You are currently working for XYZ Accounting as a bookkeeper, and Logic Company has approached the firm
Question:
You are currently working for XYZ Accounting as a bookkeeper, and Logic Company has approached the firm about selecting appropriate accounting software for their organization. Logic Company makes custom furniture and storage for a wide variety of clients all over Canada. It is a long-standing family business and has always used a manual accounting system. The company is looking to modernize, but the number of accounting applications has overwhelmed long-time company accountant Sarah Shevchenko.
Company Information:
Logic Company currently earns $1.5 million in sales revenue annually and is interested in tracking manufacturing costs (material, labour, overhead). The organization has some fixed assets related to manufacturing in addition to a building, vehicles, office equipment, and office furniture. The organization would also like to create budgets in the accounting application as the goal is to expand sales to Michigan and New York. The company has secured funding to finance the expansion. Going forward, Logic Company will also need third-party audits from XYZ Accounting to ensure financial statements are fairly presented and free from material errors.
Required:
1. Sarah is specifically interested in learning about QuickBooks and has downloaded the QuickBooks Premier Desktop free trial (not QuickBooks Online). Students should create a user guide explaining how to enter sales invoice and purchase invoices in QuickBooks Premier Desktop 2021.
*Note: Must be completed in word processing software (Microsoft Word or Google Docs)
2. Although Logic Company is interested in QuickBooks, XYZ Accounting is a firm that specializes in Sage50, and the firm would like to present both as options to Sarah. Compare and contrast Sage50, QuickBooks Premier Desktop, and a manual accounting system. What are some of the advantages and disadvantages? Student answers should be in complete sentences and at least 600 words long.
*Use the company information to assist in your recommendation*
Expert Answer:
Answer 1 Create an invoice from scratch If your business does not require creating sales orders or estimates your AR workflow starts with creating the invoice 1 From the Home screen or the Customers m... View the full answer
