Portfolio Project part 1: you must review a QuickBooks sample company profile located in Quickbooks and develop a 2-3 page report based on your review. What type of company did you choose? What product or service does the company offer? Will the company have sales invoices, purchase orders, and/or payroll data? Is this company profitable? How could you use QuickBooks to aid in human resource management and other business processes (be specific)?
- Assignment should follow APA guidelines with respect to use of subheadings, 1â€ margins, and double-spaced. Page length requirements exclude title and reference page
Portfolio Project part 1: For this Portfolio Project option, you must use a QuickBooks sample company and develop a report based on your review. Choose a sample QuickBooks company through QuickBooks and create the tasks following the outline. Include screenshots and descriptions as needed. Ensure that your analyses differ from those provided in Lynda.com or other online sites (conduct your own unique analyses).
Section I: Overview
Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs, functionality, and minimum system requirements. How does it track the primary information flows within a business?
Section II: Transactional Processing and Data Management
Describe how QuickBooks handles processing the accounting transactions and recording business activities for the revenue, expenditure and financing cycles. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity for each of the three transaction cycles. Complete each of the three sections:
- Revenue Cycle
- Create a new invoiced customer and create a new customer invoice.
- Create a new pre-paying customer (i.e., paying with credit card)
- Apply a customer payment.
- Run a customer report.
- Run reports to provide information regarding key revenue cycle informationâ€”sales, accounts receivable, cash.
- Expenditure Cycle
- Create two or more new vendors.
- Create an inventory item.
- Generate a payment to a vendor.
- Run a report to provide information regarding vendors and accounts payable.
- Run reports to provide information regarding key expenditure cycle informationâ€”purchases, inventory, and cash.
- Create two or more employees with after the fact payroll module in QuickBooks determine pay and federal income tax, Social security and Medicare deductions
- Run a monthly or weekly payroll report with all payroll related accounts.
- Financing Cycle
- Enter a new account in the chart of accounts.
- Post journal entries for rent, insurance, accounts receivable and accounts payable.
- Run the key financial statements that are available and relevant for your company and data. Explain the performance reportsâ€”what do they say about your company’s performance. Include the type of analysis meaningful for your company and data (vertical vs. horizontal).
- Run key reports to measure the firm’s financial performance.
Section III: Internal Controls
- How can you as an accountant use QuickBooks enhance internal controls in the company you chose?
- How can you secure the system and files?
- What potential security weaknesses exist for QuickBooks?
Section IV: Charts and Graphs
- How are visualizations formatted and used?
- Create a chart.
- Create a data diagram.
Section V: Conclusion and Recommendation
Give your overall impression and recommendation for QuickBooks’ use in accounting.
- Assignment should follow APA guidelines with respect to use of subheadings, 1″ margins, and double-spaced.
- Prepare any 8-10 page report in length (excluding title page and reference page) References need to include at least three additional credible academic references.