on QuickBooks
username and password: [email protected] ; Thdbs88*
Complete the instructions provided in the PDF (Project 2 acct technology instructions)
Additonal resources provided by the professor:
2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT 610 9040 Financial Accounting (2232) - UMGC Le… https://learn.umgc.edu/d2l/lms/dropbox/user/folder_submit_files.d2l?db=1482311&grpid=0&isprv=0&bp=0&ou=732326 1/3 Project 2: Financial Accounting Technology Course: ACCT 610 9040 Financial Accounting (2232) Critical Thinking; Measurement analysis & interpretation Exceeds Performance Expectations 20 points Meets Performance Expectations 17.8 points Does Not Meet Performance Expectations 0 points Criterion Score Measurement, Analysis, and Interpretation: General Ledger - Identify appropriate, reliable, and verifiable measurements. Analyze data for a given purpose and intended use. Interpret results of data analysis for the intended user. / 20 Reporting: Income Statement - Prepare financial statements as governed by professional standards and required by law. / 20 All general ledger entries were accurately measured, recorded, and transactions interpreted using the General Ledger software Most general ledger entries were accurately measured, recorded, and transactions interpreted using the General Ledger software Most general ledger entries were inaccurate measured, recorded, and/or transactions not correctly interpreted using the General Ledger software. Or did NOT submit. All accounts and amounts on the Income Statement were accurate. Income Statement was prepared on an accrual basis for "all time". Most accounts and amounts were accurate on the Income Statement. Income Statement was prepared on an accrual basis for "all time". Most accounts and amounts were inaccurate on the Income Statement. Income Statement was not prepared on an accrual basis for "all time". Or did not submit. 2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT 610 9040 Financial Accounting (2232) - UMGC Le… https://learn.umgc.edu/d2l/lms/dropbox/user/folder_submit_files.d2l?db=1482311&grpid=0&isprv=0&bp=0&ou=732326 2/3 Total / 100 Critical Thinking; Measurement analysis & interpretation Exceeds Performance Expectations 20 points Meets Performance Expectations 17.8 points Does Not Meet Performance Expectations 0 points Criterion Score Reporting: Balance Sheet - Prepare financial statements as governed by professional standards and required by law. / 20 Technology and Tools: Use relevant technology and tools to analyze data and assigned tasks. / 20 Reporting / 20 All accounts and amounts were accurate. Prepare d an accrual basis Balance Sheet for "all time". Most accounts and amounts were accurate. Prepared an accrual basis Balance Sheet for "all time". Most accounts and amounts were inaccurate. Or did not prepare an accrual basis Balance Sheet for "all time". Or did not submit. Demonstrate an outstanding level of competency using financial accounting technology. Identified and utilized financial accounting technology to analyze data efficiently and effectively to perform assigned tasks. Demonstrate a sufficient level of competency using financial accounting technology. Identified and utilized financial accounting technology to analyze data to perform assigned tasks. Demonstrate an insufficient level of competency using financial accounting technology. Or did not identify and utilize financial accounting technology to analyze data to perform assigned tasks. Or did not submit. Generate a bank reconciliation with no errors. Generate a bank reconciliation that is mostly correct. Bank reconciliation was mostly inaccurate. Or did not submit. 2/17/23, 7:47 PM Project 2: Financial Accounting Technology Project-Due End of Week 6 - ACCT 610 9040 Financial Accounting (2232) - UMGC Le… https://learn.umgc.edu/d2l/lms/dropbox/user/folder_submit_files.d2l?db=1482311&grpid=0&isprv=0&bp=0&ou=732326 3/3 Overall Score Exceeds Performance Expectations 90 points minimum Meets Performance Expectations 80 points minimum Does Not Meet Performance Expectations 0 points minimum Project 2 Denim Products_Student _2232 Page 1 of 18 120122 Last updated by Sharon Levin I. Title: Project 1: Financial Accounting Technology Table of Contents Section # Contents Page # I. Title page 1 II. Introduction Competencies assessed on this project 2 Scenario, the role you play in the project 3 III. Steps to Completion Step 1: Read the entire project file, rubric, and helpful hints and tips before communicating with your study group 3 Step 2: Login to your QBO 3 Step 3: Setup company accounts and settings 4 Step 4: Setup and edit the Chart of Accounts 5 Step 5: Setup the Sales Tax 6 Step 6: Set up product items and contributed inventory 7 Step 7: Create journal entries for all other (non-inventory) Owner Contributions 9 Step 8: Add customers and vendors 10 Step 9: Add Invoices, Purchase Orders (PO), and Bills 11 Step 10: Enter all transactions for the month of April 12 Step 11: Reconcile the April bank statement in QBO 15 Step 12: Review and revise the Financial Statements. 17 Step 13: Compare the Check Figures to account balances on your financial statements. Check figures are the correct answers for select accounts. 17 Step 14: Print and save the following QBO Reports: 1) P&L, 2) Balance Sheet, and 3) the General Ledger in pdf format 18 Step 15: Combine these 4 files: 1) P&L, 2) Balance Sheet, 3) General Ledger, and 4) Bank Reconciliation into 1 PDF file 18 Step 16: Review the rubric 18 IV. Deliverables Review the instructions before uploading your deliverable 19 V. Rubric Take one last look at the rubric to ensure you understand how your deliverable will be graded 19 VI. Helpful hints and tips Read the hints and tips before starting the project 19 Page 2 of 18 120122 Last updated by Sharon Levin Table List Table # Table title: Page # 1 Chart of Accounts 5 2 Standard Sales Prices (Casey’s Original Artwork) 7 3 Cost and Pricing of Prints (Reproductions of Casey’s original artwork) 8 4 Service and Non-Inventory Sales 8 5 Owner’s Contributions/Investments 9 6 Customer List 10 7 Vendor List 10 8 Consignment Vendor List 11 9 Invoices to Customers 11 10 Purchase Orders 12 11 Bills (Payables to Vendors) 12 12 April Transactions 14 13 Bank Statement 16 14 Check Figures 17 15 Summary of Report Deliverables 18 16 Report Files to be Combined into One PDF 18 II. Introduction: All graduate accounting course deliverables use the AICPA Pre-Certification Core Competency Framework to assess competencies deemed essential for success in the accounting profession. Competencies assessed by this project: § Measurement, Analysis, and Interpretation o Identify appropriate, reliable, and verifiable measurements. o Analyze data for a given purpose and intended use. o Interpret results of data analysis for the intended user. § Reporting o Prepare financial statements as governed by professional standards and required by law. § Technology and tools o Use relevant technology and tools to analyze data and assigned tasks. § Decision making o Propose effective business decisions based on analysis and professional judgment. Page 3 of 18 120122 Last updated by Sharon Levin Scenario: Your good friend Casey has always expressed interest in opening his own retail art studio. He has been painting and selling his artwork for years and already has a good customer base. In January of this year, he started the process of formally setting up a business named Casey’s Crafts; he filed for an Employee Identification Number (EIN) in February. Casey found and rented an art studio on March 1st, and has been cleaning, painting, and setting up the space ever since. The grand opening was April 1, 2022. Casey’s Crafts sells Casey’s original artwork and prints of his original artwork that he purchases from a print shop. The original artwork and prints are inventory items. Casey also accepts custom orders from customers, which are referred to as Custom Artwork Sales. Custom Artwork involves Casey painting a picture for a particular customer based on the customers’ specification. Oftentimes, his Custom Artwork is a family portrait. Also, Casey agreed to allow a few of his artist friends to display and sell their artwork from the Casey’s Crafts shop. These sales would be classified as Consignment Sales. Artwork on consignment is owned by the artist who created the painting and therefore is not recorded as inventory on the Casey Kraft’s accounting records. It is customary for the consignee (the business owner) to retain a percentage of all consignment sales as payment for allowing the consignor (other artists) to display his or her artwork. Casey knows you are going to school for your master’s degree in accounting and has asked for your help setting up and using QuickBooks Online (QBO). You agree to help set up the QBO business account and complete the first month of transactions. You are not familiar with QBO, but you know it will be beneficial to your accounting career to learn QBO because it is the most widely used financial accounting platform for small business in the United States. To feel more confident with QBO, you decide to seek guidance and collaborate with some of your classmates in your MS degree program at UMGC. You recall a few mentioned working as an accountant for small business clients. Casey is interested in using the following QBO features: § Sales Receipts/Invoices § Purchase Orders/Inventory tracking § Bills and Bill Pay Eager to get started, you carefully read the Steps to Completion and review all QBO learning resources before beginning. III. Steps to Completion: Step 1 – Read the project and rubric before you begin communicating with your study group members. You will discuss the project together but will submit individual deliverables. Step 2 – Set up your QBO account. You should have received an email invitation to QuickbooksOnline from Intuit, which your professor initiated. Create your account by clicking the link in the email invitation. Page 4 of 18 120122 Last updated by Sharon Levin Step 3 – Set up the company account and settings § View the Video: o How to Navigate in QuickBooks o The transcript for this video is in Content/Course Resources/Projects & Rubrics/Project 1. Remember - QuickBooks is a very forgiving program. Most mistakes can be fixed as you have the ability to go back and make historical changes, however a correct setup will prevent the need in most cases. The following are the important pieces of information you need to set up Casey’s Crafts in QBO. Each of the Bolded items are Categories in the Account and Settings page. COMPANY: § Company Name: Casey’s Crafts_YOUR NAME § Your name must be part of the Company name o There are no exceptions o Example: Casey’s Crafts_SHARON LEVIN § Email: Enter your UMGC email address that appears in our classroom § Telephone: Enter your phone number associated with your UMGC profile § EIN: Leave the EIN Blank because the EIN has not been received yet § Company Type: Sole proprietor § Address: 500 Grand Blvd. Miramar Beach, FL 32550 § Website: Enter UMGC.edu § Tax form: Sole Proprietor (Form 1040) § Method of Accounting: Accrual § Casey’s Crafts will not be using track classes or track locations SALES: § Casey’s Crafts sales terms are Net 30, unless otherwise stated § Shipping is available for a fee § Discounts are offered occasionally § Casey’s Crafts requires a 50% deposit on all Custom Artwork sales § Track the quantity and price/rate for all sales § Track inventory quantity on hand for the art prints. EXPENSES: § Casey’s Crafts wants to use purchase orders, so make sure you check the box. § All other default settings are fine. PAYMENTS: § This setting is used to allow clients to pay an invoice through their system. Although Casey’s Crafts is possibly be interested in this feature in the future, he has no current interest. ADVANCED: § Casey’s Crafts is a calendar year taxpayer, but he hasn’t received an EIN yet. o The first month of the fiscal year is January § Use the tax form: Sole proprietorship Form 1040 § Do not use account numbers § Do not track classes or track locations Page 5 of 18 120122 Last updated by Sharon Levin Step 4 – Set up and edit the Chart of Accounts (COA) § View the Video: o How to Edit your Chart of Accounts in QuickBooks The transcript is in Content/Course Resources/Projects & Rubrics/Project 1 Table 1: Chart of Accounts Add the accounts in the next column to the Chart of Accounts >>>> Name: Type Detail Type Subaccount of: Casey's Crafts Bank Bank Checking Refundable Deposits Other Current Assets Other Current Assets Art Displays Fixed Assets Furniture & Fixtures Consignments Payable Other Current Liabilities Other Current Liabilities Art Sales Income Sale of Product Income Original Artwork Income Sale