do this homework for QUICKBOOKS ASSIGNMENT.

INTRODUCTION TO QUICKBOOKS - Instruction Sheet 1. Go to quickbooksonline.intuit.com. Click Try It Free. Click Try it Free for Online Simple Start. Create an account. Choose a username and password that you don't normally use in your dayto-day life. The subscription is free for 30 days only. So make sure you cancel your subscription after the course is over. 2. Set up your Company Profile. Choose the Name, Phone number and Industry for your Company 3. The Company Home Page appears. Create 2 employees, 4 vendors and 4 customers by clicking on the Employees, Vendors and Customers Tabs and then clicking New 4. Choose the Products and Services you sell by clicking on Customers Menu and choosing Products and Services. Create 4 items. 5. Creating Owner Investment: Choose Banking > Deposits. In Deposit To, choose the bank account into which you're depositing the money. You may want to create a new Checking account by clicking on \"Add New\" Enter the Date you deposited the money. Enter the person from whom you received the money in Received From In Account, choose (or create) the equity account. Select a payment method in the Pmt Method field. Enter the Amount of the investment. 6. Making cash purchases: From the Banking Menu, choose cash expense and enter the Purchase details. 7. Making credit card purchases: From the Banking Menu, choose credit card expense and enter the Purchase details 8. Receiving a refund on a prior cash or credit purchase. Treat it like a Deposit. Under Banking, choose deposits, choose the Account to which the expense was charged, type the refund amount. 9. Recording Payroll Expenses: If making cash payments, treat it like a cash expense under Banking Menu. You may have to create a Payroll Expense account by choosing \"Add New\". If accruing wages for a particular period, click on Banking and type the journal entry: Payroll Expense Account - Debit ; Accrued Payroll Liability - Credit. You may have to create these accounts by clicking on \"Add New\" 10. Creating a Sales Invoice: Under Customers, choose Invoice and enter the details 11. Receiving Payments from a customer who was sent the Sales Invoice: Under Customers, choose Receive Payment. When you select the Customer, the outstanding balance from that customer will automatically show up. Enter the payment amount received. 12. Issuing a Refund or Credit to a Customer: From Customers Menu, choose Refund or Credit. 13. Buying Inventory on Credit: Write the Journal entry under the Banking Menu. Inventory - Debit; Accounts Payable - Credit. You may have to create a new Accounts Payable account. 14. If buying depreciable fixed assets, you can allow to track the depreciation on the Asset by choosing the depreciation amounts. QB will prompt you to add an Accumulated Depreciation account every time you create a new depreciable fixed asset. 15. If owner withdraws cash, enter a journal entry by debiting the Owners Equity account and Credit the Cash account. You may also wish to create an Owner Withdrawals account by modifying your Chart of Accounts. The Chart of Accounts is listed under the Company Tab. You can affect the withdrawal by choose the "Checking" account in the "Transfer Funds From" box and choosing the "Owner Withdrawals" account for the "Transfer Funds To" box 16. While entering transactions, if you fail to enter a date, then QB automatically enters today's date. 17. You can get a look into your Income Statement, Balance Sheet, Cash Flow Statements, and Accounts Receivable Aging summary (under Customer Balance Summary) by clicking under the Reports Section. QuickBooks Assignment For your QuickBooks assignment, you will create a fictitious or virtual company. You must invent the name of the company, the transactions, the vendors, etc. The purpose of this assignment is to allow you to become familiar with a popular bookkeeping tool and to prepare you for running and accounting for your own business. The basic requirements for these assignments are to create the following: Company name and address Chart of accounts appropriate for your business 4 Vendors 4 Customers 4 Items 2 Employees At least 20 transactions of the following type: Owner investment into the business. Purchase of supplies Credit for returned purchase on account Purchase of inventory Purchase of Fixed Assets Record payroll for employees Sales transactions Credit given to customer for return sale Payments for A/P Receipts of cash for A/R Adjusting entries e.g. depreciation Owner withdrawal of cash After you create the transactions, you will type your username and password in a text file and upload it on Blackboard