This project requires you to evaluate Quick Books, a common accounting information system, to see how the

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This project requires you to evaluate Quick Books, a common accounting information system, to see how the system handles recording transactions, collecting data, and generating reports and information.

STEP 1: ACCESS QUICKBOOKS

You will access QuickBooks via www.QuickBooks.com.

STEP 2: EXPLORE THE SOFTWARE

Review the QuickBooks Guided Tourto see some of the features.

Review any online documentation (QuickBooks User Guide, etc.) regarding how to use the application.

STEP 3: TRY OUT THE SOFTWARE USING A SAMPLE COMPANY

QuickBooks has sample companies that you can play around with.

Once you are in the sample company, explore it to determine how you can do the following.

Revenue Cycle

How can you create and maintain customers?

How can you create customer invoices?

How can you apply customer payments?

What reports can be run to provide information regarding customers and their orders?

What reports can be run in order to provide information regarding key revenue cycle information - sales, accounts receivable, cash?

Expenditure Cycle

How can you create and maintain vendors?

How can you create and maintain inventory?

How can you generate payments to vendors?

What reports can you run to provide information regarding vendors and accounts payable?

What reports can you run in order to provide information regarding key expenditure cycle information - purchases, inventory, and cash?

Financing Cycle

How can you create and maintain the chart of accounts?

How can you post journal entries?

What are the key financial statements that are available?

What are some key reports can be generated to measure the company’s financial performance?

STEP 4: COMPLETE THE PROJECT REQUIREMENTS

Once you have completed your evaluation, you will need to develop a report using the following layout. The details of the report are outlined below. Make sure to number your sections and use the following format requirements. Though essentially provided in the structure below, submit an outline to your instructor in Week 5 providing as many details about each section and subsection that you can.

Section I: Overview

Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs and functionality.

Section II: Transactional Processing and Data Management

Describe how QuickBooks handles processing the accounting transactions and recording business activities for the revenue, expenditure and financing cycles. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity for each of the three transaction cycles below. Address the following questions in this section of the report.

1. Revenue Cycle (Answer the following questions)

How can you create and maintain customers?

How can you create customer invoices?

How can you apply customer payments?

What reports can you run to provide you with information regarding your customers and their orders? Describe them.

What reports can you run in order to provide you with information regarding key revenue cycle information - sales, accounts receivable, cash?

2. Expenditure Cycle (Answer the following questions)

How can you create and maintain vendors?

How can you create and maintain inventory?

How can you generate payments to vendors?

What reports can you run to provide you with information regarding your vendors and your accounts payable? Describe them.

What reports can you run in order to provide you with information regarding key expenditure cycle information - purchases, inventory, and cash?

3. Financing Cycle (Answer the following questions)

How can you create and maintain the chart of accounts?

How can you post journal entries?

What are the key financial statements that are available? Describe them.

What are some key reports one can generate to measure the firm’s financial performance?

Section III: Reporting

An ERP system can produce volumes of information useful for running the business. For the Income, Expense, and Finance cycles, list three reports for each of these areas. Describe how the report is used and why it is important in this section.

Your well-written paper should meet the following requirements:

Be 8-10 pages in length