PURPOSE:
The purpose of this assignment is to have students become familiar with an accounting software package that accommodates budgeting. Students will set up accounts, enter an annual budget, and produce budget related output reports in QuickBooks.
STEP ONE:
Set up accounts.
Go to QuickBooks and login to your company. Choose the “Accounting” menu from the left-hand side of the screen and select “Chart of Accounts.” Click “New” (green button on the upper right side of the screen).
Enter the “Account Type,” “Detail Type,” and “Name” for each of the following six accounts. Enter “Save and New” to enter another account, “Save and Close” when you have entered all accounts.
Name
Account Type
Detail Type
Equipment Revenues
Income
Sales of Product Income
Maintenance Contract Revenues
Income
Service/Fee Income
Marketing Expenses
Expenses
Advertising/Promotional
Distribution Expenses
Expenses
Shipping, Freight