QuickBooks Interface with Client

• Assignment 1: QuickBooks Interface with Client
Due Week 8 and worth 80 points

For this assignment, you are acting as the owner of your very own accounting practice. You are employed to assist Dominic Leonardo (owner of Dominic Consulting) in setting up QuickBooks for his company and his free Intuit Accountant File Transfer account. At month end, you received a .QBX file from Dominic Consulting containing all of the organizations accounting work for the month of January. Dominic is not clear on the purpose and security of the Accountant File Transfer account and needs your assistance.

Your service is to review the books of Dominic Consulting and advise Dominic of any corrections needed. Using your accounting knowledge you will describe an important outcome of the company’s performance shown in three statements: the Profit & Loss Statement, the Balance Sheet, and the Statement of Cash Flows.

Dominic Consulting is using the Ask My Accountant feature of QuickBooks which has led to a specific question. Dominic is unsure of how to record a retainer fee of $2,400 from a new customer, TakoSami. As it stands, Dominic Consulting plans to provide consulting services over the next three (3) months. He has not performed any work for TakoSami and expects the work to be done evenly over the three (3) months.

Dominic Consulting wants to know if the following entry is correct:
Cash
2400

Sales
2400
• Hints: Accountants Copy is discussed on page 12.29, Ask My Accountant is discussed on page 12.31, .QBX files are defined in Section 4: QuickBooks Extras are in Section B, page B.2. Use these resources and other QB online sources for additional details.

Write a two to three (2-3) page business letter to Dominic Consulting in which you:
1. Explain the interface provided by the Accountant Copy File Transfer, including the integration of your work into DCs accounting files.
2. Explain the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.
3. Explain the key highlights you identified in the three (3) statements, using your accounting knowledge.
4. Identify the errors that you found in your review and suggest a resolution.
5. Format your assignment according to the following formatting requirements:
a. Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
b. Include a cover page containing the title of the assignment, the student’s name, the professors name, the course title, and the date. The cover page is not included in the required page length.
The specific course learning outcomes associated with this assignment are:
• Generate financial reports for most small- to medium-sized businesses with QuickBooks.
• Use technology and information resources to research issues in microcomputer applications for accountants.
• Write clearly and concisely about microcomputer applications for accountants using proper writing mechanics.

Points: 80

Assignment 1: QuickBooks Interface with Client

Criteria

Unacceptable

Below 60% F

Meets Minimum Expectations

60-69% D

Fair

70-79% C

Proficient

80-89% B

Exemplary

90-100% A

1. Explain the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

Weight: 20%

Did not submit or incompletely explained the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

Insufficiently explained the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

Partially explained the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

Satisfactorily explained the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

Thoroughly explained the interface provided by the Accountant Copy File Transfer, including the integration of your work into DC’s accounting files.

2. Explain the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.
Weight: 20%

Did not submit or incompletely explained the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.

Insufficiently explained the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.

Partially explained the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.

Satisfactorily explained the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.

Thoroughly explained the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.

3. Explain the key highlights you identified in the three (3) statements, using your accounting knowledge.

Weight: 20%

Did not submit or incompletely explained the key highlights you identified in the three (3) statements, using your accounting knowledge.

Insufficiently explained the key highlights you identified in the three (3) statements, using your accounting knowledge.

Partially explained the key highlights you identified in the three (3) statements, using your accounting knowledge.

Satisfactorily explained the key highlights you identified in the three (3) statements, using your accounting knowledge.

Thoroughly explained the key highlights you identified in the three (3) statements, using your accounting knowledge.

4. Identify the errors that you found in your review and suggest a resolution.

Weight: 20%

Did not submit or incompletely identified the errors that you found in your review and did not submit or incompletely suggested a resolution.

Insufficiently identified the errors that you found in your review and insufficiently suggested a resolution.

Partially identified the errors that you found in your review and partially suggested a resolution.

Satisfactorily identified the errors that you found in your review and satisfactorily suggested a resolution.

Thoroughly identified the errors that you found in your review and thoroughly suggested a resolution.

5. Clarity, writing mechanics, and formatting requirements

Weight: 20%

More than 8 errors present

7-8 errors present

5-6 errors present

3-4 errors present

0-2 errors present

p(2)

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