BSMA 3E – GROUP 2

QUICKBOOKS
SUBMITTED TO: Prof. Kenrose Laguyo

MEMBERS: Baceloña, Hazel Hope

Barbon, Ian

Beboso, Vince

Delos Reyes, Shien Angel

Entrata, Erika

Ganarias, Gloria
PART 1

Learnings:

Creating/saving a company file

We have learned that the easiest way for a beginner

to setup a company in quickbooks software is to use
the Express Start rather than the built-in EasyStep
Interview. Wherein to do this, we just need to simply
click the QB icon in the desk top and then install later
if ask to install Quickbooks. Afterwhich the Express
Start will appear, click it and encode the information
needed for the company file. Click Preview Your
Settings, Chart of Account and mark check all the
suggested account titles. Lastly, click the Company
File tab, Change Location and browse for folder
where we can save our file.
Restore a backup file

We learned that restoring a backup file is one of the

most important components in Quickbooks as this
will enables you to go back to where you left or to
your save points in the case of encountering any
problems. It's very common to stop your work or exit
on QB when you are tired, so if you're back on work,
in order to restore your recent file is to first open the
file by clicking the QB icon and click open or restore
an existing company then click Next. This is to ensure
safety of the data.
Graphical User Interphase

Graphical user interface (GUI) enables a person to

communicate with a computer through the use of
symbols, visual metaphors, and pointing devices.

We learned that the GUI has different important

components containing different informations
with different functions. Among these are: First,
the Title Bar which contains the name of the
business and the QB Version you are using.
Second, Menu Bar that contains the File, Edit,
View, Lists, Favorite, Accountant, etc. Third, Icon
Bar which contains the shortcuts with icon. Lastly,
Home page that consist of five sections; Vendors,
Customers, Employees, Company and Banking
wherein each contain buttons with that you will be
using in dealing with transactions.
User of account numbers

We learned that owners or managers need to use

the account numbers in order to manage accounting
system wherein assets are commonly assigned
numbers beginning with 1, liabilities with 2, equities
3, revenue with 4 and expenses with 5. In addition,
QuickBooks Accountant will assign all assets a 10000-
19999 account number depending on the asset type
and liabilities will be assigned a 20000-29999
number, and so forth. And to do this, you need to
first set up company preferences as this will provide
a way for turning certain features on or off, changing
the look of QuickBooks Accountant desktop, and
customizing how QuickBooks Accountant performs.
You need only click the Edit menu, then the
Preference and accounting under the Preference.
Lastly, we need to mark check Use account numbers
under the Company Preference tab.
Checking preference

We learned the steps of checking the preferences

following the Quickbooks manual. The preferences
allow us users to decide how we want QuickBooks
(QBs) to handle things or to set personal
preferences. Also, to which accounts should
QuickBooks automatically use for the different tasks
needed to be performed under your company file.
Updated GUI

In this section, we have learned how updated GUI

works and its procedures using the Quickbooks
manual. In continuation, simply click General (still
located under the preference list) and then the Chart
of Account seen at the upper right of the home page.
We just need to select or encode all the informations
needed or required including what are under the
items and inventory. The receive inventory button
that was added to the home page signifies that were
done updating the GUI until items and inventory in
the preference and ready to the next part.
Generate customer balance summary report as of
6/30/2021

In this part, we have clearly observed and

experienced the difference of manual accounting
and computerized accounting using the QuickBooks
software. Using the QB software, you really can save
time and effort in doing your work if you know how
to use it or correctly encode all the data or
information required. Unlike for the manual
accounting where you need to locate the papers
containing the data from your customers and use
calculator to calculate their corresponding balances
and totals, QuickBooks can do that easily. In
conclusion, we really need to study and become
expert of this software as this will help us to become
effective to our work in the future.
Generate customer contact list

Continuing the steps in the Quickbooks manual, we

learned that to generate customer contact list is that
we need click the customer contact list and run icon
under the Customers & Receivables section then
remove the Subtitle, Date Prepared, and Time
Prepared fields. Then click the Display tab and check
(left Margin), Customer, Balance Total, and Main
Phone and lastly, click OK. This will enable us to see
customer contact list in a presentable way and make
invoices and record transactions with regards to our
customers in the program.
Generate Vendor Balance Summary as of June
30,2021

In this part of the activity we have learned how to

setup the Vendor Balance Summary of Boston
Catering. It shows the current balance of the company
with each of the vendor which are Fiddlehead Cellare,
Sanford Winery and US Food Service. It is important
to make track of the balance of the company to know
what amount and to whom the bills should be paid.
Generate Vendor Contact List

We have learned how to add the contacts of the

vendors and making vendor contact list. This list
provides the summary of all vendor contact
information which is important to quickly manage the
contacts of the vendor and making emails or phone
calls.
Generate the Item Listing Report for Service Items

We have learned how to set up the services that the

company sells to the customers. It is important to set
up these services in order to quickly create invoices
that reflect the quantity and price of the services as
well as keeping track of the sales by services.
Generate the Item Listing Report for Inventory Parts

In this part we have learned how to keep track of

inventory cost and quantity of the products the
company buy or sale by making an inventory item list.
This will help in tracking what item is running low so
that the company could place an order before it runs
out.
Generate the Trial Balance as of July 1, 2021

We have learned how to setup a trial balance in

QuickBooks. Its main purpose is to help the company
correct the inaccuracies before the information is
transferred to the financial statements. It helps in
checking the debit and credit items of assets,
liabilities, expenses, and income.
Generate 5.38 (Chart of Accounts)

In this part, we have generated the chart of

accounts. Chart of accounts is a list of financial
categories in which all transactions of the business
will be categorized into, in order to produce a
financial report. It is important to generate a chart
of accounts as it affected two financial categories,
the Profit and Loss Report and the Balance Sheet.
Generate an Employee Contact List with phone

In this part we have learned how to setup an

employee contact list with phone numbers.
Employee Contact List shows the list of employees
with their addresses and phone numbers.
Generate a standard income statement for July 31,
2021

The income and statement must have a beginning

and must have an end when it comes to date as it
has a finite date range. QuickBooks has a small
triangle that could collapse and expand report that
could hide some of the details. The accountant could
choose whether the book is in accrual basis or in
cash basis. We could generate the net income which
is the bottom line of making the profit and loss
report. It is what matters as it is what banks and
investors usually look at first.
Generate a Balance Sheet as of July 31, 2021

After preparing Profit and Loss report, the next

step is to establish the Balance Sheet. As of July 31,
2021, the company provided the following
information about its assets, liabilities and owner's
contribution. To run this Balance Sheet, click
Reports in the left menu and then select Balance
Sheet in the Business overview section, view and
change options for the Balance Sheet by scrolling
up and click Customize to customize the Balance
Sheet further. It plays an important role as it
provides the accountants to see the status or
financial health, and for banks when applying for
loans.
PART 2

Generating a transaction list

Transaction List by Date is a support information

on major reports like Balance Sheet and Income
Statement, it is also good for billing system. To
run this report, click the Reports in the left menu
and then select Account and Taxes. After that, the
transactions will appear and listed based on its
date, we can double click the Accounts to provide
further account details. We also have the split
that indicates a more than 2 accounts involved.
Generate the accounts payable aging account as of
August 31, 2021

In preparing the A/P Aging Summary we have to

click Reports in the left menu and then select
Accounts payable aging summary in the Who owes
you section, change the general report options for
your Accounts Payable Aging Report in the menu bar
above your report and click Customize to customize
your Accounts Payable Aging Report further. This
report displays a list of the company's bills while
separating them by the number of days they are
overdue. It is also useful for prioritizing the payment
of the bills, especially when cash flow is tight. The
bottom line of the total column is the total amount
due and should match the company's total Account
Payable on its Balance Sheet for the same report
date.
Generate the accounts receivable aging account
as August 31, 2021

To run the A/R Aging Summary, we have to click

Reports in the left menu and then select Accounts
receivable aging summary in the Who owes you
section, change the general report options for
your Accounts Receivable Aging Report in the
menu bar above your report, and click Customize
to customize your Accounts Receivable Aging
Report further. This report lists the amounts owed
to you by customers, separated into columns
based on the number of days the invoice is
overdue. It is useful for both identifying problem
receivables that might require additional attention
as well as forecasting future cash receipts.
PART 3
Generate Income Statement for the period
7/1/2021 through 9/30/2021

In preparing Profit and Loss, first we need to click

Reports in the left menu and then select Profit and
Loss in the Business overview section. Secondly,
view and change options for the Profit and Loss
Report by scrolling up and lastly we click Customize
to customize the report further. This report is a
better indicator for profitability than cash flow as it
includes revenues and expenses that a company
either owed or owe, regardless of whether cash has
exchanged banks. Also, useful for a better matching
of revenues and expenses.
Generate Balance Sheet for the period 7/1/2021
through 9/30/2021

We learned how to make a balance sheet in

Quickbooks using the previous data. We also
discovered that it is possible to put multiple months
included in one statement. The balance sheet
provides a snapshot of a company’s assets, liabilities,
and equity at the end of an accounting period. These
three categories allow business owners and
investors to evaluate the overall health of the
business, as well as its liquidity, or how easily its
assets can be turned into cash.
Generate the Statement of Cash Flows for the month
of July

We learned the proper procedures on how to make

a cash flows statement in Quickbooks. The
statement looks very organized as it displays the
appropriate accounts on every activity therefore this
is beneficial for every accountant. The purpose of a
cash flow statement is to provide a detailed picture
of what happened to a business's cash during an
accounting period.v
Generate the Statement of Cash Flows for the month
of August

We learned the proper procedures on how to make

a cash flows statement in Quickbooks. The
statement looks very organized as it displays the
appropriate accounts on every activity therefore this
is beneficial for every accountant. The purpose of a
cash flow statement is to provide a detailed picture
of what happened to a business's cash during an
accounting period.
Generate the Statement of Cash Flows for the month
of September

We learned the proper procedures on how to make

a cash flows statement in Quickbooks. The
statement looks very organized as it displays the
appropriate accounts on every activity therefore this
is beneficial for every accountant. The purpose of a
cash flow statement is to provide a detailed picture
of what happened to a business's cash during an
accounting period.