ACCT3310 Tarrant County College Accounting System Configuration Powerpoint Scenario – you are a consultant that has been hired by a company (you select the

ACCT3310 Tarrant County College Accounting System Configuration Powerpoint Scenario – you are a consultant that has been hired by a company (you select the type of business) to determine if QuickBooks will be available choice for them.

Create a powerpoint presentation regarding that we are recommending them to use quickbooks software. Here is some details you are going to start with:

quicktrackinc.com is the link for company: this is the company that I will be using, if need anything about company.

** using screenshots of instruction of setup and instruction of use of quickbooks is important,

Besides, attached more information here that you can use. I have attached required files, project-part2-3 doc has additional detail need to follow for the powerpoint. and more documents to help are attached. ACCT 3310 ACCOUTING INFORMATION SYSTEMS PROJECT
Things to cover in your presentation project:
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Timeline of the project for each phase
Pilot accounting system (you will need an actual working model)
Input of sample data to create reports
These four stages—broken into much more detailed steps—are as follows:
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Implementation planning
Software installation
Accounting system configuration
System training
Implementation Planning
This planning is the key to developing an understanding by your client and the best time for you to
create the trust and backing of those that are part of the process. This can become a make or
break step – your planning needs to be “discussed to a tee” with your client, making sure that
every single step is highlighted, every quirk is discussed, and every person affected is prepared
and understands the process.
Common factors that go into implementation planning are as follows:
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Discussing the Charts of Accounts
Determining cash or accrual method – why best fit
Defining customer account numbers, vendor numbers, and inventory information
Planning the integrations to be made
Choosing the employees to be trained
Deciding on the information that will be migrated
Hardware, Backup and Security considerations
If properly planned, this will lay the groundwork for the next three stages in implementation,
assuring timely installation and secure migration.
Software Installation
This process can be the most time consuming, and therefore costly parts of implementation is the
software installation. Expect this phase to be the longest phase/step, based on the installation of
hardware and software setup. Crucial to have all proper coordination in place from the first
phase before beginning this phase.
This step is little more than just user setup, it also includes the following:
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Establishing passwords (and two-step authentication) for each user
Defining user permissions and access to reports
Defining user roles under Sarbanes-Oxley (does this apply yes, no and why)
Configuring reports based on your business
Defining ‘tie-ins’ with other software
Accounting System Configuration
Now, we’re getting into the migration and configuration of accounts, including the establishment
of company divisions, departments, and cost drivers, and of course, loading the actual data:
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All customer information into Accounts Receivable, establishing new customer default AR
information
All vendor information into Accounts Payable, establishing new vendor default AP information
All Inventory items into Inventory Control and establish new part default IC information
All employees information into Payroll and establish new employee information – payroll must be
handled very carefully as the data in the system must feed to quarterly payroll reports correctly
and year to date numbers are vital to a clean cut over.
Parallel by the testing of the data migration:
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Integrity Testing
Historical Data
Before and after reports using test data, ensuring that data flowed through correctly
Comparison of reports and data to original system and new system
System Training
One of the major things about being a good implementer is the ability to train your client and
staff to be able to use the software as quickly as possible, understanding how to use the new
software entirely. Common needs of training in implementation are as follows:
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Specific Training based on Department
Proper Timing within Implementation Process
Documentation of positions and their respective procedures
New Employee Training for new or additional staff
Update Preparation and Training
Determine What You Want From the System
In implementing an accounting system, you must determine your company’s information
needs. This might involve evaluation of your business activities and requirements. Small
businesses are subject to federal, state and local income taxes, so your system must be
able to calculate the company’s taxable income. You must also set the accounting
functions of your business essential in making decisions. Businesses generally require
information such as income statement and balance sheet information, which shows the
company’s financial position over time. The statement of cash flows also provides
critical accounting information. Identify the priorities of your accounting system based on
these needs.
Design Your System
It’s essential to identify how your accounting system presents information. Small
businesses often use manual accounting systems because the information they gather
is relatively small. Subsidiary ledgers, for example, present accounts receivable from
customers and payable to creditors. Special journals document a single type of frequent
transactions, such as cash transactions, while cash receipt journals log receipt of cash.
Business owners often prefer computerized accounting because they are more
accurate, make the record-keeping process easier and provide up-to-date account
balance information.
Set Controls to Protect Your Company
You’ll need to apply strict internal control systems when you implement your accounting
system. Internal controls serve as a buffer to safeguard your organization against
wrongdoings. These controls include policies and procedures that give reasonable
assurance that your company is guided by well-defined objectives and presents
accurate financial reports and business information. They also indicate that your
employees perform business operations efficiently. Effective execution of internal
controls can prevent employees from stealing or using assets inappropriately.
Conduct Training Sessions
Your accounting system is useless without employee interaction, and it’s ineffective if
you don’t train your staff properly. Train the system users in the best practices and
processes that delivers expected outcomes. To ensure the efficiency of your system,
your staff must be familiar with its features and limitations. For example, if the
accounting system has special features that users can access via their mobile phones,
train your employees to deftly use this feature. If your accounting system automates
tedious and repetitive tasks, you’ll likely win your employees’ approval if you address
these features in your training sessions.
QUICKBOOKS 2016 STUDENT GUIDE
Lesson 2
Setting Up
Copyright
Copyright 2016 Intuit, Inc.
All rights reserved.
Intuit, Inc.
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Plano, TX 75024
Trademarks
©2016 Intuit Inc. All rights reserved. Intuit, the Intuit logo, Intuit ProLine, Lacerte, ProAdvisor,
ProSeries and QuickBooks, among others, are trademarks or registered trademarks of Intuit Inc. in
the United States and other countries. Other parties’ marks are the property of their respective
owners.
Notice to Readers
The publications distributed by Intuit, Inc. are intended to assist accounting professionals in their
practices by providing current and accurate information. However, no assurance is given that the
information is comprehensive in its coverage or that it is suitable in dealing with a client’s particular
situation. Accordingly, the information provided should not be relied upon as a substitute for
independent research. Intuit, Inc. does not render any accounting, legal, or other professional advice
nor does it have any responsibility for updating or revising any information presented herein. Intuit,
Inc. cannot warrant that the material contained herein will continue to be accurate nor that it is
completely free of errors when published. Readers should verify statements before relying on them.
Lesson 2 — Setting Up
Table of Contents
Table of Contents
Lesson Objectives ……………………………………………………………………………………………………………… 5
Creating a QuickBooks Company ………………………………………………………………………………………….. 6
Starting the EasyStep Interview …………………………………………………………………………………………….. 7
Entering Company Information ……………………………………………………………………………………………… 8
Choosing your Company Industry ………………………………………………………………………………………….. 9
Selecting how Your Company is Organized ……………………………………………………………………………. 10
Customizing QuickBooks for Your Business …………………………………………………………………………… 11
Indicating What You Sell ……………………………………………………………………………………………………. 12
Entering Sales Information………………………………………………………………………………………………….. 13
Entering Sales Tax Information ……………………………………………………………………………………………. 14
Creating Estimates …………………………………………………………………………………………………………… 15
Creating Sales Orders……………………………………………………………………………………………………….. 16
Choosing Remaining Preferences ………………………………………………………………………………………… 17
Choosing a Start Date ………………………………………………………………………………………………………. 18
QuickBooks 2015 Student Guide
3
Lesson 2 — Setting Up
Table of Contents
Reviewing the Chart of Accounts …………………………………………………………………………………………. 19
Entering Bank Accounts and Opening Balances ……………………………………………………………………… 21
Completing Company File Setup …………………………………………………………………………………………. 23
Adding Customers …………………………………………………………………………………………………………… 24
Adding a Job ………………………………………………………………………………………………………………….. 26
Adding Vendors ………………………………………………………………………………………………………………. 27
Setting Up Additional Accounts …………………………………………………………………………………………… 28
Adding Items…………………………………………………………………………………………………………………… 30
Entering Historical Transactions …………………………………………………………………………………………… 33
Setting Up QuickBooks — Review Questions …………………………………………………………………………. 34
Answers to Review Questions …………………………………………………………………………………………….. 35
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Lesson Objectives
Lesson Objectives
To discuss decisions that must be made before using QuickBooks
To create a new QuickBooks company using the EasyStep Interview
To set QuickBooks preferences in the Interview
To record the opening balance for a checking account
To enter customers, jobs, vendors, accounts and items for a QuickBooks company
QuickBooks 2015 Student Guide
5
Lesson 2 — Setting Up
Creating a QuickBooks Company
Creating a QuickBooks Company
A QuickBooks company contains all the financial records for a single business. Before you can use QuickBooks you
need to tell QuickBooks about your business so that it can set up your company file properly.
Express Start will set up a new company file for you based on some standard industry settings. (Any fine tuning
of the company file can be done later.)
Detailed Start opens the EasyStep Interview and will give you more control over the fine tuning of your company
file as you set it up.
Your other options are to create a file by copying list data from an existing file, or by converting data from another
accounting system.
In the Detailed Start option (option #2 above) you will set up the following using the EasyStep Interview:
Company Information
Chart of Accounts based on your industry
Company organization
Sales information
Sales tax information
Estimates
Sales receipts
Preferences
Business start date
Creating an account and entering the opening balance
Reviewing the Chart of Accounts
Completing company file setup
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Starting the EasyStep Interview
Starting the EasyStep Interview
To begin adding a new company:
Start QuickBooks.
Click the Create a new company file button from the No Company Open window or choose New Company from
the File menu.
Click on the Detailed Start button to start the EasyStep Interview.
QuickBooks displays the EasyStep Interview window.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Entering Company Information
Entering Company Information
To create a new QuickBooks company file:
At the first Welcome window for the EasyStep interview the Enter Your Company Information window appears.
Enter the business name in the Company Name field and press Tab.
When you press Tab QuickBooks automatically enters the same name you typed into the Legal Name field.
QuickBooks uses the company name on all reports.
Press Tab again and enter the EIN or SSN in Tax ID field.
Complete the remaining contact information for the company, as QuickBooks will pull this information on to sales
forms and tax reports when you begin working in the file.
Your screen should resemble the following.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Choosing your Company Industry
Choosing your Company Industry
To choose your company industry to create a Chart of Accounts:
Choose your industry from the list to help QuickBooks compile a suggested Chart of Accounts for your business.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Selecting how Your Company is Organized
Selecting how Your Company is Organized
To select your company organization:
Choose the company’s entity type. This will allow QuickBooks to create a suggested tax mapping for your Chart
of Accounts.
Click Next.
Enter the beginning month of the businesses fiscal year (most commonly January), and click Next.
In the Set up your administrator password window click Next. (You can set the password at any time.)
Click Next to save the company file.
Name your company file (it ends in .QBW and choose the location on your computer where you wish to save it.
Click Save.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Customizing QuickBooks for Your Business
Customizing QuickBooks for Your Business
After you’ve saved the company data file, the customization section of the EasyStep Interview appears. It is the place
where you indicate:
What you sell
How and when your customers pay you
How you pay your bills
Based on your answers QuickBooks sets preferences for the company file. The preferences enable certain features
of the QuickBooks program.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Indicating What You Sell
Indicating What You Sell
You need to indicate what your business sells. In general, businesses either sell products, services or both. Margaret
Lockhart provides consulting services as well as selling products, such as fabrics.
To indicate what you sell:
Click Next to move to the What do you sell? window.
Choose the appropriate option for the business.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Entering Sales Information
Entering Sales Information
For retail companies you need to indicate how you want to enter sales. QuickBooks uses this information to set
recommendations for a retail-type business.
To indicate how you enter sales:
In the How will you enter your sales in QuickBooks? window choose the option that best fits the business’s
needs.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Entering Sales Tax Information
Entering Sales Tax Information
This part of the EasyStep Interview asks whether you charge sales tax. You should turn the sales tax setting off only if
you never charge sales tax. Sometimes it is even beneficial to turn this feature on for tracking wholesale/retail sales,
depending on the tax reporting regulations in your state.
To set up QuickBooks to track sales tax:
Click Yes in the Do you charge sales tax? window.
Click Next.
NOTES
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Creating Sales Orders
Creating Estimates
If you provide any type of estimate or bid — even a verbal quote — there are many reasons to use estimates in
QuickBooks.
Prepare professional-looking itemized estimates, bids, quotes or proposals for your customers
Create an invoice from the estimate with just one click. QuickBooks then creates an invoice using information
from your estimate
Create reports that compare your estimated costs and revenue against your actual costs and revenue
Compare your actual costs against what you estimated
Track which estimates are still active and easily update each estimate as you continue to negotiate with your
customers
To create estimates for your business:
On the Do you want to create estimates in QuickBooks? window choose the option that best fits the business.
Click Next.
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Creating Sales Orders
Creating Sales Orders
Sales orders allow you to record an order for a sale before the sale is actually is made. These forms are common in
business that order products to fill orders or that pull orders from inventory before invoicing. (Think of these forms as
“incoming purchase orders” from customers.) These forms enable you to create partial invoices for an order if you
have inventory items on backorder.
To create sales orders for your business:
On the Tracking customer orders in QuickBooks window choose the option that best fits the business.
Click Next.
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Choosing Remaining Preferences
Choosing Remaining Preferences
The next series of windows ask Yes or No questions that either enable or disable different QuickBooks features
based on your company needs. Simply click Yes or No, then click Next to move forward in the Interview.
Options
Description
Billing statements
Post statement charges independently of invoices & sales receipts
Progress invoicing
Create single estimates to be invoices in phases
Bill tracking
Use the Accounts Payable module to track bills and bill payments
Inventory
Use inventory module to track inventory quantities and values
Track time
Use timecards to track employee and subcontractor time
Employees
Use payroll module to manage employee information and payroll
You can always change preference settings later, after the EasyStep Interview. Changing the preferences later can be
done by accessing the Edit menu, choosing Preferences, then selecting the preference type in the left panel.
QuickBooks 2015 Student Guide
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Lesson 2 — Setting Up
Choosing a Start Date
Choosing a Start Date
The Start Date is the date for which you give QuickBooks a financial snapshot of your company assets and liabilities
before you start entering live transactions in QuickBooks. It is generally the last day of the previous fisca…
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