Quickbooks Assignment 3– Chapter 4
Follow the instructions on pages 139-195. You DO NOT need to save any of the Chapter 4_*.*pdf documents that you create on pages 139-186. For this assignment, you will be asked to print and turn in the Exercise 4-2_*.pdfs at the end of Exercises 4-1 and 4-2 as well as one other document that will be explained toward the end of these instructions. However, you still have to process all of the transactions in the chapter and should follow the instructions to enter all the transactions and create the reports that are discussed throughout the chapter(the reports will help you verify that you’ve entered transactions correctly). As usual, you do not need to export any documents to Excel.
As in Chapter 3 you will be asked to execute certain tasks, such asperforming a bank reconciliation, entering vendors, ordering inventory, paying invoices, etc. You should continue using the QB Cloud_Student Name (your first and last name) that you set up in Chapter 2 and that contains all the transactionsyou entered in Chapter 3. If you made any mistakes in the previous chapters you will need to correct them before completing this assignment. Make sure your trial balance looks like the once shown on page 142 before you begin Assignment 3. You should be able to access the company by logging into your Quickbooks account.
Pay careful attention to the month/day that the book tells you to use for each transaction. If you use the wrong date it could affect your data, and therefore your grade.
You should complete all of the transactions described on pages 139-186but you DO NOT need tosave the related pdf reports. You should run the reports so you learn how to create them, but you do not need to save them to pdf, nor do you need to upload them to Canvas. Then complete Exercise 4-1 and 4-2 on pages 189-193 and create the related pdf reports. Upload the end of the chapter (i.e. Exercise 4-2_xxx) pdf files to the canvas assignments folder before the assignment due date.
Notes for Clarification:
On p. 146 you need to be sure to clear all of the transactions in your register for October so that the statement will have a 0.00 difference with your account. There is a circle you can click on the far right at the top of the transactions that will select all 23 transactions for October. When you do this, the reconciliation difference at the top of the page should change to $0.00. Be sure you have a $0 difference before you finalize the reconciliation. If you don’t then it will cause errors in your assignment.
When you enter in the checks described on pages 150-151, Quickbooks will auto-populate the amount to pay the vendor based on the last payment you made to the vendor. If the amount of the new payment is different be sure to over-write it with the new amount before you save the check. Make sure you enter all the checks (#1026-1030) shown in the table on page 150.
On page 157 the bookbegins an overview of how to make entries for purchasing and selling inventory. The step by step instructions for checking your default settings and recording these transactions begin on page 160.
On page 167 when you are entering the bill details for AmpleStore you will SKIP the section of the bill that says “Account Detail” and instead go down to the “Item Details” and click on the right arrow to expand it. Then you can enter the item details shown on page 168.
You will submit the following 12 documents for Assignment 3 (*See the instructions below explaining how to print the 12th document):
Exercise 4-2_Vendor Contact List.pdf
Exercise 4-2_Product Service List.pdf
Exercise 4-2_Journal.pdf
Exercise 4-2_Transaction Detail by Account.pdf
Exercise 4-2_Trial Balance.pdf
Exercise 4-2_Inventory Valuation Summary.pdf
Exercise 4-2_Vendor Balance Summary.pdf
Exercise 4-2_AP Aging Summary.pdf
Exercise 4-2_Profit and Loss.pdf
Exercise 4-2_Balance Sheet.pdf
Exercise 4-2_Statement of Cash Flows.pdf
*Exercise 4 Reconciliation Report. pdf (This document is not explained in the book.
To print it, you should select Accounting/Reconcile. Then select “History by Account”. Be sure that “101 Checking” is selected in the Account drop down box. You should see a row with a Statement Ending date of 10/31/81. Click on “View Report”. This will pull up your reconciliation report from when you reconciled your bank statement on pages 143-147. If you don’t see a report you need to go back and be sure you have reconciled your account correctly. Save this document as “Exercise 4 Reconciliation Report. pdf” and submit it with your other documents.
Reminder of General Information for all Assignments
For every assignment that you turn in you will submit your PDF files through canvas. Please make sure ALL the files required by the assignment are submitted by the beginning of class time on the due date. Late assignments will be penalized as noted on the class syllabus.
Any time you see a date ending in 20XX, use 2018 as the date. Pay careful attention to the month/day that the book tells you to use for transaction. If you use the wrong date it could affect your data, and therefore your grade.
You do not have to complete “check your progress” or “online learning center” for any of the chapters.
I will be posting supplemental instructions for each QuickBooks assignment on the class web page. But, in general, Assignment 2 will consist of completing Chapter 3, Assignment 3 will consist of completing Chapter 4, Assignment 4 will consist of completing Chapter 5, and Assignment 5 will consist of completing Chapter 6.