acct326-week3.docx - This project requires you to evaluate...

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This project requires you to evaluate a PC-based accounting system to see how the system handles recording transactions, collecting data, and generating reports and information. The accounting system you use is up to you. STEP 1. SELECT A SOFTWARE PACKAGE • Sage 50 ( ) • QuickBooks ( ) • Select some other accounting software to use for the project, such as an accounting software product from your job. If you choose to use a product besides Sage or QuickBooks, it is recommended that you visit the product’s website and download a trial version or request that a trial version is sent to you via email. STEP 2. EXPLORE THE SOFTWARE Check to see if the application has a tutorial that demonstrates some of the features of the application, and if so, review the tutorial. Review any online documentation regarding how to use the application. STEP 3. TRY OUT THE SOFTWARE USING A SAMPLE COMPANY • The application you select should have a sample company that you can use to evaluate the system. If it does not, you may need to set up a sample company, but this would be very unusual. Once you are in your sample company, you must explore the sample company to determine how you can do the following. Revenue Activities (e.g. sales, collections, billing) • How can you create and maintain customers? • How can you create customer invoices/bills? • How can you process customer payments? • What are the reports available to support your revenue activities? Expenditure Activities (e.g. purchasing, invoicing / payments) • How can you create and maintain vendors? • How can you create and maintain purchases? • How can you generate payments to vendors? • What are the reports available to support your expenditure activities? Other Activities (e.g. payroll) • How can you create and maintain employees? • How can you process payroll transactions for your employees? • How can you create and maintain your chart of accounts? • How can you generate financial statements? • What are the reports available to support your other activities? STEP 4. DOCUMENT YOUR RESULTS (YOUR PAPER) Once you have completed your evaluation, you will need to develop a report using the following layout. ACCT326- JIA, YUAN Introduction to QuickBooks QuickBooks is an accounting software package created and marketed by Intuit (notoriously known for the creation of TurboTax). In fact, QuickBooks is the most popular small business accounting system used in all of the United States [ CITATION Jam \l 1033 ]. It’s a double entry
accounting system which means that there are two transactions to every entry (e.g. a debit to expense may cause a credit to cash). Typically, double entry accounting systems are much more complex and require significant skill, but QuickBooks alleviates a lot of the heavy lifting through its software.

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