QUICKBOOKS ASSIGNMENT

Name: Shawaiz Zia (211350043)-GL

Haseeb Ur Rehman (211350016)
Hafiz Baseer Ur Din (201350046)
Ahmad (211350085)
Umar Jahangir (191360197)
Usaid Bin Sohail (211350004)

Tile of Course: Accounting Information System CS 322

Section: A
Instructor: Sir Aqib
Date of Submission: March 10, 2024

Shawaiz Zia 211350042

 Page of Acknowledgement
Due to this course, we learn many knowledges how to recording a dailies transition as in
professional. In this course we learnt different software about accounting. An
acknowledgement about accounting information system AIS. Is that could express term
involving its development and ongoing support. It also knowledge about accurate data for
informed and also help to in decision making in organization and also take it easy for click
only once and check financial reports and also easy to decision making of that. In this class
we learn how to preparing charts of accounts, IDs of customer. ID of vendors, Inventory
Recording. Also, many limitations of this class like many important would not properly
deliver I thing so that in my opium many learning skills would be develop in this course. I
thing that that university provides new software of AIS. So, providing labs of particle
performing. Also manage the workshops. And proper training of this course. They are many
draw bags of that course that not providing proper information about this. It much be clear
the student understandings.
We don’t have a knowledge of accounting ratios. Most of the thing which we can experience
in this course but I think the class teacher would teach about that firstly. Many things
Weakness in this course I think it much be better in time going.

Shawaiz Zia 211350042

 Declaration
I Shawaiz Zia hereby declare that this business report is full prepaid myself. Not cheat
anybody. I selected the business of my father the Company Name is Youns and Sons. That is
properly linked with whole sale and manufacturing of Plastics and Trader of stainless steel
and Irons produce. For proof I have its accountings books as were as pic and also declare
their bill books its purchase book its sales credits books. and I also declare this 100-mark
assignment is only my effort. I own prepared this all assignment. I declare this assignment
including data that I should in preparing this report.

Shawaiz Zia 211350042

 Executive Summary
While collecting the financial records we found out that M Younas and Sons operated their
financial information via manual accounting books i.e. various ledger books for accounts,
liabilities, bank statements, and income statements. This was a time taking work but given the
quality of the records, we used accounting software and now it takes us a fraction of the time
to handle this. This work was done during December 1, 2023 to December 31, 2023 and it
involved routine sales, payables, receivables, assets and their depreciation.
First, I set up a chart of accounts for a business selling iron and stainless-steel products called
Younas and Sons in a similar setup with opening balances. Then, I set up customer profiles in
the software that included address, contact information, and their product preferences. I
established vendor profiles, including outstanding balances and historical purchases. I
compiled inventory records to reflect the business’ current stock levels. Subsequent to this
process, sales invoices and purchase orders were created in the system. Daily journal entries
were recorded in QuickBooks accounting software. Finally, the company’s financial health
was analysed using accounting ratios. This analysis gave me the tools necessary to provide
valuable information to the business owner for decision making purposes. With the tools
learned through this process, I have the ability to construct income statements and other
financial reports as required by the assignment requirements.

Shawaiz Zia 211350042

 Table of Contents
1 Introduction of Company...................................................................................................6
1.1 Scale of Business.......................................................................................................6
1.2 Product(s)...................................................................................................................6
1.3 Customers...................................................................................................................6
1.4 Venders......................................................................................................................6
1.5 Departments of YounasAndSons...............................................................................6
2 Pictures...............................................................................................................................7
3 Flow Chart..........................................................................................................................8
4 About QuickBooks.............................................................................................................9
4.1 Understanding AIS.....................................................................................................9
4.2 Exploring QuickBooks...............................................................................................9
4.3 Integration..................................................................................................................9
4.4 Benefits....................................................................................................................10
4.5 Case Studies.............................................................................................................10
4.6 Future Trends...........................................................................................................10
4.7 QuickBooks Reports and Sequence.........................................................................11
5 Bookkeeping System........................................................................................................11
6 Data of Accounting the Using of Company.....................................................................12
6.1 Assets of company...................................................................................................12
6.2 Receivables of Accounts..........................................................................................12
6.3 Payable of Accounts.................................................................................................12
7 Data of Accounting the Using of Company.....................................................................13
7.1 Items of Inventories.................................................................................................13
7.2 Conclusion to the Assignment..................................................................................13
7.3 Suggestions to Younas and sons..............................................................................13

Shawaiz Zia 211350042

 1 Introduction of Company
The organization that I selected is irons and stainless steels sheets. It’s a trading business. It’s
my father business this organization would come into 1990s.The company name is M.
YounasAndSons. It’s a wholesaler business. The address of this business is main gonadal
Road Steel Market GRW.
1.1 Scale of Business
My organization is a small-scale organization. It’s a sole proprietorship business with single
owner. Its production of sale all most in cash and also on credit. Its production sale per month
is 50Ton.
1.2 Product(s)
The products sold by YounasAndSons are Iron GP sheets, Iron Silvery sheets, Stainless steel
Magnet sheets, Stainless steel Non-magnet sheets, Plastic 700#, Plastic 1000#, Plastic 1500#,
Plastic 2000#.
1.3 Customers
In term of iron and stainless sheets. Different types of customers which use this as raw
material to complete consumer product. Like in term of stainless steel the maker of Stainless-
steel crockery items. The majority of sales of the company are generated by the Truck
Manufacturers. In term of plastic the chair making industries customer, washing machine
body makers customers, the home appliances makers like grazers, cooking ranges.
1.4 Venders
The main vendor of the iron is ISL (international steel and ltd.). In Pakistan the only company
of iron gallivanting process. In stainless steel vendor is only China. In over organization the
stainless- steel importer dealer will be vendor. In terms of plastics the Plastic crashers of raw
material is main vendors.
1.5 Departments of YounasAndSons
There are three departments in this organization. First is Accounts Department which leads to
accountant. Second is Purchasing and Sales Department which owner my father. Third is
Labour and Inventory Department which leads to special employee name is Qasir.

Shawaiz Zia 211350042

 2 Pictures

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 3 Flow Chart

Purchase different
Purchases

Inventory Into ware

house

Order taking of different

Products

Products sold to
customer

Preparing sales invoice and

recording into books

Payment of Product as
cash.

Shawaiz Zia 211350042

 4 About QuickBooks

In the contemporary society of digital era, effective financial management has emerged as an
imperative enabling businesses of all sizes to function smoothly. QuickBooks is one of the
leading accounting software solutions developed by Intuit that is developed with
comprehensive set of accounting tools for managing finances, invoices, expenses, and
reports. This paper delves into significance of Accounting Information Systems (AIS),
various functionalities of QuickBooks, Integration capabilities, benefits, case study evidences
of the effectiveness of QuickBooks, emerging future trends, and importance of QuickBooks
reports.

4.1 Understanding AIS

Accounting Information Systems meld together different processes of financial management

into one central system that can make all of your accounting operations cost effective,
accurate, and provide you with insights on the general financial health of your organization.
Some of these software solutions, for instance, include QuickBooks, which can turn
bookkeeping, payroll management, tax filing, and financial reporting all pain-free. This
means that you can make quicker and more informed decisions about improving your current
financial workflow and use real-time data to make decisions.

4.2 Exploring QuickBooks

QuickBooks is a powerful, adaptable accounting system that can be moulded to your

specifications for a range of small to mid-sized businesses. It sports a user-friendly interface
and an impressive number of features designed to make it a one-stop shop for your financial
management needs. This includes the ability to track your income and expenses, create and
send invoices, run payroll, reconcile your checking account, and much more. It’s available in
a variety of versions, including desktop and online editions, to serve a range of business
operation needs and preferences.

4.3 Integration

One of QuickBooks’ key strengths is its ability to seamlessly integrate with other business
applications. Integration with banking institutions, payment gateways, customer relationship
management (CRM) software, e-commerce platforms, and many more is available. This
ensures that data flows between systems is smooth, eliminating manual data entry errors and

Shawaiz Zia 211350042

improving overall efficiency. Transactions can be synchronized, as can customer information,
and inventory data, ensuring consistency and accuracy across multiple platforms.

4.4 Benefits

Following are few of the advantages QuickBooks delivers to businesses:

 Time efficiency: Cash and accounts receivable (A/R) management are automated.
QuickBooks Payments users get paid 2x faster than companies using paper checks.
 Accuracy: The software saves time and eliminates the most common sources of
human error in reconciling financial records.
 Financial insights: QuickBooks online accounting software provides real-time
income, expense, and profit information, enabling easy access and understanding of a
company’s financial condition.
 Cost savings: Increased financial accuracy often provides direct soft-cost savings as
well as likely avoidance of those costs associated with inaccuracies.
 Scalability: QuickBooks grows with a company, offering solutions from on-premises
packages to cloud-based services.

4.5 Case Studies

QuickBooks has driven significant improvements in financial management processes for
several businesses. For example, a small e-commerce start-up using QuickBooks Online
made invoicing and inventory management efficient, reducing administrative overhead by
30%. For a local restaurant chain using QuickBooks Desktop, integrating with their
scheduling software meant payroll processing went from 15 hours to 7.5.
4.6 Future Trends

The future of accounting software like QuickBooks will likely be characterized by a deeper
and more widespread integration with artificial intelligence (AI) and machine learning (ML).
Such technologies will continue to automate things like transaction coding and adding
predictive analytics and machine learning to the reporting function. They will also likely play
a role in further securing the tons of valuable financial data these systems will continue to
aggregate. Integrations with other emerging technologies such as blockchain will likely be
the norm, adding in transparent, auditable financial transactions ledgers to the mix.

Shawaiz Zia 211350042

4.7 QuickBooks Reports and Sequence

QuickBooks offers a variety of reports to help businesses analyse their financial performance
generate the reports. Some of the prescription reports include profit and loss statements,
balance sheets, cash flow statements, sales reports, and expense reports. The sequence to
generate the reports typically includes selecting the desired report type, specifying the
reporting period, customizing parameters if necessary, and generating the report. Reports
offer insights into revenue trends, expense patterns, profitability, and overall financial health,
which are essential for businesses to make data-driven decisions and plan for the future
effectively.

5 Bookkeeping System
In Youns and Sons, company records the Daily Transition Manual as different books prepare
called Khat book and also used cracked software Buzzy win. In Buzzy Win software is easy
and User Friendly, but has no detail software than I recording their sales expenses assets I
that is too much in detail. And also, coverage of their accounts easily. In company that using
manual sales Books which they written Their specific inventory its grade, its weight and
Multiply By its special rate now in this software. The prepare sale involves as they were
recording in customer account. Its more convict of Younas and sons.
In term of Purchases inventory, the Company Younas and sons and prepare inventory books
the Account payable books the recording in account payable than record own assets.
In Now Youns and sons company use QuickBooks that they incurred the Prepared a
Purchases Order and automictically a would be enter in this as stock of inventories and also
added in liabilities.
Abounding the term of Employees Expenses Wages their payroll the company serrate
preparing books how the previous books were incurred on their calculation in now the
prepare the payroll account and incurred their expenses or easy with one-time incurred
formula and the calculation much be easy so it’s very helpful.

Shawaiz Zia 211350042

 6 Data of Accounting the Using of Company

6.1 Assets of company

Asset Cost Rs Life Annual Monthly
Depr.Rs: Depr.Rs

Plastic Machine 758000 10 years 10% (75800) 6316

Building 10,000,000 15 years 15% (1,500,000) 125000

Lift 4,000,000 10 years 20% (800,000) 66667

Furniture 560000 5 years 32% (67,200) 5600

6.2 Receivables of Accounts

ID of Receivable Name Receivables’ Rs Location Contact No
1001 Yousaf sab 10,586,067 Dingha _ saria 0302 4141841
gaila Trunk
1002 Metro home 6,902,526 Main Indus 03025566771
appliances block grw
1003 Farhan Plastic 620,600 State 2 Grw 03006535211
1004 Sajid Kamoki 1,645,584 Kamoki 0342600768
1005 Habib Rasheed 1,430,050 Gujrat 03009876567
6.3 Payable of Accounts
ID’s Name Contact Location Payables Rs
2006 Ch sultan 03211450186 Faisalabad 10,000,000.00
2005 Mohsin 03323121560 Karachi 7,990,090.00
2001 Amir Shakeel 03101930015 hedrabad 100,780.00
2002 Intera 03092245708 Gujranwala 7,000,000.00
Corporation
2004 Sheikh Atif 03045443404 Sialkot 12,055,000.00

Shawaiz Zia 211350042

 7 Data of Accounting the Using of Company
7.1 Items of Inventories
Code Name M.stock B.Rs P. Rate Sold INV
3139 Iron Sliver 13833.5 64,500,74 288 1254 kg
3134 Stainless steel 5395.94 24,66,380 345 701
3132 Iron color 20172 6,036,000 298 389
3137 Plastic 1000 560 2,520,000 4500 252
3131 GP iron 13833 4122234 289 7850
7.2 Conclusion to the Assignment

The conclusion of this assignment we learn how we accounting in Professionally in different

accounting software how we can apply this ratio in different ways that is were significant of a
business of metals there accounts How the check and Balances of the company expenses, its
assets its deprecation, its performances of different Liabilities its convey its total report of the
year in one click we learn the most thing in this there recording style its computed its stock
inventory how the business are stablish In markets and how it would cover its Expenses Its
benefit position of that Youns and Sons. The conclusion of the assignment that whole of her
practice’s an accounting in new styles its recording of mainly in that how simples it is to
recording the translation and its coverage it’s all finances of that I only in one software. This
is almost conclusion that how we Prepare a report of accounting the main practices of entries
and prepare Charts of account. QuickBooks is a potent tool for businesses to streamline their
financial management. By understanding its functionalities, integration capabilities, and
future trends, businesses can harness the true potential of QuickBooks to optimize their
accounting operations, enhance efficiency and drive long-term business success.

7.3 Suggestions to Younas and sons

I suggestion that to increase there working labor, there varieties of Stock Also manages
their position of their stock with specific number also better their recording reports To
maximize profits.

Shawaiz Zia 211350042