Quickbooks Practice Set

Work needs to be don in quickbooks format, transmital key is attached


In this practice set you will set up a company and keep the books for January 2013.  You will use the EasyStep Interview to create Your Name’s Capitol Books.  Once the company has been created, use QuickBooks Setup to add customers, vendors, employees, items, and bank accounts.  Additional information will be provided for entry to individual items, customers, vendors, and employees.  The QuickBooks Payroll Setup will be completed.  Adjustments will be made to accounts and various items, transactions will be recorded, and reports will be prepared.

  • During the month, new customers, vendors, and employees will be added.
  • You are responsible for any memos you wish to include in transactions.
  • Unless otherwise specified, the terms for each sale or bill will be the one specified in the Customer or Vendor list.
  • If a customer’s order exceeds the established credit limit, accept the order.
  • If the terms allow a discount for a customer, make sure to apply the discount if payment is received in time for the customer to take it.  Remember, the discount period starts  with the date of the invoice.  If an invoice or bill date is not provided, use the transaction date to begin a discount period.
  • Use Sales Discounts as the discount account.
  • If a customer has a credit and has a balance on the account, apply the credit to the invoice used for the sale.  If there is no balance for a customer and a return is made, issue a credit memo and a refund check.
  • If a transaction is eligible for a discount and there is a credit, always subtract the amount of the credit and recalculate the discount amount.
  • Always pay bills in time to take advantage of purchase discounts.
  • Invoices, purchase orders, and other similar items should be printed.
  • Unless instructed to do so, you do not need to print receipts.
  • It is your choice whether or not to print lines around each field.
  • Most reports will be printed in Portrait orientation; however, if the report (such as the journal) will fit across the page using Landscape orientation, use Landscape.
  • Whenever possible, adjust the column widths so that reports fit on one-page wide without selecting Fit report to one page wide


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