This assignment is about an Netsuit case. And there are specific instructions. it should be finally come up with a journal entry with the accounts professor asked.

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Home >Business & Finance homework help >Accounting homework help >This assignment is about an Netsuit case. And there are specific instructions. it should be finally come up with a journal entry with the accounts professor asked.

Module 2

NetSuite Company Settings and Journal Entries

In this module, you will learn how to set up your company, add a logo, enable accounting preferences, create general ledger accounts, make journal entries, and create a customized transaction report. You will have an assignment to hand in at the end of this module.

Before starting the module, decide on the type of business that you will create. Select a business that sells both items (products) and services. For example, auto repair, lawn maintenance, web development, dog grooming, interior decoration, etc. Your business should buy and re-sell its items. Do not make or manufacture your items. For example, if your business is a bakery, do not plan to purchase flour in bulk and make cakes. However, your business could purchase ready-made cakes from a wholesale bakery and sell them as a retail business. The title that you will choose for your company should (1) in some manner be related to your business and (2) incorporate your name somewhere in the title. For example: Scott Meyer’s Bike Shop

My company title/name: __________________________________________________________

–2 1: Setting Company Information

In this exercise, you will enter your company information and logo into your NetSuite account.

1. Find a JPG or GIF file that you would like to appear on screens and printed forms such as sales orders, purchase orders, invoices, etc. The logo must be no more than 200 pixels wide and 60 pixels high (approximately, 10 KB). Save the image file to your computer.

2. Navigate to Documents > Files > Images. The Folder Contents page displays a list of image files.

4. Click the Add File button in the lower left corner of the page, select your image file on your pc, and click Open. Verify that your image file has been uploaded by finding its file name in the list of images. If you do not see your image file name, use the Search box displayed at top left of the page. By applying the search function, you can find the image you uploaded.

5. Navigate to Setup > Company > Company Information. The Company Information page displays.

6. You will now set up your company information. You may ignore any company settings on this page that are not specifically addressed in the instructions. If you would like to learn more about any of the fields on the NetSuite pages, just click Help in the upper right corner of the page. Enter the following information.

! Company Name: Your new company name should indicate what business you are in and should include your first and your last name somewhere in the title.

Image file name filter

! Legal Name: Same company name that you used in the previous step

! Ship to Attention: Same as Company Name

! Address fields: This is the address of our corporate headquarters. Enter an address in San Francisco, California: 1709 BRODERICK STREET, SAN FRANCISCO, CA 94115.

(Your NetSuite account is set up only with California tax structures. So let’s move to California!)

! Return Email Address: Your email address that you used to log in to NetSuite.

! Company Logo (Forms): Select your uploaded image file here.

! Company Logo (Pages): Select your uploaded image file here.

! Display Logo Internally: Checked. This will show your logo next to the NetSuite logo on the upper left of your NetSuite web pages. (If your logo is too large, there may be less room on your NetSuite page to display information. In this case, use an image editing software package to reduce the physical dimensions of your image to no more than 200 pixels wide and 60 pixels high (no larger than 10 KB). Then repeat the steps to upload and select the image file.

! First Fiscal Month: January

7. Click the Save button when you are done.

8. Your company name and logo may not appear automatically. You can view them by signing out of NetSuite, closing your web browser, opening a new web browser, and signing back into your NetSuite account. Make sure that your logo takes up no more than approximately 1 inch of space at the top of your screen. See example below.

–2 2: Defining the Warehouse Location

Company logo

Company name

In this exercise, you will enter your name and San Francisco warehouse address. All your shipping and receiving will be out of this location. You may ignore any general preferences that are not specifically addressed in the instructions.

1. Navigate to Setup > Company > Locations. The Locations page displays.

2. Click on Edit for the San Francisco location. The Location page displays.

3. On the Address subtab, enter your name and a San Francisco address:

555 California St, San Francisco, CA 94104

The address does not need to be valid, but be cautious to use the proper number of digits for the ZIPCODE (5), here and in all instances where you add an address during these exercises. The system has internal checks for formatting that will surface later in the exercises otherwise.

4. Click the Save button when you are done.

–2 3: Setting General Preferences

In this exercise, you will enter general preferences for your NetSuite account that will be used by your company. You may ignore any general preferences that are not specifically addressed in the instructions.

1. Navigate to Setup > Company > General Preferences. The General Preferences page displays.

2. Verify the following values are set:

! Date Format: MM/DD/YYYY

! Long Date Format: Month DD, YYYY

! Time Format: hh:mm AM/PM

! First Day of Week: Sunday

! Phone Number Format: (123) 456-7890

! Add Primary Contact to Bill to Address: Checked. This adds the primary customer contact and primary vendor contact names to all printed forms such as sales orders, invoices, purchase orders, bills, etc.

! Pre-Populate Contact Address: Checked. This allows NetSuite to automatically fill in address fields.

! Show Employees as Contacts: Checked. This creates a contact record for each employee.

! Show Display Name with Item Codes: Checked. This indicates that both the item (product) code and item display name should appear in dropdown menus. If your items have numeric codes, adding the display name can help employees and customers choose the correct item.

3. Click the Save button when you are done.

–2 4: Enabling Company Features

In this exercise, you will enable some required business features. You may ignore company features that are not specifically addressed in the instructions.

1. Navigate to Setup > Company > Enable Features. The Enable Features page displays.

2. On the Company subtab, confirm the following Classifications and unchecked the others:

! Departments: Checked

! Locations: Checked

! Classes: Checked

3. On the Accounting subtab, confirm the following Basic Features and unchecked the others:

! Accounting: Checked

! A/R: Checked

! A/P: Checked

! Accounting Periods: Checked

4. On the Transactions subtab, confirm that the following features and unchecked the others :

Basic Features Sales Billing

Sales Orders: Checked Multiple Prices: Checked Bill Costs to Customers: Checked Purchase Orders: Checked Quantity Pricing: Checked

Shipping & Receiving

Advanced Shipping: Checked Advanced Receiving: Checked

5. On the Items & Inventory subtab, confirm that the following features and unchecked the others:

Inventory

Inventory: Checked Multi-Location Inventory: Checked

6. On the Employees subtab, confirm that the following feature and unchecked the others:

Time & Expenses

Purchase Requests: Checked

7. Click Save to commit your changes.

–2 5: Viewing the Chart of Accounts and Creating a General Ledger Account

In this exercise, you will view your company’s chart of accounts and create a general ledger account.

General Ledger (GL) information is transaction-based. A journal entry is created in the General Ledger after a transaction is posted (saved). The General Ledger classifies all transactions by accounts to accurately record financial information about your business. The main types of accounts include asset, liability, equity, income, cost, and expense. NetSuite allows users to further define a GL account by adding:

! Account Numbers

! Opening Balances

! Classes, Departments, Locations

1. Access your Chart of Accounts by any of the following methods:

! Lists > Accounting > Accounts, and then Search. Click Submit.

! Setup > Accounting > Chart of Accounts, and then Search. Click Submit.

! Reports > Financial > Chart of Accounts

The first two methods can be used to change the account setup by clicking Edit next to the account. The third method can be used to view all of the transactions posted to each account by clicking the account name.

2. To create a new GL account, navigate to Lists > Accounting > Accounts, and then New. The Account page opens.

3. Enter the following information:

! Type: Fixed Asset

! Account Number: 1422

! Name: Automobiles

! Subaccount of: 1420 Machinery & Equipment

4. Click Save. Navigate to Reports > Financial > Chart of Accounts and verify that your new account has been added.

–2 6: Creating Journal Entries

In this exercise, you will create journal entries for a cash advance which will be posted to the General Ledger.

1. Navigate to Transactions > Financial > Make Journal Entries. The Journal page displays.

2. On the Lines tab, enter the following information. ! Account: Select 1150 Employee Advances ! Debit: 200 ! Click the Add button below this line item. ! Account: Select 1006 Petty Cash ! Credit: 200 ! Click the Add button again below this line item. Click the Save button to post your journal entries. ! Write down the number of the transaction—you will need the number later on in this exercise. When I documented this process, my journal entry number is 144:

–2 7: Printing a Transaction Detail Report

In this exercise, you will learn how to use the Report Builder to customize a journal entry transaction report that will list the journal entries that you created in the previous step.

1. Navigate to Reports > Financial > Transaction Detail. The Transaction Detail page displays listing many journal entries that have been made during the date range indicated at the bottom of the page. Remember, your NetSuite account has been pre-populated with transactions in order to simulate a viable business operation.

2. Click on the Customize button at the bottom of the page. The Report Builder page displays.

3. There are 4 steps used to define a report.

! Edit Columns – allows columns to be added, moved, and deleted

! Filters – allows selection criteria to be entered

! Sorting – allows sorting of the data within specific columns

! More Options – allows formatting and sharing of the report

4. Always be aware of which step you are in.

5. The first step is Edit Columns. The basic column structure lists Type, Date, Num, Name, Memo, Account, Clr, Split, Qty, and Amount. This is satisfactory. So bypass this step by selecting the Filters step.

6. Here are some suggestions how you can add filters to select specific journal entries.

4 steps to define a report

On the Filters step of Report Builder, in the Choose Filters section, click box underneath the word Value to change the date range:

! A small date/period filtering window opens. Enter the date range when you entered your transaction (note that this was documented on 8/31/2014, and as such I chose the Aug 2014 period – you will need to adjust accordingly), and click the Done button.

! Click the Preview button on the lower right corner of the page. All the transactions for your date range are displayed.

! Note: The pre-populated journal entries make the company financial data more realistic. However, it may be confusing when you are trying to view your own journal entries.

! Scroll through the transactions and find your cash advance journal entries. There are few line items and their Transaction type is Journal. Write down the transaction numbers.

! Click the Return to Customization button to return to the Report Builder page. Verify that the Filters step is still selected.

! In order to add more filters to the report to select only your journal entries, open the Transaction folder on the left side of the window by clicking on the plus sign next to the folder name.

! Scroll down and select Transaction Number. This field will create a transaction number filter on the right side of the window.

! Set the filter to equal to and enter your transaction number that you previously wrote down in the selection field.

! Click the Done button. If a Choose Transaction Number window displays, select your transaction number from the list and click the Done button. You can enter more than one transaction number. For the homework assignment, you will likely need to select each of the three transactions using the Choose Transaction Number window that pops up.

It’s important that you understand how this computer interface works—without

entering or selecting the transaction number in the pop-up window, you will not see any

results. ! If you preview your report, you will see it is much more readable—but still needs

refinement:

Now add a filter to only show the Transaction Type equal to Journal. ! Your Filters window should now look similar to the following picture. The Transaction

Type filter has been added to demonstrate how a third filter would help. However, the Transaction Number may be the only filter that is required.

! Note: If you need to re-edit a filter, click on the specific filter in the Choose Filters section. If you need to delete a particular filter, click the small square containing an x on the right side of the filter.

! Click the Preview button to display the transactions again. ! Your Transaction Detail Report should look similar to the following picture.

7. The next step will demonstrate how to sort your transactions. This is not necessary for this exercise. However, you will need to know how to do this for your assignment. Click on the Return to Customization button.

Filter delete button

8. Click on the Sorting step: Follow these steps to sort by Transaction Number.

! First, delete all the default sort fields on the right side of the page.

! Open the Transaction folder on the left side of the page. Scroll down and select the Transaction Number or the Transaction Number (Sort) field to add it to the list on the right. The default is Ascending sort sequence. Therefore, do not select the Descending check box. Click the Add button.

! Note: If you ever have more than one sort field, you can prioritize the fields by moving them up or down on the list.

! Your Sorting window should now look similar to the following picture.

9. Click the Preview button to view your report again.

10. If you need to make corrections, click the Return To Customization button and make appropriate changes.

11. When you are satisfied with your report, return to the Report Builder page and save this report definition by clicking the Save button at the bottom of the Report Builder page. The name of the saved report definition will be Custom Transaction Detail which is displayed on the left side of the report page. You can re-use this description in the future by going to Reports > Saved Reports. If you define new transaction reports, they will named Custom Transaction Detail followed by a unique identification number.

Module 2 Assignment

All assignments will be submitted electronically, via the “Assignments” section on Blackboard. When

asked to print, print or save to pdf or provide screen shots. DO NOT turn in hard copies. Be very

mindful of the due dates assigned to each module on the assignment schedule on Blackboard. You will

not have the option to submit your assignment after the due date indicated therein.

Use your NetSuite account to perform the following account entries for your company. This is an individual assignment. This is not a group project. Your work is your own.

0 You are in luck! Your Uncle Ebenezer Scrooge has made you a loan. However, you will first need to create a new account and a new subaccount.

0 Create a new Long Term Liability account. The new account number is 2600. Name it Long Term Notes Payable.

1 Create another new Long Term Liability account. The new account number is 2605. Name it Uncle Ebenezer’s Long Term Note Payable. This new account is a subaccount of 2600 Long-term Notes Payable.

1 Ebenezer loaned you $50,000.00 for 5 years at an annual interest rate of only 20%. What a nice guy! You have deposited most of the money in your company’s savings account. Create journal entries to credit your new 2605 account with $50,000.00, debit your 1002 Savings account with $40,000, and debit 1008 Cash on Hand with the remainder of the money. Note the transaction number.

NOTE: If you get an error that your journal entries do not match, be sure to remember to click the “Add” button before pressing “Save”; until you press the “Add” button, the computer hasn’t recognized all the line items in the entry. Anywhere a page displays the “Add” button during the edit process, after you finish you will need to click the “Add” button in order to proceed.

2 Before your company can start making any money, you need to purchase a vehicle. You found a used 2009 diesel Dodge Dually, fully loaded with moon roof, automatic transmission, and 179,000 miles for $12,900.00. Create a journal entry for the purchase of this vehicle. Debit the new 1422 Automotive Equipment: Automobiles account that you previously created. Credit $10,000.00 from your 1002 Savings account and $2,900.00 from 1008 Cash on Hand. Use the Memo fields to indicate that this is for the purchase of the new truck. Note the transaction number.

3 You stopped at a filling station and purchased $50.00 in diesel fuel for your truck. Create a journal entry to record this expense in the 6022 Automobile Expense: Gas & Oil account using funds from the 1008 Cash on Hand account. Note the transaction number.

4 Create and submit a report listing all your journal entries in transaction number sequence. In my case, the transaction numbers were 145, 146, and 147.

HINTS:

0 To get transactions 145, 146, and 147 to show up on the same report, add a "Transactions Number" filter, select "between" and add 145 and 147, like this:

(Be sure to sort them in their proper order via "Sorting".)

2 To save the report in PDF format, at the bottom right corner of the report screen is a button that says “Export – CSV”. Click on the drop-down arrow, and select “Export – PDF”.

Module 2 Here is what you will hand in:

Your Transaction Detail report should have

! Your company name in the header.

! You will most likely have different dates, transaction numbers, and search criteria.

! Eight journal entries for three different transactions sorted in ascending sequence by transaction number.

! Accounts and amounts should be same as in the picture.

! Your dates will differ, based on when you complete the assignment.

This is the end of Module 2: NetSuite Company Settings and Journal Entries