financial accounting lab project

(Quick book 2016)

SARA SANA (22L 6519)

miss gulam fatima
FAST school of management
Contents
company setup...........................................................................................................................................2
September employ payroll.......................................................................................................................22
october employ payroll............................................................................................................................23
November employ payroll........................................................................................................................24
December employ payroll........................................................................................................................26
September income and expense..............................................................................................................36
Customer sales payment..........................................................................................................................50
October expenses and income.................................................................................................................54
November income....................................................................................................................................70
December income data.............................................................................................................................80
Analysis:....................................................................................................................................................90
Profit and loss statement:........................................................................................................................90
Account receivable aging summary..........................................................................................................92
Profit and loss statement in excel:...........................................................................................................98
Sales analysis:.........................................................................................................................................100
Income and expense graph:....................................................................................................................102
Vendor balance summary.......................................................................................................................102
Balance sheet:.........................................................................................................................................104

1
company setup

2
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September employ payroll

22
october employ payroll

23
November employ payroll

24
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December employ payroll

26
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September income and expense

36
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Customer sales payment:

50
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October expenses and income

54
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November income

70
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December income data

80
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General enteries (accrued expense):

88
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Analysis:
Profit and loss statement:

90
Interpretation :
A loss of -1408150.21 in a profit and loss statement means that the business has incurred more
expenses than revenue earned during the period for which the statement is being generated. In
other words, the total expenses of the business were greater than its total revenue, resulting in
a net loss.

This could be due to a variety of reasons, such as high operating expenses, low sales, or
unexpected costs. It's important to investigate the reasons for the loss and take appropriate
actions to address them, such as reducing expenses, increasing sales, or revising the business
strategy.

91
Account receivable aging summary

Interpretation:
The amount of money overdue by up to 30 days is 2,715. This means that there are outstanding
invoices that are not yet past their due date, but the payment has not been received yet.
The amount of money overdue by 31 to 60 days is 22,037. This indicates that some customers
have invoices that are past their due date, and the payment has not been received for over a
month.
The amount of money overdue by 61 to 90 days is 6,993. This indicates that some customers
have invoices that are past their due date, and the payment has not been received for over two
months.
The amount of money overdue by over 90 days is 3,447. This indicates that some customers
have invoices that are severely past their due date, and the payment has not been received for
over three months.
Overall, the aging summary report suggests that the business has outstanding debts owed to it
by its customers, and some of the customers have been delaying their payments for an
extended period. The report can help the business to identify the customers with overdue
invoices and take appropriate actions to collect the outstanding debts.

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Sales by customer detail

93
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Interpretation:

96
t provides a summary of sales made to each customer within a specific period. This report
provides information on the total sales made to each customer, as well as the details of
individual transactions that contribute to the total amount. a business can identify its most
profitable customers and the customers who need more attention to increase sales. The report
can also help the business to identify trends in customer behavior and preferences, enabling it
to adjust its sales strategies and marketing efforts accordingly. Additionally, the sales by
customer report can help the business to identify any customers who have not made any
recent purchases and might need follow-up to encourage them to continue doing business with
the company.

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Profit and loss statement in excel:

98
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Sales analysis:
Sales analysis through items:

Interpretation:
A sales analysis graph is a visual representation of a business's sales data over a specific period.
It provides a way to quickly and easily analyze sales performance, identify trends, and make
informed decisions.the sales ananlysis by items is showing that we have highest sales in the 4
last months of data.the business had attracted the most customers in last month .
Sales analysis by the customer:

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Interpretation:
It provides insights into each customer's purchasing patterns, preferences, and profitability to
help businesses better understand and serve their customers.there is a gradual increase in
customer in last four months but are highest in December.

101
Income and expense graph:

Interpretation:
a business is experiencing a lot of bad debt expenses, it could be an indication of several
underlying issues. Here are some possible reasons why a business might be experiencing a lot
of bad debt expenses,there is gradual increase in payroll expenses but are at least amount as
compared to bad debts.

Vendor balance summary:

102
Interpretation:
A vendor balance summary provides a snapshot of the amounts owed to each vendor, which
can help a business assess the financial health of its relationships with those vendors. Overall,
the vendor balance summary can help a business manage its relationships with its vendors and
ensure that payments are made on time and accurately. This can help improve vendor
preference and ultimately contribute to the success of the business.

103
Balance sheet:

104
Interpretation:
The value of -1336901 in the balance sheet likely indicates a negative equity balance, meaning
that the liabilities of the company exceed its assets.
This negative equity balance could be a result of a variety of factors, such as accumulated losses
over time, high debt levels, or a decrease in the value of assets. It could also be a temporary
situation, especially if the company is in a growth phase and has invested heavily in its
operations.
However, a negative equity balance could also be a cause for concern, as it may indicate that
the company is experiencing financial difficulties and may be at risk of insolvency. It is
important for the company's management to investigate the underlying causes of the negative
equity balance and take appropriate steps to address them. This may include strategies to
improve profitability, reduce debt, or sell assets to improve the company's financial position.

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