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Why Students & Professional need help with Quickbooks Assignments and Tasks

1. Complexity of QuickBooks: QuickBooks is a powerful accounting software with various features and functionalities. For beginners, it can be overwhelming to navigate through its interface and perform tasks efficiently. Students and professionals may seek help to understand the software better and complete their assignments accurately.

2. Time Constraints: Students and professionals have busy schedules with classes, work, and other commitments. Managing time to learn and use QuickBooks effectively for assignments might be challenging. Seeking help allows them to focus on other important tasks while ensuring their QuickBooks assignments are completed on time.

3. Lack of Knowledge: Some students and professionals may not have prior experience or formal training in using accounting software like QuickBooks. They might need assistance in understanding the concepts and applying them correctly to solve accounting problems or generate financial reports.

4. Accuracy and Quality: QuickBooks assignments require precision and accuracy, as they deal with financial data. Students and professionals may seek help to ensure that their work is error-free and meets the required quality standards.

5. Expert Guidance: Getting help from experts in QuickBooks can provide valuable insights and tips on using the software efficiently. Professionals can also benefit from learning advanced techniques to streamline their accounting processes.

6. Meeting Academic/Professional Standards: Assignments are often evaluated based on specific guidelines and standards set by academic institutions or employers. Seeking help ensures that the assignments meet these requirements and improve the chances of getting better grades or evaluations.

7. New Updates and Features: QuickBooks regularly introduces updates and new features. Students and professionals may seek help to stay updated with the latest version and use its functionalities effectively in their assignments and tasks.

8. Confidence Boost: By seeking help and gaining a better understanding of QuickBooks, students and professionals can boost their confidence in using the software for future tasks and real-world applications.

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Example QuickBooks Question: 
ACC-260 QuickBooks Assignment 1 Complete This Assignment After Following “ACC-260 QuickBooks Online Registration Instructions” In Course Materials. The Purpose Of This Assignment Is To Have Students Become Familiar With An Accounting Software Package That Is Used In Professional Practice. Students Will Set Up General Ledger Accounts Associated With

ACC-260 QuickBooks Assignment 1

Complete this assignment after following “ACC-260 QuickBooks Online Registration Instructions” in course materials.

The purpose of this assignment is to have students become familiar with an accounting software package that is used in professional practice. Students will set up general ledger accounts associated with manufacturing operations, enter journal entries and other typical business transactions, and produce standard output reports in QuickBooks.

Step 1:

Import your chart of accounts.

If you have previously used this QuickBooks company to complete your ACC-250 assignments, you will already have your chart of accounts imported and may skip this step.

Go to QuickBooks and log in to your company. From the menu on the left side of the screen, choose “Accounting” and select “Chart of Accounts.” Click on the green “New” at the upper right-hand side of the screen and choose “Import.” Using the “Browse” function, select the “ACC-260 QuickBooks Import File” provided in the topic materials. Click “Next.” Click “Next” again, and then click “Import.”

Step 2:

Update your chart of accounts to include accounts related to a manufacturer.

To convert your QuickBooks service company’s accounting system to that used by a manufacturing company, you will need to create eight new General Ledger accounts.

Those accounts are:

1. Raw Materials Inventory
2. Work in Process Inventory
3. Finished Goods Inventory
4. Wages Payable
5. Factory Overhead
6. Sales Revenue
7. Cost of Goods Sold
8. Selling and Administrative Expenses

Go to QuickBooks and log in to your company. Choose the “Accounting” menu from the left-hand side of the screen, and select “Chart of Accounts.” Click “New” (green button on the upper right side of the screen).

Enter the “Account Type,” “Detail Type,” and “Name” for each of the accounts listed above. You must determine the Account Type and Detail Type based upon your understanding of these accounts as learned in class. Enter “Save and New” to enter another account. “Save and Close” when you have entered all accounts.

I took the liberty of going to the QuickBooks software and got all the “Account Types” and their associated “Detail types.” Pay attention to the semi-colon in each detail type. Also, I would advise keeping this list for other QuickBooks questions that involve General Ledger Accounts.

Note: There can only be one Detail Type.

Type————–Detail Type

Accounts Receivable—————-Accounts Receivable

Other Current Assets —————Allowance for bad debts; Development costs; Employee cash advances; Inventory; Investment-mortgage/real estate loans; Investment-tax-exempt securities; Investment-U.S.-Government obligations; Investments-other; Loans to officers; Loans to others; Loans to stockholders; Other current assets; Prepaid expenses; Retainage; Undeposited funds.

Bank—————————————Cash on hand; Checking; Money market; Rents held in trust; Savings; Trust account.

Fixed Assets—————————-Accumulated amortization; Accumulated depletion; Accumulated depreciation; Buildings; Depletable assets; Fixed asset computers; Fixed asset copiers; Fixed asset furniture; Fixed asset other tools equipment; Fixed asset phone; Fixed asset photo video; Fixed asset software; Furniture & fixtures; Intangible assets; Land; Leasehold improvements; Machinery & equipment; Other fixed assets; Vehicles.

Other Assets—————————-Accumulated amortization of other assets; Goodwill; Lease buyout; Licenses; Organizational costs; Other long-term assets; Security deposits.

Accounts Payable (A/P)————-Accounts payable (A/P).

Credit Card——————————Credit card.

Other Current Liabilities————Federal income tax payable; Insurance payable; Line of credit; Loan payable; Other current liabilities; Payroll clearing; Payroll tax payable; Prepaid expenses payable; Rents in trust-liability; Sales tax payable; State/local income tax payable; Trust accounts-liabilities; Undistributed tips.

Long Term Liabilities—————-Notes payable; Other long term liabilities; Shareholder notes payable.

Equity————————————Accumulated adjustment; Common stock; Estimated taxes; Health insurance premium; Health savings account contribution; Opening balance equity; Owner’s equity; Pain-in capital or surplus; Partner contributions; Partner distributions; Partner’s equity; Personal expense; Personal income; Preferred stock; Retained earnings; Treasury stock.

Income———————————-Discounts/refunds given; Non-profit income; Other primary income; Sales of product income; Service/fee income; Unapplied cash payment income.

Other Income————————-Dividend income; Interest earned; Other investment income; Other miscellaneous income; Tax-exempt interest.

Cost of Goods Sold—————-Cost of labor-COS; Equipment rental-COS; Other costs of services-COS; Shipping, freight & delivery-COS; Supplies & materials-COGS.

Expenses——————————Advertising/promotional; Auto; Bad debts; Bank charges; Charitable contributions; Communication; Cost of labor; Dues & subscriptions; Entertainment; Entertainment meals; Equipment rental; Finance costs; Insurance; Interest paid; Legal & professional fees; Office/general administrative expenses; Other business expenses; Other miscellaneous service costs; Payroll expenses; Payroll tax expenses; Payroll wage expenses; Promotional meals; Rent or lease of buildings; Repair & maintenance; Shipping, freight & delivery; Supplies & materials; Taxes paid; Travel; Travel meals; Unapplied cash bill payment expense; Utilities.

Other Expenses———————Amortization; Depreciation; Exchange gain or loss; Gas and fuel; Home office; Homeowner rental insurance; Mortgage interest home office; Other home office expense; Other miscellaneous expense; Other vehicle expenses; Parking and tolls; Penalties & settlements; Property tax home office; Rent and lease home office; Repairs and maintenance home office; Utilities home office; Vehicle; Vehicle insurance; Vehicle lease; Vehicle loan; Vehicle loan interest; Vehicle registration; Vehicle repairs; Wash and road services.