Discussion 1,2,3 - The setup of a new company in QuickBooks

Discussion 1

· The setup of a new company in QuickBooks is very important. Mistakes during the setup may not be caught and could have long-term impacts. Identify and discuss at least three consequences that can occur when an accountant unknowingly sets up a firm’s company incorrectly. Justify your response.

Discussion 2

· Customers and suppliers are the foundation of the data that will be processed in your accounting system. Identify and discuss at least three things you can do to ensure that processing customer and supplier transactions are handled efficiently and effectively in QuickBooks. Justify your response. Briefly describe the difference between a supplier and a vendor.

Discussion 3

· Outside of payroll, inventory is a very large expense for firms. Identify and discuss at least three things you can do to ensure that processing inventory transactions are handled efficiently and effectively in QuickBooks. Justify your response.