Reference no: EM131011380
Section I: Overview
Provide a general overview of QuickBooks. Make sure the overview provides the reader with a general understanding of the application, including costs and functionality.
Section II: Transactional Processing and Data Management
Describe how QuickBooks handles processing the accounting transactions and recording business activities for the revenue, expenditure and financing cycles. You should provide at least one detailed example of how one would record a specific accounting transaction/ business activity for each of the three transaction cycles below. Address the following questions in this section of the report.
1. Revenue Cycle (Answer the following questions)
How can you create and maintain customers?
How can you create customer invoices?
How can you apply customer payments?
What reports can you run to provide you with information regarding your customers and their orders? Describe them.
What reports can you run in order to provide you with information regarding key revenue cycle information - sales, accounts receivable, cash?
2. Expenditure Cycle (Answer the following questions)
How can you create and maintain vendors?
How can you create and maintain inventory?
How can you generate payments to vendors?
What reports can you run to provide you with information regarding your vendors and your accounts payable? Describe them.
What reports can you run in order to provide you with information regarding key expenditure cycle information - purchases, inventory, and cash?
3. Financing Cycle (Answer the following questions)
How can you create and maintain the chart of accounts?
How can you post journal entries?
What are the key financial statements that are available? Describe them.
What are some key reports one can generate to measure the firm's financial performance?
Section III: Reporting
An ERP system can produce volumes of information useful for running the business. For the Income, Expense, and Finance cycles, list three reports for each of these areas. Describe how the report is used and why it is important in this section.
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Accounts payable increase spontaneously with sales
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Decided to refinance the remaining loan balance
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