CHAPTER 2 CUSTOMIZING QUICKBOOKS AND THE CHART OF ACCOUNTS

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1 CHAPTER 2 CUSTOMIZING QUICKBOOKS AND THE CHART OF ACCOUNTS INSTRUCTOR NOTE: Assignments that can be graded using the QuickBooks Grade Assistant are designated with a *. To download the QuickBooks Grade Assistant: 1. Go to 2. Enter Passcode: DonnaKay 3. Select QB2013 GRADE ASSIST 4. Download QB2013 Grade Assistant Excel files with macros. Instructions are provided on the first worksheet of each QuickBooks Grade Assistant workbook. Students can download Go Digital Excel report templates at and then export their reports to the Excel template for grading with the QuickBooks Grade Assistant.

2 2.2 Exploring QuickBooks with Rock Castle Construction CHAPTER 2 QUICK CHECK CHAPTER 2 * Chart of Accounts (Account Listing) EXERCISE 2.1 * Task 3: Statement of Cash Flows * Task 4: To Do List EXERCISE 2.2 * Task 3: Revised Chart of Accounts EXERCISE 2.3 Your Choice: List of Industry-Specific Features EXERCISE 2.4 Schedule C Tax Form 1120S Tax Form PROJECT 2 QUICK CHECK PROJECT 2 * Chart of Accounts (Account Listing) * Statement of Cash Flows

3 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.3 CHAPTER 2 CHART OF ACCOUNTS Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 46, Cash B/S-Assets: Cash Savings Bank 17, Savings B/S-Assets: Cash Petty Cash Bank Petty Cash B/S-Assets: Cash Accounts Receivable Accounts Receivable 93, Accounts Receivable B/S-Assets: Accts. Rec. and trade notes Undeposited Funds Other Current Asset 2, Undeposited Funds B/S-Assets: Other current assets Inventory Asset Other Current Asset 30, Inventory Asset B/S-Assets: Other current assets Employee Advances Other Current Asset Employee Advances B/S-Assets: Other current assets Pre-paid Insurance Other Current Asset 4, Pre-paid Insurance B/S-Assets: Other current assets Retainage Receivable Other Current Asset 3, Retainage Receivable B/S-Assets: Other current assets Furniture and Equipment Fixed Asset 34, Furniture and Equipment B/S-Assets: Buildings/oth. depr. assets Vehicles Fixed Asset 78, Vehicles B/S-Assets: Buildings/oth. depr. assets Buildings and Improvements Fixed Asset 325, Buildings and Improvements B/S-Assets: Buildings/oth. depr. assets Construction Equipment Fixed Asset 15, Construction Equipment B/S-Assets: Buildings/oth. depr. assets Land Fixed Asset 90, Land B/S-Assets: Land Accumulated Depreciation Fixed Asset -110, Accumulated Depreciation B/S-Assets: Buildings/oth. depr. assets Security Deposits Other Asset 1, Security Deposits B/S-Assets: Other assets Accounts Payable Accounts Payable 26, Moneys you owe to vendors and suppliers B/S-Liabs/Eq.: Accounts payable QuickBooks Credit Card Credit Card QuickBooks Credit Card B/S-Liabs/Eq.: Other current liabilities CalOil Credit Card Credit Card B/S-Liabs/Eq.: Other current liabilities Subcontracted Federal WH Other Current Liability 0.00 B/S-Liabs/Eq.: Other current liabilities Due to Owner Other Current Liability 0.00 Short Term Loan from Owner - No Note or Bond B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities Other Current Liability 5, Payroll Liabilities B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24010 Federal Withholding Other Current Liability 1, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24020 FICA Payable Other Current Liability 2, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24030 AEIC Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24040 FUTA Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24050 State Withholding Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24060 SUTA Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24070 State Disability Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24080 Worker's Compensation Other Current Liability 1, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24090 Direct Deposit Liabilities Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24100 Emp. Health Ins Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Sales Tax Payable Other Current Liability Sales Tax Payable B/S-Liabs/Eq.: Other current liabilities Loan - Vehicles (Van) Long Term Liability 10, /4 Ton PU - 48 months 6.9% purchased 12/01/ B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Vehicles (Utility Truck) Long Term Liability 19, Loan - Vehicles (Utility Truck) B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Vehicles (Pickup Truck) Long Term Liability 22, Loan - Vehicles (Pickup Truck) B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Construction Equipment Long Term Liability 13, Loan for Construction Equipment B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Furniture/Office Equip Long Term Liability 21, Loan for purchase of furniture and office equipment B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Note Payable - Bank of Anycity Long Term Liability 2, B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Mortgage - Office Building Long Term Liability 296, Mortgage - Office Building B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Opening Bal Equity Equity 38, Offset account for use during the setup of the company's QuickBooks data <Unassigned> file only Capital Stock Equity Capital Stock <Unassigned> Shareholder Distributions Equity 0.00 Distributions paid to shareholders <Unassigned> Retained Earnings Equity Retained Earnings <Unassigned> Construction Income Income Construction Income <Unassigned> Construction Income:40110 Design Income Income <Unassigned> Construction Income:40120 Equipment Rental Income Income <Unassigned>

4 2.4 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line Construction Income:40130 Labor Income Income <Unassigned> Construction Income:40140 Materials Income Income <Unassigned> Construction Income:40150 Subcontracted Labor Income <Unassigned> Construction Income:40199 Less Discounts given Income <Unassigned> Reimbursement Income Income <Unassigned> Reimbursement Income:40510 Mileage Income Income Account for reimbursable mile <Unassigned> Reimbursement Income:40520 Permit Reimbursement Income Income <Unassigned> Reimbursement Income:40530 Reimbursed Freight Income & Delivery <Unassigned> Cost of Goods Sold Cost of Goods Sold QuickBooks Automatically Increases the balance in this account when you <Unassigned> use inventory items on invoices or sales receipts Job Expenses Cost of Goods Sold <Unassigned> Job Expenses:54100 Bond Expense Cost of Goods Sold <Unassigned> Job Expenses:54200 Equipment Rental Cost of Goods Sold Equipment Rental <Unassigned> Job Expenses:54300 Job Materials Cost of Goods Sold Job Materials <Unassigned> Job Expenses:54400 Permits and Licenses Cost of Goods Sold Licenses <Unassigned> Job Expenses:54500 Subcontractors Cost of Goods Sold Subcontractors Expense <Unassigned> Job Expenses:54520 Freight & Delivery Cost of Goods Sold Freight and Delivery <Unassigned> Job Expenses:54599 Less Discounts Taken Cost of Goods Sold <Unassigned> Automobile Expense Automobile <Unassigned> Automobile:60110 Fuel Expense Fuel Expense <Unassigned> Automobile:60120 Insurance Expense Business Truck Policies <Unassigned> Automobile:60130 Repairs and Maintenance Expense <Unassigned> Bad debt Expense <Unassigned> Advertising & Promotion Expense Deductions: Advertising Bank Service Charges Expense Bank Service Charges <Unassigned> Depreciation Expense Expense Depreciation Expense <Unassigned> Dues and Subscriptions Expense Dues and Subscriptions <Unassigned> Union Dues Expense Union Dues <Unassigned> Insurance Expense Insurance <Unassigned> Insurance:62110 Disability Insurance Expense Disability Insurance <Unassigned> Insurance:62120 Liability Insurance Expense Liability Insurance <Unassigned> Insurance:62130 Work Comp Expense Workman's Compensation <Unassigned> Insurance:62199 Less Employee Portion - Health Expense <Unassigned> Interest Expense Expense Interest Expense <Unassigned> Interest Expense:62410 Finance Charge Expense Finance Charge <Unassigned> Interest Expense:62420 Loan Interest Expense Loan Interest Expense <Unassigned> Payroll Expenses Expense <Unassigned> Payroll Expenses:62710 Gross Wages Expense <Unassigned> Payroll Expenses:62720 Payroll Taxes Expense <Unassigned> Payroll Expenses:62730 FUTA Expense Expense <Unassigned> Payroll Expenses:62740 SUTA Expense Expense <Unassigned> Office Supplies Expense Office Supplies <Unassigned> Postage Expense <Unassigned> Professional Fees Expense Professional Fees <Unassigned> Professional Fees:63610 Accounting Expense Accounting Fees <Unassigned> Professional Fees:63620 Legal Fees Expense Legal Fees <Unassigned> Rent Expense Rent <Unassigned> Repairs Expense Repairs and Maintenance <Unassigned>

5 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.5 Account Type Balance Total Description Accnt. # Tax Line Repairs:64210 Building Repairs Expense Building Repairs <Unassigned> Repairs:64220 Computer Repairs Expense Computer Repairs <Unassigned> Repairs:64230 Equipment Repairs Expense Equipment Repairs <Unassigned> Taxes Expense Taxes <Unassigned> Taxes:64510 Federal Expense Federal Taxes <Unassigned> Taxes:64520 State Expense <Unassigned> Taxes:64530 Property Expense Property Taxes <Unassigned> Taxes:64540 Local Expense <Unassigned> Tools and Machinery Expense Tools and Machinery <Unassigned> Utilities Expense Utilities <Unassigned> Utilities:65110 Gas and Electric Expense Gas and Electric <Unassigned> Utilities:65120 Telephone Expense Telephone <Unassigned> Utilities:65130 Water Expense Water <Unassigned> Miscellaneous Expense Miscellaneous <Unassigned> Other Income Other Income Other Income <Unassigned> Interest Income Other Income Interest Income <Unassigned> Other Expenses Other Expense Other Expenses <Unassigned> Purchase Orders Non-Posting <Unassigned> Estimates Non-Posting <Unassigned> Sales Orders Non-Posting <Unassigned>

6 2.6 Exploring QuickBooks with Rock Castle Construction EXERCISE 2.1 TASK 3 STATEMENT OF CASH FLOWS Nov 17 OPERATING ACTIVITIES Net Income 16, Adjustments to reconcile Net Income to net cash provided by operations: Accounts Receivable -2, Inventory Asset -2, Pre-paid Insurance Retainage Receivable -2, Accounts Payable 16, QuickBooks Credit Card -1, CalOil Credit Card Payroll Liabilities:24010 Federal Withholding Payroll Liabilities:24020 FICA Payable Payroll Liabilities:24050 State Withholding Payroll Liabilities:24070 State Disability Payable Payroll Liabilities:24080 Worker's Compensation Payroll Liabilities:24100 Emp. Health Ins Payable Sales Tax Payable Net cash provided by Operating Activities 25, FINANCING ACTIVITIES Loan - Vehicles (Van) Loan - Construction Equipment Note Payable - Bank of Anycity -2, Net cash provided by Financing Activities -3, Net cash increase for period 21, Cash at beginning of period 77, Cash at end of period 99,551.58

7 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.7 EXERCISE 2.1 TASK 4 TO DO LIST Done Date Description Priority Type With No 07/27/2012 Call Doug about grout in the kitchen. Low Task No 07/27/2012 Call Lynn about back porch. Low Task No 07/27/2012 Finish Jacobsen poolhouse estimate Low Task No 01/01/2018 Print financial statements for Mr. Castle. High Task Yes 07/27/2012 Call Erika Pretell about new property. Low Task Yes 07/27/2012 Call Patton Hardware Supplies about Mason job. Low Task Yes 12/12/2017 Print financial statements for Mr. Castle. High Task

8 2.8 Exploring QuickBooks with Rock Castle Construction EXERCISE 2.2 TASK 3 REVISED CHART OF ACCOUNTS Account Type Balance Total Description Accnt. # Tax Line YourName Checking Bank 46, Cash B/S-Assets: Cash Savings Bank 17, Savings B/S-Assets: Cash Petty Cash Bank Petty Cash B/S-Assets: Cash Accounts Receivable Accounts Receivable 93, Accounts Receivable B/S-Assets: Accts. Rec. and trade notes Undeposited Funds Other Current Asset 2, Undeposited Funds B/S-Assets: Other current assets Inventory Asset Other Current Asset 30, Inventory Asset B/S-Assets: Other current assets Employee Advances Other Current Asset Employee Advances B/S-Assets: Other current assets Pre-paid Insurance Other Current Asset 4, Pre-paid Insurance B/S-Assets: Other current assets Retainage Receivable Other Current Asset 3, Retainage Receivable B/S-Assets: Other current assets Furniture and Equipment Fixed Asset 34, Furniture and Equipment B/S-Assets: Buildings/oth. depr. assets Vehicles Fixed Asset 78, Vehicles B/S-Assets: Buildings/oth. depr. assets Buildings and Improvements Fixed Asset 325, Buildings and Improvements B/S-Assets: Buildings/oth. depr. assets Construction Equipment Fixed Asset 15, Construction Equipment B/S-Assets: Buildings/oth. depr. assets Land Fixed Asset 90, Land B/S-Assets: Land Accumulated Depreciation Fixed Asset -110, Accumulated Depreciation B/S-Assets: Buildings/oth. depr. assets Security Deposits Other Asset 1, Security Deposits B/S-Assets: Other assets Accounts Payable Accounts Payable 26, Moneys you owe to vendors and suppliers B/S-Liabs/Eq.: Accounts payable QuickBooks Credit Card Credit Card QuickBooks Credit Card B/S-Liabs/Eq.: Other current liabilities CalOil Credit Card Credit Card B/S-Liabs/Eq.: Other current liabilities Subcontracted Federal WH Other Current Liability 0.00 B/S-Liabs/Eq.: Other current liabilities Due to Owner Other Current Liability 0.00 Short Term Loan from Owner - No Note or Bond B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities Other Current Liability 5, Payroll Liabilities B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24010 Federal Withholding Other Current Liability 1, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24020 FICA Payable Other Current Liability 2, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24030 AEIC Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24040 FUTA Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24050 State Withholding Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24060 SUTA Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24070 State Disability Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24080 Worker's Compensation Other Current Liability 1, B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24090 Direct Deposit Liabilities Other Current Liability B/S-Liabs/Eq.: Other current liabilities Payroll Liabilities:24100 Emp. Health Ins Payable Other Current Liability B/S-Liabs/Eq.: Other current liabilities Sales Tax Payable Other Current Liability Sales Tax Payable B/S-Liabs/Eq.: Other current liabilities Loan - Vehicles (Van) Long Term Liability 10, /4 Ton PU - 48 months 6.9% purchased 12/01/ B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Vehicles (Utility Truck) Long Term Liability 19, Loan - Vehicles (Utility Truck) B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Vehicles (Pickup Truck) Long Term Liability 22, Loan - Vehicles (Pickup Truck) B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Construction Equipment Long Term Liability 13, Loan for Construction Equipment B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Loan - Furniture/Office Equip Long Term Liability 21, Loan for purchase of furniture and office equipment B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Note Payable - Bank of Anycity Long Term Liability 2, B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Mortgage - Office Building Long Term Liability 296, Mortgage - Office Building B/S-Liabs/Eq.: L-T Mortgage/note/bonds pay Opening Bal Equity Equity 38, Offset account for use during the setup of the company's QuickBooks data <Unassigned> file only Capital Stock Equity Capital Stock <Unassigned> Shareholder Distributions Equity 0.00 Distributions paid to shareholders <Unassigned> Retained Earnings Equity Retained Earnings <Unassigned> Construction Income Income Construction Income <Unassigned> Construction Income:40110 Design Income Income <Unassigned> Construction Income:40120 Equipment Rental Income Income <Unassigned>

9 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.9 Account Type Balance Total Description Accnt. # Tax Line Construction Income:40130 Labor Income Income <Unassigned> Construction Income:40140 Materials Income Income <Unassigned> Construction Income:40150 Subcontracted Labor Income <Unassigned> Construction Income:40199 Less Discounts given Income <Unassigned> Reimbursement Income Income <Unassigned> Reimbursement Income:40510 Mileage Income Income Account for reimbursable mile <Unassigned> Reimbursement Income:40520 Permit Reimbursement Income Income <Unassigned> Reimbursement Income:40530 Reimbursed Freight Income & Delivery <Unassigned> Cost of Goods Sold Cost of Goods Sold QuickBooks Automatically Increases the balance in this account when you <Unassigned> use inventory items on invoices or sales receipts Job Expenses Cost of Goods Sold <Unassigned> Job Expenses:54100 Bond Expense Cost of Goods Sold <Unassigned> Job Expenses:54200 Equipment Rental Cost of Goods Sold Equipment Rental <Unassigned> Job Expenses:54300 Job Materials Cost of Goods Sold Job Materials <Unassigned> Job Expenses:54400 Permits and Licenses Cost of Goods Sold Licenses <Unassigned> Job Expenses:54500 Subcontractors Cost of Goods Sold Subcontractors Expense <Unassigned> Job Expenses:54520 Freight & Delivery Cost of Goods Sold Freight and Delivery <Unassigned> Job Expenses:54599 Less Discounts Taken Cost of Goods Sold <Unassigned> Automobile Expense Automobile <Unassigned> Automobile:60110 Fuel Expense Fuel Expense <Unassigned> Automobile:60120 Insurance Expense Business Truck Policies <Unassigned> Automobile:60130 Repairs and Maintenance Expense <Unassigned> Bad debt Expense <Unassigned> Selling Expense Expense Deductions: Advertising Selling Expense:60410 Advertising Expense Expense Deductions: Advertising Selling Expense:60420 Promotion Expense Expense Deductions: Advertising Bank Service Charges Expense Bank Service Charges <Unassigned> Depreciation Expense Expense Depreciation Expense <Unassigned> Dues and Subscriptions Expense Dues and Subscriptions <Unassigned> Union Dues Expense Union Dues <Unassigned> Insurance Expense Insurance <Unassigned> Insurance:62110 Disability Insurance Expense Disability Insurance <Unassigned> Insurance:62120 Liability Insurance Expense Liability Insurance <Unassigned> Insurance:62130 Work Comp Expense Workman's Compensation <Unassigned> Insurance:62199 Less Employee Portion - Health Expense <Unassigned> Interest Expense Expense Interest Expense <Unassigned> Interest Expense:62410 Finance Charge Expense Finance Charge <Unassigned> Interest Expense:62420 Loan Interest Expense Loan Interest Expense <Unassigned> Payroll Expenses Expense <Unassigned> Payroll Expenses:62710 Gross Wages Expense <Unassigned> Payroll Expenses:62720 Payroll Taxes Expense <Unassigned> Payroll Expenses:62730 FUTA Expense Expense <Unassigned> Payroll Expenses:62740 SUTA Expense Expense <Unassigned> Office Supplies Expense Office Supplies <Unassigned> Postage Expense <Unassigned> Professional Fees Expense Professional Fees <Unassigned> Professional Fees:63610 Accounting Expense Accounting Fees <Unassigned> Professional Fees:63620 Legal Fees Expense Legal Fees <Unassigned>

10 2.10 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line Rent Expense Rent <Unassigned> Repairs Expense Repairs and Maintenance <Unassigned> Repairs:64210 Building Repairs Expense Building Repairs <Unassigned> Repairs:64220 Computer Repairs Expense Computer Repairs <Unassigned> Repairs:64230 Equipment Repairs Expense Equipment Repairs <Unassigned> Taxes Expense Taxes <Unassigned> Taxes:64510 Federal Expense Federal Taxes <Unassigned> Taxes:64520 State Expense <Unassigned> Taxes:64530 Property Expense Property Taxes <Unassigned> Taxes:64540 Local Expense <Unassigned> Tools and Machinery Expense Tools and Machinery <Unassigned> Utilities Expense Utilities <Unassigned> Utilities:65110 Gas and Electric Expense Gas and Electric <Unassigned> Utilities:65120 Telephone Expense Telephone <Unassigned> Utilities:65130 Water Expense Water <Unassigned> Miscellaneous Expense Miscellaneous <Unassigned> Other Income Other Income Other Income <Unassigned> Interest Income Other Income Interest Income <Unassigned> Other Expenses Other Expense Other Expenses <Unassigned> Purchase Orders Non-Posting <Unassigned> Estimates Non-Posting <Unassigned> Sales Orders Non-Posting <Unassigned> EXERCISE 2.3 YOUR CHOICE: LIST OF INDUSTRY-SPECIFIC FEATURES Students are to select two sample companies of their choice (other than a sample product-based business or a sample service-based business) and list the different industry-specific features.

11 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.11 EXERCISE 2.4 SCHEDULE C TAX FORM

12 2.12 Exploring QuickBooks with Rock Castle Construction

13 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.13 EXERCISE S TAX FORM

14 2.14 Exploring QuickBooks with Rock Castle Construction

15 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.15

16 2.16 Exploring QuickBooks with Rock Castle Construction

17 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.17 PROJECT 2 CHART OF ACCOUNTS (ACCOUNT LISTING) Account Type Balance Total Description Accnt. # Tax Line Barter Account Bank 0.00 Business to Business Barter <Unassigned> Cash Expenditures Bank Wash acct for cash expenses <Unassigned> Checking Bank 99, Great Statewide Bank <Unassigned> Savings Bank 5, Great Statewide Bank <Unassigned> 1200 Accounts Receivable Accounts Receivable 35, <Unassigned> Employee advances Other Current Asset <Unassigned> Prepaid Insurance Other Current Asset <Unassigned> 1300 Inventory Asset Other Current Asset 6, <Unassigned> 1400 Undeposited Funds Other Current Asset <Unassigned> 1500 Truck Fixed Asset 12, <Unassigned> 1500 Truck:1510 Original Purchase Fixed Asset 13, Purchase Price of Asset 1510 <Unassigned> 1500 Truck:1520 Accumulated Depreciation Fixed Asset -1, <Unassigned> 2000 Accounts Payable Accounts Payable 2, <Unassigned> QuickBooks Credit Card Credit Card Platinum MasterCard <Unassigned> QuickBooks Credit Card:QBCC Field Office Credit Card QBCC for Field Office Manager <Unassigned> QuickBooks Credit Card:QBCC Home Office Credit Card QBCC for Management Office <Unassigned> QuickBooks Credit Card:QBCC Sales Dept Credit Card 0.00 QBCC for Sales Office <Unassigned> 2100 CalOil Card Credit Card 1, <Unassigned> Payments on Account Other Current Liability -1, Deposits rec'd from customers <Unassigned> 2102 Payroll Liabilities Other Current Liability 5, <Unassigned> 2111 Direct Deposit Liabilities Other Current Liability <Unassigned> 2300 Sales Tax Payable Other Current Liability 2, <Unassigned> Bank of Anycity Loan Long Term Liability 19, <Unassigned> Equipment Loan Long Term Liability 3, <Unassigned> 2400 Bank Loan Long Term Liability 5, Recapitalization Loan 2400 <Unassigned> 3000 Owner's Equity Equity -5, <Unassigned> 3000 Owner's Equity:3010 Owner's Draw Equity -5, <Unassigned> 3000 Owner's Equity:3020 Owner's Contributions Equity <Unassigned> 3100 Retained Earnings Equity 3100 <Unassigned> 3200 Opening Bal Equity Equity 151, <Unassigned> Retail Sales Income <Unassigned> Service Income <Unassigned> 4100 Landscaping Services Income 4100 Schedule C: Gross receipts or sales 4100 Landscaping Services:4000 Design Services Income 4000 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials Income 4110 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:Misc Materials Income <Unassigned> 4100 Landscaping Services:4110 Job Materials:4111 Decks Income & Patios 4111 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4112 Fountains Income& Garden Lighting 4112 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4113 Plants Income and Sod 4113 Schedule C: Gross receipts or sales 4100 Landscaping Services:4110 Job Materials:4114 Sprinklers Income& Drip systems 4114 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor Income 4120 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor:4121 InstallationIncome 4121 Schedule C: Gross receipts or sales 4100 Landscaping Services:4120 Labor:4122 Maintenance Income & Repairs 4122 Schedule C: Gross receipts or sales 4100 Landscaping Services:4130 Equipment Rental Income 4130 Schedule C: Gross receipts or sales 4200 Discounts Income 4200 Schedule C: Gross receipts or sales 4300 Other Income Income 4300 Schedule C: Other business income 4400 Markup Income Income 4400 Schedule C: Gross receipts or sales 4999 Uncategorized Income Income 4999 Schedule C: Other business income 5000 Cost of Goods Sold Cost of Goods Sold 5000 Schedule C: Materials/supplies, COGS 6000 Advertising Expense 6000 Schedule C: Advertising 6100 Amortization Expense Expense 6100 <Unassigned> 6200 Automobile Expense 6200 Schedule C: Car and truck expenses 6200 Automobile:Insurance Expense <Unassigned> 6200 Automobile:License & Fees Expense <Unassigned> 6200 Automobile:6210 Fuel Expense 6210 Schedule C: Car and truck expenses 6200 Automobile:6220 Maintenance & Repairs Expense 6220 Schedule C: Car and truck expenses 6300 Bad Debt Expense 6300 Schedule C: Bad debts from sales/services 6400 Bank Service Charges Expense 6400 Schedule C: Interest expense, other 6500 Bond Expense Expense 6500 Schedule C: Interest expense, other 6561 Payroll Expenses Expense 6561 <Unassigned> 6600 Delivery Fee Expense 6600 Schedule C: Other business expenses 6700 Depreciation Expense 6700 Schedule C: Depletion 6700 Depreciation:6710 Section 179 Expense 6710 Schedule C: Other business expenses 6800 Dues and Subscription Expense 6800 Schedule C: Legal and professional fees 6900 Insurance Expense 6900 Schedule C: Insurance, other than health 6900 Insurance:6910 Disability Expense 6910 Schedule C: Insurance, other than health 6900 Insurance:6920 Liability Expense 6920 Schedule C: Insurance, other than health 6900 Insurance:6930 Worker's Comp Expense 6930 Schedule C: Insurance, other than health 6999 Uncategorized Expenses Expense 6999 <Unassigned> 7000 Interest Expense Expense 7000 Schedule C: Interest expense, other 7000 Interest Expense:7010 Finance Charges Expense 7010 Schedule C: Interest expense, other 7000 Interest Expense:7020 Interest on Loan Expense 7020 Schedule C: Interest expense, other 7100 Job Expenses Expense 7100 Schedule C: Other costs, COGS 7100 Job Expenses:7110 Job Materials Expense 7110 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7111 Decks & Patio Expense 7111 Schedule C: Materials/supplies, COGS

18 2.18 Exploring QuickBooks with Rock Castle Construction Account Type Balance Total Description Accnt. # Tax Line 7100 Job Expenses:7110 Job Materials:7112 Fountains & Expense Garden Lighting 7112 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7113 Plants & Sod Expense 7113 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7110 Job Materials:7114 Sprinkler's Expense & Drip Systems 7114 Schedule C: Materials/supplies, COGS 7100 Job Expenses:7120 Equipmental Rental Expense 7120 Schedule C: Rent/lease vehicles, equip Job Expenses:7130 Permits Expense 7130 Schedule C: Other costs, COGS 7100 Job Expenses:7140 Subcontractors Expense 7140 Schedule C: Labor, cost of goods 7200 Miscellaneous Expense 7200 Schedule C: Other business expenses 7250 Mileage Reimbursement Expense 7250 Schedule C: Car and truck expenses 7300 Office Supplies Expense 7300 Schedule C: Office expenses 7310 Supplies Expense 7310 Schedule C: Supplies (not from COGS) 7320 Computer Supplies Expense 7320 Schedule C: Supplies (not from COGS) 7400 Professional Fees Expense 7400 Schedule C: Legal and professional fees 7400 Professional Fees:7410 Accounting Expense 7410 Schedule C: Legal and professional fees 7400 Professional Fees:7420 Legal Expense 7420 Schedule C: Legal and professional fees 7400 Professional Fees:7430 Professional Design Fees Expense 7430 Schedule C: Legal and professional fees 7500 Rent Expense 7500 Schedule C: Rent/lease other bus. prop Repairs Expense 7550 Schedule C: Repairs and maintenance 7550 Repairs:7551 Building Repairs Expense 7551 Schedule C: Repairs and maintenance 7550 Repairs:7552 Computer Repairs Expense 7552 Schedule C: Repairs and maintenance 7550 Repairs:7553 Equipment Repairs Expense 7553 Schedule C: Repairs and maintenance 7600 Taxes Expense 7600 Schedule C: Taxes and licenses 7600 Taxes:7610 Federal Expense 7610 Schedule C: Taxes and licenses 7600 Taxes:7620 Property Expense 7620 Schedule C: Taxes and licenses 7600 Taxes:7630 State Expense 7630 Schedule C: Taxes and licenses 7700 Tools and Misc. Equipment Expense 7700 Schedule C: Other business expenses 7750 Utilities Expense 7750 Schedule C: Utilities 7750 Utilities:7751 Gas and Electric Expense 7751 Schedule C: Utilities 7750 Utilities:7752 Water Expense 7752 Schedule C: Utilities 7750 Utilities:7753 Telephone Expense 7753 Schedule C: Office expenses 7750 Utilities:7754 Internet Provider Expense 7754 Schedule C: Office expenses Misc Income Other Income <Unassigned> 8000 Interest Income Other Income 8000 Schedule C: Other business income 9000 Other Expenses Other Expense 9000 Schedule C: Other business expenses Purchase Orders Non-Posting <Unassigned> 5 Sales Orders Non-Posting 5 <Unassigned>

19 Chapter 2 Customizing QuickBooks and the Chart of Accounts 2.19 PROJECT 2 STATEMENT OF CASH FLOWS Oct '16 - Sep 17 OPERATING ACTIVITIES Net Income -83, Adjustments to reconcile Net Income to net cash provided by operations: 1200 Accounts Receivable -3, Prepaid Insurance Inventory Asset -3, Accounts Payable -2, CalOil Card 1, Payments on Account -1, Payroll Liabilities 4, Sales Tax Payable 1, Net cash provided by Operating Activities -88, INVESTING ACTIVITIES 1500 Truck:1520 Accumulated Depreciation Net cash provided by Investing Activities FINANCING ACTIVITIES Bank of Anycity Loan 20, Equipment Loan 4, Bank Loan -7, Retained Earnings 43, Opening Bal Equity -67, Net cash provided by Financing Activities -5, Net cash increase for period -93, Cash at beginning of period 220, Cash at end of period 126,905.97

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