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ACC108:Week 1 Assignment
Revised Date 2/13/2017
Step 1: Company Setup Information:
Rapid Auto (RA) is a sole proprietorship that has asked you to help them with their books and
getting set up in QuickBooks Online. They have provided you the following general information:
Rapid Auto – YOUR NAME
543 W. Elm Street
Hurricane, UT 84737
Phone: 555-321-1234
Website: www.rapidauto.com
The RA logo has been provided (File name: RALogo )
Both products and services are sold at RA, which has been in business less than 1 year. The
current system of bookkeeping has been a hand-written ledger so you have no existing
QuickBooks data to import.
Employer Identification Number (EIN) is 80-1234567.
RA accepts payment in the form of cash, checks and credit cards.
ACC108: Week 1 Assignment
Revised Date 2/13/2017
Step 2: Customize Forms:
All forms can be customized within QBO. This means that invoices, statements, cash receipts,
and so forth can all be edited to meet a users’ needs.
For now, the Standard Master form will suffice but does need some editing. Be sure that it looks
like the sample below. The data such as Bill To, Invoice number, items, prices, etc. is
automatically created when you preview the form.
You will need to edit:
• The Style
• Ensure the logo is present
and properly right aligned
• Change the color
• Edit the types of company
information provided
• Edit the message in the footer
Be sure to PRINT this preview
as part of your submission for
the week (see Step 7 below).
ACC108: Week 1 Assignment
Revised Date 2/13/2017
Step 3: Customize Settings:
Be sure to check the following settings for your company:
• Preferred invoice terms are Due on Receipt
• Track Inventory on hand is ON
• Use Purchase Orders is ON
Step 4: Adding Accounts:
In viewing the Chart of Accounts, it is clear that several important accounts need to be created in
order for the business to run smoothly.
First, we need to setup our checking account held at State Credit Union with a balance of
$14,987.46 as of 1/1/20xx. Remember that we follow double-entry accounting rules. When you
view your chart of accounts after creating the Checking account, you will also see that another
account, Opening Balance Equity was also increased. Remember that Assets = Liabilities +
Owners’ Equity!
RA also has an Excel spreadsheet containing a few other accounts they would like added. You
can use the Import feature OR enter the accounts manually. If you use the import feature, you
will notice that the balances do not transfer over. These will need to be manually entered for each
account with a date as of 1/1/20xx. Note: when entering the Delivery Truck, be sure to select
Track Depreciation to enter the original amount of $18,795 and zero depreciation as of 1/1/20xx.
Step 5: Setup Sales Tax:
In looking at the document with combined tax rates for Utah for 20xx, the city of Hurricane
collects the state tax, a local sales and use tax, a botanical cultural, zoo tax, a highway tax, and a
county option sales tax. This equates to a combined sales tax of 6.35%. We will set up a
combined tax rate as follows:
Tax Name: Utah Sales Tax
Component name Agency Name Rate
State Sales Tax Utah Tax Commission 4.70%
County Sales Tax Washington County 1.65%
Step 6: Invite Accountant (Instructor)
Using the option to Invite your Accountant (Manage Users), invite your instructor. You will find
your instructor’s email on the course syllabus: instructor contact information page.
ACC108: Week 1 Assignment
Revised Date 2/13/2017
Step 7: Print Reports to PDF:
In order to submit work for week 1, you will need to print several pages from QuickBooks
Online to PDF.
To print pages from your browser (these instructions will work with any browser: Chrome,
Firefox, Safari, etc.) see the Print to PDF Instruction Guide.
Submit your work using the following file names:
1. CustomFormStyle Preview of customized form from Step 2 above
2. CompanyInfoPage Company Information page (from Settings)
3. SalesSettings Sales (from Settings)
4. ExpenseSettings Expenses (from Settings)
5. SalesTaxRates Sales Tax Rates & Agencies (from Taxes > Sales Tax >
Add/Edit tax rates and agencies
6. ChartofAccounts Chart of Accounts showing creation of new checking
account
Your files should look the similar to the following screenshots. The printed versions may or may
not contain the background, depending on your print settings.
ACC108: Week 1 Assignment
Revised Date 2/13/2017
ACC108: Week 1 Assignment
Revised Date 2/13/2017
Discussion Forum:
Locate an article in SHARC (Proquest library) discussing the use of accounting software. In your
discussion consider the following:
• How has software changed the accounting profession?
• What are emerging trends in accounting software?
• What are the pros and cons of utilizing software for the accounting function?
Be sure to cite your source(s) in APA format. Your initial post must be 150 words in length and
is due by Wednesday. Two peer replies of 50+ words are due by Saturday.
Assignment:
Complete the company setup of Rapid Auto. Enter the company name, address, phone, and
website. Using the information provided, answer the setup prompts.
Write a 750-word paper comparing the various cloud-based accounting options currently
available. Find at least 2 other companies that provide cloud-based accounting software and
compare and contrast them to QuickBooks Online. Be sure to consider the costs, features, and
pros and cons of each.
Sheet1
| Account Name | Type | Detail Type | Balance | |
| Savings | Bank | 4533.21 | ||
| Delivery Truck | Fixed Asset | Vehicles | 18795 | |
| Delivery Truck – Depreciation | Accumulated Depreciation | 0 |
Sheet2
Sheet3
Print to PDF Instructions
Revised 3/1/2016
How to print a web page to
This example uses Google Chrome as the browser but the process should be similar in other
browsers as well. Chrome is the recommended browser due to compatibility with many of the
programs we use.
Step 1: Once you are on the page you desire to print, go to the expansion menu at the upper right
and click.
Print to PDF Instructions
Revised 3/1/2016
Step 2: Click Print.
Print to PDF Instructions
Revised 3/1/2016
Step 3: A new Print Window will load. Select Change under destination.
Print to PDF Instructions
Revised 3/1/2016
Step 4: Click Save As PDF.
Print to PDF Instructions
Revised 3/1/2016
Step 5: Saving your file. The default folder will be your Documents folder. Navigate to the
folder you would like to store your files. A preferred method is to create a new folder for each
course in order to keep files for the course organized.
Print to PDF Instructions
Revised 3/1/2016
You can select other destinations such as your desktop to find folders to save your files. In this
example, an ACC108 folder has been added to the Desktop.
Print to PDF Instructions
Revised 3/1/2016
Finally, rename the file to the required file name provided in the instructions.
