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Assignment 2: QuickBooks 2014 Project
Due Week 10 and worth 250 points
Assignment 2 is based upon the completion of the Live Project â€“ QuickBooks in Action (located in Chapter 13). This project will have you assuming the role of a consultant providing QuickBooks consulting services to a client. Your professor will provide a sample client to use for this project. As you work through the project, you will see there are seven (7) deliverables / milestones, of which only five (5) will be completed for this assignment:
- Milestone 1. Develop at least a five (5) page proposal for your project. In this milestone, your professor will provide a sample of a real-world client that needs assistance in establishing an accounting system using QuickBooks. Your professor will also provide you with some information about the client so you can develop a plan for a QuickBooks accounting system that will meet the clientâ€™s needs. Note: The title page, references, appendix, etc. are not included in the required page length. See scenario below.
- Milestone 4. Enter a list of sample transactions that were used to test the prototype and a series of QuickBooks reports that show their results.
- Milestone 5. Provide a one (1) page summary in which you:
a. Identify at least three (3) reports per area: Bills and Collections; Invoicing and Payments; Payroll; and Financial Reporting.
b. For each area, describe the key benefits that the reports will provide.
c. For each area, determine who will be using the reports and the frequency (e.g., ad hoc, daily, weekly, monthly, etc.) of their use.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the studentâ€™s name, the professorâ€™s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Assume you are the owner of a small CPA practice in a major metropolitan area. You have six professional employees, of which 2 are relatively new CPAs, and an experienced office manager. In the past, your practice consists primarily of tax and advisory services, but you want to expand the practice. Based upon your desires to expand the practice, you have found a potential new client. The client has a growing homeowners’ association consisting of 1000 homeowners, who is in the process of acquiring with four other homeowner associations within the next 90 days. This acquisition will increase the number of homeowners to 3000.
The new client is interested in using Quickbooks to perform the following functions:
1. Billing: Each month, the system will generate an itemized bill for each homeowner. The fees will vary from $100 to $200 per month, based upon the location of each home, and the type of home (townhouse or single family homes). Late fees are 20 percent per month of the unpaid balance. The bills are mailed the 25th of each month and payment is due by the 10th of the following month. .
2. Collections: Payments can be made in person (at the HOA main office); via mail (via a PO Box); or electronically. Payments will be deposited to the clientâ€™s account.
3. Payments: It is expected that the system will generate a minimum of 250 checks / payments each month to roughly 50 different vendors. These payments will cover a variety of services, such as expenses for
Â· office supplies
Â· rental space for the HOA
Â· utility expenses for the HOA office as well as for lighting for each of the 5 HOAs
Â· lawn care
Â· refuse & snow removal
4. Payroll: It is expect that the client will have roughly 20 full-time employees and 30 part-time employees. Employees will be paid on a bi-weekly basis. Payment will be made from the clientâ€™s payroll checking account, which is separate from the clientâ€™s primary account.
5. Reporting: It is expected that the system will be able to handle any and all reporting, including periodic financial statements.