Section I: Overview Provide a general overview of QuickBooks. Make sure the over

Question

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 and functionality.

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 below. Address the following questions in this section of the report.

1. Revenue Cycle (Answer the following questions)

How can you create and maintain customers?

How can you create customer invoices?

How can you apply customer payments?

What reports can you run to provide you with information regarding your customers and their orders? Describe them.

What reports can you run in order to provide you with information regarding key revenue cycle information - sales, accounts receivable, cash?

2. Expenditure Cycle (Answer the following questions)

How can you create and maintain vendors?

How can you create and maintain inventory?

How can you generate payments to vendors?

What reports can you run to provide you with information regarding your vendors and your accounts payable? Describe them.

What reports can you run in order to provide you with information regarding key expenditure cycle information - purchases, inventory, and cash?

3. Financing Cycle (Answer the following questions)

How can you create and maintain the chart of accounts?

How can you post journal entries?

What are the key financial statements that are available? Describe them.

What are some key reports one can generate to measure the firm’s financial performance?

Section III: Reporting

An ERP system can produce volumes of information useful for running the business. For the Income, Expense, and Finance cycles, list three reports for each of these areas. Describe how the report is used and why it is important in this section.

Explanation / Answer

Answer

Section III: Reporting

ERP system is real-time analytical system across all functions/departments of organisation and centralized back-up of all enterprise data. ERP system gives visibility to all processes across various departments of an organization and ensures automatic workflow throughout all departments. This also ensures that all the inter-departmental activities are carried out properly. It also provides business intelligence functionalities that can identify potential areas of problems and improvements. It also provides e-commerce integration which helps in order tracking and processing. ERP system has various modules i.e. finance/Accounts, Human Resource Management, Manufacturing, Marketing/Sales, Supply Chain/Warehouse Management, CRM, and Project Management. ERP system has centralized security policies which ensures real time tracking of the transactions, inventory, revenues, sales forecasting. It is possible to integrate other systems to the ERP system. It helps in managing multinational companies better.

Reports produced by Income cycle

Reports produced by Expense cycle

Reports produced by Finance cycle

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