Assignment 1: QuickBooks Interface
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 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
1.Explain the interface provided by the Accountant Copy File Transfer,
including the integration of your work into DCs accounting files.
2.Explain the proper accounting for the TakoSami transaction and the
effects / consequences of improperly recording this transaction.
3.Explain the key highlights you identified in the three (3) statements,
using your accounting knowledge.
4.Identify the errors that you found in your review and suggest a
5.Format your assignment according to the following formatting
a.Typed, double spaced, using Times New Roman font (size 12), with
one-inch margins on all sides.
b.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
•Generate financial reports for most small- to medium-sized businesses
•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