Expert Answer:QuickBooks Report

Answer & Explanation:For this Portfolio Project option, you must use a QuickBooks sample
company and develop a report based on your review. Choose a sample
QuickBooks company through QuickBooks and create the tasks following the
outline. Include screenshots and descriptions as needed. Ensure that
your analyses differ from those provided in or other online
sites (conduct your own unique analyses).Section I: Overview Provide a general overview of QuickBooks. Make sure the overview
provides the reader with a general understanding of the application,
including costs, functionality, and minimum system requirements. How
does it track the primary information flows within a business?Section II: Transactional Processing and Data Management Describe how QuickBooks handles processing the accounting
transactions and recording business activities for the revenue,
expenditure and financing cycles. You should provide at least one
detailed example of how one would record a specific accounting
transaction/ business activity for each of the three transaction cycles.
Complete each of the three sections:

Revenue Cycle

Create a new invoiced customer and create a new customer invoice.
Create a new pre-paying customer (i.e., paying with credit card)
Apply a customer payment.
Run a customer report.
Run reports to provide information regarding key revenue cycle information—sales, accounts receivable, cash.

Expenditure Cycle

Create two or more new vendors.
Create an inventory item.
Generate a payment to a vendor.
Run a report to provide information regarding vendors and accounts payable.
Run reports to provide information regarding key expenditure cycle information—purchases, inventory, and cash.
Create two or more employees with after the fact payroll module in
QuickBooks determine pay and federal income tax, Social security and
Medicare deductions
Run a monthly or weekly payroll report with all payroll related accounts.

Financing Cycle

Enter a new account in the chart of accounts.
Post journal entries for rent, insurance, accounts receivable and accounts payable.
Run the key financial statements that are available and relevant for
your company and data. Explain the performance reports—what do they say
about your company’s performance. Include the type of analysis
meaningful for your company and data (vertical vs. horizontal).
Run key reports to measure the firm’s financial performance.

Section III: Internal Controls
How can you as an accountant use QuickBooks enhance internal controls in the company you chose?
How can you secure the system and files?
What potential security weaknesses exist for QuickBooks?
Section IV: Charts and Graphs
How are visualizations formatted and used?
Create a chart.
Create a data diagram.
Section V: Conclusion and RecommendationGive your overall impression and recommendation for QuickBooks’ use in accounting.
Assignment should follow APA guidelines with respect to use of subheadings, 1″ margins, and double-spaced. Use the CSU-Global APA InstructionsLinks to an external site..
Prepare any 8-10 page report in length (excluding title page and
reference page) References need to include your textbook plus two
additional credible academic references. All sources used, including
your textbook, must be referenced; paraphrased and quoted material must
have accompanying citations and cited per APA guidelines. Use of the CSU
Global library is necessary.
All explanations would be checked in TurnitIn for similarity score Similarity scores must be less than 30%.Textbook: Simkin, M., Worrell, J., & Savage, A. (2018). Core concepts of accounting information systems (14th ed. ). Wiley. ISBN: 9781119373544Please be sure to include how QuickBooks can tell you whether a company is profitable or not in your final paper.

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