102|QUICKBOOKS – Getting Your Feet Wet

Challenges
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BYU Student Author: @Mitchell_J_Otis, @Derek_Cardall, @Jimmy_Han, @Dallin_Gardner
Reviewers: @Cole_Batten, @Nathan_Hammond, @Kaylee_Bair, @Ammon_Thornton
Estimated Time to Solve: 20-25 Minutes

We provide the solution to this challenge using:

  • QuickBooks Online

Need a program? Click here

Overview
This challenge is for beginner-level QuickBooks Online users who want to become more familiar with sending invoices, receiving payments, and making bank deposits. It can be done by people who have never touched QuickBooks Online before. Start off by watching this 2-minute video: https://www.youtube.com/watch?v=NS_J1dEfniU

Instructions

  1. Use QBO dummy account with this link. Then go to USA about half way down the page and click that link. You might have to logout of your QBO account.
  2. Export a balance sheet and an income statement (profit and loss). Use the dates June 1, 2023 - Nov 30th, 2023 for your reports.
  3. Create an invoice for $112.35 for the customer “Cool Cars” for service of “Design” - Date: 11/1/2023 - Terms: net 30 - Inv# 1038 (should auto populate)
  4. Create an invoice for $87.65 for the customer “Diego Rodriquez” for service of “Installation” - Date: 11/2/2023- Terms: net 30 - Invoice Num: Inv#1039 (should auto populate)
  5. Receive payment for invoice Inv# 1038. (You may have to use the “find by invoice no.” feature to do this.) Do this through the “receive payment” button under invoice amount for the invoice. Date: 11/3/2023 - Payment method: Check - Reference No: check1 - Deposit to: undeposited funds
  6. Receive payment for invoice Inv# 1039. Do this through the “receive payment” button under the “+ New” on the home page. Date: 11/4/2024 - Payment method: Check - Reference No: check2 - Deposit to: undeposited funds
  7. Create a bank deposit for $200.00 on 11/05/2023 into the checking account that includes both of the payments you just received.
  8. Match the bank deposit that you just created to the amount of $200.00 for that date.
  9. Export the balance sheet and the income statement. Use June 1, 2023 - Nov 30th, 2023 as your dates again to see the comparison from before.
  10. Answer the following questions: What is the new design income? What is the new installation income? What is the new net income? What is the new total for current assets? Feel free to compare the ending balances to the beginning balances that you exported at the beginning to notice the differences.

Solution

Design Income $2,362.35
Installation Income $337.65
Net Income $1,876.46
Current Assets $11,041.29
Solution Video: Challenge 102|QuickBooks Online – Getting Your Feet Wet

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I forgot to export a P&L before I did the transactions, but pretty sure I did it right. Maybe make instructions clear as to why we need to export that in step 2

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Hello Derek, me and a fellow student (Josh Maichel) recently completed your QuickBooks project. I am attaching our final balance sheet and income statement below.
Getting your feet wet-Final Balance sheet.xlsx (10.9 KB)
Getting your feet wet-Final Income Statement.xlsx (11.5 KB)

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School Project submitted by Constance Jackson.
New Design Income is $112.35.
New Installation Income is $87.65.
New Net Income is $-100.
New Total for Current Assets is $5200.00

Jacksonsprojectbalancesheet.xlsx (4.4 KB)
Jacksonsprojectprofitandloss.xlsx (4.2 KB)