CHAPTER 8 NEW COMPANY SETUP

Transcription

1 CHAPTER 8 NEW COMPANY SETUP INSTRUCTOR NOTE: Assignments that can be graded using the QuickBooks Grade Assistant are designated with a *. To download the QuickBooks Grade Assistant: 1. Go to 2. Enter Passcode: DonnaKay 3. Select QB2013 GRADE ASSIST 4. Download QB2013 Grade Assistant Excel files with macros. Instructions are provided on the first worksheet of each QuickBooks Grade Assistant workbook. Students can download Go Digital Excel report templates at and then export their reports to the Excel template for grading with the QuickBooks Grade Assistant.

2 8.2 Exploring QuickBooks with Rock Castle Construction CHAPTER 8 QUICK CHECK CHAPTER 8 * Customer List * Vendor List * Item List * Chart of Accounts (Account Listing) EXERCISE 8.1 * Task 2: Chart of Accounts (Account Listing) * Task 4: Customer List * Task 5: Vendor List * Task 6: Item List EXERCISE 8.2 * Task 2: Chart of Accounts (Account Listing) * Task 3: Customer List * Task 4: Vendor List * Task 5: Item List EXERCISE 8.3 Business Plan PROJECT 8 QUICK CHECK PROJECT 8 * Chart of Accounts * Customer List * Vendor List * Item List

3 Chapter 8 New Company Setup 8.3 CHAPTER 8 CUSTOMER LIST Active Status Customer Balance Balance Total Company Mr./Ms./... First Name M.I. Active Beneficio, Katrina Katrina Active Beneficio, Katrina:Dining Room Katrina Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Beneficio Katrina Beneficio kbeneficio@ch8.com Beneficio Katrina Beneficio kbeneficio@ch8.com Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3 Ship to 4 Beneficio, Katrina 10 Pico Blvd Bayshore, CA Beneficio, Katrina 10 Pico Blvd Bayshore, CA Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No. Credit Limit Non Non Job Status Job Type Job Description Start Date Projected End End Date Awarded Mural Dining Room Landscape Mural 01/03/2018

4 8.4 Exploring QuickBooks with Rock Castle Construction CHAPTER 8 VENDOR LIST Active Status Vendor Balance Balance Total Company Mr./Ms./... First Name Active Brewer Paint Supplies Brewer Paint Supplies M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Bill from 5 Brewer Paint Supplies 200 Spring Street Bayshore, CA Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone Ella Brewer Fax Alt. Phone Secondary Contact CHAPTER 8 ITEM LIST Item Description Type Cost Price Sales Tax Code Preferred Vendor Labor Painting Labor Service

5 Chapter 8 New Company Setup 8.5 CHAPTER 8 CHART OF ACCOUNTS (ACCOUNT LISTING) Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 0.00 <Unassigned> Inventory Asset Other Current Asset 0.00 <Unassigned> Computer Fixed Asset 0.00 Computer <Unassigned> Computer:14200 Computer Cost Fixed Asset 0.00 Computer Cost <Unassigned> Computer:14300 Accumulated Depr Computer Fixed Asset 0.00 Accumulated Depreciation Computer <Unassigned> Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year <Unassigned> Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and impr <Unassigned> Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The bal <Unassigned> Owners Draw Equity 0.00 Monies taken out of the business by the owner <Unassigned> Owners Equity Equity Monies invested in the business by the owner, and profits ke <Unassigned> Sales Income Income <Unassigned> Sales Income Gross receipts from services Schedule C: Gross receipts or sales Cost of Goods Sold Cost of Goods Sold <Unassigned> Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotiona60000 Schedule C: Advertising Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for busi Schedule C: Car and truck expenses Bank Service Charges Expense Bank account service fees, bad check charges and other ba Schedule C: Other business expenses Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and o Schedule C: Other business expenses Depreciation Expense Expense Depreciation on equipment, buildings and improvements <Unassigned> Insurance Expense Expense Insurance expenses Schedule C: Insurance, other than health Interest Expense Expense Interest payments on business loans, credit card balances, o63400 Schedule C: Interest expense, other Meals and Entertainment Expense Business meals and entertainment expenses, including trave64300 Schedule C: Meals and entertainment Office Supplies Expense Office supplies expense Schedule C: Office expenses Professional Fees Expense Payments to accounting professionals and attorneys for acco66700 Schedule C: Legal and professional fees Rent Expense Expense Rent paid for company offices or other structures used in the67100 Schedule C: Rent/lease vehicles, equip Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that d67200 Schedule C: Repairs and maintenance Telephone Expense Expense Telephone and long distance charges, faxing, and other fees68100 Schedule C: Utilities Travel Expense Expense Business-related travel expenses including airline tickets, tax68400 Schedule C: Travel Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or <Unassigned> Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work t90000 <Unassigned>

6 8.6 Exploring QuickBooks with Rock Castle Construction EXERCISE 8.1 TASK 2 CHART OF ACCOUNTS (ACCOUNT LISTING) Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 0.00 <Unassigned> Accounts Receivable Accounts Receivable 0.00 Accounts Receivable <Unassigned> Inventory Asset Other Current Asset 0.00 <Unassigned> Paint Supplies Other Current Asset 0.00 Paint Supplies <Unassigned> Computer Fixed Asset 0.00 Computer <Unassigned> Computer:14200 Computer Cost Fixed Asset 0.00 Computer Cost <Unassigned> Computer:14300 Accumulated Depr Computer Fixed Asset 0.00 Accumulated Depreciation Computer <Unassigned> Equipment Fixed Asset 0.00 Equipment <Unassigned> Equipment:14500 Equipment Cost Fixed Asset 0.00 Equipment Cost <Unassigned> Equipment:14600 Acc Depr Equipment Fixed Asset 0.00 Acc Depr Equipment <Unassigned> Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year <Unassigned> Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and impr <Unassigned> Accounts Payable Accounts Payable 0.00 Accounts Payable <Unassigned> Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The bal <Unassigned> Owners Draw Equity 0.00 Monies taken out of the business by the owner <Unassigned> Owners Equity Equity Monies invested in the business by the owner, and profits ke <Unassigned> Sales Income Income <Unassigned> Sales Income Gross receipts from services Schedule C: Gross receipts or sales Cost of Goods Sold Cost of Goods Sold <Unassigned> Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotiona60000 Schedule C: Advertising Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for busi Schedule C: Car and truck expenses Bank Service Charges Expense Bank account service fees, bad check charges and other ba Schedule C: Other business expenses Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and o Schedule C: Other business expenses Depreciation Expense Expense Depreciation on equipment, buildings and improvements <Unassigned> Insurance Expense Expense Insurance expenses Schedule C: Insurance, other than health Interest Expense Expense Interest payments on business loans, credit card balances, o63400 Schedule C: Interest expense, other Meals and Entertainment Expense Business meals and entertainment expenses, including trave64300 Schedule C: Meals and entertainment Paint Supplies Expense Expense Paint Supplies Expense Schedule C: Supplies (not from COGS) Office Supplies Expense Office supplies expense Schedule C: Office expenses Depr Expense Computer Expense Depr Expense Computer <Unassigned> Depr Expense Equipment Expense Depr Expense Equipment <Unassigned> Professional Fees Expense Payments to accounting professionals and attorneys for acco66700 Schedule C: Legal and professional fees Rent Expense Expense Rent paid for company offices or other structures used in the67100 Schedule C: Rent/lease vehicles, equip Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that d67200 Schedule C: Repairs and maintenance Telephone Expense Expense Telephone and long distance charges, faxing, and other fees68100 Schedule C: Utilities Travel Expense Expense Business-related travel expenses including airline tickets, tax68400 Schedule C: Travel Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or <Unassigned> Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work t90000 <Unassigned>

7 Chapter 8 New Company Setup 8.7 EXERCISE 8.1 TASK 4 CUSTOMER LIST Active Status Customer Balance Balance Total Company Mr./Ms./... First Name M.I. Active Beneficio, Katrina Katrina Active Beneficio, Katrina:Dining Room Katrina Active Whalen, Tom Mr. Tom M Active Whalen, Tom:Foyer Mr. Tom M Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Beneficio Katrina Beneficio kbeneficio@ch8.com Beneficio Whalen Whalen Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3 Ship to 4 Beneficio, Katrina 10 Pico Blvd Bayshore, CA Beneficio, Katrina 10 Pico Blvd Bayshore, CA Tom M Whalen 100 Sunset Drive Bayshore, CA Tom M Whalen 100 Sunset Drive Bayshore, CA Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No. Credit Limit Non Non Referral Net Referral Net Job Status Job Type Job Description Start Date Projected End End Date Awarded Mural Dining Room Landscape Mural 01/03/2018 Pending Faux Painting Foyer Marbled Faux Painting

8 8.8 Exploring QuickBooks with Rock Castle Construction EXERCISE 8.1 TASK 5 VENDOR LIST Active Status Vendor Balance Balance Total Company Mr./Ms./... First Name Active Brewer Paint Supplies Brewer Paint Supplies Active Cornell Technologies Cornell Technologies Becky Active Hartzheim Leasing Hartzheim Leasing Joseph M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Bill from 5 Brewer Paint Supplies 200 Spring Street Bayshore, CA Cornell Cornell Technologies Becky Cornell 72 Business Parkway Bayshore, CA Hartzheim Hartzheim Leasing Joseph Hartzheim 13 Appleton Drive Bayshore, CA Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone Ella Brewer Fax Alt. Phone Secondary Contact EXERCISE 8.1 TASK 6 ITEM LIST Item Description Type Cost Price Sales Tax Code Preferred Vendor Labor Painting Labor Service Labor:Labor Exterior Labor: Exterior Painting Service Labor:Labor Faux Labor: Faux Painting Service Labor:Labor Interior Labor: Interior Painting Service Labor:Labor Mural Labor: Mural Painting Service

9 Chapter 8 New Company Setup 8.9 EXERCISE 8.2 TASK 2 CHART OF ACCOUNTS (ACCOUNT LISTING) Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 0.00 <Unassigned> Cleaning Supplies Other Current Asset 0.00 Cleaning Supplies <Unassigned> Cleaning Equipment Fixed Asset 0.00 Cleaning Equipment <Unassigned> Cleaning Equipment:14500 Cleaning Equipment C Fixed Asset 0.00 Cleaning Equipment Cost <Unassigned> Cleaning Equipment:14600 Acc Depr Cleaning EquFixed Asset 0.00 Acc Depr Cleaning Equipment <Unassigned> Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year <Unassigned> Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and impr <Unassigned> Accounts Payable Accounts Payable 0.00 Accounts Payable <Unassigned> Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The bal <Unassigned> Owners Draw Equity 0.00 Monies taken out of the business by the owner <Unassigned> Owners Equity Equity Monies invested in the business by the owner, and profits ke <Unassigned> Sales Income Gross receipts from services Schedule C: Gross receipts or sales Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotiona60000 Schedule C: Advertising Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for busi Schedule C: Car and truck expenses Bank Service Charges Expense Bank account service fees, bad check charges and other ba Schedule C: Other business expenses Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and o Schedule C: Other business expenses Depreciation Expense Expense Depreciation on equipment, buildings and improvements <Unassigned> Insurance Expense Expense Insurance expenses Schedule C: Insurance, other than health Interest Expense Expense Interest payments on business loans, credit card balances, o63400 Schedule C: Interest expense, other Meals and Entertainment Expense Business meals and entertainment expenses, including trave64300 Schedule C: Meals and entertainment Supplies Expense Expense Supplies Expense Schedule C: Supplies (not from COGS) Office Supplies Expense Office supplies expense Schedule C: Office expenses Professional Fees Expense Payments to accounting professionals and attorneys for acco66700 Schedule C: Legal and professional fees Rent Expense Expense Rent paid for company offices or other structures used in the67100 Schedule C: Rent/lease vehicles, equip Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that d67200 Schedule C: Repairs and maintenance Telephone Expense Expense Telephone and long distance charges, faxing, and other fees68100 Schedule C: Utilities Travel Expense Expense Business-related travel expenses including airline tickets, tax68400 Schedule C: Travel Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or <Unassigned>

10 8.10 Exploring QuickBooks with Rock Castle Construction EXERCISE 8.2 TASK 3 CUSTOMER LIST Active Status Customer Balance Balance Total Company Mr./Ms./... First Name M.I. Active Dent, Thomas Thomas Active Dent, Thomas:Oriental Rugs Thomas Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Dent Dent Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3 Ship to 4 Thomas Dent 36 Penny Lane Bayshore, CA Thomas Dent 36 Penny Lane Bayshore, CA Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No. Credit Limit Residential Net Residential Net Job Status Job Type Job Description Start Date Projected End End Date Pending Residential Oriental rug cleaning

11 Chapter 8 New Company Setup 8.11 EXERCISE 8.2 TASK 4 VENDOR LIST Active Status Vendor Balance Balance Total Company Mr./Ms./... Active Blumer Cleaning Supplies Blumer Cleaning Supplies First Name M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Charlie Blumer Blumer Cleaning Supplies Charlie Blumer 72 St. Charles Blvd Bayshore, CA Bill from 5 Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone Fax Alt. Phone Secondary Contact EXERCISE 8.2 TASK 5 ITEM LIST Item Description Type Cost Price Sales Tax Code Preferred Vendor Rug Cleaning Oriental Rug Cleaning Service Rug Cleaning:3x5 Rug Cleaning 3x5 Oriental Rug Cleaning Service Rug Cleaning:5x7 Rug Cleaning 5x7 Oriental Rug Cleaning Service Rug Cleaning:8x10 Rug Cleaning 8x10 Oriental Rug Cleaning Service

12 8.12 Exploring QuickBooks with Rock Castle Construction EXERCISE 8.3 BUSINESS PLAN

13 Chapter 8 New Company Setup 8.13 PROJECT 8 CHART OF ACCOUNTS Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 0.00 <Unassigned> Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year <Unassigned> Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and impro17000 <Unassigned> Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The bal <Unassigned> Owners Draw Equity 0.00 Monies taken out of the business by the owner <Unassigned> Owners Equity Equity Monies invested in the business by the owner, and profits ke <Unassigned> Sales Income Gross receipts from services Schedule C: Gross receipts or sales Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotiona60000 Schedule C: Advertising Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for busi Schedule C: Car and truck expenses Bank Service Charges Expense Bank account service fees, bad check charges and other ban60400 Schedule C: Other business expenses Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and o Schedule C: Other business expenses Depreciation Expense Expense Depreciation on equipment, buildings and improvements <Unassigned> Insurance Expense Expense Insurance expenses Schedule C: Insurance, other than health Interest Expense Expense Interest payments on business loans, credit card balances, o63400 Schedule C: Interest expense, other Meals and Entertainment Expense Business meals and entertainment expenses, including trave64300 Schedule C: Meals and entertainment Office Supplies Expense Office supplies expense Schedule C: Office expenses Professional Fees Expense Payments to accounting professionals and attorneys for acco66700 Schedule C: Legal and professional fees Rent Expense Expense Rent paid for company offices or other structures used in the67100 Schedule C: Rent/lease vehicles, equip Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that d67200 Schedule C: Repairs and maintenance Telephone Expense Expense Telephone and long distance charges, faxing, and other fees68100 Schedule C: Utilities Travel Expense Expense Business-related travel expenses including airline tickets, tax68400 Schedule C: Travel Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or <Unassigned> Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work t90000 <Unassigned>

14 8.14 Exploring QuickBooks with Rock Castle Construction PROJECT 8 CUSTOMER LIST Active Status Customer Balance Balance Total Company Mr./Ms./... First Name Active Etzkin Realty Etzkin Realty Brian Active Holcomb Health Foods Holcomb Health Foods Ann Active Redeker Bed & Breakfast Redeker Bed & Breakfast Kari M.I. Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Etzkin Holcomb Redeker Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3 Etzkin Realty Brian Etzkin 98 Cleveland St Bayshore, CA Holcomb Health Foods Ann Holcomb 15 Stanford Dr Bayshore, CA Redeker Bed & Breakfast Kari Redeker 42 Saluki Way Bayshore, CA Ship to 4 Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No. Commercial Net Commercial Net Commercial Net Credit Limit Job Status Job Type Job Description Start Date Projected End End Date

15 Chapter 8 New Company Setup 8.15 PROJECT 8 VENDOR LIST Active Status Vendor Balance Balance Total Company Mr./Ms./... Active Jackson Computer Services Jackson Computer Services Active Pitts Leasing Pitts Leasing First Name M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Keith Jackson Jackson Computer Services Keith Jackson 723 Stellar Ave Bayshore, CA Amy Pitts Pitts Leasing Amy Pitts 18 Selvan Lane Bayshore, CA Bill from 5 Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone Fax Alt. Phone Secondary Contact PROJECT 8 ITEM LIST Item Description Type Cost Price Sales Tax Code Preferred Vendor Internet Marketing Internet Marketing Consulting Service Social Network Marketing Social Network Marketing Consulting Service