Please I need this by Thursday thank you

ACC108: Week 1 Assignment

Revised Date 2/13/2017

Step 1: Company Setup Information: Rapid Auto (RA) is a sole proprietorship that has asked you to help them with their books and getting set up in QuickBooks Online. They have provided you the following general information: Rapid Auto – YOUR NAME 543 W. Elm Street Hurricane, UT 84737 Phone: 555-321-1234 Website: www.rapidauto.com The RA logo has been provided (File name: RALogo.jpg) Both products and services are sold at RA, which has been in business less than 1 year. The current system of bookkeeping has been a hand-written ledger so you have no existing QuickBooks data to import. Employer Identification Number (EIN) is 80-1234567. RA accepts payment in the form of cash, checks and credit cards.

ACC108: Week 1 Assignment

Revised Date 2/13/2017

Step 2: Customize Forms: All forms can be customized within QBO. This means that invoices, statements, cash receipts, and so forth can all be edited to meet a users’ needs. For now, the Standard Master form will suffice but does need some editing. Be sure that it looks like the sample below. The data such as Bill To, Invoice number, items, prices, etc. is automatically created when you preview the form.

You will need to edit: • The Style • Ensure the logo is present and properly right aligned • Change the color • Edit the types of company information provided • Edit the message in the footer Be sure to PRINT this preview as part of your submission for the week (see Step 7 below).

ACC108: Week 1 Assignment

Revised Date 2/13/2017

Step 3: Customize Settings: Be sure to check the following settings for your company:

• Preferred invoice terms are Due on Receipt • Track Inventory on hand is ON • Use Purchase Orders is ON

Step 4: Adding Accounts: In viewing the Chart of Accounts, it is clear that several important accounts need to be created in order for the business to run smoothly. First, we need to setup our checking account held at State Credit Union with a balance of $14,987.46 as of 1/1/20xx. Remember that we follow double-entry accounting rules. When you view your chart of accounts after creating the Checking account, you will also see that another account, Opening Balance Equity was also increased. Remember that Assets = Liabilities + Owners’ Equity! RA also has an Excel spreadsheet containing a few other accounts they would like added. You can use the Import feature OR enter the accounts manually. If you use the import feature, you will notice that the balances do not transfer over. These will need to be manually entered for each account with a date as of 1/1/20xx. Note: when entering the Delivery Truck, be sure to select Track Depreciation to enter the original amount of $18,795 and zero depreciation as of 1/1/20xx. Step 5: Setup Sales Tax: In looking at the document with combined tax rates for Utah for 20xx, the city of Hurricane collects the state tax, a local sales and use tax, a botanical cultural, zoo tax, a highway tax, and a county option sales tax. This equates to a combined sales tax of 6.35%. We will set up a combined tax rate as follows: Tax Name: Utah Sales Tax Component name Agency Name Rate State Sales Tax Utah Tax Commission 4.70% County Sales Tax Washington County 1.65%

Step 6: Invite Accountant (Instructor) Using the option to Invite your Accountant (Manage Users), invite your instructor. You will find your instructor’s email on the course syllabus: instructor contact information page.

ACC108: Week 1 Assignment

Revised Date 2/13/2017

Step 7: Print Reports to PDF: In order to submit work for week 1, you will need to print several pages from QuickBooks Online to PDF. To print pages from your browser (these instructions will work with any browser: Chrome, Firefox, Safari, etc.) see the Print to PDF Instruction Guide. Submit your work using the following file names:

1. CustomFormStyle.pdf Preview of customized form from Step 2 above 2. CompanyInfoPage.pdf Company Information page (from Settings) 3. SalesSettings.pdf Sales (from Settings) 4. ExpenseSettings.pdf Expenses (from Settings) 5. SalesTaxRates.pdf Sales Tax Rates & Agencies (from Taxes > Sales Tax >

Add/Edit tax rates and agencies 6. ChartofAccounts.pdf Chart of Accounts showing creation of new checking

account Your files should look the similar to the following screenshots. The printed versions may or may not contain the background, depending on your print settings.

ACC108: Week 1 Assignment

Revised Date 2/13/2017

ACC108: Week 1 Assignment

Revised Date 2/13/2017

Discussion Forum: Locate an article in SHARC (Proquest library) discussing the use of accounting software. In your discussion consider the following:

• How has software changed the accounting profession? • What are emerging trends in accounting software? • What are the pros and cons of utilizing software for the accounting function?

Be sure to cite your source(s) in APA format. Your initial post must be 150 words in length and is due by Wednesday. Two peer replies of 50+ words are due by Saturday. Assignment: Complete the company setup of Rapid Auto. Enter the company name, address, phone, and website. Using the information provided, answer the setup prompts. Write a 750-word paper comparing the various cloud-based accounting options currently available. Find at least 2 other companies that provide cloud-based accounting software and compare and contrast them to QuickBooks Online. Be sure to consider the costs, features, and pros and cons of each.