Required:

You need to submit financial reports after completing transactions and events for a fictitious clothing company called Limelight Fashion, based in Dubai. You will act as the bookkeeper, setting up the company$$s books in accounting software and recording transactions.

Setup:

$1.$ Setup a new company file for Limelight Fashion in QuickBooks Online.

$2.$ Configure for invoicing, expense tracking, retail sales, and VAT tracking $($monthly filing$).$

$3.$ Enter the company$$s trade license number and VAT registration details.

$4.$ Create a customer list with around $10$ customer profiles.

$5.$ Record an initial capital contribution of AED $100,000$ from the owners.

Operations:

$1.$ Record sales invoices for wholesale clothing orders to retailers in February.

$2.$ Receive payments from customers and deposit funds into the company$$s bank account.

$3.$ Record startup expenses like legal fees, marketing costs, warehouse rental fees paid to suppliers in February.

$4.$ Enter miscellaneous expenses like office supplies, utility bills, etc. using debit cards.

$5.$ In March, record purchases of production equipment$/$machinery with applicable VAT.

$6.$ Setup item lists for new product lines like dresses, pants, accessories etc.

$7.$ Record sales invoices for new product lines to customers in March and April.

$8.$ In May, offer discounts on selected product lines and record sales accordingly.

$9.$ Issue credit memos and refunds to customers for defective products or sizing issues.

$10.$ Setup inventory tracking for finished goods and raw materials.

$11.$ Record purchase orders and supplier bills for inventory items, paying the bills.

$12.$ Create bundled product packages and record sales for them.

$13.$ Make inventory adjustments for damaged or obsolete goods.

Reporting:

$1.$ Generate key financial reports like Balance Sheet, Profit & Loss, Accounts Receivable Aging, Accounts Payable Aging, and Sales by Customer for review.

Remember to include VAT calculations on all applicable sales and purchases throughout your work. Provide proofs of your work, like reports and samples of transactions recorded.