Scribd Logo
Upload

Welcome to Scribd!

  • 12 views

    Assignment-1 Gurinder Singh A00168989 BUS120

    Uploaded by

    Deepanshu SHarma

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Assignment-1 Gurinder Singh A00168989 BUS120

    Uploaded by

    Deepanshu SHarma
    12 views12 pages

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    12 views12 pages

    Assignment-1 Gurinder Singh A00168989 BUS120

    Uploaded by

    Deepanshu SHarma

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 12

    ASSIGNMENT-1

    BUS120- COMPUTER APPS FOR BUSINESS II

    (Gaganpreet Dhillon)

    Gurinder Singh

    A00168989

    June 12, 2023

    Answer-1

    Recording outstanding invoices or bills is essential for accurate accounts receivable


    management. Here are the steps to record outstanding invoices or bills in QuickBooks Online:

    Step 1: Open QuickBooks Online and go to the "Sales" or "Invoicing" tab.


    Step 2: Click on "New Invoice" or "Create Invoice" to create a new invoice.
    Step 3: Enter the customer's name or select it from the drop-down menu.
    Step 4: Fill in the invoice details, such as the invoice number, date, due date, and
    payment terms.
    Step 5: Add the products or services provided to the customer, along with the
    corresponding quantities and rates.
    Step 6: Save the invoice.
    To record an outstanding invoice, follow these additional steps:
    Step 7: On the invoice screen, you can see the "Status" of the invoice. Change the status
    to "Unpaid" or "Open" to indicate that the invoice is outstanding and awaiting payment.
    Step 8: If the customer has made a partial payment, you can enter the payment amount in
    the "Receive Payment" section on the same invoice screen. This will reduce the
    outstanding balance accordingly.
    To record outstanding bills (expenses), follow these steps:
    Step 1: Open QuickBooks Online and go to the "Expenses" or "Bills" tab.
    Step 2: Click on "New Expense" or "Create Bill" to create a new bill.
    Step 3: Enter the vendor's name or select it from the drop-down menu.
    Step 4: Fill in the bill details, such as the bill number, date, due date, and payment terms.
    2

    Step 5: Add the expense items or services received from the vendor, along with the
    corresponding amounts.
    Step 6: Save the bill.
    To record an outstanding bill, follow these additional steps:
    Step 7: On the bill screen, you can see the "Status" of the bill. Change the status to
    "Unpaid" or "Open" to indicate that the bill is outstanding and pending payment.
    Step 8: When you make a payment for the bill, go to the "Pay Bills" section in
    QuickBooks and select the bill for payment. Enter the payment amount, date, and method
    of payment to mark the bill as partially or fully paid.
    By following these steps, you can accurately record outstanding invoices or bills in
    QuickBooks Online, ensuring proper tracking of accounts receivable and payables.

    Answer-2

    Advantages of QuickBooks Online


    1. Accessibility and Convenience
    • Cloud-based platform accessible from anywhere, anytime
    • Compatible with various devices (PC, Mac, tablets, smartphones)
    • No software installation or updates required.
    2. Collaborative Features
    • Multi-user access with different permission levels
    • Real-time data sharing and simultaneous work on company files
    • Seamless collaboration with accountants and remote teams
    3. Automatic Updates and Data Backup
    • Regular updates and feature enhancements without user intervention
    • Automatic data backup and secure storage in the cloud
    • Protection against data loss due to hardware failure or disasters

    Advantages of QuickBooks Desktop

    1. Advanced Features and Customization


    • Robust inventory management capabilities
    3

    • Advanced job costing and project tracking features.


    • Extensive reporting options for in-depth analysis
    2. Enhanced Performance for Large Datasets
    • Faster processing speeds, especially with large data files
    • No reliance on internet connectivity for software performance
    • Suitable for businesses with complex accounting needs or high transaction
    volumes
    3. Full Control and Security
    • Complete control over data storage and backups
    • Option to restrict access and permissions based on user roles.
    • Data remains on the local server, reducing vulnerability to external breaches.

    Both QuickBooks Online and QuickBooks Desktop offer distinct advantages, catering
    to different business requirements and preferences. QuickBooks Online excels in
    accessibility, collaboration, and real-time updates, making it ideal for businesses
    needing mobility and remote access. On the other hand, QuickBooks Desktop stands
    out with its advanced features, customization options, and enhanced performance,
    making it suitable for larger businesses or those with complex accounting needs.
    Ultimately, businesses should consider factors such as size, industry-specific
    requirements, mobility needs, collaboration preferences, and control over data when
    choosing between QuickBooks Online and QuickBooks Desktop.

    Answer-3

    Accounting serves as the foundation for sound financial decision-making and the evaluation
    of a company's performance. To ensure consistency, comparability, and transparency in
    financial reporting, universally accepted guidelines known as Generally Accepted
    Accounting Principles (GAAP) have been established.

    1. Consistency and Reliability in Financial Reporting


    • Standardization of accounting methods and principles
    • Facilitation of accurate and meaningful financial statements
    4

    • Enhancing the credibility and trustworthiness of financial information.


    2. Transparency and Stakeholder Confidence
    • Clear and consistent presentation of financial information
    • Enabling stakeholders to make informed decisions.
    • Building trust among investors, creditors, and other stakeholders
    3. Facilitating Meaningful Comparisons
    • Allowing for accurate benchmarking and performance evaluation
    • Enhancing the ability to analyze financial statements across time periods.
    • Enabling effective industry and peer group comparisons
    4. Compliance with Legal and Regulatory Requirements
    • Ensuring adherence to relevant accounting standards and regulations.
    • Facilitating accurate tax reporting and compliance.
    • Minimizing the risk of legal consequences or penalties.
    5. Improved Access to Capital and Lower Borrowing Costs
    • Attracting potential investors by providing reliable financial information
    • Demonstrating creditworthiness to lenders and lowering borrowing costs
    • Opening doors to opportunities for growth and expansion
    6. Facilitating Decision-Making and Risk Management
    • Enabling management to make informed business decisions.
    • Assisting in the identification and mitigation of financial risks
    • Supporting effective strategic planning and resource allocation

    Adhering to Generally Accepted Accounting Principles (GAAP) is of utmost importance in the


    world of financial reporting. It ensures consistency, reliability, and transparency in financial
    statements, which promotes investor confidence, meaningful comparisons, and informed
    decision-making.

    Answer-4

    Creating a Company Profile in QuickBooks:

    Step 1: Launch QuickBooks and after Signup. Click “Next”.


    5

    Step 2: Enter your company name, address, contact information, and other relevant details.
    6
    7
    8

    Step 7: Review and finalize the company profile.

    The Alpha is a Rim-Manufacturing Company

    Creating a Chart of Accounts in QuickBooks:


    9

    Step 1: Open QuickBooks and navigate to the Chart of Accounts section.


    10

    Step 2: Click on "New" or "Add Account" to create a new account.

    Step 3: Select the account type (e.g., expense, income, asset, liability, equity) based on your
    business needs.

    Step 4: Specify the account name, description, and other relevant details.
    11

    Step 5: Assign an account number if desired (optional).

    Step 6: Set up subaccounts or subcategories if needed.

    Step 7: Save the account and repeat the process for additional accounts until you have a
    minimum of 10.

    Here are charts of accounts we created.


    12

    Here are transactions I added.

    Answer-5

    • Tracking Expenses:
    I learned how to use QuickBooks to keep track of where my money is going. It helps
    me see how much I'm spending and where I can save money.
    • Making Invoices and Getting Paid:
    QuickBooks showed me how to create professional-looking invoices. It also taught
    me how to set up recurring invoices for regular customers. This makes it easier to get
    paid on time.
    • Instant Financial Reports:
    I discovered that QuickBooks could generate reports about my finances quickly. It
    helps me understand how my business is doing and make better decisions.

    You might also like