Francesco Panaccione

Professor Lori Hofer

ACC 340
QuickBooks Chapter 5
Question 1
Provides a track record of purchases, aids in financial forecasting, and ensures both parties have
clear expectations regarding the transaction
Question 2
Click and hold your mouse between two columns and drag to the left to decrease the width of a
column and drag to the right to increase the width of a column.
Question 3
You are essentially sending a separate request for a new set of goods or services, with its own
specific details like quantity, price, and delivery date
Question 4
Accounts Payable (a liability account), which is increased with the amount of the bill, and the
relevant "Inventory" asset account
Question 5
A listing of possible bills that can be paid appears
Question 6
Click and hold mouse between the column being widened and another > Drag the mouse to the right
Question 7
1. Select Banking then Enter Credit Card Charges
2. Choose the credit card account
3. Select the vendor
4. Enter the date
5. Optionally, add a memo
6. Select the Expenses or Items tab
7. Enter the expenses or items to track
8. Select Save & Close
Question 8
To record a check for something other than bills:
1. Go to the "Banking" or "Expenses" menu.
2. Select "Write Check" or "New Check."
 3. Enter the payee, check details, and amount.
4. Select the appropriate bank and expense account.
5. Optionally, add a description.
6. Save or record the check.
This tracks the expense without needing a bill.
Question 9
To view a transaction report for a checking account from a trial balance, follow these summarized
steps:
1. Log into your accounting system.
2. Access the trial balance report for the relevant period.
3. Locate the checking account in the trial balance.
4. Click on the checking account to view detailed transactions.
5. Generate the transaction report by setting the date range and filters.
6. Run the report to display all relevant transactions.
7. Review and export the report as needed.
This process will allow you to access and analyze the transactions related to your checking account.
Question 10
From a trial balance click the inventory account balance to view its transaction report. b. Click
Reports in the navigation bar, then Inventory and Transactions to view the transaction report.
Matching
a. Purchase order - A formal means to order products from vendors
b. Due on receipt - Pay a bill within 30 days after the bill date
c. Bill - An invoice sent by a vendor to a customer
d. Net 30 - Terms that provide no credit
e. Item detail section - Purchases that affect inventory are recorded here
f. Category detail section - Purchases that don't affect inventory are recorded here
g. Pay Bills - Paying vendors who have billed you
h. Check - Task used to record checks in the checking account
i. Expense - Task used to record credit card charges
j. Vendor - Suppliers of products and services
Case Study 1
1. Add New Vendors
Vendor 1:
▪ Name: Stewart Surfboards
▪ Address: 2102 $ El Camino Real, San Clemente, CA 92672
 ▪ Terms: Net 30
Vendor 2:
▪ Name: Village Travel
▪ Address: 100S El Camino Real, San Clemente, CA 92672
▪ Terms: Due on receipt
Vendor 3:
▪ Name: Office Depot
▪ Address: 101 Main St., San Diego, CA 92600
▪ Terms: Due on receipt
2. Add New Accounts
Account 1:
▪ Name: VISA (Credit Card)
▪ Account Type: Credit Card
▪ Detail Type: Credit Card
Account 2:
▪ Name: Supplies Asset
▪ Account Type: Other Current Assets
▪ Detail Type: Other Current Assets
3. Add New Tracked Products
Product 1:
▪ Name/Description: California Nose Rider
▪ Initial Quantity on Hand: 0
▪ As of Date: 01/02/24
▪ Inventory Asset Account: Inventory Asset
▪ Price: $3,200.00
▪ Cost: $1,700.00
▪ Income Account: Sales
▪ Expense Account: Cost of Goods Sold
Product 2:
▪ Name/Description: 808
▪ Initial Quantity on Hand: 0
 ▪ As of Date: 01/02/24
▪ Inventory Asset Account: Inventory Asset
▪ Price: $2,700.00
▪ Cost: $1,500.00
▪ Income Account: Sales
▪ Expense Account: Cost of Goods Sold
4. Record Purchase Orders
Purchase Order 1 (01/02/24)
▪ Vendor: Channel Islands
▪ Products Ordered:
▪ Fred Rubble, QTY: 5
▪ Rook 15, QTY: 4
▪ The Water Hog, QTY: 1
Purchase Order 2 (01/03/24)
▪ Vendor: Stewart Surfboards
▪ Products Ordered:
▪ 808, QTY: 2
▪ California Nose Rider, QTY: 1
5. Record Bills
Bill from PO #1001 (01/05/24)
▪ Vendor: Channel Islands
▪ Terms: Net 15
▪ All items ordered were received
Bill (01/08/24)
▪ Vendor: San Diego Gas & Electric
▪ Terms: Net 15
▪ Category: Utilities
▪ Amount: $145.00
Bill (01/09/24)
▪ Vendor: Prime Properties
▪ Terms: Net 15
 ▪ Categories and Amounts:
▪ Rent or Lease: $2,500.00
▪ Prepaid Expenses: $5,000.00
6. Pay Bills
Payment to Channel Islands (01/19/24)
▪ Method: Check
▪ Check No.: 1001
▪ Amount: Pay all bills due to Channel Islands
7. Record Credit Card Charge
Charge (01/10/24)
▪ Vendor: Village Travel
▪ Using Credit Card: VISA
▪ Category: Travel
▪ Amount: $1,800.00
8. Record Check
Check (01/11/24)
▪ Check No.: 1002
▪ Vendor: Office Depot
▪ Amount: $375.00
▪ Account: Supplies Asset
9. Generate Reports
Trial Balance as of January 31, 2024

Account Debit Credit

Checking $16,325.00

Accounts Receivable $1,030.00

Inventory Asset $11,800.00

Prepaid Expenses $8,000.00

Supplies Asset $375.00

Undeposited Funds $5,000.00

 Account Debit Credit

Furniture & Fixtures: Depreciation $10,000.00

Furniture & Fixtures: Original Cost $40,000.00

Accounts Payable $1,800.00

VISA $60,000.00

Notes Payable $1,000.00

Common Stock

Opening Balance Equity $5,500.00

Retained Earnings $2,160.00

Sales $170.00

Services $1,300.00

Cost of Goods Sold $2,500.00

Rent or Lease $1,800.00

Utilities $145.00

Total $88,275.00 $88,275.00

Transaction Reports
▪ Checking account transactions
▪ Inventory Asset account transactions
▪ Accounts Payable (A/P) account transactions
10. Final Adjustments
Ensure the trial balance matches the format and is dated in January 2024.
Review Transaction Reports for errors.
Consult with instructor if required.
11. Export Reports
Export Trial Balance as Francesco Panaccione Ch 05 Case 01 Trial Balance.xlsx
Export Transaction Detail by Account report as Francesco Panaccione Ch 05 Case 01
Transaction Detail by Account.xlsx
12. Sign Out
Log out of the company account in the accounting system