QuickBooks Premier 2018 - Level 1

Project Exercise 1

1. Launch QuickBooks and restore the portable company file New Look Interiors Inc. base test 2018 (Portable).QBM located inside 1767-1 Student Files folder. Save the file as New Look Interiors Inc - Your Name Project Exercise 1 Password: NewLook18 (case sensitive).

2. Customize the Home page:

Remove the Statements and Statement Charges icons.

3. Add to these lists. Use the first name, last name protocol for names.

Customer: Frank Bellows, payment terms Net 15.

Vendor: Fabric Supply House, payment terms 1% 10 Net 30.

Vendor: Gabby Hutchins, payment terms Net 30.

4. Turn on this preference: Automatically place decimal point.

5a. Add to these lists:

Sales Rep List: Gabby Hutchins, GH.

Terms: New term: 1% 7 Net 15.

Items: New Item: Design Service, $80.00, tax code G, Service Sales account.

5b. Make these changes:

Add this main phone number for Frank Bellows: 866-111-5555.

Add Cost of Goods Sold type GL account named Soft Goods, sub-account of Costs of Goods Sold.

Make the following GL accounts sub-accounts of Soft Goods: Bedding & Linen, Draperies & Rugs.

6. Add the following individual who needs to be invoiced.

Mary Sullivan with payment terms of Net 15.

7. Use the Customer Transactions tab to locate the date of the oldest open invoice. Do the following:

Use the Journal report filtered to the same date to find the name of the customer, and change the title to: Customer (customer name).

Memorize the report in the Customers Group.

8a. Enter an invoice using the default sales tax, receive the payment, and deposit the cheque for the following:

Frank Bellows buys 4 hours of Design Service on 03/05/2017. Use the default sales tax.

His cheque #4836 paying the invoice in full arrives on 3/10/2017 and the deposit to the Chequing Bank Account GL is on 03/11/2017.

Use the Journal and set the dates to the deposit date. Add the customers name to the report title and memorize it in the Customers group.

Run the Accounts Receivable Detail Aging report, set the dates to 03/05/2017, change the title by adding 03/05/2017 and memorize the report in the Customers Group.

Receive payment on two other invoices on 03/13/2017. One payment is from Ronald M. Carson, $2,141.72, cheque #3297; and the other is from Celine Cadman, $1,448.83, cheque #59346. Deposit these payments together on 03/14/2017.

8b. Sell the following to walk-in customer Gene Roden: Design Service, 1.5 hours, using default sales tax, on 03/15/2017. He pays in full before he leaves with cheque #2376. Deposit the cheque on 03/16/2017.

9. The order for South West Realty, Inc. arrives. Invoice the delivery charge using item S 110 on 03/16/2017.

10. Use reports to check the status of transactions:

Use a Journal report to show the movement of Frank Bellows cheque through Undeposited Funds. Change the title to Undeposited Funds 03/11/2017 and memorize the report in the Customers Group. From the report, change the cheque number on the Frank Bellows payment to: 4839.

Use the Accounts Receivable Summary Aging report to check the balance for South West Realty, Inc. Open the invoice and receive their payment in full on 03/17/2017 using cheque #883264. Deposit the payment on 03/17/2017.

11. Frank Bellows wants to buy more Design Service. Invoice him for 2 additional hours on 03/19/2017. Before he pays, the designer explains he used only 1.5 hours. Issue a credit for .5 hours and apply it to the invoice.

12. The cheque from Ronald M. Carson for $2,141.72 comes back from the bank as an NSF. Record the bounced cheque on 03/19/2017 with a $25.00 bank fee and $30.00 customer fee.

13. A new fabrics supplier needs to be entered: Cotton Organics, with the payment terms 2% 10 Net 30.

14. Use the Vendor Transactions tab to locate the oldest outstanding bill. Do the following:

Use the Journal report filtered to the same date to find the name of the vendor, and change the title to: Vendor (vendor name).

Memorize the report in the Vendors Group.

15a. The February bill for Alberta Hydro for $120.00 before tax has arrived. The date is 03/19/2017. Find the January bill, duplicate it by creating a copy and update. Pay the bill on 03/22/2017 assigning the cheque #188.

15b. Write cheque #189 to Telus for $100.00 (before tax) for Telephone Expense, dated 03/23/2017.

15c. Create a new GL account, credit card type, for Bank Credit Card (dismiss the message that follows). Then enter a purchase using the credit card from new vendor Tires Unlimited for $200 (before tax), Automobile Expense, dated 03/24/2017.

15d. Enter a debit card purchase for $125.00 (before tax) for Automobile Expense to Tires Unlimited, dated 03/25/2017.

16. Write cheque #190 to new vendor Postal Service for $75 (before tax) in Postage and Delivery. The tax code is G.

17. The bank statement ending 02/28/2017 needs to be reconciled. The beginning balance is 72,157.25. The ending balance is 84,777.88. The deposit on 02/27/2017 for 16,327.39 is in transit. Also in transit are the $7,500.00 transfer on 02/27/2017 and cheque #187. One bank service charge of $10.00 needs to be entered.

18. Run Profit & Loss Standard report for 01/01/2017 to 03/31/2017 expand it, add QTR 1 2017 to the title, and memorize the report in the Accountant Group.

19. Run the report that shows the main sections of the accounting equation at 03/31/2017. Add ACCOUNTING EQUATION to the title and memorize the report in the Accountant Group. Then run the report that shows each customer one time and whether the total amount for all their invoices are current for 02/28/2017. Add 02/28/17 to the title and memorize the report in the Customers Group.

20. Using the Process Multiple Reports dialog box, select the two reports in the Accountant Memorized Reports (Balance Sheet ACCOUNTING EQUATION and Profit & Loss Detail QTR 1 2017), display them, add #2 to the title of each, and then memorize them as new reports in the same group.

21. Run the Journal report for 03/01/2017 to 03/31/2017. Change the default sort to Date. Change the title to: March Journal (by Date) FINAL EXAM. Memorize the report in the Accountant Group.

22. Run the report that shows the Equity Section sub-sections revenues and expenses for March 2017. Change the title to Equity Sub-Sections Monthly and memorize the report in the Accountant Group.

23. Open the report you just ran, change the accounting basis to cash, add the word Cash to the title and memorize it as a new report. Note the differences and change the report back again.

24. Print / Save Balance Sheet ACCOUNTING EQUATION

25. Print / Save Profit & Loss Standard QTR 1 2017.

25. Print / Save Journal Report for 03/01/2017 to 03/31/2017.