From your Quickbooks Project, please submit the following a management report containing
A)- A one-page cover letter or report to the business owner. [There are many templates online]. (Links to an external site.)I suggest that you follow the linked one above but feel free to use a different one.
Regardless, at a minimum interpret the numbers in terms of
(a) liquidity,
(b) profitability
(c) solvency if applicable, and finally,
(d) your recommendations.
B). Include the:
a) Basic financial statements for the period you covered. Include the Sales, Expense, Aging, reports if you deem these necessary.
b) At least three notes disclosing things that you think the owner should know, e.g, FIFO, depreciation, etc. [you can follow GAAP disclosures]. The best way to find disclosable information is to google for any companies annual reports and look at their footnotes.
In Quickbooks go to REPORTS and then the “management report” column.
QuickBooks Online Student Guide

QuickBooks Online Education Exercises— Green Tree Landscapes

2 QuickBooks Online Education Exercises—Green Tree Landscapes

Throughout this text, you’ll follow the establishment, setup and growth of a fictitious company called Green Tree Landscapes. Green Tree Landscapes is new business founded by Jon Arbor and Alice Green. Together they each own 50% of Green Tree landscapes Inc. Jon is a landscape architect and Alice is a construction manager. Together, they hope to grow Green Tree Landscapes into the top landscape company in the Toronto area.

The company was founded on the January 1st of this year. They setup the company to meet the growing demand for landscape maintenance services and construction in their area. Their company is based in Mississauga, ON. They will service the Greater Toronto Area.

Jon and Alice are starting small by offering simple home services like landscape maintenance, snow removal and other home services. They hope to grow their business in the first couple of months, so they can hire employees, buy equipment, and expand their services. Eventually they want to offer landscape design, maintenance, and construction services to both residential and business customers.

Jon and Alice have made their first wise business decision—they’ve decided to hire you as their bookkeeper. You’ll be required to setup their books in QuickBooks Online, enter their day-to- day transactions and maintain their books. You’ll be required to perform important monthly tasks like:

• Create reports for the owners

• Reconcile accounts

You’ll also track and file sales taxes for Green Tree Landscapes. This means setting up QuickBooks to track sales tax and filing the company’s annual sales tax. Jon and Alice have hired a year-end accountant named, Jane Wong. Her firm will create the corporate income tax return and financial statements for Green Tree Landscapes. You’ll be required to provide information to Jane and her team to help them complete the year-end process.

It’s your first day on the job. Green Tree Landscapes is up and running. Tom and Alice have asked you to setup the books so they can get off to a good start. They’ve met with Jane, their accountant, and they’ve got all the information you need to setup QuickBooks.

Jon and Alice have each agreed to deposit money into the company bank account to cover the costs of starting the business.

Chapter 1 Exercises

1. Setup your new QuickBooks subscription. Follow the instructions provided in your QuickBooks Online Education email. Ask your instructor for assistance if you’re not able to setup your QuickBooks Online account.

QuickBooks Online Education Exercises—Green Tree Landscapes 3

2. Setup a new company called Green Tree Landscapes. The company contact information is the following:

a. Green Tree Landscapes

b. 5100 Spectrum Way

c. Mississauga, ON.

d. L4W 5S2

3. Alice really likes the new company logo she created and has asked that you add it to QuickBooks forms. Add the company logo to QuickBooks Online.

4. Jane has registered the business and has provided you the Business Number. Enter the following business number in QuickBooks: 111111119 RT001

5. Jane the accountant has asked you to enable several settings to secure QuickBooks from errors you can potentially make.

a. Add the Green Tree Landscapes Business Number.

b. Jane has determined that you’ll use the calendar year as your fiscal year. Enter this in QuickBooks.

c. Jane has asked you to set a closing date for the company to make sure that no one makes entries in the prior accounting period. Set the closing date as Dec. 31st of the last calendar year.

6. From their previous business contacts, Jon and Alice have a list of customers that they’d like to enter into QuickBooks. Jon has provided you a list of customers in Excel. Import the customer list into QuickBooks.

7. Alice entered all Green Tree Landscapes services in MS Excel. Import the list of Products and Services.

8. Alice and Jon need to be setup as QuickBooks users. Jane has asked you to set up Alice as an Administrator user in QuickBooks. Jane asked that you set up Jon as a user with limited access rights to customers and accounts receivable transactions.

9. Jane has asked you to add her as the accountant. For this exercise, you’ll invite your instructor as the accountant.

10. Green Tree Landscapes has decided to start tracking sales tax immediately. Setup sales tax for the company.

You’re now ready to get down to work and start using QuickBooks Online. Before you get started you have to get used to where everything is and how to get around the software. You’ll need to get some practice to feel comfortable.

4 QuickBooks Online Education Exercises—Green Tree Landscapes

Chapter 2 Exercises

1. Log into QuickBooks. Bookmark the login page to make it easy to log in for future use of QuickBooks.

2. Click the Home Page and note the following sections:

a. Dashboard including Income, Expense, Profit and Loss, and Sales.

b. Bank Accounts.

3. Jane the accountant has asked you to keep the homepage information private from everyone. Make the Dashboard information private.

4. Review the Left-Hand Navigation bar:

a. Review the Sales centre.

b. Click Accounting and review the Chart of Accounts.

c. Open the Customer Contact List. Print the list.

5. Review your sales tax rate in the Sales Tax Centre.

6. Open the Invoice window. No need to enter an invoice.

7. Open the Bill window. No need to enter a bill.

8. Open the Chart of Accounts and find the Office Expenses account.

9. Open the Gear Icon menu and review the Account and Settings.

10. Open the Invoice window and review the fields on the form. This will prepare you for the next chapter.

Now that you’ve set up Green Tree Landscapes and have a basic understanding of how to get around QuickBooks Online you’re ready to take your knowledge to the next level. Alice and Jon have started delivering their services and are making sales. They’ve started by adding customers and collecting money after delivering their services. They’ve started cutting lawns, and other lawn care services. They’ve been in business for almost a month, so you’ve got some work to do.

Chapter 3 Exercises Create the following new customers:

• Contact: Kevin Johnson 400 Willowview Lane Toronto, ON. M3H 4J1 Phone: 705-835-9701 Terms: Due on Receipt

QuickBooks Online Education Exercises—Green Tree Landscapes 5

• Contact: Yang & Associates Law 3185 Acton Avenue Toronto, ON M3H 4J1 Terms: Due on Receipt Phone: 416-545-9810

• Contact: Janis McBriderton 4710 Merton Street Toronto, ON M1L 3K7 Phone: 416-545-9811 Terms: Due on Receipt

• Contact: Bryce Trout 289 Speers Road Oakville, ON L6J 3X4 Phone: 416-627-0116 Terms: Due on Receipt

• Contact: Huron Park Community Association 1891 Eglinton Avenue Toronto, ON M4P 1A6 Phone: 416-627-0119 Terms: Due on Receipt

Green Tree Landscapes has chosen to start with several simple services. Create the following services:

• Weekly Lawn Maintenance. Jon wants the invoice to read Weekly Lawn Maintenance including cut, trim, edge and debris removal. The price will be $35 per week. Jane the accountant wants to track the sales of this service to the Sales account. The service is taxable.

• Spring Cleaning. Alice wants the sales form to read Spring Cleaning including power raking, cut, trim, edge, hedge trimming, aeration, and fertilizer. The price is $295. Track the sales of this service to the Sales account. The service is taxable.

• Fertilizer. Alice wants the sales form to read 1 Fertilizer Application. The price is $74.95 Track. Track the sales of this service to the Sales account. The service is taxable.

• Hedge Trimming. The description of this service should read Hedge Trimming. The price is not a fixed fee and will be determined by the size of job that needs to be done. Track the sales of this service to the Sales account. The service is taxable.

6 QuickBooks Online Education Exercises—Green Tree Landscapes