Professional Documents
Culture Documents
Quickbooks Assignment PDF
Quickbooks Assignment PDF
Categories Examples
Assets (own) Land, car/boat,
1 FIXED COSTS house, computer
Liabilities (owe) Loan, rent, council
2 VARIABLE COSTS – long term rates
Expenses Staff, electricity,
3 short term advertising,
insurance
4 Revenue Price x quality
Definitions:
Asset – something that is owned and is a fixed cost
Liability – something that is owed, is a variable cost and usually long term (+ 5years)
Expense – something that is paid, usually short term
Revenue – something that is paid but are used up/run out
Owner’s equity – owners investment in the business
Use the following information to complete a balance sheet for Super Car's Business (owned by Jaimie) Exercise 2,
Balance
1 Jaimie invested $300000 into the business
Sheet:
2 Paid $70000 to buy a car with cash
3 Purchased $2000 worth of stock on credit
4 Paid $1500 cash to suppliers to reduce Accounts Payable
5 Purchased $5000 worth of stock on credit
6 Purchased a delivery van on credit worth $30 000
7 Jaimie withdrew $5000 cash and put it in his personal bank account
8 Purchased furniture on credit worth $ 6250
302000 302000
Exercise 3, Classification
1) Classify each of the following items as either an asset, liability, owner's equity, revenue or expense
*101900 12300 89600 Feb-01 Jaimie invested 300000 into the business
Feb-02 Paid $150000 cash to buy a building for the business
18200 16700 *1500 Feb-08 Purchased $1700 stock on credit
Feb-13 Paid $900 off Accounts Payable
Exercise 4, Class Balance Sheet Feb-16 Purchased land worth $180000 with a bank loan
Paid $750 off Accounts Payable and $280 for more
SEXY BOY INDUSTRIES Feb-19 stock
Feb-24 Owner withdrew $2000 cash.
Assets Liabilities + OE
Balance Sheet of Peter Smiths
Bank 5000 Bank loan 50000 Business:
Stock 5000 Car loan 5000
Shop 50000 Assets Liabilities + Owner's equity
Car 50000
Item Amount Item Amount
60000 60000
Total Assets 478050 Total L and OE 478050
This calendar was used to predict the
dates to write the process journals/plan
so that I knew exactly what the date
was and could document them more
accurately.
Situation: As an employee for a company, Fuzzy Finance that offers training for workers of large organisations it
is my duty to offer a course for these recruiters. QuickBooks is one of the courses that is provided.
Problem: I have been assigned the duty, from the Finance Manager of Fun Facts, of designing a demonstration
activity that can be used to provide education to an employee who has no knowledge of QuickBooks.
Task 2 – Plan:
The materials provided for the task include A4 paper and the resources and tools (equipment) eligible for use is
the QuickBooks program and Word Processing Applications such as Microsoft Word for displaying the final
assignment and Microsoft Excel for completing practice exercises and balance sheets.
Task 4 – Research:
a) What are expenses?
An expense is the amount/s paid for goods and services that may be currently tax deductible.
Nelson, T. (2006) Nelson Business Education. Victoria: Nelson Australia Pty Limited.
Moneychimp, 2009. Sales Revenue. [internet]
Avialable: http://www.moneychimp.com/glossary/sales_revenue.htm
[Accessed 17 June 2009]
d) What is Goods and Services tax?
The Goods and Services Tax (GST) is a broad-based tax of 10 per cent on the sale of most goods and
services and other things in Australia.
You must register for GST if; your business has a GST turnover of $75 000 or more ($150 000 or more
for non profit organisations), you provide taxi travel as part of your business, regardless of your GST
turnover.
By registering for GST, you will be entitled to claim input tax credits for the GST included in the price
paid for things that you acquire for use in your business. If you are not registered, you will not be able
to claim input tax credits.
Creditor applications
A creditor who has a judgment for a debt can also apply for an order forcing you to repay a debt by
instalments. A creditor would be likely to do this because payment over time is better than no payment
or irregular payment.
From the research is can be evident that the demonstration activity produced must be efficient, understandable
and engaging in order for the instructions it provides to be understood and interesting to follow. The example
transactions must be relevant and significant for a bookstore worker which will enable the user to relate to the
situations and become more comfortable recording the types of transactions they may encounter. This approach
will allow the employee to practice manoeuvring the amounts of cash in situations that they are presumably to
come to terms with during their career.
The information the demonstration activity displays must be understandable, easy to comprehend and follow.
Therefore, the instructions it offers must be shown using a program that allows the user to manoeuvre to the
different steps, hence, Microsoft PowerPoint will be used. This program will allow the employee using the
demonstration activity to easily convert from one step to another by using the slideshow features. This program
also allows images to be inserted in the slides which enables the user to view the steps visually that have to
perform in order to complete that particular transaction. Research has shown that some people understand
directions more clearly if they are displayed visually rather than reading the steps, this form of presenting the
information will therefore appeal to more people increasing the success of the tutorial.
Another requirement the QuickBooks tutorial should entail that was discovered from the research collated, is
that the employees using the demonstration course book need to understand the difference between assets,
liabilities, revenue, expenses and owners equity. This will ensure that the employees learning to use the
QuickBooks program understand where to put the cash amounts. Ensuring that they recognize these distinctions
will result in the success of the balance sheet and later the business.
NEEDS
Business 1 (Fuzzy Finance):
- The company I work for needs to supply an efficient QuickBooks demonstration activity for the
company, Fun Facts employees. The success of the course will be determined by the detail the
information is displayed in and also how easy it is to comprehend when translating the instructions on
the QuickBooks program.
- The tutorial that the business provides needs to meet the needs of the intended buyer in order for the
company to make a profit.
Business 2 (Fun Facts):
- The consumer business, (the business interested in purchasing the product) Fun Facts needs to have a
tutorial of how use QuickBooks. The business must also feel confident that the product purchased is
successful and works.
Employers:
- The employers need to be able to trust that the QuickBooks course is efficient and teaching their
employees how to use the program. The employee’s accuracy will determine the success of the
business and result in the profit the company receives from the customers.
- The employers need to know that the course demonstrates the right information and is teaching the
employees instructions that will be used during their working careers. The employer’s satisfaction with
the tutorial will ensure that the company continues to use Fuzzy Finance’s training programs and
therefore, making a profit for Fuzzy Finance.
Employees:
- The employees need to be able to use the functions easily and properly to create balance sheets using
the QuickBooks programs in order for them to do their job properly. Their accuracy will determine how
trustworthy the business is and impact on the profit the business makes.
Customers:
- The customers need to have suitable and precise balance sheets as their money is of great value to
them.
- Customers need to know where they are spending and saving their money, which essential for all
financial planning even when purchasing books. The customer’s satisfaction entailing the balance sheets
accuracy will determine their decision on continuing to buy from the store. This factor will contribute to
the profit the business makes as the amount of customers purchasing books will verify the amount of
money coming into the business.
TESTING
The demonstration QuickBooks course will be tested by inviting members of the public to trial the tutorial. Two
participants will be asked to follow the instructions provided by the QuickBooks tutorial and use the information
to complete a balance sheet. The success of the demonstration activity will be determined on whether the
participants can comprehend the information and correctly collate a balance sheet according to the scenario
provided.
The tutorial will be successful if the balance sheet displays the correct amounts under each appropriate heading
and therefore, the course will be appropriate for employees at Fun Facts to use and meet the requirements set
forth by the Finance Manager Mr Eroom.