Quickbooks online student guide chapter 5

QuickBooks Online Student Guide

QuickBooks Online Education Exercises— Green Tree Landscapes

2 QuickBooks Online Education Exercises—Green Tree Landscapes

Throughout this text, you’ll follow the establishment, setup and growth of a fictitious company called Green Tree Landscapes. Green Tree Landscapes is new business founded by Jon Arbor and Alice Green. Together they each own 50% of Green Tree landscapes Inc. Jon is a landscape architect and Alice is a construction manager. Together, they hope to grow Green Tree Landscapes into the top landscape company in the Toronto area.

The company was founded on the January 1st of this year. They setup the company to meet the growing demand for landscape maintenance services and construction in their area. Their company is based in Mississauga, ON. They will service the Greater Toronto Area.

Jon and Alice are starting small by offering simple home services like landscape maintenance, snow removal and other home services. They hope to grow their business in the first couple of months, so they can hire employees, buy equipment, and expand their services. Eventually they want to offer landscape design, maintenance, and construction services to both residential and business customers.

Jon and Alice have made their first wise business decision—they’ve decided to hire you as their bookkeeper. You’ll be required to setup their books in QuickBooks Online, enter their day-to- day transactions and maintain their books. You’ll be required to perform important monthly tasks like:

• Create reports for the owners

• Reconcile accounts

You’ll also track and file sales taxes for Green Tree Landscapes. This means setting up QuickBooks to track sales tax and filing the company’s annual sales tax. Jon and Alice have hired a year-end accountant named, Jane Wong. Her firm will create the corporate income tax return and financial statements for Green Tree Landscapes. You’ll be required to provide information to Jane and her team to help them complete the year-end process.

It’s your first day on the job. Green Tree Landscapes is up and running. Tom and Alice have asked you to setup the books so they can get off to a good start. They’ve met with Jane, their accountant, and they’ve got all the information you need to setup QuickBooks.

Jon and Alice have each agreed to deposit money into the company bank account to cover the costs of starting the business.

Chapter 1 Exercises

1. Setup your new QuickBooks subscription. Follow the instructions provided in your QuickBooks Online Education email. Ask your instructor for assistance if you’re not able to setup your QuickBooks Online account.

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2. Setup a new company called Green Tree Landscapes. The company contact information is the following:

a. Green Tree Landscapes

b. 5100 Spectrum Way

c. Mississauga, ON.

d. L4W 5S2

3. Alice really likes the new company logo she created and has asked that you add it to QuickBooks forms. Add the company logo to QuickBooks Online.

4. Jane has registered the business and has provided you the Business Number. Enter the following business number in QuickBooks: 111111119 RT001

5. Jane the accountant has asked you to enable several settings to secure QuickBooks from errors you can potentially make.

a. Add the Green Tree Landscapes Business Number.

b. Jane has determined that you’ll use the calendar year as your fiscal year. Enter this in QuickBooks.

c. Jane has asked you to set a closing date for the company to make sure that no one makes entries in the prior accounting period. Set the closing date as Dec. 31st of the last calendar year.

6. From their previous business contacts, Jon and Alice have a list of customers that they’d like to enter into QuickBooks. Jon has provided you a list of customers in Excel. Import the customer list into QuickBooks.

7. Alice entered all Green Tree Landscapes services in MS Excel. Import the list of Products and Services.

8. Alice and Jon need to be setup as QuickBooks users. Jane has asked you to set up Alice as an Administrator user in QuickBooks. Jane asked that you set up Jon as a user with limited access rights to customers and accounts receivable transactions.

9. Jane has asked you to add her as the accountant. For this exercise, you’ll invite your instructor as the accountant.

10. Green Tree Landscapes has decided to start tracking sales tax immediately. Setup sales tax for the company.

You’re now ready to get down to work and start using QuickBooks Online. Before you get started you have to get used to where everything is and how to get around the software. You’ll need to get some practice to feel comfortable.

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Chapter 2 Exercises

1. Log into QuickBooks. Bookmark the login page to make it easy to log in for future use of QuickBooks.

2. Click the Home Page and note the following sections:

a. Dashboard including Income, Expense, Profit and Loss, and Sales.

b. Bank Accounts.

3. Jane the accountant has asked you to keep the homepage information private from everyone. Make the Dashboard information private.

4. Review the Left-Hand Navigation bar:

a. Review the Sales centre.

b. Click Accounting and review the Chart of Accounts.

c. Open the Customer Contact List. Print the list.

5. Review your sales tax rate in the Sales Tax Centre.

6. Open the Invoice window. No need to enter an invoice.

7. Open the Bill window. No need to enter a bill.

8. Open the Chart of Accounts and find the Office Expenses account.

9. Open the Gear Icon menu and review the Account and Settings.

10. Open the Invoice window and review the fields on the form. This will prepare you for the next chapter.

Now that you’ve set up Green Tree Landscapes and have a basic understanding of how to get around QuickBooks Online you’re ready to take your knowledge to the next level. Alice and Jon have started delivering their services and are making sales. They’ve started by adding customers and collecting money after delivering their services. They’ve started cutting lawns, and other lawn care services. They’ve been in business for almost a month, so you’ve got some work to do.

Chapter 3 Exercises Create the following new customers:

• Contact: Kevin Johnson 400 Willowview Lane Toronto, ON. M3H 4J1 Phone: 705-835-9701 Terms: Due on Receipt

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• Contact: Yang & Associates Law 3185 Acton Avenue Toronto, ON M3H 4J1 Terms: Due on Receipt Phone: 416-545-9810

• Contact: Janis McBriderton 4710 Merton Street Toronto, ON M1L 3K7 Phone: 416-545-9811 Terms: Due on Receipt

• Contact: Bryce Trout 289 Speers Road Oakville, ON L6J 3X4 Phone: 416-627-0116 Terms: Due on Receipt

• Contact: Huron Park Community Association 1891 Eglinton Avenue Toronto, ON M4P 1A6 Phone: 416-627-0119 Terms: Due on Receipt

Green Tree Landscapes has chosen to start with several simple services. Create the following services:

• Weekly Lawn Maintenance. Jon wants the invoice to read Weekly Lawn Maintenance including cut, trim, edge and debris removal. The price will be $35 per week. Jane the accountant wants to track the sales of this service to the Sales account. The service is taxable.

• Spring Cleaning. Alice wants the sales form to read Spring Cleaning including power raking, cut, trim, edge, hedge trimming, aeration, and fertilizer. The price is $295. Track the sales of this service to the Sales account. The service is taxable.

• Fertilizer. Alice wants the sales form to read 1 Fertilizer Application. The price is $74.95 Track. Track the sales of this service to the Sales account. The service is taxable.

• Hedge Trimming. The description of this service should read Hedge Trimming. The price is not a fixed fee and will be determined by the size of job that needs to be done. Track the sales of this service to the Sales account. The service is taxable.

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• Core Aeration. The description of this service should read Core Aeration of front and backyard. The price is a fixed fee of $150. Track the sales of this service to the Sales account. The service is taxable.

A customer has asked Green Tree Landscapes to do a small landscape renovation. A customer has asked for bark chips to be added to some flower beds on their property. They’ve also asked for some concrete to be replaced in the backyard. Create the following items to track these new items:

• Cedar Bark Chips. The description of this service should read Bark Chips. The price is not a fixed fee and will be determined by the size of job that needs to be done. Track the sales of this service to the Sales account. The service is taxable. NOTE: This item type will be different than the previous items from this chapter.

• Concrete. The description of this service should read Concrete Installation. The price is not a fixed fee and will be determined by the size of job that needs to be done. Track the sales of this service to the Sales account. The service is taxable. NOTE: This item type will be different than the previous items from this chapter.

Now that you have setup the basics for customers and your products and services list, you’re ready to record the first few sales for Green Tree Landscapes.

You’ve started weekly lawn maintenance for three customers. They’ve paid you at the time of the service. Record the sales for the following three customers:

Record the sales on the 10th of last month.

1. Bryce Trout—Green Tree performed maintenance at the Trout property 4 times this month.

2. Yang & Associates Law—performed services at this customer’s location 3 times this month.

3. Kevin Johnson—performed maintenance at the Johnson property 4 times this month.

NOTE You haven’t been to the bank to deposit these payments yet. Consider this when recording the transactions.

You need to make your first bank deposit. Make a bank deposit for all the received payments. Make the deposit on the 15th of last month.

Several customers have asked you to invoice them for the work that you’ve completed at their homes. Create invoices for the following customers:

1. Huron Park Community Association—Green Tree Landscapes provided a landscape renovation for this customer. The price of their landscape renovation was $10,000 + tax. They purchased Bark Chips. Edit the description to read, Landscape renovation including removal of old flower beds and installation of bark chips. Record the sale on the 5th of last month.

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2. Janis McBriderton—Weekly Lawn Maintenance. Janis was a difficult customer, so you charge her twice the regular price for weekly maintenance. The services are taxable. Janis wants you to email her invoice to her. NOTE: Email the invoice to your instructor. Record the sale on the 9th of last month.

3. New Customer—Janis’ neighbor loves the work that Green Tree Landscapes is doing. Setup the customer on the invoice as you go.

Contact: Robert Hitchcock 4714 Merton Street Toronto, ON M1L 3K7 Phone: 267-555-9811 Terms: Due on Receipt

Green Tree performed a Spring Cleaning at their location. Record the sales on the 11th of last month. The cost is $985 + tax.

4. Elizabeth Barker—Hedge Trimming. Price: $175 + tax. Date: 8th of last month.

5. Parsons Community Centre—Core Aeration. Price $300. Date: 7th of last month.

6. Main Street Shopping Centre—Weekly Lawn Maintenance. Green Tree Landscapes provided weekly lawn maintenance 4 times this month. You charged the regular price for each weekly visit. Date: 12th of last month.

You’ve received several cheques from customers for payment against their invoices. Receive the following cheques from customers and hold them in the undeposited funds account. Enter the date as 20th of last month.

1. Customer payment from Huron Park Community Association. Paid in full.

2. Customer payment from Janis McBriderton. Paid in full.

3. Customer payment from Parsons Community Centre. Paid in full.

Deposit these three payments on the 21st of last month.

You received 2 additional cheques on the 25th of last month. Receive the following payments:

1. Main Street Shopping Centre—paid in full

2. Elizabeth Barker—paid in full

3. Robert Hitchcock—this customer paid half of the outstanding invoice.

Deposit these three payments on the 26th of last month.

Jon and Alice have asked for a sales report for last month. Create a Sales by Customer Detail report. They also want to know how much money is still outstanding from customers. Create the Open Invoices report for Jon and Alice.

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The first full couple of weeks of business have been busy. Green Tree Landscapes has made several sales. Now it’s time to record expenses in QuickBooks. Before recording expenses, Alice, and Jon each deposited some money into the bank as their investment in the company. Jon setup a chequing account at the local their local credit union called TCU

Setup and record the following:

1. Setup a chequing account, called TCU Chequing.

2. Make two deposits to the company:

a. Jon recorded a shareholder loan of $5000 to the company on the first day of last month.

b. Alice recorded a shareholder loan of $5000 to company on the first day of last month.

Chapter 4 Exercises To start the business, Green Tree Landscapes incurred several costs. To get started they met with a lawyer, accountant, and other professionals. They also setup an office to get started. To get started you must setup several suppliers:

• Contact: Jane Wong Wong & Co. 1625 Barton Street Hamilton, ON L8L 7T4 647-555-9811

• Contact: Legal Ease 2054 Fallon Drive Watford, ON N0M 2S0 647-555-0032

• Contact: Bain Business Services 2054 Fallon Drive Watford, ON N0M 2S0 647-555-1200

• Contact: TCU 72 Eglinton Avenue Toronto, ON M4P 1A6

You received several bills to cover the startup costs. NOTE: Assume all your expenses (unless otherwise stated) will be taxable. Enter the following bills on the 15th of last month:

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1. Legal Ease sent you a bill for legal fees. The cost was $875.

2. Jane Yang sent you a bill for accounting fees. The cost was $425.

3. Bain Business services helped you setup the business. They offer consulting services. Their fees were $630.

4. You asked for bookkeeping consulting from Jennie Moore at Moore Details Bookkeeping. She was very generous with her time and sent you a bill for $100. Track the expense to professional fees.

5. Alice and Jon signed up for mobile phone service. They received a bill from Talk Mobility for $139.

Alice and Jon both setup debit cards for the business. After they received their cards, they each recorded several expenses. Import the Supplier list and record the following debit card transactions. NOTE: Add tax to each transaction amount—exclusive of tax.

1. Import the Supplier List.

2. Alice bought office supplies at Staples for $85.89. Track office supply purchases to Office Expenses. Date: 22nd of last month.

3. Jon purchased lawn maintenance supplies at Johnson Supply. The cost of the supplies was $403.50. Track supplies to the Supplies account. Date: 15th of last month.

4. Green Tree wrote a handwritten cheque to purchase a vehicle insurance policy from Insurance Experts. The policy cost $800 (no tax was added to this purchase). Cheque # 100. Date: 25th of last month.

5. Alice purchased Fuel at Fuel Stop. NOTE: Setup a new account if necessary to track fuel. Date: 10th of last month.

6. Alice decided to rent a truck for the first 3 months of the business. She paid for the 3 months of rental using her debit card. The cost was $500. You’re not sure how to track the expense. Track it to an account to make it easy for Jane the accountant to review.

7. Jon purchased a business license for $45.00 from the City of Mississauga. Enter the debit card transaction. Choose the correct account to track toe expense. Do not add tax to this transaction.

8. Jon decided to run a couple of advertisements using Google AdWords. Add the appropriate supplier name and record the $345 expense.

9. Alice liked the idea of advertising, so she ran some Facebook ads for $670. Add the appropriate supplier name and record the expense.

10. Jon decided to print some business cards for the company. He spent $80 on business card printing. He purchased the cards from Staples. Use the Stationery and Printing account to track the expense.

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Jon and Alice have decided to pay some bills. Pay the following bills in full using handwritten cheques. Write the cheques on the last day of the month. The first cheque number was Cheque #101.

1. Bain Business Services

2. Legal Ease

3. Moore Details Bookkeeping

Jon and Alice would like to see how much they owe their suppliers. Create and print the A/P Aging Report.

After the first month of Green Tree Landscapes, the business is growing rapidly. Jon and Alice want to make sure that they keep QuickBooks organized. After meeting with Jane the accountant, they ask you to make some changes to the important lists in QuickBooks.

Green Tree has purchased a few assets to help the business grow. Jane asks you to record the asset purchases. In addition to the purchase of the assets, Green Tree takes out a loan to purchase a truck. Buying a truck will save them money they’re spending on truck rental.

Chapter 5 Exercises

1. To make the Suppliers list easier to review, Jane asks you to remove the Currency and Email column.

2. On the customers centre, remove the currency column.

3. On the Chart of Accounts, Jane asks you to remove the Detail Type column.

4. Jane wants you to open a savings account. Add the new account called TCU Savings.

5. Jane wants you to clean up the chart of accounts. Delete the following accounts:

a. Refunds-Allowances

b. Promotional

c. Other General and Administrative expenses

d. Other Portfolio Income

e. Other ordinary Income

f. Shipping and Delivery Income

6. Jane asks you to make the Liability and Disability insurance accounts sub-accounts of Insurance.

7. Alice purchased a new Ford truck for the business. The truck cost $28,750 + tax. Green Tree Landscapes made a down payment of $2875.00. They’re financing the rest of the cost.

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They’ve received a loan for the remainder amount from Ford (Tip: setup Ford as a supplier). Setup the accounts to track the original cost and depreciation of the new asset. Write a cheque to pay for the asset (Tip: record the loan on the cheque). Use the next cheque # in order. Make the entry on the 24th of last month.

8. Alice purchased 2 lawnmowers for $995 each + tax. Setup the appropriate accounts account to track the lawnmowers cost and depreciation. Make the entry on the 28th of last month. Alice used her debit cards to pay for the lawnmowers in cash.

9. Add two expense accounts to track Facebook Ads and Google Ads. Tip: Make these two accounts subaccounts of Advertising.

10. Jane has asked you to start using Account Numbers. Turn on account numbers. NOTE: Add account numbers when instructed by your instructor.

11. Jane has discovered a couple of duplicate accounts. Merge the Purchases–COS account into the Other Costs – COS. (Note: Keep the Other Costs account).

The business is growing fast and Jane wants you to update QuickBooks every day. Jane asks you to setup QuickBooks for Online banking.

Chapter 6 Exercises

1. Upload the online banking statement to create a connected account in QuickBooks.

2. Jane has asked you to categorize all the transactions in bank feed. Categorize each transaction in QuickBooks including all expenses and income.

3. Reconcile the new connected account.

4. Create a bank rule with the following conditions:

a. Money going out in all accounts

b. Description contains Office Supplies Depot

c. Amount is less than $50.00

d. Transaction Type Expense

e. Category: Office Expense

f. Tax Code: H

The business continues to grow and sales are growing rapidly. Green Tree Landscapes is adding new customers every day. Jon and Alice have started to offer additional landscaping services to meet the customer demand. Jane has asked Jon and Alice to create estimates for each new job and ensure that each estimate is accepted before proceeding with any new jobs.

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Chapter 7 Exercises Jane has asked you to make changes to the Company Settings to setup and use additional QuickBooks features.

1. Jane knows that discounts are a part of the business. She asks you to make sure that when you add discounts to invoice that they are tracked to the Sales account. Make the change in QuickBooks.

2. Alice and Jon want to be able to edit customer Invoice numbers. Make the change in the Company Settings.

3. Jane does not want you to automatically apply credits against the oldest customer invoices. She wants you to be able to

4. Create invoices using the following information:

a. Date: Last day of last month.

b. Service: Weekly Lawn Maintenance (taxable)

c. Qty: 4

Create invoices for the following customers:

a. Elizabeth Barker

b. White Wedding Chapel

c. Sheraton Cavalier Markham

5. Create Sales Receipts using the following information:

a. Date: First day of this month.

b. Service: Weekly Lawn Maintenance (taxable)

c. Qty: 4

d. Deposit to: Deposit to Undeposited Funds

Create sales receipts for the following customers. All customers paid with the cheque.

a. Kelly Buss

b. Charlene Karlson

c. Daniel Jackson

d. Sherwood Park Commons

e. Hewitt & Packer Office Complex

f. Main Street Shopping Plaza

g. Dennis Bergen

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6. Elizabeth Barker emailed Jon and complained about the weekly service she’s been receiving. She’s not happy. Jon decided to credit her account for two weekly maintenance visits. Issue a credit memo and apply the credit memo against here account. Enter the date as the 3rd of this month.

7. Receive a payment from Elizabeth for the difference and deposit it to undeposited funds.

8. Make a deposit of all payments to the Chequing (Tip: all payments from exercise 5 & 7).

9. After making the deposit, you get a phone call from Dennis Bergen. He requested a $50 refund because Alice broke a sprinkler head that needs to be replaced. Issue the refund for $50 plus tax.

10. Receive payments from the following customers on the 10th of this month:

a. White Wedding Chapel

b. Sheraton Cavalier Markham

Note: Both customers paid with Visa.

11. Make the deposit of the payments in exercise 10 on the 11th of this month.

12. Jon wants you to create Statements for customers. Create a transaction statement for all your customers.

13. Creating invoices and sales receipts is becoming challenging. Services are being missed and as a result sales are being missed. Jane suggests using the Delayed Charge transaction. You decide to test the delayed charge before using for all customers. Create delayed charges for the following customer:

a. Customer: The Medieval Centre

b. Dates: 2nd, 9th, 16th, 23rd, 30th of last month.

c. Service: Weekly Lawn Maintenance

d. Taxable

14. Create an invoice for the Medieval Centre using the Delayed Charges.

15. A new customer has asked for a quote. Create an estimate for a new customer named:

Contact: Russell Martinson. Blue Jay Properties 500 Yonge St. Toronto, ON. M4P 1A6

Create an estimate for the first day of the month, for the following items:

a. Hedge Trimming—$780

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b. Spring Cleaning—$4500

c. Fertilizer—$2897

d. Core Aeration—$1200

16. Russell Martinson has approved the estimate. Mark it as Accepted.

17. Copy the estimate to a new invoice dated for the last day of this month.

Green Tree Landscapes recently got two visa credit cards for Jon and Alice.

Chapter 8 Exercises

1. Create a Visa credit card account for both Jon and Alice.

2. Record the following credit cards transactions for Jon:

a. Office Supplies at Office Supplies Depot on the first of the month for $24 + tax.

b. Fuel at Fuel Stop on the 5th of this month for $68 + tax.

c. Supplies at Home Depot on the 10th of this month for $348 + tax.

d. Disposal Fees from Waste Unlimited on the 15th of this month for $97 + tax.

e. Meals and Entertainment from Sandwich Lunch Co. on the 17th of this month for $23.88 + tax.

3. Jon returned Supplies to Home Depot for $27.00 + tax. Record the credit card credit.

4. Enter a bill from Insurance Experts for liability insurance. Amount is $1200. This is not a taxable expense.

5. Karen from Insurance Experts realized the quote was overstated, so she issued a credit for $200. Apply the credit against the bill and pay the bill to Insurance Experts.

6. Green Tree Landscapes has rented some space to setup a landscape yard as they are growing quickly. They will pay rent of $2000 a month + tax to their new landlord, Brookstone Rentals. Add the new supplier and enter the expense for rent.

7. To automate this transaction, make this a recurring entry in QuickBooks on the first day of every month from the TCU Chequing account. The lease is indefinite so there will be no end date to the transaction.

Chapter 9 Exercises – optional exercises to be setup by instructor Green Tree Landscapes has added a small landscape yard to sell yard and garden products. This requires inventory tracking in QuickBooks. Each item for sale that’ll be tracked, must be setup as an inventory part.

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Chapter 10 Exercises

1. Enable inventory tracking.

2. Create the following products using the following setup:

a. Sales Account: Sales

b. Inventory Account: Inventory Asset

c. Purchasing Account: Cost of Goods Sold

Name: Turf Edger Sales Description: Turf Edger Sales Price: $99.95 Tax: Taxable Purchase Price: 38.87 Reorder Point: 5 Initial Quantity on Hand: 0

Name: Gas Hedge Trimmer Sales Description: Gas Hedge Trimmer Sales Price: $149.99 Tax: Taxable Purchase Price: $86.88 Reorder Point: 5 Initial Quantity on Hand: 0

Name: Hand Garden Trowel Sales Description: Hand Garden Trowel Sales Price: $19.95 Tax: Taxable Purchase Price: $7.67 Reorder Point: 5 Initial Quantity on Hand: 0

Name: Pruner Lopper Sales Description: Pruner Lopper Sales Price: $78.50 Tax: Taxable Purchase Price: $40.09 Reorder Point: 5 Initial Quantity on Hand: 0

Name: Evergreen Fertilizer Sales Description: 30 KG Evergreen Fertilizer Sales Price: $39.95 Tax: Taxable

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Purchase Price: $11.48 Reorder Point: 5 Initial Quantity on Hand: 0

3. Create a Purchase order for Johnson Supplies for the 1st of the month. Order the following supplies:

Turf Edger: 10 Evergreen Fertilizer: 30 Bags

4. Create a Purchase Order for a new supplier:

Hanson Garden Supplies 723 Speers Road Oakville, ON L6L 2X5

Order the following items:

• 15 Pruner Lopper

• 20 Hand Garden Trowel

• 10 Gas Hedge Trimmer

5. Jon wants to see what’s on purchase orders as of today. Create and print the Open Purchase Order report

6. Receive against the PO for Johnson Supplies. Receive it in full on the 10th of this month. Use the bill form to receive the purchase order.

7. Receive against the PO for Hanson Garden Supplies. You received all the Pruner Loppers and Hand Garden Trowels. You only received 7 Gas Hedge Trimmers.

8. Pay the bills for Johnson Supplies and Hanson Garden Supplies in full on the last day of this month.

9. Alice notices customers are buying several garden tools at one time. She has the idea to bundle several tools together as a Garden Tool Starter Kit. Create the Garden Tool Starter Kit with the following items and quantities:

a. 1 Hand Garden Trowel

b. 1 Pruner Lopper

c. 1 Turf Edger

Track the item using the following details:

Sales Description: Garden Tool Starter Kit Sales Price: $$89.95 Tax: Taxable

10. Create an invoice for Kelly Buss on the 25th of this month. Sell the Garden Tool Starter Kit.

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11. Receive the payment from Kelly Buss on the 30th of this month and deposit the amount directly to the TCU chequing account.

12. There was a heavy rainstorm at the Green Tree Landscape yard and the roof on the inventory shed was leaking. As a result, 3 Gas Hedge Trimmers were damaged. They cannot be sold and will need to be disposed of. Jane has asked you to write off the inventory as of the last day of this month. Make the inventory adjustment to account for the damaged goods. Jane asked you to use an Inventory Write-Off expense account (Tip: you may have to use the Chart of Accounts to create a new account)

13. Alice and Jon want to know the value of the inventory. Create and print the Inventory Valuation Detail report for them.

14. Alice wants to count the inventory each month. She’d like a list of inventory parts as of today. Print the appropriate report for her.

After two busy months of business, Jon and Alice need to review their business.

Chapter 11 Exercises

1. Create a Balance sheet as of the last day of this month.

2. Create a Profit & Loss report from the first day of last month to the last day of this month.

3. Create an A/R Aging Summary.

4. Create and A/P Aging Summary.

5. Create a Sales by Customer Detail report.

6. Jon is going to the bank to inquire about a loan. He wants a more sophisticated set of reports. Print the appropriate reports for Jon. (Tip: Don’t print the usual reports.)

7. Alice loves using MS Excel to do analysis. She asks for the Profit & Loss in excel format. Create the report in Excel and email it to your instructor.

8. Jane wants to see the Profit & Loss report in .pdf format. Create the report in.pdf format for Jane.

9. Jane also want to receive weekly reports mailed to her every Monday morning. Setup a group of reports listed above (Exercises 1–5) and schedule them to be sent to your instructor every week.

10. Jon wants to see a report of all sales over $1000. Create a customized report to include all sales over $1000.

11. Save the report as a Custom Report called Sales over $1000.

Jon and Alice have a good grasp on their business. Now they want to refine their accounting work in QuickBooks.

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Chapter 12 Exercises

1. Customize the invoice with following features:

a. Add a logo placed in the top left corner.

b. Use the Friendly Style.

c. Name it Sales Invoice Template.

d. Choose Helvetica font.

e. Relabel the Invoice Sales Invoice.

f. Remove all header information except for Company Name and Address.

g. In the body of the invoice include the following:

i. Description (you may have to relabel this field)

ii. Quantity

iii. Rate

iv. Amount

v. Tax

h. Add a message in customer message that reads: Thank you for your business!

i. Save the template.

2. To remind customers of outstanding invoices, send a reminder email to all customers with outstanding balances.

3. Create a GST Summary report for Jon and Alice to review.

4. File Sales Taxes for the period from your start date to today.

5. Pay your Sales Taxes for the filed period.