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Part 1: Benefits of QuickBooks Software
Who knew how much work it could be to run a restaurant?! You are doing well in your new business and have done a wonderful job exploring the accounting equation, chart of accounts, and recording transactions. Previously, you did some research to find out what QuickBooks is and how it might be helpful in recording business transactions. You will do a bit more research on QuickBooks here to find out what it is capable of, beyond just recording business transactions. Explain to your classmates how QuickBooks might be able to help you with the trial balance and financial statements.
Part 2: Pay the Cooks
By now, your fictitious restaurant has been up and running for a short time. Hopefully your customers are all going home with a full stomach and a plan to return again soon! You have already looked at how QuickBooks might help you begin to record your business transactions. Explain the five basic steps of transaction analysis. After explaining the steps, walk through the steps for the following transaction: You paid your kitchen cooks $500 in cash for their first week of work.
Be sure to address both Part 1 and Part 2 in your initial post. In your responses to your instructor and peers, elaborate on the topics, share additional experiences, ideas, or research, and ask additional questions to keep the conversation moving.
Please make your posts by the due date assigned. Refer to the discussion rubric for grading details.