Assignment 1: QuickBooks Interface with Client

Assignment 1: QuickBooks Interface with Client
> Due Week 8 and worth 80 points
>
> For this assignment, you are acting as the owner of your very own accounting
practice. You are employed to assist Dominic Leonardo (owner of Dominic
Consulting) in setting up QuickBooks for his company and his free Intuit
Accountant File Transfer account. At month end, you received a .QBX file from
Dominic Consulting containing all of the organizations accounting work for the
month of January. Dominic is not clear on the purpose and security of the
Accountant File Transfer account and needs your assistance.
>
> Your service is to review the books of Dominic Consulting and advise Dominic of
any corrections needed. Using your accounting knowledge you will describe an
important outcome of the company's performance shown in three statements: the
Profit & Loss Statement, the Balance Sheet, and the Statement of Cash Flows.
>
> Dominic Consulting is using the Ask My Accountant feature of QuickBooks which has
led to a specific question. Dominic is unsure of how to record a retainer fee of
$2,400 from a new customer, TakoSami. As it stands, Dominic Consulting plans to
provide consulting services over the next three (3) months. He has not performed
any work for TakoSami and expects the work to be done evenly over the three (3)
months.
>
> Dominic Consulting wants to know if the following entry is correct:
> Cash
> .
> 2400
> .
> .
> Sales
> .
> 2400
> Hints: Accountants Copy is discussed on page 12.29, Ask My Accountant is discussed
on page 12.31, .QBX files are defined in Section 4: QuickBooks Extras are in
Section B, page B.2. Use these resources and other QB online sources for
additional details.
>
> Write a two to three (2-3) page business letter to Dominic Consulting in which you:
> Explain the interface provided by the Accountant Copy File Transfer, including the
integration of your work into DCs accounting files.
> Explain the proper accounting for the TakoSami transaction and the effects /
consequences of improperly recording this transaction.
> Explain the key highlights you identified in the three (3) statements, using your
accounting knowledge.
> Identify the errors that you found in your review and suggest a resolution.
> Format your assignment according to the following formatting requirements:
> Typed, double spaced, using Times New Roman font (size 12), with one-inch margins
on all sides.
> Include a cover page containing the title of the assignment, the student's name,
the professors name, the course title, and the date. The cover page is not
included in the required page length.
> The specific course learning outcomes associated with this assignment are:
> Generate financial reports for most small- to medium-sized businesses with
QuickBooks.
> Use technology and information resources to research issues in microcomputer
applications for accountants.
> Write clearly and concisely about microcomputer applications for accountants using
proper writing mechanics.