Assignment 2: QuickBooks 2014 Project Due Week 10 and wort

Assignment 2: QuickBooks 2014 Project Due Week 10 and worth 250 points Assignment 2 is based upon the completion of the Live Project QuickBooks in Action (located in Chapter 13). This project will have you assuming the role of a consultant providing QuickBooks consulting services to a client. Your professor will provide a sample client to use for this project. As you work through the project you will see there are seven (7) deliverables / milestones of which only five (5) will be completed for this assignment: a. Identify at least three (3) reports per area: Bills and Collections; Invoicing and Payments; Payroll; and Financial Reporting. b. For each area describe the key benefits that the reports will provide. c. For each area determine who will be using the reports and the frequency (e.g. ad hoc daily weekly monthly etc.) of their use. Your assignment must follow these formatting requirements: Assume you are the owner of a small CPA practice in a major metropolitan area. You have six professional employees of which 2 are relatively new CPAs and an experienced office manager. In the past your practice consists primarily of tax and advisory services but you want to expand the practice. Based upon your desires to expand the practice you have found a potential new client. The client has a growing homeowners’ association consisting of 1000 homeowners who is in the process of acquiring with four other homeowner associations within the next 90 days. This acquisition will increase the number of homeowners to 3000. The new client is interested in using Quickbooks to perform the following functions: 1.Billing:Each month the system will generate an itemized bill for each homeowner. The fees will vary from $100 to $200 per month based upon the location of each home and the type of home (townhouse or single family homes). Late fees are 20 percent per month of the unpaid balance. The bills are mailed the 25th of each month and payment is due by the 10th of the following month. . 2.Collections:Payments can be made in person (at the HOA main office); via mail (via a PO Box); or electronically. Payments will be deposited to the clients account. 3.Payments: It is expected that the system will generate a minimum of 250 checks / payments each month to roughly 50 different vendors. These payments will cover a variety of services such as expenses for office supplies rental space for the HOA utility expenses for the HOA office as well as for lighting for each of the 5 HOAs lawn care refuse & snow removal 4.Payroll: It is expect that the client will have roughly 20 full-time employees and 30 part-time employees. Employees will be paid on a bi-weekly basis. Payment will be made from the clients payroll checking account which is separate from the clients primary account. 5.Reporting: It is expected that the system will be able to handle any and all reporting including periodic financial statements.

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