Follow these directions to set up QuickBooks™ for the Module 3 Critical Thinking Assignment:
- Load the QuickBooks™ disc.
- Enter the information found on the disc sleeve when asked for the license and product number.
- Once QuickBooks™ is loaded, reboot your computer.
- Once the computer is re-booted, click the icon entitled QuickBooks™, go through the agreement question(s), select “create a new company,” and then select “express set-up.”
- Enter the company name in your assignment option choice.
- Enter the industry: “construction general contractor.”
- Enter the type of company: “sole proprietorship.”
- Enter the Tax ID number as 99-1234567.
- Select “no employees but might have in the future.”
- Enter your address, phone number,
- Wait for QuickBooks™ to create your company.
- Select the right-hand corner icon called “start working.”
- Select “Home” from the list in the left-hand column. The home page will appear as follows:
Source com/2011/05/quickbooks-homepage-is-it-yours/” href=”http://topnotchbookkeeping.com/2011/05/quickbooks-homepage-is-it-yours/”>http://topnotchbookkeeping.com/2011/05/quickbooks-homepage-is-it-yours/
- Among the icons on the screen (i.e., Vendors, Customers, Employees, Company, and Bank), select “Chart of Accounts” under Company and a list of the company accounts will appear.
- In the top ribbon click “Edit” (second icon over from the top), and then from the drop-down menu select “add a new account.”
- Add two accounts—accounts payables and bank loan accounts—which are both loan-type accounts; label each accordingly.
- Change the retainage receivables to account receivables.
- Delete all expense accounts except payroll expenses, rent expense, telephone expense, and utilities.
Important items to remember:
- All dates used must be in the month preceding the current month.
- Do not forget to hit “save and close” after you input and file, and back up your company’s information often.
- Always ensure that your input dates are last month’s dates. It is very important to do that, especially if you cannot find an input.
With the setup complete, you are now ready to begin your chosen Critical Thinking Assignment in QuickBooks™.
Option #2: Introduction to QuickBooks™: The Mini Construction Company Case
Assignment Template attached
Set up your QuickBooks™ access, and then go to the QuickBooks™ home page. Select “chart of accounts” and enter each line item in the chart of accounts as follows:
1st of month: Beginning cash is $50,000; beginning equity is $50,000.
5th of month: Construction in progress increase $3,200; corresponding accounts payable due in 10 days (Quick add: DEF Company, vendor).
10th of month: Furniture and equipment increase $6,000; corresponding account cash (Quick add: DEF Company, vendor).
16th of month: Construction income increase $10,000; corresponding account accounts receivables (Quick add: UVW, customer).
19th of month: Accounts receivable increase $2,900; corresponding account construction income (Quick add: UVW, customer).
20th of month: Loan from PQR Bank $4,000; corresponding cash account (Quick add: PQR Bank, other).
25th of month: Make individual cash entries (for each amount to corresponding expense items) for payroll expense $1,000; rent expense $1,000; telephone expense $300; and utilities expense $500 (Quick add and use for all: Misc., other).
Instructions:
In an Excel worksheet, submit to the assignment area the standard balance for the end of last month for the Mini Construction Company:
- Go to the top ribbon called “Reports” from Company and Financial and Balance Sheet Standard.
- To export the chart of accounts to Excel, select the Excel tab and then select “create a new worksheet.”
- Save the file as your last name_ first name.
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