or before 02/28/2015. Pay the Bills from the Checking account on 01/19/2015. Make the Bill Payments "printable" checks. 9. Enter a credit card charge on the National Bank VISA card from Bay Office Supply (Use Quick Add to add the vendor), reference #1234, dated 01/25/2015. The purchase was for $57.75 for office supplies for the Walnut Creek store. 10. Enter Bill #4635 from Ace Supply on 01/25/2015 for $1, with terms of Net 30. Code the Bill to Cost of Goods Sold since it was for supplies for the Ron Berry job (Not billable). Ron Berry is a Customer at the San Jose store. Keep the default terms for Ace Supply. 11. Enter a Bill Credit from Ace Supply on 01/30/2015 for $ Use reference number 4635C on the credit. Code the credit to Cost of Goods Sold and link the credit with the Ron Berry job (Not billable) and San Jose Class. 12. Apply the credit to Bill #4635 and pay the remainder to the Bill on 01/30/2015 using a printable check. Amount to pay: $ Create a Vendor Balance Detail report for All transactions.

8 Bank Rec Open the Bank Rec 12Problem1.QBW 1. Using the sample bank statement below, reconcile the checking account for 01/31/2015. Review the Bank Reconciliation Reports. Business Checking Account Statement Date: January 31, 2015 Page 1 of 1 Summary: Previous Balance as of 12/31/14: $ 18, Total Deposits and Credits + $ 4, Total Checks and Debits $ 8, Statement Balance as of 1/31/15: = $ 14, Deposits and Other Credits: DEPOSITS INTEREST Date Description Amount Date Description Amount 12 Jan Customer Deposit $ 1, Jan Interest Earned $ Jan Customer Deposit $ 2, Interest $ Deposits $ 4, Checks and other Withdrawals: CHECKS PAID: OTHER WITHDRAWALS/PAYMENTS Check No. Date Paid Amount Date Description 325 $ Jan Transfer $ 4, $ Other Withdrawals/Payments $ 4, $ ** $ 3, SERVICE CHARGE 6003** $ Date Description 5 Checks Paid $ 4, Jan Service Charge $ Service Charge $ On 02/12/2015, Maria Cruz's payment bounced (check #9563, received on 1/27/15 for Invoice # ). The amount of the check was $ The bank charged you an NSF fee of $ Using this information, record the following: a) Enter the bounced check and NSF fee your bank charged you in your check register by using Cruz, Maria: Branch Opening as the Payee. b) Unapply the original payment for Invoice # and then apply this same payment to the bounced check transactions you just created. continued

9 Bank Rec continued c) Create an Other Charge item called NSF Charge with an amount of $ The description should read "NSF Service Charge for Bounced Check #." Use the Non sales tax code, and associate the item with the Bank Service Charge expense account. d) Create Invoice # B dated 2/12/2015 and code to the Walnut Creek class for the Cruz, Maria: Branch Opening. Select the NSF Charge Item and charge Maria Cruz's job $20.00 for the bounced check. Change the Terms to Due Upon Receipt for this Invoice only. 3. Enter the transaction necessary to record the receipt and redeposit of Maria Cruz's replacement check for $ (Check #9588) that did not include the bounce charge. Date the payment 02/14/2015 and apply it to invoice # Date the deposit on 02/14/ Use the sample bank statement below, reconcile the checking account for 02/28/2015. Business Checking Account Statement Date: February 28, 2015 Page 1 of 1 Summary: Previous Balance as of 1/31/15: $ 14, Total Deposits and Credits + $ 5, Total Checks and Debits $ 4, Statement Balance as of 2/28/15: = $ 15, Deposits and Other Credits: DEPOSITS INTEREST Date Description Amount Date Description Amount 3 Feb Customer Deposit $ Feb Interest Earned $ Feb Customer Deposit $ 2, Interest $ Feb Customer Deposit $ Feb Customer Deposit $ Feb Customer Deposit $ Feb Customer Deposit $ Deposits $ 5, Checks and other Withdrawals: CHECKS PAID: OTHER WITHDRAWALS/PAYMENTS Check No. Date Paid Amount Date Description Feb $ 2, Feb Returned Item $ Feb $ Feb NSF Charge $ Feb $ Other Withdrawals/Payments $ ** 28 Feb $ Feb $ SERVICE CHARGE 5 Checks Paid $ 3, Date Description 28 Feb Service Charge $ Service Charge $ 5.00