Industry sign banking hawaii purchase order template now
my name is Brian Watkins and this is my second tutorial for the QuickBooks program in accounting 231 formerly known as accounting 232 B in order to help you out I'm going to give you my test from the last semester of accounting 231 and I'm hoping and if you're smart you'll use this test as a guide to study by first taking it and only watching the video after you have struggled to go through the tests on QuickBooks without notes this will help you know if you're prepared to to take the test that I'm going to write for you next week let's see here we just put QuickBooks on the computers in the testing center we're double checking to make sure you don't have any trouble if for any reason you would be prompted to to download an update or to take some other action please just say no get straight into QuickBooks and what you should see is this screen right here ok this is called the Express Start screen and the biggest difference between prior versions of QuickBooks and the version we now work on is this Express start so let's go back briefly to the test this is what you're going to see I'm going to have a some kind of business scenario and in this scenario you can quickly see that it's a simple retail operation and so you're going to create this new retail shop you're going to go down set your preferences according to the test and according to the prior the prior tutorial sorry and then we're going to go through and we're going to book these transactions and this tutorial is going to be very quick about how to do it I'm just going to go through it assuming that you've studied and you've practiced the first tutorial and remember the most important thing you do on QuickBooks is properly booked your transactions and that begins with the proper time so let's go used QuickBooks 2012 to create our new company if you're going to do this right print this out and have it next to you I'm going to allow you to write on it in the testing center and make a mark check off each step or take a big marker and just cross it out as you do it but make sure you do everything the biggest problem students had on this test was a simple failure to follow the directions particularly when it comes to uploading the test so let's get started we'll go to our Express start and we'll do a name here and so I'm sure you're all very creative individuals but I just want you to use your name for the company that way I can keep track of the 75 to 100 tests I'm going to get so we come down here we're going to do a retail shop and our company is going to be a sole proprietorship okay we're going to get rid of that we're going to go right to company file and you don't see what it's doing but it's creating the file now typically takes a while so I will pause this okay it took about a minute or so for the company file to be created and at alternate times during the creation period it flashed an error message and said not responding just keep your hands off the keyboard let the computer work I'm sure the computer and the testing center is going to be a bit slower than the one here in my office don't if you start hitting escape or trying to get out you're just gonna cause this thing not to work so be patient and if for some reason you get three or four minutes into it without a company file then you go get the proctor in the testing center but for right now let's just start working and you come to the standard QuickBooks screen looks like this okay I closed all the junk that pops up to get to this straight screen this is the screen you need and you can see really quickly whether or not you've opened the various things that you need to open so we'll go over here to edit preferences and I believe one of the things we need to do is set our inventory so we want inventory and purchases orders to be active okay so that's set ok it's going to close everything and then we're going to go back to preferences this time we're going to set our tax now it says right there in your test what's going to happen with tax yes we're going to charge it and we're going to add a sales tax item here let's just do this go to silk click out sales tax name let's call it state sales tax I think that's what it says in the test ok sales tax and the rate that I gave in the test was eight point seven five and the tax agency will add that and I told you use state tax authority okay and then remember right now we're going to be using dates that don't correspond so you're gonna want to keep your dates just to be careful April first cuz I I gave this test in the April semester so the date corresponds so now we've got our taxes we've got our inventory and here's another one if you don't set this it's in the general yes I want to save them make all taxable yes if you go into general my preferences and turn off the beep where is the beat there's the beat turn it off because you're going to be in the testing center annoying everybody if your computer's beeping all the time so you might be the kind of person that likes to annoy other people but please just turn the beep off okay so now we have our preferences let's go to our home screen so I click the home button to get this back now we have our inventory we can enter our bills purchase orders everything's ready to go so we look down here on April 5th deposit 5,000 feel your dad's check into a bank account at the byu-hawaii credit union as your owner's equity record deposits yes let's call it the BYU Hawaii credit union and this is the operating checking account don't worry about tax lines don't worry about opening balance don't worry about anything else just give it a name that that you can find it's just a bank account it's not an accounting account ok so save and close now on the 5th of May are sorry I'm already making the mistake on the 5th of April you're gonna make it deposit so make sure you get the date before you do anything it's gonna fight you ok April 5th good ok receive from and we're just gonna say it's other bring that up because who's paying it but maybe your dad's check but it's your money ok we'll say alright and what account is it going to be it's going to be owner's equity and what's the memo this is going to be opening investment and the memo line is important because it pops up in various places in the schedules when you create reports you'll want to have as much information as you can and here's where you get it so the check number eight eight three nine when I grade you I'm looking to see if you put in the information that I give you in the test so briefly let's just go right back here and let's look at where I'm what I'm referring to okay I want to see the deposit I want to see the number and I want to see the byu-hawaii credit union what's the owner's equity it's not difficult but you do have to be careful you have to make sure that everything that I provide you gets into the computer because I put it there for a reason and if you think about it I'm not going to waste time on the test I'm gonna waste my time or your time so if you see some piece of information here in one of these transactions it's your responsibility to get that in from into QuickBooks so let's go back to our bank deposit here we go and it's gonna be a check and it's gonna be $5,000 okay we're not getting any cash back we're not getting anything out so we'll save it and close it and it's gonna warn me it's gonna say that owner's equity thing but remember you're in charge your accountants you know what owner's equity is so you hit OK and so now if we're going to check to make sure we've started everything right we go to reports it's taking a while let's just go up to the drop down then and we'll say a company and financial and we'll look at a standard ballot sheet it's already going to take us forward in time and there we go byu-hawaii credit union $5,000 owner's equity $5,000 not complicated you just make sure that each transaction gets to where it needs to be and if you get in the habit of checking after each transaction you'll make sure to avoid a lot of trouble because what is the biggest problem in this test it's setting the wrong date so let's go back let's do the next one will close the balance sheet we'll go to our home home and we'll look at our test prepare and send purchase order number 1 for 30 min ehre frigerators that you are going to sell to BYU Hawaii students for 125 dollars purchase order ok the date April 6th purchase order number one shipped to mean vendor is going to be marine supply Inc I gave you that name I expect to see it to set the date here so that we're careful without every date that pops up we'll hit OK we'll go to our item and we want 30 mini refrigerators ok so we're gonna make a new item when it comes up it'll be just an inventory part and the item name or number this is how you know it is mini refrigerator ok the manufacturers part number is given to you item B 2 4 5 and on purchase transactions when we buy it from the company we're going to say item B 2 4 5 because that's what the company calls this thing but when we sell it we're gonna call it mini refrigerator I think I spelled that right so when we buy it from the company it says your supplier is marine supply they sell for $75 this is probably the single most important screen for your test because once you set up an item it gets very difficult to change the cost in the sales price and all of that kind of thing so the cost 75 cost of goods sold we only have one vendor so we're not going to worry about that it is an inventory asset just to be safe let's change the state April 6th and our sales price is going to be a healthy 100 to $25 now our income account is going to be merchandise sales that's where that's where it goes so remember this screen it's one of the most important now we have the item setup we can order it don't forget the quantity the quantity is 30 30 mini refrigerators the customer is just us so we don't have to worry about it no message to the VIN I don't see anything in the on the test that we would have to write so I think that we are done so let's save it close it alright at this point we've entered our purchase order if we went up to our reports and we went to purchases and we looked at open purchase orders we should see purchase order number one and if we want to double check it we can double click on it it will come up and even though we don't do this if we wanted to let's see here if we want to see a preview here is the purchase order okay now obviously all this other information you would enter if we were doing it for a business don't forget that what you're doing in QuickBooks is you're really you're preparing these documents to get mailed and they get in files and there's there's a lot more to to do with an accounting system than just to keep track of what's going on but that's the only time I'll really drop out and take a look at that so we have our purchase order save and close that we see that it's open that's good and a purchase order won't change our financials because it's just an offer to purchase it's not until your vendor accepts the offer that you have a legal obligation so you've printed it out you've mailed it to your customer now let's go down to April 7th 2012 prepare and take purchase order number two so we'll go to purchase order automatically says number two we'll adjust the date to 7th see it's starting to behave it figured out that this is going to be a later chronological entry we're going to add a new vendor Ace Hardware ace hardware and we're gonna change that just because if I don't someone will be confused and forget to change it so April 7th we're not going to know anything more than that we just want ace hardware to show up we want purchase order number two and then we're gonna get some new items again very important screen so we'll call it an inventory part and the first part is going to be 30 surge protectors since we figure our mini fridges need clean power so our surge item name is surge protector manufacturers part number is SP 20 a.m. P I expect to see that on the test because I gave it to you and on purchase transactions it's SP 20 am P and on sales transactions it's a surge suppressor two-piece actually what did I call it surge protector there we go okay and it costs us search protectors cost 15 and we sell them for 25 good good and good just set that so we don't forget it's the seventh so everything's good for that part we hit okay an income ik oh sorry forgot the income account merchandise sales all right how many of these things are we gonna buy so this you're gonna buy 30 of them 30 surge protectors now you're gonna click on the next line you have a second item that you're going to do you can buy more than one thing at a time so this next one is going to be an extension cord extension cord and the part number looks to be e xt 20 amp all right so I'll purchase transactions it's ext 20 amp and on sales transactions it's an extension cord it costs us two dollars we're gonna sell them for $10 and our income account of sales and we're just gonna clean up the dates to make sure that everything is April 7th all right so April 7th purchase order number two we want 15 extension cords all right that's our completed purchase order so we could put a memo in hardware purchase order now having finished purchase order number one we received this with a bill so let's take a look here at April 10th 2012 on April 10th 2012 10 2012 we received a an Ace Hardware there is an open purchase order so we say sure bring it in and the terms are 215 net 30 okay I entered that before when I was doing a version of this video so just to understand that if you see terms that are different you have to add them here and the new terms but I think I've gone over that before so let's just back up and so I selected the terms 215 net 30 as it was given in the test this will be the the first order from Ace Hardware okay but the problem is on the bill you have to set up all of the costs that are going to become part of your inventory and your cost of goods sold these costs could include insurance shipping taxes anything that you have to pay that's directly attributable to the item these costs right here are just the raw costs from your supplier so we are told in our entry that they give you the items together with a bill that includes sales tax of thirty nine thirty eight so that means here you're gonna have four 8938 for your search protector and you're gonna have 30 262 for your extension cords okay at this point we calculate you should look at your amount due and I gave you a clue on the test your total bill should be five hundred and twenty two dollars well five hundred and twenty two dollars so everything looks good there 215 net 30 so we've got a discount date we've got the regular date I think we're ready to commit but it's these two boxes it's the total cost that really throw a lot of students off and I gave you those numbers in the test and I would do it on on a future test because I don't want to confuse you so here we go we have our bill so we'll save and close the bill and we'll go to April 11th the inventory is a bit much for your dorm room so you rent two storage space and pay 150 dollars for the first month by writing a check to lie a storage use the right check feature on your home page the icon is just under record deposit all right that sounds good so we'll write a check and we're going to pay to the order of it's going to be a vendor they're providing us the storage service so we're going to call our vendor Liege storage Inc I believe our date is now April 11th we'll just set that you we don't have any additional information and we're going to print this on April 11th and we're gonna put the information down here now what account this doesn't this doesn't mean like a bank are byu-hawaii Credit Union rather this is the accounting account that this check is going to go to and so if you realize for this check it'll be called storage expense let's go down here and I don't see storage expense okay so we're gonna add new and it's gonna be an expense account okay and we'll hit continue and we'll call it storage expense and you can put it it's not required here but just so you understand what's going on this is the account to keep track of the like ei storage rental that way i
you forget some day you've got a little note so save and close it's going into storage expense one hundred and fifty dollars its first month's storage payment leggy a storage it's not billable it's not a customer job it's just a straight check for $150 the memo line should pop up when we recalculate I might pop up I'm not seeing it but it's I guess it lets you do it twice so we'll just say first month storage expense and then we've got it done so save and close so we've set to check off to the storage people it's not billable all right I'm looking out over this I don't see anything else okay so now we're gonna go to April 14th the refrigerators arrive with the bill receive inventory with a bill your vendor for the refrigerators is marine supply so we'll bring them in okay and let's read carefully the invoice does not charge tax but you were charged a shipping fee of two hundred and fifty dollars for a total of twenty five hundred do ok marine supply does not offer a discount and your payment is due in 15 days ok so we'll just go here net 15 and this will be first order of reef let's be careful here many refrigerators all right and we're gonna change our amount our amount was not twenty-five hundred there's not twenty two fifty but we have to add the shipping fee it's part of our inventory so two 500 and it's not a customer it's not billable purchase orders right let's check the date again 411 I think they arrived on 414 okay so there we go save a closed now I give you a hint after this transaction you should have three thousand twenty two dollars worth of inventory so let's go up to our reports and let's take a look at our balance sheet and what's our inventory 3022 okay and we can pull up a detail on that we can see that we have five hundred twenty two from Ace twenty five hundred from marine supply don't get confused this isn't the this isn't the price that you ordered them for this is the price that you actually paid it has the taxes and has the shipping costs and even better it matches the hint I gave you on the test so okay we're good there and we're good there let's go to April seventeenth the guy across the hallway Todd Smith wants a mini fridge you pays you one hundred and twenty-five dollars for a mini fridge and ten dollars for an extension cord together with sales tax alright we've got to collect sales tax we've got to sell this guy a fridge so let's do a sale and he's going to give us a check all right so let's just create a sales receipt why do we not create let's close this here why do we not create an invoice because we're not billing your customer and receiving the payment later rather we bill our customer and receive the payment at the same time okay so what's our customer leave us name is Todd Smith what's our date April 17th so we'll just make sure that we're always doing April 17th okay mr. Smith on April 17th he's our sale number one he's big sale here he's going to pay us check number 250 and what's he gonna do he's going to buy a mini refrigerator he's buying one okay and then let's stretch this down a bit he's also going to buy an extension cord one extension cord all right the state sales tax why this is squeezing that it's some way to close this here I'm not seeing it okay so let's try this to get out of it and let's try to stretch this margin over I'm sorry I'm not seeing a way to get at that information let's got there we go I closed that all right now you can see a little bit more and I can bring it out here good so we've sold Todd Smith mini fridge extension cord one and one we go get the goods deliver them take his check and deposit the check in the bank on this date and I even gave you a hint prepare sales receipt so that if you worried about whether you'd be able to remember this a sale to Todd's death sale number one that's kind of additional because that number one and Todd Smith are also there but what the heck save it close all right now we have to go deposit his check into the bank click there we go it tells us 4:17 Todd Smith check 146 81 C 417 same day even close alright now we've done April 17th now let's go to April 20th score we sell 8 mini-fridges on account so we're going to create an invoice and we're going to sell them to the School of Business and it's going to be April 20th okay so April 20th and we look here and it says so they professors can stash their diet coke in their offices boy am i funny prepare an invoice extend terms of one ten net thirty all right so let's look at the terms one ten net thirty okay I gave you an easy one you don't even have to create anything new the quantity we're gonna sell many refrigerators we're gonna sell eight of them okay so we tell them thank you for your business and it looks like if you set your taxes up right this invoice should reflect sales tax of 8750 well there's the 8750 looks like we did it all right we could print this again this is the screen that QuickBooks uses to get it in but what you would do in real life if you would print this let's preview it and you get this nifty looking piece of paper with all the official stuff on it that has your terms and your messages and that's where it really comes in handy I don't think I show you enough of that in the first tutorial so we'll save and close there's the invoice okay April 24th professors can't stop talking about your mini fridges you sell three more to students who pay cash as follows pay cash that's a clue that's a sales receipt so now we're going to have three sales Martin Jones let's do him Martin Jones the date is April 24th April 24th all right April 24th it'd be really careful those dates and what's Martin Jones gonna do he's going to give us cash and he's going to buy Martin Jones buys a mini-fridge and a surge protector mini-fridge surge protector he buys one of each and he gives us cash of 160 313 great we got that one okay saving clothes now let's go do another sales receipt this one is going to Steven woods and we're on April 24th and Steven buys a mini-fridge and an extension cord mini-fridge extension cord buys one of each and he gives us cash of 146 81 wonderful now we got that cash saving close we got a third sale and this sale goes to Laura Carter and April 24th good we got April 24th and Miss Carter is going to pay check 81 and it looks like she is going to buy a mini-fridge accord and a surge protector mini-fridge Accord a surge protector one of each and she gives us her check for one hundred and seventy four dollars everything looks good save it close now we're going to make a deposit because we had a big day and we're holding cash from mr. Jones cash for mr. woods and a cheque from Miss Carter so we click all that and we get it into our bank hey save and close all right April 27th a local property management company will buy your entire remaining inventory they want everything so now the trick is you have to let's see here it's gonna be cash I wrote this testimonial okay it's an invoice all right they want everything so what we need to do is go to our reports go to inventory and go to an inventory stock status by item look at that that tells us here exactly what we have on hand for extension cords mini fridges surge protectors okay that is going to come in very handy as we do our invoice now we can we can figure out exactly what we need so let's go back up I want to write that down here so inventory stock status by item okay so we have I'm making a note 12 extension cords we have 18 mini-fridge and we have 28 surge protectors okay now we can close that one and get to our big invoice our customer is paradise rentals paradise rentals Inc our D is April 27th April 27th ok April 27th ok and it's going to be terms of 1 10 net 30 and we're going to prepare the invoice for all of them so we have 18 many refrigerators we have 12 extension cords we have 28 surge protectors we have our tax go whoa thank you okay so we have everything here and we're done okay April 29th you pay your bill to marine supply with check number two and your bill to Ace Hardware so April 29th is bill pay day so here's our pay bill screen we want to pay both of these so let's do all we can't check both because we're only going to do one check at a time so it's April 29th and it's gonna be a check and we're gonna do the bill to marine supply first the terms were 215 net 30 today is April 29th so I don't think I don't think marine supply even offered a discount so we're good all right no credits available for byu-hawaii pay the bill it's been done let's pay another bill okay this one's the Ace Hardware bill it's still April 29th okay and on April 29th the discount date was 425 so it looks like we don't get a discount from Ace Hardware we have a check it's going to be checked number three I believe automatically and we'll pay the bill done okay April 30th the school of business pays its bill within the discount period all right so if they pay if they pay the bill then we need to use our deposit so we're going to receive a payment that we have received from a customer and we receive it from the School of Business the date is April 30th okay the payment method was checked to 444 so check not debit card check two four four four this was four eight mini-fridges all right and we're gonna click on all its automatic calculation okay don't worry about that okay so now if we look at that and we were in the discount this is the part that a lot of people got messed up on this customer has discounts available click discounts and credits so there it is suggested discount your discount account would be sales discounts of course so there you go you've given them their 1088 because they're paying on time business professors do that done and everything's automatic and let's look at it discounts apply we're good to go okay we're back and what we forgot to do last time and I had to turn it back to do that was to receive the payment so here's the payment from the School of Business okay or sorry I'm jumping ahead we received the payment and what we want to do is deposit the money so we click on that the thousand that we got there's undeposited money thousand seventy six and we're going to make this deposit on the 30th good credit union good save and close all right one last payment here Paradise rentals pays such a big sales so May 4th and it was checked for ninety nine and they gave you three three zero five point two four all right and what did they give that to you for oh sorry I forgot to put their paradise rentals there we go underpayment 33 39 well it has they have discounts available so I was trying to help everybody out by telling you exactly how much the amount was you see in the test it says hint this is exactly what they owe you and it it confused a lot of people so what you need to do to get to that correction is go to your discounts and credits there's your discount apply the discount and now everything matches because you're going to take the 33 out of that payment and you come to the right amount so just be careful with your discounts would be the the lesson to learn from this okay and then we go to record deposits and we'll get that money in the bank where it belongs all right one final transaction on May 5th you receive your checking account statement from BYU Hawaii credit union it is dated May 1st you did not have any interest income but you did have bank charges on this date why do I tell you that well what we're going to do at this point is the reconciliation so we go to reconcile and you're going to see the statement date is May 1st remember everything I give you you're going to need it the ending balance in your account was given at 5 4 6 0.75 there's the ending balance service charges you incurred $20 and you're going to need to expense that and the service charge was imposed on the date of printed and we go bank service charges nifty it was right there all right so we have all the information it said specifically that you did not have any interest income so we continue okay and now we have to double check our closing balance five four six zero seven five there it is and our checks two and three have not cleared the account so let's find checks two and three line this up a bit check to was to go back here was to marine supply on the 29th that has not cleared whoops everything but two and three is cleared okay so we'll check for eleven has cleared the school of business check two for four has not cleared let's go back that was the thousand dollars okay all other transactions have cleared so actually that paradise rentals won't have cleared either because it was after the statement so it looks like that has something I will change make that change so now we have everything marked that has clear and these two checks did not clear and these two deposits did not clear and the difference is zero which is good that means we can reconcile so I click on it it's generating we want both of them so let's display them okay and we come up here's our summary report and here's our detailed report I want to see both of those so now it's as good a time as any to teach you what you're gonna have to do in the testing center you're going to provide me with all of your statements okay if you read on the test it says prepare your financial statements being sure to set the date to past May 5th you should have a balance sheet income statement copy of the journal as well as to reconciliation reports do all your printing to the PDF printer which is installed on your testing center computer all right so here's my detail I'm going to print it I'm going to print it to the cutepdf writer set that it'll give you all kinds of options you want the cutepdf writer if you get any test papers that are printing in the testing center office they get really upset with me so be sure you do this right print to cutepdf so I print it and there it is it's printing off to wherever it goes we'll get we'll get it back here it'll say save as okay so give it a file name that you can recognize reconciliation detail and put it on your desktop save now it's on my desktop I can close it let's let it stop thinking there we go the summary we're going to do the same way we're going to print it we're not going to email it to me we're not going to anything else we're going to print it on cutepdf writer so print takes a little thinking wait for it that's going to be reconciliation summary and we're gonna put it on the desktop save it's thinking it's done alright so now I need my report so let's go up here company financial balance sheet standard and let's see what's happened we got money in the bank that's excellent we've got a sales tax payable that you'd have to write a check to at some point and we've got some income here good so let's make sure that our date was right some date after May 5th that's good the hand let's print it and we're going to call that the balance sheet say all right now we need the income statement so we go to company and financial profit & Loss standard so here's the profit and loss and we'll change our dates from April first refresh their that looks a little better so you can see our total sales total sales discounts our cost of goods sold I gave you hints for both of those we've got our two expenses perfect so we will print that I was taking a little longer to come up for some reason maybe I hit it too fast up here it is hey for some reason it closed so just look at your system tray if you can't see it it's a file name income statement desktop see done now the most important one for me is the journal because that's what I grade you on to see how well you did and if you don't give me a good journal count no taxes journal I can't give you partial credit so it is entirely up to you if you want the best grade possible make sure that you get all your transactions from April 1st to date refresh there you can see them all this goes way down so if you want to get all your points on the test you make sure your journal does just write print cutepdf writer let's time it popped up we'll call it the journal and we'll put it on a desktop okay at this point you're going to you're all done with QuickBooks so we know we don't want that we're gonna just exit QuickBooks everything is fine okay I don't have a student password that I can show you on instructure what you do
but I try to show you in the test exactly how it is properly done you get the proctor over they enter the code and that unleased that allows you to go down to the test you upload one one PDF and you submit the assignment then you go back and you check your submission and when you're in the screen where you're checking your submission there is a new feature that opens up and you will be able to upload the remaining PDFs so that they're tied to the same assignment most of my students had no problem last time but I had several that just dis confused them to no end they could not figure it out I can't explain it any better than that so just make sure that you do not email them to me you don't print them out on hardcopy you submit them as requested as for the extra credit you're on your own for that it takes a lot of work you'll need to study it you need to figure that out but I will reward you with extra credit if you can do that just remember that I want a payroll detail report showing that you paid some money and I also want to see on the income statement some payroll expense so get me the detail report and the payroll expense and that will get you your extra credit here you go QuickBooks is pretty pretty detailed and I ran through that whole thing with explanations in about 48 minutes you'll have 45 minutes to do the test but you won't be stopping to explain everything you do hopefully you will be checking and good luck if you have any questions come and see me
