QuickBooks Online

Graded Assignment $($Practical$)$

Green Tree Landscapes

This assignment is worth $25\%$ of the final grade for this course.

Submit the following reports on Moodle in PDF:

$$ Trial Balance $2$ points

$$ Profit & Loss $($Income Statement$)6$ points

$$ Balance Sheet $6$ points

$$ Accounts Receivable Aging Summary $2$ points

$$ Accounts Payable Aging Summary $2$ points

Tasks marked in blue will not affect your results.

Contents

Chapter $1$ Exercises $4$

Chapter $2$ Exercises $5$

Chapter $3$ Exercises $5$

Chapter $4$ Exercises $8$

Chapter $5$ Exercises $10$

Chapter $6$ Exercises $11$

Midpoint Check Figures $12$

Chapter $7$ Exercises $13$

Chapter $8$ Exercises $15$

Chapter $9$ Exercises $$ No entry $16$

Chapter $10$ Exercises $16$

Chapter $11$ Exercises $19$

Chapter $12$ Exercises $($Extra Point$)19$

Final Result Check Figures $20$

Throughout this assignment, you'll follow the establishment, setup, and growth of a fictitious company called Green Tree Landscapes. Green Tree Landscapes is a new business founded by Jon Arbor and Alice Green. Together they each own $50\%$ of Green Tree Landscapes Inc. Jon is a landscape architect, and Alice is a construction manager. Together, they hope to grow Green Tree Landscapes into the top landscape company in the Toronto area.

The company was founded on the $1$st of last month. They set up the company to meet the growing demand for landscape maintenance services and construction in their area. Their company is based in Mississauga, ON$.$ They will service the Greater Toronto Area.

Jon and Alice are starting small by offering simple home services like landscape maintenance, snow removal, and other home services. They hope to grow their business in the first couple of months, so they can hire employees, buy equipment, and expand their services. Eventually, they want to offer landscape design, maintenance, and construction services to both residential and business customers.

Jon and Alice have made their first wise business decision$$they$\text{'}$ve decided to hire you as their bookkeeper. You'll be required to set up their books in QuickBooks Online, enter their day$-$to$-$day transactions and maintain their books. You'll be required to perform important monthly tasks like:

$$ Create reports for the owners

$$ Reconcile accounts

You'll also track and file sales taxes for Green Tree Landscapes. This means setting up QuickBooks to track sales tax and filing the company's annual sales tax. Jon and Alice have hired a year$-$end accountant named Jane Wong. Her firm will create the corporate income tax return and financial statements for Green Tree Landscapes. You'll be required to provide information to Jane and her team to help them complete the year$-$end process.

It's your first day on the job. Green Tree Landscapes is up and running. Tom and Alice have asked you to set up the books so they can get off to a good start. They've met with Jane, their accountant, and they've got all the information you need to set up QuickBooks.

Jon and Alice have each agreed to deposit money into the company bank account to cover the costs of starting the business.

Chapter $1$ Exercises

$1.$ Set up your new QuickBooks subscription. Follow the instructions provided in your QuickBooks Online Education email. Ask your instructor for assistance if you're not able to set up your QuickBooks Online account.

$2.$ Set up a new company called Green Tree Landscapes $($Your Name$).$ The company address information is the following: $5100$ Spectrum Way, Mississauga, ON $($L$4$W $5$S$2)$

$3.$ Alice really likes the new company logo she created and has asked that you add it to QuickBooks forms. Add the company logo to QuickBooks Online. NOTE: The logo is in the assignment folder on Moodle.

$4.$ Jane has registered the business and has provided you with the Business Number. Enter the following business number in QuickBooks: $111111119$ RT$001$

$5.$ Jane, the accountant, has asked you to enable several settings to secure QuickBooks from errors you can potentially make.

a$.$ Jane has determined that you'll use the calendar year as your fiscal year. Enter this in QuickBooks.

b$.$ There will be no closing process during the course of the next two months, so turn the "Close the books" off.

$6.$ From their previous business contacts, Jon and Alice have a list of customers they'd like to enter into QuickBooks. Jon has provided you with a list of customers in Excel. Import the customer list that is on Moodle $($in the same post of the assignment$)$ into QuickBooks.

$7.$ Alice entered all Green Tree Landscapes services in MS Excel. Import the list of Products and Services.

$8.$ Alice and Jon need to be set up as QuickBooks users. Jane has asked you to set up Alice as an Administrator user in QuickBooks. Jane asked that you set up Jon as a user with limited access rights to customers and accounts receivable transactions.

a$.$ Alice $-$ alice@mailinator.com

b$.$ Jon $-$ jon@mailinator.com

$9.$ Jane has asked you to add her as the accountant. For