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Fun with QuickBooks

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Megan Carroll
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6 views

Fun with QuickBooks

Uploaded by

Megan Carroll
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Fun with QuickBooks

Go to https://qbo.intuit.com/redir/testdrive

Scan the sidebar items to get a sense of the robustness of QuickBooks. Don’t get overwhelmed -
we will do a laser-focused dive into a few key areas.

Under reports, find the income statement


Scan the different sections of the income statement (noting the ‘anchors’ of Total
Income, Total COGS, Gross Profit, Total Expenses, and Net Income)
Document the dollar amount for net income

Under reports, find the balance sheet


Scan the different sections of the balance sheet (noting the ‘anchors’ of Current
Assets, Fixed Assets, Total Assets, Current Liabilities, Long-term Liabilities, Total
Liabilities, and Total Equity).
Document the dollar amounts for:
Cash on hand (the sum of your bank accounts - checking and savings)
Accounts Receivable (A/R)
Accounts Payable (A/P)

Class discussion

You make a sale (yeah!). And every time you make a sale, you must record that sale.
On the left side menu, go to ‘sales’/’invoices’
Create an invoice for $1,000 (net 30)
‘Save and send’ and ‘send and close’

Now that you have made a sale, review the following reports and document how the number
has changed (from what you recorded earlier):
Income statement - net income
Balance sheet - cash on hand (the sum of your bank accounts - checking and savings)
Balance sheet - Accounts Receivable (A/R)
Balance sheet - Accounts Payable (A/P)

Fun with QuickBooks - ©2022 Michael S. Lehman - Page 1of 2


Class discussion
● What did you discover?
● What questions do you have?
● What did you learn about discounts?

You need to stock up on your COGS, so you make a purchase (for which you will receive a bill
and then have 30 days to pay). And every time you make a purchase, you also have to record
that purchase.
On the left side menu, go to ‘expenses’
Create a ‘new transaction’ - a ‘bill’ for $500 with terms of 30 days
‘Save and schedule payment’
Review the following reports and document how the number has changed (from what you
recorded earlier):
Income statement - net income
Balance sheet - cash on hand (the sum of your bank accounts - checking and savings)
Balance sheet - Accounts Receivable (A/R)
Balance sheet - Accounts Payable (A/P)

Class discussion
● What did you discover?
● What questions do you have?
● What did you learn about ‘categories’?
● Why is there a drop down box for the customer if this is an expense for your business?

● What happened to A/R. A/P, net income, and cash?

Other activities:
➢ Receive payment (via sales)
➢ A/R Aging Summary
➢ Pay bill (via expenses)
➢ Let’s talk mileage - what is the IRS standard mileage rate?
➢ If you want to begin using QuickBooks for your business, what are the different types of
QuickBooks plans and pricing?

Fun with QuickBooks - ©2022 Michael S. Lehman - Page 2of 2

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