General Ledger Assignment

ACCT 3303 General Ledger Assignment Spring 2020 The purpose of this assignment is to give you practical experience with the QuickBooks accounting software, which is available in COB labs; Room 339 and 349. Lab hours are posted outside the labs but keep in mind that they are not always available. Also, be aware that mistakes and unexpected problems and questions are part of the learning process. Start your work immediately to guard against any unexpected problems. Do not allow yourself to have to make excuses for late completion. The completed assignment must be turned in via the assignment on Canvas by 11:59 pm on April 23, 2020. You may sign up for a trial version of QuickBooks Desktop Accountant directly from Intuit at http://intuiteducationprogram.com/index.php. If you use a Mac, you will need to use Quickbooks Online Plus which should be available at the same link. Please be aware that it takes a few business days for you to be able to actually download the software as Intuit will verify your student status. You can find additional resources at http://static.onlinepayroll.intuit.com/qbo-help-guides/en_US/QBO_welcome_guide_US/Content/Topics/welcome_guide.htm if you need more assistance than is provided in the assignment 1. Scenario For this assignment, you will create a new QuickBooks company for your own company. You have come across a great business opportunity: a customized flavored water distribution company. You will sell cases of water at wholesale to convenience stores and other small markets. You will also sell cases at retail to office-based businesses. 2.Create a New Company (Make sure you set aside adequate time to complete this process. 1-2 hours) · Start QuickBooks · Depending on whether QuickBooks has been previously used on your computer, the following window will open. · Click the Create a new company button and the Let's get your business set up quickly! window will appear. Click the Detailed Start button. · If the above window appears upon opening QuickBooks, click the Detailed Start button. · You will be guided through setting up your company using QuickBook’s EasyStep Interview. · Complete the text boxes on the Enter your company information section as follows (Your Company Name will not be as shown in the screen shot): · Name your company as follows: FirstName LastName Distributing Company. See screenshot above. Please note that you must use your actual name. · Complete the information as follows: · Tax ID number: 00-1234568 · Street address: 1711 S. Watson Rd., Suite 12001 · City: Arlington · State: TX · Zip: 76010 · Phone number: 817-867-5309 · Fax number: 817-555-5675 · Click the Next button to continue. · In the Select your industry window, scroll down and select the Wholesale Distribution and Sales industry. Alternatively, you can type a "W" to go directly to the W's. · Click Next to continue. · On the How is your company organized? window, select Sole Proprietorship. Note that this is an important step as your chart of accounts will not be correct if you choose any other option. · Click Next to continue · On the Select the first month of your fiscal year, select January and click Next. · Skip the Set up your administrator password, at this time. Note you may have to set up a password if QuickBooks updates your company file. Click Next. · If at any point you are forced to set up an administrator password use the following: · Password: 3303Student2020 · Security Question: “Oldest Nephew” – acct3303 · Click Next on the Create your company file window. · On the Filename for New Company window, you will need to choose the location where you want to save your file by using the drop-down feature of the Save in: textbox. If you are using a lab computer, it is better to choose either your J drive or a USB drive. It is not recommended that you save the file on the C drive of the lab computers as the labs use Deep Freeze which will restore the computer back to its original configuration every time someone logs onto the computer. In other words, your file will not be saved to the lab computers. · The File name: textbox will populate with your company name followed by .QBW. · Click Save to create your new company. · Click Next on the Customizing QuickBooks for your business window. · In the What do you sell? window: · Select Products Only. · Click Next. · Choosing remaining preferences: The next series of windows ask yes or no questions that enable or disable different QuickBooks features based on your company needs. Simply click Yes or No, then click Next to move forward in the Interview. For your distribution company complete the preferences by selecting the following options: For this window… Select… Do you charge sales tax? Yes Do you want to create estimates in QuickBooks? No Tracking customer orders in QuickBooks Yes Using statements in QuickBooks Yes Using progress invoicing No Managing bills you owe Yes Tracking inventory in QuickBooks Yes Tracking time in QuickBooks No Do you have employees? No Note: you can always change preference settings later, after the EasyStep Interview. From the Edit menu, choose Preferences, and then select the preference type in the left panel. · Click Next on the Using accounts in QuickBooks window. · Select Use today’s date or the first day of the quarter or month. option and type in or select 03/01/2020. Click Next to continue. · In the account list in the Review income and expense accounts window, click on the following accounts to select them: · Business Licenses and Permits · General Liability Insurance · In the account list in the Review income and expense accounts window, click on the following account to deselect it: · Merchant Account Fees · Note: if you make a mistake in the above two steps, you can click the Restore Recommendations button to start over. · Click Next to continue. · Congratulations! You have completed the EasyStep Interview process. · Click Go to Setup. 21 · On the Get all the details into QuickBooks window: · Click Start Working at the bottom of the window. · Close the Accountant Center window if it opens. You may want to deselect the Show Accountant Center… option. Close either of these windows by clicking the in the upper right corner of the window. 3.Complete Company File Setup Now you need to complete some additional tasks to make sure your company file is properly setup and that the data is complete. · Change preferences: · Select Edit from the Menu bar and then choose Preferences. · If at any point QuickBooks has to close all open windows, just click the Home icon to get the main window back. (See screenshot on the next page). · In the Preferences window, click on Accounting in the left panel. Click on the Company Preferences tab. · In the Accounts section, click the Use account numbers checkbox. · In the left panel of the Preferences window, click on Items & Inventory. Click OK when the Save Changes window appears. · Make sure the Warn if not enough inventory to sell. check box is selected and chose the When the quantity I want to sell exceeds Quantity on Hand option. · Click on the Enable button in the Unit of Measure section and select Single U/M Per Item from the Unit of Measure window. · Click Finish. · In the left panel of the Preferences window, click on Sales & Customers and click OK to save your previous changes. · Click OK on the Warning window if it opens. · In the Sales Forms section, select < add="" new=""> from the Usual Shipping Method drop-down list. · In the New Shipping Method window, type Delivery and click OK. · In the left panel of the Preferences window, click on Desktop View. · On the Company Preferences tab, make sure the Sales Receipts checkbox is selected. · In the left panel of the Preferences window, click on General. · On the My Preferences tab, there are several options that you might want to consider. For example, check the Turn off pop-up messages for products and services checkbox to keep a lot of QuickBooks advertising messages from popping up. You may also uncheck the Beep when recording a transaction or you may want to check the Pressing Enter moves between fields checkbox. If you don’t like an option when changes, just go back to Preferences and change it. · Close the Preferences window when you finish with the General preferences. · Open the Home window if necessary: Select the Home icon in the My Shortcuts 4.Backup and Restore Information While working in the lab it is imperative to backup your work to a location other than the hard drive of the lab computer. You may backup to a USB drive or to your University J Drive. To do so; · From the Menu bar, select File > Backup Company > Create Local Backup · In the Create Backup window, select the Local Backup option and then click Next. · Backup Options window: · Choose your options as show in the screenshot on the next page. The first checkbox allows you to choose whether to include the date/time in the backup file name. The second checkbox allows you to limit the number of backup copies in your folder. 3 is the default, but feel free to put any number you wish. Just keep space constraints in mind. Browse: Choose your backup location. It is better to backup to your J drive or a USB drive if you are working in the lab. Although you can backup to the C drive of the lab computer, it is not recommended as you cannot guarantee that the computer will be available if you need your backup file. Allows QuickBooks to remind you to backup your files after a certain number of work sessions. Click OK to continue. · If you backup to the C drive (do not backup to lab computers), you may get the following message. Click the option you prefer for your purposes. · At the When do you want to save your backup copy? window, select the Save Now option and click Finish. · Click No Thanks on the Try this… window if it appears. · Click OK when QuickBooks finishes backing up your data. 5. Edit and setup additional general ledger accounts: You will need to add several accounts to your Chart of Accounts. · From the Lists menu, choose Chart of Accounts or click Chart of Accounts icon in the Company section of the Home Page. You can also find the Chart of Accounts under the Company menu. · In the Chart of Accounts window, click the Account button and select New or right click on any account and select New from the pop up menu. · In the