Quick books Homework

Testing Knowledge

G-23

QuickBooks Skills Testers QuickBooks Skills Tester 1 (Lessons 1-9) 1. Create a new QuickBooks company using your last name as the company

name. For example, if your last name is Smith, the QuickBooks company would be Smith Company.

Select the General Product-based industry, sole proprietorship as the company type, and enter 123-45-6789 as the Tax ID. Use your own address, phone number, and email information and save the file in the Books2018 folder.

If asked, the fiscal and tax year start in January, the business sells both products and services, you do want to create estimates and use statements, you will allow progress invoicing, there are W2 employees, you do collect sales tax, and you will start tracking your finances at the beginning of the fiscal year.

2. Add a checking and savings account to the company Chart of Accounts, with an opening balance of $10,000.00 in the Checking account and $15,000.00 in the Savings account. Use the current date for both balances.

3. Add a new expense account to the Chart of Accounts called Computers, with a subaccount of Hardware and a second subaccount of Software.

4. Add a new income account called Special Sales to the Chart of Accounts. Print an Account Listing report deleting the Tax Line column and label the print out T1 Q4 Account Listing.

5. Add Shawn Mason to the Customers & Jobs List with the following informa- tion. Print the Customer Contact List to one page and label the print out T1 Q5 Customer List.

Name: Mr. Shawn J Mason

Address: 123 Any St.

Any City, NY 11111

Phone: (555) 555-4321

Fax: (555) 555-1234

Alt Contact: Nora Mason

Terms: Net 30

Account: 123456789

Credit limit: $1,000.00

Opening balance: $500.00

QuickBooks 2018

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6. Add Laurie Bristol to the Employees List with the following information: Hint: When asked about Payroll Information, select Leave As Is. Print the Employee Information report from the Print tab in the Employee Center menu bar and label the print out T1 Q6 Employee List.

7. Add Fairgrave Hardware to the Vendors List with the following information:

8. Add NY Tel to the Vendors List with the following information. Print the Ven- dor Contact List by selecting Reports : Vendors & Payables : Vendor Contact List from the menu bar. Label the print out T1 Q8 Vendor List.

Name: Ms. Laurie J Bristol

Address: 345 My Street

Any City, NY 11111

Phone: (555) 555-6789

SS No.: 111-22-3334

Name: Mr. Paul Thomas

Address: 34 Main St.

Any City, NY 11111

Phone: (555) 555-4444

Fax: (555) 555-5555

Account No.:

86955

Terms: Net 30

Credit limit: $2,000.00

Address: 123 Main St.

Any City, NY 11111

Phone: (555) 555-4400

Fax: (555) 555-5500

Account No.:

116955

Terms: Net 30

Credit limit: $4,000.00

Testing Knowledge

G-25

9. Add a new inventory part item with the following information. Print the Item Listing report by selecting Reports : Lists : Item Listing from the menu bar. Label the print out T1 Q9 Item List.

10. Order 100 mosaic tile pieces. Print the purchase order and label the print out T1 Q10 PO.

11. Receive the tile with bill #8567.

12. Process the bill and pay for the tile using check #1. Print the check and label the print out T1 Q12 Fairgrave Check.

13. Prepare an invoice for Shawn Mason for the 100 pieces of mosaic tile. Use 10001 as the invoice number.

14. Receive the payment (check number 3456) from Shawn Mason for invoice 10001. Print the paid invoice and label the print out T1 Q14 Shawn Mason Invoice.

15. Enter the Telephone Bill from NY Tel for $102.54 for this month’s phone bill. Assign it to the Utilities account. Use the next check number and use the date as the reference number.

16. Pay the Telephone Bill. Print the check and label the print out T1 Q16 NY Tel Check.

17. Back up the Company file to a network drive or flash drive for the instructor.

Item Name/Number: A146955

Purchase Description: Mosaic Tile

Cost: $1.38

COGS Account: Cost of Goods Sold

Preferred Vendor: Fairgrave Hardware

Sales Description: Same as Purchase Description

Sales Price: $3.15

Tax Code: Non

Income Account Field:

Sales

Asset Account: Inventory Asset

Reorder Point: 150

Qty on Hand: 1500