CHAPTER 8 NEW COMPANY SETUP - Kentucky … Content... · Chapter 8 New Company Setup 8.3 Computer Accounting with QuickBooks 2013 by Donna Kay ©McGraw-Hill Education, 2014 Active

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CHAPTER 8NEW COMPANY SETUP

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CHAPTER 8 QUICK CHECK

CHAPTER 8 * Customer List * Vendor List * Item List * Chart of Accounts (Account Listing)

EXERCISE 8.1 * Task 2: Chart of Accounts (Account Listing) * Task 4: Customer List * Task 5: Vendor List * Task 6: Item List

EXERCISE 8.2 * Task 2: Chart of Accounts (Account Listing) * Task 3: Customer List * Task 4: Vendor List * Task 5: Item List

EXERCISE 8.3 Business Plan

PROJECT 8 QUICK CHECK

PROJECT 8 * Chart of Accounts * Customer List * Vendor List * Item List

8.2 Exploring QuickBooks with Rock Castle Construction

Computer Accounting with QuickBooks 2013 by Donna Kay ©McGraw-Hill Education, 2014

CHAPTER 8 CUSTOMER LIST

Chapter 8 New Company Setup 8.3


Active Status Customer Balance Balance Total Company Mr./Ms./... First Name M.I.

Active Beneficio, Katrina 0.00 0.00 Katrina

Active Beneficio, Katrina:Dining Room 0.00 0.00 Katrina

Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Email

Beneficio Katrina Beneficio 415-555-0013 415-555-3636 [email protected]


Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3 Ship to 4

Beneficio, Katrina 10 Pico Blvd Bayshore, CA 94326


Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No. Credit Limit

Non

Non

Job Status Job Type Job Description Start Date Projected End End Date

Awarded Mural Dining Room Landscape Mural 01/03/2018

CHAPTER 8 VENDOR LIST

CHAPTER 8 ITEM LIST



Active Status Vendor Balance Balance Total Company Mr./Ms./... First Name

Active Brewer Paint Supplies 0.00 0.00 Brewer Paint Supplies

M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Bill from 5

Brewer Paint Supplies 200 Spring Street Bayshore, CA 94326

Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone

Ella Brewer 415-555-6070

Fax Alt. Phone Secondary Contact

Item Description Type Cost Price Sales Tax Code Preferred Vendor

Labor Painting Labor Service 0.00 0.00

CHAPTER 8 CHART OF ACCOUNTS (ACCOUNT LISTING)



Account Type Balance Total Description Accnt. # Tax Line

YourName Checking Bank 0.00 <Unassigned>Inventory Asset Other Current Asset 0.00 <Unassigned>14100 · Computer Fixed Asset 0.00 Computer 14100 <Unassigned>14100 · Computer:14200 · Computer Cost Fixed Asset 0.00 Computer Cost 14200 <Unassigned>14100 · Computer:14300 · Accumulated Depr Computer Fixed Asset 0.00 Accumulated Depreciation Computer 14300 <Unassigned>15000 · Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year 15000 <Unassigned>17000 · Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and improvements17000 <Unassigned>30000 · Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The balance of this account should be zero after completing your setup30000 <Unassigned>30800 · Owners Draw Equity 0.00 Monies taken out of the business by the owner 30800 <Unassigned>32000 · Owners Equity Equity Monies invested in the business by the owner, and profits kept in company accounts32000 <Unassigned>Sales Income Income <Unassigned>47900 · Sales Income Gross receipts from services 47900 Schedule C: Gross receipts or salesCost of Goods Sold Cost of Goods Sold <Unassigned>60000 · Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotional expenses60000 Schedule C: Advertising60200 · Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for business autos60200 Schedule C: Car and truck expenses60400 · Bank Service Charges Expense Bank account service fees, bad check charges and other bank fees60400 Schedule C: Other business expenses61700 · Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and other computer or internet related expenses61700 Schedule C: Other business expenses62400 · Depreciation Expense Expense Depreciation on equipment, buildings and improvements 62400 <Unassigned>63300 · Insurance Expense Expense Insurance expenses 63300 Schedule C: Insurance, other than health63400 · Interest Expense Expense Interest payments on business loans, credit card balances, or other business debt63400 Schedule C: Interest expense, other64300 · Meals and Entertainment Expense Business meals and entertainment expenses, including travel-related meals (may have limited deductibility)64300 Schedule C: Meals and entertainment64900 · Office Supplies Expense Office supplies expense 64900 Schedule C: Office expenses66700 · Professional Fees Expense Payments to accounting professionals and attorneys for accounting or legal services66700 Schedule C: Legal and professional fees67100 · Rent Expense Expense Rent paid for company offices or other structures used in the business67100 Schedule C: Rent/lease vehicles, equip.67200 · Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that do not add to the value or appreciably prolong its life67200 Schedule C: Repairs and maintenance68100 · Telephone Expense Expense Telephone and long distance charges, faxing, and other fees Not equipment purchases68100 Schedule C: Utilities68400 · Travel Expense Expense Business-related travel expenses including airline tickets, taxi fares, hotel and other travel expenses68400 Schedule C: Travel68600 · Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities80000 · Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or tax preparer80000 <Unassigned>90000 · Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work to be done, or items to be sold upon customer acceptance of the estimate90000 <Unassigned>

EXERCISE 8.1 TASK 2 CHART OF ACCOUNTS (ACCOUNT LISTING)




YourName Checking Bank 0.00 <Unassigned>11000 · Accounts Receivable Accounts Receivable 0.00 Accounts Receivable 11000 <Unassigned>Inventory Asset Other Current Asset 0.00 <Unassigned>13000 · Paint Supplies Other Current Asset 0.00 Paint Supplies 13000 <Unassigned>14100 · Computer Fixed Asset 0.00 Computer 14100 <Unassigned>14100 · Computer:14200 · Computer Cost Fixed Asset 0.00 Computer Cost 14200 <Unassigned>14100 · Computer:14300 · Accumulated Depr Computer Fixed Asset 0.00 Accumulated Depreciation Computer 14300 <Unassigned>14400 · Equipment Fixed Asset 0.00 Equipment 14400 <Unassigned>14400 · Equipment:14500 · Equipment Cost Fixed Asset 0.00 Equipment Cost 14500 <Unassigned>14400 · Equipment:14600 · Acc Depr Equipment Fixed Asset 0.00 Acc Depr Equipment 14600 <Unassigned>15000 · Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year 15000 <Unassigned>17000 · Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and improvements17000 <Unassigned>21000 · Accounts Payable Accounts Payable 0.00 Accounts Payable 21000 <Unassigned>30000 · Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The balance of this account should be zero after completing your setup30000 <Unassigned>30800 · Owners Draw Equity 0.00 Monies taken out of the business by the owner 30800 <Unassigned>32000 · Owners Equity Equity Monies invested in the business by the owner, and profits kept in company accounts32000 <Unassigned>Sales Income Income <Unassigned>47900 · Sales Income Gross receipts from services 47900 Schedule C: Gross receipts or salesCost of Goods Sold Cost of Goods Sold <Unassigned>60000 · Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotional expenses60000 Schedule C: Advertising60200 · Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for business autos60200 Schedule C: Car and truck expenses60400 · Bank Service Charges Expense Bank account service fees, bad check charges and other bank fees60400 Schedule C: Other business expenses61700 · Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and other computer or internet related expenses61700 Schedule C: Other business expenses62400 · Depreciation Expense Expense Depreciation on equipment, buildings and improvements 62400 <Unassigned>63300 · Insurance Expense Expense Insurance expenses 63300 Schedule C: Insurance, other than health63400 · Interest Expense Expense Interest payments on business loans, credit card balances, or other business debt63400 Schedule C: Interest expense, other64300 · Meals and Entertainment Expense Business meals and entertainment expenses, including travel-related meals (may have limited deductibility)64300 Schedule C: Meals and entertainment64800 · Paint Supplies Expense Expense Paint Supplies Expense 64800 Schedule C: Supplies (not from COGS)64900 · Office Supplies Expense Office supplies expense 64900 Schedule C: Office expenses65300 · Depr Expense Computer Expense Depr Expense Computer 65300 <Unassigned>65600 · Depr Expense Equipment Expense Depr Expense Equipment 65600 <Unassigned>66700 · Professional Fees Expense Payments to accounting professionals and attorneys for accounting or legal services66700 Schedule C: Legal and professional fees67100 · Rent Expense Expense Rent paid for company offices or other structures used in the business67100 Schedule C: Rent/lease vehicles, equip.67200 · Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that do not add to the value or appreciably prolong its life67200 Schedule C: Repairs and maintenance68100 · Telephone Expense Expense Telephone and long distance charges, faxing, and other fees Not equipment purchases68100 Schedule C: Utilities68400 · Travel Expense Expense Business-related travel expenses including airline tickets, taxi fares, hotel and other travel expenses68400 Schedule C: Travel68600 · Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities80000 · Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or tax preparer80000 <Unassigned>90000 · Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work to be done, or items to be sold upon customer acceptance of the estimate90000 <Unassigned>

EXERCISE 8.1 TASK 4 CUSTOMER LIST




Active Beneficio, Katrina 0.00 0.00 Katrina

Active Beneficio, Katrina:Dining Room 0.00 0.00 Katrina

Active Whalen, Tom 0.00 0.00 Mr. Tom M

Active Whalen, Tom:Foyer 0.00 0.00 Mr. Tom M



Beneficio

Whalen 415-555-1234

Whalen




Tom M Whalen 100 Sunset Drive Bayshore, CA 94326

Tom M Whalen 100 Sunset Drive Bayshore, CA 94326


Non

Non

Referral Net 30 1002

Referral Net 30 1002


Awarded Mural Dining Room Landscape Mural 01/03/2018

Pending Faux Painting Foyer Marbled Faux Painting

EXERCISE 8.1 TASK 5 VENDOR LIST

EXERCISE 8.1 TASK 6 ITEM LIST



Active Status Vendor Balance Balance Total Company Mr./Ms./... First Name

Active Brewer Paint Supplies 0.00 0.00 Brewer Paint SuppliesActive Cornell Technologies 0.00 0.00 Cornell Technologies BeckyActive Hartzheim Leasing 0.00 0.00 Hartzheim Leasing Joseph

M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4 Bill from 5

Brewer Paint Supplies 200 Spring Street Bayshore, CA 94326Cornell Cornell Technologies Becky Cornell 72 Business Parkway Bayshore, CA 94326Hartzheim Hartzheim Leasing Joseph Hartzheim 13 Appleton Drive Bayshore, CA 94326

Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title Main Phone

Ella Brewer 415-555-6070415-555-7507415-555-0412



Labor Painting Labor Service 0.00 0.00

Labor:Labor Exterior Labor: Exterior Painting Service 0.00 30.00

Labor:Labor Faux Labor: Faux Painting Service 0.00 40.00

Labor:Labor Interior Labor: Interior Painting Service 0.00 20.00

Labor:Labor Mural Labor: Mural Painting Service 0.00 40.00

EXERCISE 8.2 TASK 2 CHART OF ACCOUNTS (ACCOUNT LISTING)






YourName Checking Bank 0.00 <Unassigned>13000 · Cleaning Supplies Other Current Asset 0.00 Cleaning Supplies 13000 <Unassigned>14400 · Cleaning Equipment Fixed Asset 0.00 Cleaning Equipment 14400 <Unassigned>14400 · Cleaning Equipment:14500 · Cleaning Equipment CostFixed Asset 0.00 Cleaning Equipment Cost 14500 <Unassigned>14400 · Cleaning Equipment:14600 · Acc Depr Cleaning EquipmentFixed Asset 0.00 Acc Depr Cleaning Equipment 14600 <Unassigned>15000 · Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year 15000 <Unassigned>17000 · Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and improvements17000 <Unassigned>21000 · Accounts Payable Accounts Payable 0.00 Accounts Payable 21000 <Unassigned>30000 · Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The balance of this account should be zero after completing your setup30000 <Unassigned>30800 · Owners Draw Equity 0.00 Monies taken out of the business by the owner 30800 <Unassigned>32000 · Owners Equity Equity Monies invested in the business by the owner, and profits kept in company accounts32000 <Unassigned>47900 · Sales Income Gross receipts from services 47900 Schedule C: Gross receipts or sales60000 · Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotional expenses60000 Schedule C: Advertising60200 · Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for business autos60200 Schedule C: Car and truck expenses60400 · Bank Service Charges Expense Bank account service fees, bad check charges and other bank fees60400 Schedule C: Other business expenses61700 · Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and other computer or internet related expenses61700 Schedule C: Other business expenses62400 · Depreciation Expense Expense Depreciation on equipment, buildings and improvements 62400 <Unassigned>63300 · Insurance Expense Expense Insurance expenses 63300 Schedule C: Insurance, other than health63400 · Interest Expense Expense Interest payments on business loans, credit card balances, or other business debt63400 Schedule C: Interest expense, other64300 · Meals and Entertainment Expense Business meals and entertainment expenses, including travel-related meals (may have limited deductibility)64300 Schedule C: Meals and entertainment64800 · Supplies Expense Expense Supplies Expense 64800 Schedule C: Supplies (not from COGS)64900 · Office Supplies Expense Office supplies expense 64900 Schedule C: Office expenses66700 · Professional Fees Expense Payments to accounting professionals and attorneys for accounting or legal services66700 Schedule C: Legal and professional fees67100 · Rent Expense Expense Rent paid for company offices or other structures used in the business67100 Schedule C: Rent/lease vehicles, equip.67200 · Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that do not add to the value or appreciably prolong its life67200 Schedule C: Repairs and maintenance68100 · Telephone Expense Expense Telephone and long distance charges, faxing, and other fees Not equipment purchases68100 Schedule C: Utilities68400 · Travel Expense Expense Business-related travel expenses including airline tickets, taxi fares, hotel and other travel expenses68400 Schedule C: Travel68600 · Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities80000 · Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or tax preparer80000 <Unassigned>

EXERCISE 8.2 TASK 3 CUSTOMER LIST




Active Dent, Thomas 0.00 0.00 ThomasActive Dent, Thomas:Oriental Rugs 0.00 0.00 Thomas


Dent 415-555-4242Dent 415-555-4242


Thomas Dent 36 Penny Lane Bayshore, CA 94326

Thomas Dent 36 Penny Lane Bayshore, CA 94326


Residential Net 15 1005Residential Net 15 1005


Pending Residential Oriental rug cleaning

EXERCISE 8.2 TASK 4 VENDOR LIST

EXERCISE 8.2 TASK 5 ITEM LIST



Active Status Vendor Balance Balance Total Company Mr./Ms./...

Active Blumer Cleaning Supplies 0.00 0.00 Blumer Cleaning Supplies

First Name M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4

Charlie Blumer Blumer Cleaning Supplies Charlie Blumer 72 St. Charles Blvd Bayshore, CA 94326

Bill from 5 Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title

Main Phone Fax Alt. Phone Secondary Contact


Rug Cleaning Oriental Rug Cleaning Service 0.00 0.00Rug Cleaning:3x5 Rug Cleaning 3x5 Oriental Rug Cleaning Service 0.00 50.00Rug Cleaning:5x7 Rug Cleaning 5x7 Oriental Rug Cleaning Service 0.00 100.00Rug Cleaning:8x10 Rug Cleaning 8x10 Oriental Rug Cleaning Service 0.00 150.00

EXERCISE 8.3 BUSINESS PLAN



PROJECT 8 CHART OF ACCOUNTS




YourName Checking Bank 0.00 <Unassigned>15000 · Furniture and Equipment Fixed Asset 0.00 Furniture and equipment with useful life exceeding one year 15000 <Unassigned>17000 · Accumulated Depreciation Fixed Asset 0.00 Accumulated depreciation on equipment, buildings and improvements17000 <Unassigned>30000 · Opening Balance Equity Equity 0.00 Opening balances during setup post to this account. The balance of this account should be zero after completing your setup30000 <Unassigned>30800 · Owners Draw Equity 0.00 Monies taken out of the business by the owner 30800 <Unassigned>32000 · Owners Equity Equity Monies invested in the business by the owner, and profits kept in company accounts32000 <Unassigned>47900 · Sales Income Gross receipts from services 47900 Schedule C: Gross receipts or sales60000 · Advertising and Promotion Expense Advertising, marketing, graphic design, and other promotional expenses60000 Schedule C: Advertising60200 · Automobile Expense Expense Fuel, oil, repairs, and other automobile maintenance for business autos60200 Schedule C: Car and truck expenses60400 · Bank Service Charges Expense Bank account service fees, bad check charges and other bank fees60400 Schedule C: Other business expenses61700 · Computer and Internet Expenses Expense Computer supplies, off-the-shelf software, online fees, and other computer or internet related expenses61700 Schedule C: Other business expenses62400 · Depreciation Expense Expense Depreciation on equipment, buildings and improvements 62400 <Unassigned>63300 · Insurance Expense Expense Insurance expenses 63300 Schedule C: Insurance, other than health63400 · Interest Expense Expense Interest payments on business loans, credit card balances, or other business debt63400 Schedule C: Interest expense, other64300 · Meals and Entertainment Expense Business meals and entertainment expenses, including travel-related meals (may have limited deductibility)64300 Schedule C: Meals and entertainment64900 · Office Supplies Expense Office supplies expense 64900 Schedule C: Office expenses66700 · Professional Fees Expense Payments to accounting professionals and attorneys for accounting or legal services66700 Schedule C: Legal and professional fees67100 · Rent Expense Expense Rent paid for company offices or other structures used in the business67100 Schedule C: Rent/lease vehicles, equip.67200 · Repairs and Maintenance Expense Incidental repairs and maintenance of business assets that do not add to the value or appreciably prolong its life67200 Schedule C: Repairs and maintenance68100 · Telephone Expense Expense Telephone and long distance charges, faxing, and other fees Not equipment purchases68100 Schedule C: Utilities68400 · Travel Expense Expense Business-related travel expenses including airline tickets, taxi fares, hotel and other travel expenses68400 Schedule C: Travel68600 · Utilities Expense Water, electricity, garbage, and other basic utilities expenses68600 Schedule C: Utilities80000 · Ask My Accountant Other Expense Transactions to be discussed with accountant, consultant, or tax preparer80000 <Unassigned>90000 · Estimates Non-Posting Estimates for jobs or projects. Customer proposals for work to be done, or items to be sold upon customer acceptance of the estimate90000 <Unassigned>

PROJECT 8 CUSTOMER LIST



Active Status Customer Balance Balance Total Company Mr./Ms./... First Name

Active Etzkin Realty 0.00 0.00 Etzkin Realty BrianActive Holcomb Health Foods 0.00 0.00 Holcomb Health Foods AnnActive Redeker Bed & Breakfast 0.00 0.00 Redeker Bed & Breakfast Kari

M.I. Last Name Primary Contact Main Phone Fax Alt. Phone Secondary Contact Job Title Main Email

Etzkin 415-555-5521Holcomb 415-555-6213Redeker 415-555-5769

Bill to 1 Bill to 2 Bill to 3 Bill to 4 Bill to 5 Ship to 1 Ship to 2 Ship to 3

Etzkin Realty Brian Etzkin 98 Cleveland St Bayshore, CA 94326Holcomb Health Foods Ann Holcomb 15 Stanford Dr Bayshore, CA 94326Redeker Bed & Breakfast Kari Redeker 42 Saluki Way Bayshore, CA 94326

Ship to 4 Ship to 5 Customer Type Terms Rep Sales Tax Code Tax item Resale Num Account No.

Commercial Net 15 1003



Credit Limit Job Status Job Type Job Description Start Date Projected End End Date

PROJECT 8 VENDOR LIST

PROJECT 8 ITEM LIST



Active Status Vendor Balance Balance Total Company Mr./Ms./...

Active Jackson Computer Services 0.00 0.00 Jackson Computer Services

Active Pitts Leasing 0.00 0.00 Pitts Leasing

First Name M.I. Last Name Bill from 1 Bill from 2 Bill from 3 Bill from 4

Keith Jackson Jackson Computer Services Keith Jackson 723 Stellar Ave Bayshore, CA 94326

Amy Pitts Pitts Leasing Amy Pitts 18 Selvan Lane Bayshore, CA 94326

Bill from 5 Ship from 1 Ship from 2 Ship from 3 Ship from 4 Ship from 5 Primary Contact Job Title

Main Phone Fax Alt. Phone Secondary Contact

415-555-6312415-555-9498


Internet Marketing Internet Marketing Consulting Service 0.00 50.00

Social Network Marketing Social Network Marketing Consulting Service 0.00 60.00

Documents

CHAPTER 8 NEW COMPANY SETUP - Kentucky … Content... · Chapter 8 New Company Setup 8.3 Computer Accounting with QuickBooks 2013 by Donna Kay ©McGraw-Hill Education, 2014 Active