Tuesday, August 26, 2014

QuickBooks Online & "The Accounting Game: Basic Accounting Fresh from the Lemonade Stand" exercises...

Overview

To help users gain experience on Intuit's Qickbooks Online, I documented the "The Accounting Game: Basic Accounting Fresh from the Lemonade Stand" exercises, walking the users through them, step-by-step.   
Many customers use books like this to understand the basics of accounting and this book is also used internally to help train the support teams. 
The goal is to show how much QBO helps a business, how much time it saves and to clearly demonstrate QBO's return on investment. 
Thanks  - Mark :-)

QBO's Harmony Tutorial Supplement of Exercises Notes

  • This is not a standalone tutorial, it's more of a supplement and must be accompanied by the "The Accounting Game: Basic Accounting Fresh from the Lemonade Stand" book to provide context.  The exercises should be completed while reading the relevant chapters.  Where possible, I put page numbers in so the reports could be compared with the answers in the back of the book.
  • To be able to run reports properly and match the totals with the answers in the back of the book, you need to use a different transaction dates per chapter when executing the exercises.   I used a scheme of fixed month & year and used the chapter number as the day. For example, I used 06/01/2014 for chapter 1's exercises and 06/04/2014 for chapter 4's exercises.
  • The book briefly touches on taxes, I believe this was to convey that there are tax implications that need to be addressed.  I took the reference in the book to pertain to federal income taxes due to the high rate, not sales taxes.  Some states exempt lemonade from sales tax, others do not.  It can also matter whether you bought it pre-made or made it yourself from raw ingredients.  QBO can handle sale tax automatically when it is setup to do so.  To start the setup click on the "Sales Tax" link on the main navbar on the left of the page (See Setting up and tracking sales tax). 
  • I put memos & descriptions in entries that really weren't required, but thought it helped clarify the reports & drill downs, so users could better understand what is going on.
  • The examples below weren't meant to show case all of QBO, but we could take the approach of explaining more of QBO as we define the message and target audience of this tutorial supplement.
  • I linked to some QBO Knowledge Base (KB) articles in the exercises but they pertain to CLASSIC, many are in the process of updating the documents to help our customers be successful with Harmony.
  • I could have condensed some steps, but have sacrificed brevity for clarity (at least that was the goal).
  • There could  be a better way to complete the task, so please keep me honest and check each of the steps.  I could have made a mistake even though I have run through these exercises numerous times and there may be more room for improvement in the approach.
  • If you get stuck, try using the in-product help or the Intuit Community site to get answers to experience how well we provide for our customers first-hand.
  • I added the "Account Detail" to each step to give a better idea of how the QBO accounts are being debited & credited, but since "Net Income" isn't associated with a specific account and is calculated on the fly, those adjustments are omitted.

Create Company

You can create a free trial Plus Company to run through the exercises and then delete the data.  The Plus version is required to track inventory.

Chapter 1:

Balance Sheet 1: Start of Company (page 5)

  • Click the following - "+"->Show more->Bank Deposit
    • In Account drop down list , Click "+ Add new"
      • In Account Type, choose "Bank"
      • In Detail Type choose "Cash on hand"
      • Click "Save"
    • Date = "6/1/2014"
    • In "New Deposits" grid,
    • In the Account Column, Click "+ Add new"
      • In Category Type choose "Equity"
      • In Detail Type choose "Owner's Equity"
      • Click "Save"
    • Description =" Initial Investment from owner"
    • Amount = "$5"
    • Memo = "Initial Investment from owner"
    • Verify $5 total & click "Save and close"
  • Account Detail:
    • Debit - Cash on hand - $5
    • Credit - Owner's Equity - $5
Run a Reports->Balance Sheet and select "Accrual Basis" when prompted in the mini-interview. ($5)
Note: Don't add an opening " Balance" amount when creating the accounts or the value will be captured in "Opening Balance Equity" on the balance sheet

Balance Sheet 2: Loan From Mom & Dad (page 6)

  • Click the following - "+"->Bank Deposit
    • In Account drop down list choose "Cash on hand"
    • Date = "6/1/2014"
    • In New Deposits grid,
    • in the Account Column, Click "+ Add new"
      •  In Category Type choose "Long Term Liabilities"
      • In Detail Type choose "Notes Payable"
      • Click "Save"
    • Description = "Loan From Mom & Dad"
    • Amount = "$10"
    • Memo = "Loan From Mom & Dad"
    • Verify $10 total & click "Save and close"
  • Account Detail:
    • Debit - Cash on hand - $10
    • Credit - Notes Payable - $10
Run Reports->Recommended Reports->Balance Sheet ($15)

Balance Sheet 3: Buy Lemonade Supplies (page 10)

Classic Documentation on Buying and selling inventory items
Classic Documentation on Inventory Overview & Setup
  • Ensure Inventory Tracking  in enabled, click the following - Settings->Company Settings
    • Select Sales->Product & services
      • Check to make sure "Track quantity on hand" is "on"
      • Check to make sure "Track quantity and price/rate" is "on"
    • Select Expenses->Bills and expenses
      • Check to make sure "Show Items table on expense and purchase forms" is "on"
  • Click the following - "+"->Expense
    • In Payee create a Vendor "Grocer" via "+ Add new"
    • Expense Date = "06/01/2014"
    • Payment method = "Cash"
    • In Item Details Grid, Create a "Product/Service" via "+ Add new"
      • Add Name = "Lemons"
      • Click "Track Quantity on Hand"
      • "Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)
      • "as of date" = "06/01/2014"
      • "Inventory Asset Account" = "Inventory Asset"
      • Add "Sales Information"
        • Price/Rate = ".20"
        •  Income Account = "Sales of Product Income"
      • Add "Purchasing Information"
        • Cost = ".20"
        • Expense Account = "Cost of Goods Sold"
      • Save Product
      • Update "Qty" in line item to "50"
    • In Item Details Grid, Create a "Product/Service" via "+ Add new"
      • Add Name = "Sugar LBS"
      • Click "Track Quantity on Hand"
      • "Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)
      • "as of date" = "06/01/2014"
      • Add "Sales Information"
        • Price/Rate = ".40"
        • Income Account = " Sales of Product Income "
      • Add "Purchasing Information"
        • Cost = ".40"
        • Expense Account = "Cost of Goods Sold"
      • Save Product
      • Update "Qty" in line item to "5"
    • Memo = "Buy Lemonade Supplies"
    • Verify total is $12 & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $12
    • Credit - Cash on hand - $12
Run Reports->Recommended Reports->Balance Sheet ($15)
Note: If you made a mistake on entering the inventory, you can edit the entries through Transactions->Registers for account "Inventory Asset", the click "Go To Register" .

Make Lemonade from Lemons:

Classic Documentation on Adjusting inventory quantity on hand
  • Click the following - Settings ->Product & Services-> Click "New"
    • Name = "Glass of Lemonade".
    • Click "Track Quantity on Hand"
    • "Initial quantity on hand" = 0 (Don't add an "Initial quantity on hand" or the value will be captured in "Opening Balance Equity" on the balance sheet)
    • "as of date" = "06/01/2014"
    • Sales Information
      • Price = ".50"
      • Income Account = "Sales of Product Income"
    • Purchase Information
      • Cost =".20"
      • Expense Account = "Cost of Goods Sold"
    • Click "Save"

  • Click the following - Settings->Product & Services for "Lemons"->Click Edit
    • Click the "Update" button
    • Update quantity on hand "as of" = "06/01/2014"
    • Update the "New quantity on hand" to "0"
    • Save the product
  • Click the following - Settings ->Product & Services for "Sugar LBS"->Click Edit
    • Click the "Update" button
    • Update quantity on hand "as of" = "06/01/2014"
    • Update the "New quantity on hand" to "0"
    • Save the product
  • Click the following - Settings ->Product & Services for "Glass of Lemonade"->Click Edit
    • Click the "Update" button
    • Update quantity on hand "as of" = "06/01/2014"
    • Update the "New quantity on hand" to "60"
    • Save the product
  • Account Detail:
    • Lemons:
      • Debit - Inventory Shrinkage - $10
      • Credit - Inventory Asset - $10
    • Sugar LBS:
      • Debit - Inventory Shrinkage - $2
      • Credit - Inventory Asset - $2
    • Glass Of Lemonade:
      • Debit - Inventory Asset - $12
      • Credit - Inventory Shrinkage - $12
Run Reports->Recommended Reports->Balance Sheet ($15) - The values didn't change from before.
Note: The update of Inventory could be done in a few different ways.  Other ways are demonstrated in later exercises

Balance Sheet 4: First Day of Sales - (page 14)

  • Click the following - "+"->Sales Receipt
    • Create a "Generic Customer" via "+ Add new"
    • Sales Receipt Date = "06/01/14"
    • Update the "Payment Information" to
      • "Payment Method:" to Cash
      • "Deposit to" "Cash on hand" account
    • In "Product/Service" select "Glass of Lemonade"
    • Description = "First Day of Sales"
    • Update the Qty to "50" (amount total is calculated to $25)
    • Verify total is $25 & click "Save and close"
  • Account Detail:
    • Sales:
      • Debit - Cash on hand - $25
      • Credit - Sales of Product Income - $25
    • Track Inventory:
      • Debit - Inventory Asset - $10
      • Credit - Cost of Goods Sold - $10
Run Reports->Recommended Reports->Balance Sheet ($30)

Balance Sheet 5: Glass Rental, Advertisement & Rent (page 15)

  • Click the following - "+"->Expense
    • Account = "Cash On Hand"
    • Date = "06/01/2014"
    • Payment Method = "Cash"
    • In Account Details
      • In Account Column, Click "+ Add new"
        • In Category Type choose "Expense"
        • In Detail Type choose "Equipment Rental"
        • Click "Save"
      • Description = "Glass Rental"
      • Amount = "2"
    • Account = "Rent or Lease"
      • Description = "Rent Neighbors Lawn"
      • Amount = "2"
    • Account "Advertising"
      • Description = "Friend's Sign"
      • Amount = "1"
    • Verify $5 total & "Save and close"
  • Account Detail:
    • Debit - Equipment Rental - $2
    • Debit - Rent or Lease - $2
    • Debit - Advertising - $1
    • Credit - Cash on hand - $5
Run Reports->Recommended Reports->Balance Sheet ($25)

Balance Sheet 6: Payback Mom & Dad (page 18)

  • Click the following - "+"->Check
    • In Account drop down list choose "Cash on hand"
    • Date = "6/1/2014"
    • In Account Details grid,
      • In the Account Column choose "Notes Payable"
      • In Description Column add "Loan From Mom & Dad"
      • In Amount Column add "10.00"
    • Memo = "Loan From Mom & Dad"
    • Click "Save and close"
  • Account Detail:
    • Debit - Notes Payable - $10
    • Credit - Cash on hand - $10
Run Reports->Recommended Reports->Balance Sheet ($15)
NOTE: To see the numbers behind the Balance Sheet totals, you can click on the them to drill down.

Chapter 2:

Income Statement 1: (page 24)
Since you setup your QBO accounts properly this is very simple, just run  a Reports->Recommended Reports->Profit & Loss report :-)
  • Total Income = $25.00
  • Net Income = $10.00

Chapter 3:

Moving Net income to Retained earnings:
The book "The Accounting Game" is an accounting tutorial and since moving the net income to retained earnings at this point isn't typically done, QBO doesn't support this and it really isn't necessary now.
Classic Documentation on What is the Retained Earnings account?
Retained earnings is the sum total of income and expense from all previous years. Due to the type of account it is, the program creates it automatically. When a new fiscal year starts, the program takes the net income from the last fiscal year and adds it to Retained Earnings on your Balance Sheet. There is no actual transaction that takes place, as the amount will be different depending on the date of the balance sheet.  Additionally, there is no register for Retained Earnings and it is not possible to edit, delete or add a sub-account to it. You could change the name of the account if you deemed it necessary.

Balance Sheet 7: Bank Loan (page 38)

  • Click the following - "+"->Bank Deposit
    • In Account drop down list choose "Cash on hand"
    • Date = "6/3/2014"
    • In New Deposits grid,
      • in the Account Column, choose "Notes Payable"
      • In Description Column add "Bank Loan"
      • In Payment Method = "Cash"
      • In Amount Column add "$50"
    • Memo = "Bank Loan"
    • Verify $50 total & click "Save and close"
  • Account Detail:
    • Debit - Cash on hand - $50
    • Credit - Note Payable - $50
Run Reports->Recommended Reports->Balance Sheet ($65)

Balance Sheet 8: Whole sale of current inventory (page 39)

  • Click the following - "+"->Sales Receipt
    • Create a Customer "Wholesale Customer" that represents your friend via "+ Add new"
    • Sale Date =  "06/03/2014"
    • Update the "Payment Information" to
    • Payment Method = Cash
    • Deposit to = "Cash on hand" account
    • Add items to adjust inventory:
      • Add a Product/Service for "Glass of Lemonade"
      • Description = "Whole sale of current inventory"
      • Update the "Qty" to "10"
      • Since we are selling wholesale, override the default Rate of ".50" and set it to ".20"
    • Verify $2 total & "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Cash on hand - $2
      • Credit - Sales of Product Income - $2
    • Track Inventory:
      • Debit - Inventory Asset - $2
      • Credit - Cost of Goods Sold - $2
Run Reports->Recommended Reports->Balance Sheet ($65) Note: "0" Inventory Assets and increased "Cash on hand"

Balance Sheet 9: Buy sugar from Grocer on credit (page 42)
  • Click the following - "+"->Bill
    • Select the Vendor "Grocer" from the drop down list
    • Select Terms "Net 30 Days" (net 30 is typically standard unless otherwise specified)
    • Bill Date = "06/03/2014"
    • In the "Item details" grid
      • Choose "Sugar LBS"
      • "Description" = "Buy sugar from Grocer on credit"
      • "Qty" = 10
    • Memo = "Buy sugar from Grocer on credit"
    • Verify $4 total & click "Save and close".
  • Account Detail:
    • Debit - Inventory Asset - $4
    • Credit - Accounts Payable - $4
Run Reports->Recommended Reports->Balance Sheet ($69)
Note: Since you haven't paid the bill yet, it automatically shows in Accounts Payable, so you don't need to create a new account.

Balance Sheet 10: Buy lemons from Grocer (page 43)
  • Click the following - "+"->Expense
    • Purchased From = "Grocer"
    • Account = "Cash On Hand"
    • Date = "06/03/2014"
    • Payment method = "Cash"
    • In "Items details" grid
      • Product/Service="Lemons"
      • "Description" = "Buy lemons from Grocer"
      • "Qty" = 100
    • Memo = "Buy lemons from Grocer"
    • Verify $20 total & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $20
    • Credit - Cash on hand - $20
Run Reports->Recommended Reports->Balance Sheet ($69)

Chapter 4

Balance Sheet 11: Adjust Inventory and transfer labor cost of sister (page 46)

Classic Documentation on Tracking inventory assembly issue
(Using expense to adjust inventory instead of individual inventory updates that was done above to demonstrate both methods)
  • Click the following - "+"->Expense
    • Cash Account = "Cash on hand"
    • Date = "06/04/2014"
    • Payment Method = "Cash"
    • Amount = "$1"
    • In "Account Details" grid
      • Account = "Inventory Asset"
      • Description = "Make Lemonade from Lemons by Sister"
      • Amount = "$1"
(It is cumbersome tracking labor in this way, hopefully this issue can be addressed now that Intuit has acquired Lettuce Inventory Management solution.  See Balance Sheet 12)
    • In "Items detail" grid
      • Product/Service = "Lemons"
        • Description = "Make Lemonade from Lemons by Sister"
        • Qty="-50"
      • Product/Service = "Sugar LBS"
        • Description = "Make Lemonade from Lemons by Sister"
        • Qty="-5"
      • Product/Service = "Glass of Lemonade"
        • Description = "Make Lemonade from Lemons by Sister"
        • Qty="60"
        • Rate=".20"
    • Memo = "Make Lemonade from Lemons by Sister"
    • Verify $1 total & click "Save and close"
  • Account Detail:
    • Track Cost-of-Labor
      • Debit - Inventory Asset - $1
      • Credit - Cash on hand - $1
    • Lemons:
      • Credit - Inventory Asset - $10
    • Sugar LBS:
      • Credit - Inventory Asset - $2
    • Glass Of Lemonade:
      • Debit - Inventory Asset - $12
Run Reports->Recommended Reports->Balance Sheet ($69) -
Note: Reduction in "Cash on hand" and increase in "Inventory Asset"

Balance Sheet 12:  Sold Lemonade for Cash and Credit (page 50)

  • Click the following - "+"->Sales Receipt
    • Customer= "Generic Customer"
    • Sale Date = "06/04/2014"
    • Payment method = "Cash"
    • Deposit to = "Cash on hand"
    • Add items to adjust inventory:
      • Add a Product/Service for "Glass of Lemonade"
      • Description = "Day 2, Sold Lemonade for Cash"
      • Update the "Qty" to "40"
    • Verify $20 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Cash on hand - $20
      • Credit - Sales of Product Income - $20
    • Track Inventory:
      • Debit - Inventory Asset - $8
      • Credit - Cost of Goods Sold - $8

  • Click the following - "+"-> Invoice
    • Create a Customer "Credit Customer" that represents you friend via "+ Add new"
    • Invoice Date = "06/04/2014"
    • Add items to adjust inventory:
      • Add a Product/Service for "Glass of Lemonade"
      • Description = "Day 2, Sold Lemonade on Credit"
      • Update the "Qty" to "20"
    • Verify $10 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Account Receivable - $10
      • Credit - Sales of Product Income - $10
    • Track Inventory:
      • Debit - Cost of Goods Sold - $4
      • Credit - Inventory Asset - $4

Take care of Inventory Cost-of-Labor
  • Click the following - "+"->Journal Entries
    • Date = "06/04/2014"
    • Account = "Inventory Asset", Credit = "$1", Description = "Adjust for Cost of Labor"
    • in the Account Column, Click "+ Add new"
      • In Category Type choose "Cost of Goods Sold"
      • In Detail Type choose "Cost of labor"
      • Click "Save"
    • Account= "Cost of labor - COS", Debit = "$1", Description =  "Adjust for Cost of Labor"
    • Memo = "Adjust for Cost of Labor"
(It is cumbersome tracking labor in this way, hopefully this issue can be addressed now that Intuit has acquired Lettuce Inventory Management solution.   See Balance Sheet 11)
  • Account Detail:
    • Sale:
      • Debit - Account Receivable - $10
      • Credit - Sales of Product Income - $10
    • Track Inventory:
      • Debit - Cost of labor - COS - $1
      • Credit - Inventory Asset - $1
Run Reports->Recommended Reports->Balance Sheet ($86)

Balance Sheet 13:  Accounting for Bad Debt (page 50)

Classic Documentation on Writing off Bad Debt
  • Click the following - Settings->Chart of Account and click the "New" button
    • Category Type= "Expense"
    • Detail Type = "Bad Debts"
    • Click Save
  • Click the following - Settings->Product and Services and click the "New" button
    • Add the Name "Bad Debts"
    • In "Income Account" choose "Bad Debts"
    • Click Save
  • Click the following - "+"->Credit Memo
    • Customer = "Credit Customer"
    • Credit Memo Date = "06/04/2014"
    • Select Product/Service "Bad Debts"
    • Update "Description" to "Bad Debt for person that moved away"
    • Update "Amount" to "4.00"
    • Verify $4 total & click "Save and close"
  • Account Detail:
    • Debit - Bad Debt - $4
    • Credit - Accounts Receivable - $4
Run Reports->Recommended Reports->Balance Sheet ($82)
Note: A Payment is automatically created for the Credit Memo and linked to the Invoice due to the "Automatically apply credits" Company Setting.  This can cause confusion, so you may want to disable this feature and receive the payment by hand.

Balance Sheet 14:  Payback $25 on Bank Loan and Interest Payment (page 53)

  • Click the following - "+"->Expense
    • Account = "Cash On Hand"
    • Date = "06/04/2014"
    • In "Account details" grid
      • Account "Notes Payable", Description = "Payback Part of Bank Loan", Amount = $25
      • Account "Bank Charges", Description = "Interest on Bank Loan", Amount = $2
    • Verify $27 total & click "Save and close"
  • Account Detail:
    • Debit - Notes Payable - $25
    • Debit - Bank Charges - $2
    • Credit - Cash on hand - $27
Run Reports->Recommended Reports->Balance Sheet ($55)

Balance Sheet 15:  Buy 3 year Insurance Policy  and Use 1 year (page 57)

  • Click the following - "+"->Expense
    • Account = "Cash On Hand"
    • Date="06/04/2014"
    • Payment Method = "Cash"
    • In "Account details" grid
      • Account "Prepaid Expenses", Description="Prepaid 2 years of Insurance Policy", Amount= $2
      • Account "Insurance", Description=" Use 1 year of Insurance Policy", Amount= $1
    • Memo = "Prepaid 2 years of Insurance Policy"
    • Verify $3 total & click "Save and close".
  • Account Detail:
    • Debit - Insurance - $1
    • Debit - Prepaid Expenses - $2
    • Credit - Cash on hand - $3
Run Reports->Recommended Reports->Balance Sheet ($54) -
Note:  The Prepaid Expenses are now $2

Income Statement 2: Week 2 (page 63)

Just run Reports->Recommended Reports->Profit & Loss report for Chapter 3 & 4 (e.g. 6/3/2014 to 6/4/2014)
  • Total Income =  $32.00
  • Net Income = $10.00
Note: Getting the numbers to match the book's example depends on the dates on which you entered the data. If you segregated the chapters entries by days or weeks, you can run the P&L for that time period.  If you didn't, then you P&L will be for the transitions up to this point (Weeks 1, 2, 3 & 4).  You can click on the values of the report to drill down and see how the values are derived.

Show week 2 using the Cash Basis Method (page 67)

Since a company having inventory must use the Accrual Basis by law, QBO doesn't support tracking inventory using Cash Basis, so we will not demonstrate the rest of Chapter 4.  The Cash Basis method could be used if you are a services based business. 

Chapter 5

Service Based Business using Cash Basis

Since Chapter 5 is a digression into a Services Based company using Cash Basis, we would have to setup another QBO account, so we decided to skip the chapter, but it is worth reading.

Chapter 6

Moving Net income to Retained earnings:

The book "The Accounting Game" is an accounting tutorial and since moving the net income to retained earnings at this point isn't typically done, QBO doesn't support this and it really isn't necessary now.

Balance Sheet 16: Beginning Week 3 (page 80)

Run Reports->Recommended Reports->Balance Sheet ($54)

Balance Sheet 17: Buy lemons from grocer at $.40 each on Credit

  • Click the following - "+"->Bill
    • Select the Vendor "Grocer" from the drop down list
    • Select Terms "Net 30 Days" (not sure of terms the book uses, but net 30 is standard)
    • Bill Date = "06/06/2014"
    • In "Item Details" grid
      • Product/Service = "Lemons"
      • Description= Description = "Buy Lemons on credit"
      • Qty = 50
      • Update Rate in bill line item to .40 (you could also edit the "Lemons" Product & update the Purchase Information "Cost" to pre-populate  this value each time correctly, but this may only be a short-term spike in price)
    • Memo = "Buy Lemons on credit"
    • Verify $20 total & click "Save and close".
  • Account Detail:
    • Debit - Inventory Assets - $20
    • Credit - Accounts Payable - $20 - Note: Since you haven't paid the bill yet, it automatically shows in Accounts Payable.

  • Cost of Inventory and First-In-First-Out (FIFO) ( Documentation on FIFO):
    • QBO uses the FIFO method for inventory costing.  As the name implies, QuickBooks Online will always consider the first units purchased (First In) to be the first units sold (First Out) and will adjust your assets and Cost of Goods Sold (COGS) accordingly, whenever sales of inventory items are entered. 
    • Normally if you were selling the items directly to customers, you wouldn't have to do anything for tracking this after entering the appropriate purchasing cost for the product. 
    • Since you are converting the raw products into a saleable product manually you do need to know which lemons you are using to price you lemonade correctly.
Run Reports->Recommended Reports->Balance Sheet ($74)

Balance Sheet 18:  Make Lemonade from Lemons (page 83 (answer not in back of book))

  • Click the following - "+"->Expense
    • Cash Account = "Cash on hand"
    • Date = "06/06/2014"
    • Payment Method = "Cash"
    • In "Item details" grid,
      • Product/Service = "Lemons"
        • Description = "Make Lemonade from Lemons"
        • Qty="-50"
      • Product/Service = "Sugar LBS"
        • Description = "Make Lemonade from Lemons"
        • Qty="-5"
      • Product/Service = "Glass of Lemonade"
        • Description = "Make Lemonade from Lemons"
        •  Qty="60"
        • Verify Rate=".20"
    • Memo = "Make Lemonade from Lemons"
    • Verify $0 total & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $12
    • Credit - Inventory Asset - $10
    • Credit - Inventory Asset - $2
Run Reports->Recommended Reports->Balance Sheet ($74)
Note:  Inventory Asset is $32 (cost of Lemonade using (50 * $.20 Lemons) + ( 5 *$.40 Sugar)  + (50 * $.40 lemons))

Balance Sheet 19:  Sold Lemonade for Cash and Credit (page 85 (answer is in lesson, not back of book))

  • Click the following - "+"->Sales Receipt
    • Customer = "Generic Customer"
    • Sale Date = "06/06/2014"
    • Payment Method = "Cash"
    • Deposit to = "Cash on hand"
    • Add items to adjust inventory:
      • Product/Service = "Glass of Lemonade"
      • Description = "Sold Lemonade for cash"
      • Qty = "50"
    • Memo = "Sold Lemonade for cash"
    • Verify $25 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Cash on hand - $25
      • Credit - Sales of Product Income - $25
    • Track Inventory:
      • Debit - Cost of goods sold - $10
      • Credit - Inventory Asset - $10
  • Click the following - "+"->Invoice
    • Customer = "Credit Customer"
    • Invoice Date = "06/06/2014"
    • Add items to adjust inventory:
      • Product/Service = "Glass of Lemonade"
      • Description = "Sold Lemonade for credit"
      • Qty = "10"
    • Statement Memo = "Sold Lemonade for credit"
    • Verify $5 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Account Receivable - $5
      • Credit - Sales of Product Income - $5
    • Track Inventory:
      • Debit - Cost of goods sold - $2
      • Credit - Inventory Asset - $2
Run Reports->Recommended Reports->Balance Sheet ($92)

Income Statement 3: Week 3 FIFO Method (page 86)

Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6  (e.g. 6/6/2014 to 6/6/2014)
  • Total Income =  $30.00
  • Net Income = $18.00

Balance Sheet 20:  Redo Week 3 using LIFO with $.40 lemons (page 90)

Since moving from FIFO to LIFO doesn't affect our inventory quantities, the simplest thing to do is to use a Journal Entry:
  • Click the following - "+"->Journal Entry
    • Date = "06/06/2014"
      • Account = "Cost of Goods Sold" Debit = $10, Description = "Adjust for LIFO Inventory"
      • Account = "Inventory Asset", Credit = $10, Description = "Adjust for LIFO Inventory"
    • Memo = "Adjust for LIFO Inventory"
    • Verify total is $10 & click "Save and close"
  • Account Detail:
    • Debit - Cost of Goods Sold - $10
    • Credit - Inventory Asset - $10
Run Reports->Recommended Reports->Balance Sheet ($82)

Income Statement 4: Week 3 LIFO Method (page 90)

Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6  (e.g. 6/6/2014 to 6/6/2014)
  • Total Income =  $30.00
  • Net Income = $8.00

Chapter 7

Balance Sheet 21: Friend pays back credit of $5 (page 99)
  • Click the following - "+"->Receive Payment
    • Customer = "Credit Customer"
    • Date = "06/07/2014"
    • Payment Method = "Cash"
    • Deposit to = "Cash on hand"
    • From the "Outstanding transactions" grid, click the oldest invoice (standard practice unless otherwise specified by the customer)
    • Memo = "Friend paid back credit"
    • Verify Amount is $5 & click "Save and close"
  • Account Detail:
    • Debit - Cash on hand - $5
    • Credit - Accounts Receivable $5
Run Reports->Recommended Reports->Balance Sheet ($82)

Balance Sheet 22: Buy new Lemonade Stand, sink, lot and paint (page 106)

  • Click the following - "+"->Expense
    • Account = "Cash On Hand"
    • Date = "06/07/2014"
    • In the "Account details" section
      • In Account Column,
        • Click "+ Add new"
          • Category Type = "Fixed Assets"
          • Detail Type =  "Buildings"
          • Click "Track depreciation of this asset"
          • Click "Save"
        • Choose Account "Buildings:Original Cost"
        •  Description = "Buy new Lemonade Stand"
        • Amount = $8
      • In Account Column,
        • Click "+ Add new"
          • Category Type = "Fixed Assets"
          • Detail Type = "Land"
          • Click "Save"
        • Description = "Buy lot for new Lemonade Stand"
        • Amount = $2
    • Memo = "Buy new Lemonade Stand and lot"
    • Verify $10 total & click "Save and close"
  • Account Detail:
    • Debit - Fixed Assets - $8
    • Debit - Fixed Assets - $2
    • Credit - Cash on hand - $10

  • Click the following - "+"->Expense
    • Account = "Cash On Hand"
    • Create a Vendor "Hardware Store" via "+ Add new"
    • Date = "06/07/2014"
    • In the "Account details" grid
      • Choose Account "Repair & Maintenance"
      • Description = "Paint for Lemonade Stand"
      • Amount = $2
    • Memo = "Paint for Lemonade Stand"
    • Verify $2 total & click "Save and close"
  • Account Detail:
    • Debit - Repair & Maintenance - $2
    • Credit - Cash on hand - $2

  • Click the following - "+"->Bill
    • Create a Vendor "Sink Vendor" via "+ Add new"
    • Select Terms "Net 30"
    • Bill date = "06/07/2014"
    • In the "Account details" grid
      • Choose Account "Buildings: Original Cost"
      • Description = "Sink for Lemonade Stand"
      • Amount = $2
    • Memo = "Sink for Lemonade Stand"
    • Verify $2 total & click "Save and close"
  • Account Detail:
    • Debit - Buildings - $2
    • Credit - Accounts Payable - $2
Run Reports->Recommended Reports->Balance Sheet ($82) -
Note: The Fixed Assets, Accounts Payable and Net Income accounts.  Also as mentioned above, since we didn't move money to retained earnings, the Net income is reduced from $28 to $26 and will not show negative.

Balance Sheet 23: Fix Lemonade Stand Roof and buy premade lemonade (page 109)

  • Click the following - "+"->Bill
    • Create a Vendor "Roof Vendor" via "+ Add new"
    • Select Terms "Net 30"
    • Bill date = "06/07/2014
    • In the "Account details" section
      • Choose Account "Repair & Maintenance"
      • Description = "Fix Lemonade Stand Roof"
      • Amount = $1
    • Memo = "Fix Lemonade Stand Roof"
    • Verify $1 total & click "Save and close"
  • Account Detail:
    • Debit - Repair & Maintenance - $1
    • Credit - Accounts Payable - $1
  • Click the following - "+"->Expense
    • Account = "Cash On hand"
    • Date = "06/07/2014"
    • Payment Method = "Cash"
    • In the "Itemize by Product/Service" section
      • In Product/Service Column, Click "+ Add new" (Preferred to track separately from homemade lemon)
        • Name = "Glass of Lemonade-Premade"
        • Click "Track Quantity on Hand"
        • Inventory Asset Account = "Inventory Asset"
        • "Initial quantity on hand" = "0"
        • as of date" = "06/07/2014"
        • Sales Information
          • Price/Rate = ".50"
          • Income Account = "Sales of Product Income"
        • Purchase information
          • Cost =".20"
          • Expense Account = "Cost of Goods Sold"
        • Click Save
      • Description = "Bought premade Lemonade"
      • Qty = 100
    • Memo = "Bought premade Lemonade"
    • Verify $20 total & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $20
    • Credit - Cash on hand - $20
Run Reports->Recommended Reports->Balance Sheet ($82)

Cash Flow Statement 1: Documentation for Statement of Cash Flows (page 109)

Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7  (e.g. 6/7/2014 to 6/7/2014)
  • Cash at beginning of period = $59.00
  • Cash at end of period = $32.00
Note: QBO shows the Accounts Payable for the period ($3) which is offset by the negative net income, so the totals are correct.  For more information about QBO's Cash Flow Statement see the Documentation on What is a Statement of Cash Flows report and how does it work?
Note: Like the P&L, getting the numbers to match the book's example depends on the dates on which you entered the data. If you segregated entries by days or weeks, you can run the report for that time period.  If you didn't, you can click on the value of the report to drill down and see how the values are derived.  

Balance Sheet 24:  Sold Premade Lemonade for Cash & Credit, Paid Bill and rest of bank loan (answer not in back of book)

  • Click the following - "+"->Sales Receipt (sell lemonade for cash)
    • Customer = "Generic Customer"
    • Sale Date = "06/07/2014"
    • Payment Method = "Cash"
    • Deposit to = "Cash on hand"
    • Add items to adjust inventory:
      • Add a Product/Service for "Glass of Lemonade-Premade"
      • Description = "Sell lemonade for cash"
      • Qty = "80"
    • Memo = "Sell lemonade for cash"
    • Verify $40 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Cash on hand - $40
      • Credit - Sales of Product Income - $40
    • Track Inventory
      • Debit - Cost of Goods Sold = $16
      • Credit - Inventory Asset = $16

  • Click the following - "+"->Invoice (sell lemonade for credit)
    • Customer = "Credit Customer"
    • Invoice Date = "06/07/2014"
    • Add items to adjust inventory:
      • Add a Product/Service for " Glass of Lemonade-Premade "
      • Description = "Sell lemonade for credit "
      • Qty = "20"
    • Statement Memo = "Sell lemonade for credit"
    • Verify $10 total & click "Save and close"
  • Account Detail:
    • Sale:
      • Debit - Accounts Receivable - $10
      • Credit - Sales of Product Income - $10
    • Track Inventory
      • Debit - Cost of Goods Sold = $4
      • Credit - Inventory Asset = $4

  • Click the following - "+"->Pay Bills  (pay back grocer for sugar)
    • Click "Show all bills"
    • Click the checkbox for the "Grocer" bill for $4
    • Payment Date = "06/07/2014"
    • Select " Hand-written check"
    • Clear out "Starting Check No." since we are paying with cash.
    • Verify $4 total & click "Pay Bills"
  • Account Detail:
    • Debit - Accounts Payable - $4
    • Credit - Cash on hand - $4

  • Click the following - "+"->Expense (payback bank loan and interest)
    • Account = "Cash On Hand"
    • Expense Date = "06/07/2014"
    • Payment Method = "Cash"
    • In "Account details" grid,
      • Account "Notes Payable", Description="Pay Bank Loan", Amount = "$25.00"
      • Account "Bank Charges", Description="Pay Bank Interest", Amount="$2.00"
    • Memo = "Pay Bank Loan and Interest"
    • Verify $27 total & click "Save and close"
  • Account Detail:
    • Debit - Notes Payable - $25
    • Debit - Bank Charges - $2
    • Credit - Cash on hand - $27
Reports->Balance Sheet ($81)

Cash Flow Statement 2: Documentation for Statement of Cash Flows (page 113)

Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7  (e.g. 6/7/2014 to 6/7/2014)
  • Cash at beginning of period = $59.00
  •  Cash at end of period = $41.00

Balance Sheet 25:  Accounted for Depreciation (page 115)

  • Click the following - "+"->Journal Entry (account for depreciation)
    • Date = "06/07/2014"
    • Account = "Buildings:Depreciation", Credit = "$1", Description = "Depreciate Lemonade Stand & Sink" (automatically when you created the the "Buildings" account above)
    • Create Account via "+ Add new",
      • Category Type = "Other Expense"
      • Detail Type = "Depreciation"
      • Click "Save"
    • Account = "Depreciation", Debit = "$1", Description = "Depreciate Lemonade Stand & Sink"
    • Memo = "Depreciate Lemonade Stand & Sink"
    • Click "Save and close"
  • Account Detail:
    • Debit - Depreciation - $1
    • Credit - Buildings:Depreciation - $1
Note: If you missed clicking "Track depreciation of this asset" when you created the "Building" account above, you can create the accounts by hand:
  • Click the following - Settings->Chart of Accounts
    • Click New (Create Building:Depreciation Account)
      • Category Type = "Fixed Assets"
      • Detail Type = "Accumulated Depreciation"
      • Name = "Depreciation"
      • Click "Is sub-Account"
        •  Choose "Buildings" as the parent account
      • Click "Save"
  • Click New (Create Building:OriginalCost Account)
    • Category Type = "Fixed Assets"
    • Detail Type = "Buildings"
    • Name = " Original Cost"
    • Click "Is sub-Account"
      •  Choose "Buildings" as the parent account
    • Click "Save"
  • The accounts will show up in the Account drop-down under the "Building" account.
Run Reports->Recommended Reports->Balance Sheet ($80)

Cash Flow Statement 3: Documentation for Statement of Cash Flows (page 117)

Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7  (e.g. 6/7/2014 to 6/7/2014
  • Cash at beginning of period = $59.00
  • Cash at end of period = $41.00

Income Statement 5: Week 4 (page 119)

Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6  (e.g. 6/7/2014 to 6/7/2014)
  • Total Income =  $50.00
  • Net Income = $24.00

Chapter 8

Balance Sheet 26:  Start of Week 5 (page 122)

Run Reports->Recommended Reports->Balance Sheet ($80)


Balance Sheet 27:  Bought Wagon and Premade Lemonade for Cash and Credit (page 128)
  • Click the following - "+"->Expense (Buy Wagon)
    • Purchased From = "Hardware Store"
    • Account = "Cash on hand"
    • Date = "06/08/2014"
    • Payment method = "Cash"
    • In "Account details" grid
      • In Account Column, Click "+ Add new"
        • Category Type = "Fixed Assets"
        • -Detail Type = "Machinery & Equipment"
        • Click "Track depreciation of this asset"
        • Click "Save"
      • Choose Account = "Machinery & Equipment:Original Cost"
      • Description = "Buy Wagon"
      • Amount =  $20
    • Memo = "Buy Wagon"
    • Verify $20 total & click "Save and close"
  • Account Detail:
    • Debit - Machinery & Equipment:Original Cost - $20
    • Credit - Cash on hand - $20

  • Click the following - "+"->Expense (Buy Premade Lemonade Cash)
    • Create a "Purchased From"  "Grocer 2" via "+Add new"
    • Account = "Cash on hand"
    • Date = "06/08/2014"
    • Payment method = "Cash"
    • In "Item details" grid
      • Product/Service = "Glass of Lemonade-Premade"
      • Description = "Buy Premade Lemonade from Grocer 2"
      • Qty = "70"
      • Rate = ".30"
    • Memo = "Buy premade Lemonade from Grocer 2"
    • Verify $21 total & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $21
    • Credit - Cash on hand - $21

  • Click the following - "+"->Bill (Buy Premade Lemonade on Credit)
    • Vendor = "Grocer 2"
    • Terms = "Net 30"
    • Bill Date = "06/08/2014"
    • In "Item details" grid
      • Product/Service = "Glass of Lemonade-Premade"
      • Description = "Buy Premade Lemonade from another Grocer"
      • Qty = "30"
      • Rate = ".30"
    • Memo = "Buy premade Lemonade from another Grocer"
    • Verify $9 total & click "Save and close"
  • Account Detail:
    • Debit - Inventory Asset - $9
    • Credit - Accounts Payable - $9
Run Reports->Recommended Reports->Balance Sheet ($89)

Balance Sheet 28:  Sold Premade Lemonade for Cash (page 130)

  • Click the following - "+"->Sales Receipt
    • Customer = "Generic Customer"
    • Sale Date = "06/08/2014"
    • Payment Method = "Cash"
    • Deposit to = "Cash on hand"
    • In the "Product/Service" section
      • Choose "Glass of Lemonade-Premade"
      • Description = "Sold premade Lemonade"
      • Qty = 100
    • Memo = "Sold premade Lemonade"
    • Verify $50 total & click "Save and close"
  • Account Detail:
    • Sale
      • Debit - Cash on hand - $50
      • Credit - Sales of Product Income - $50
    • Track Inventory
      • Debit - Cost of Goods Sold - $9
      • Credit - Inventory Asset - $9
      • Debit - Cost of Goods Sold - $21
      • Credit - Inventory Asset - $21
Run Reports->Recommended Reports->Balance Sheet ($109)

Balance Sheet 29:  Pay Owner (page 131)

  • Click the following - "+"->Expense (Pay Owner)
    • Expense date = "06/08/2014"
    • Payment Method = "Cash"
    • In "Account details" grid
      • In Account Column, Click "+ Add New"
        • Category Type = "Expense"
        •  Detail Type = "Payroll Expenses"
        • Click "Save"
      • Description = "Pay Owner"
      • Amount =  $4
    • Memo = "Pay Owner"
    • Verify $4 total & click "Save and close"
  • Account Detail:
    • Debit - Payroll Expenses - $4
    • Credit - Cash on hand - $4
Run Reports->Recommended Reports->Balance Sheet ($105)

Balance Sheet 30:  Account for Week's Tax Liability (page 135)

  • Click the following - "+"->Journal Entries (account for Tax Liability)
    • Date = "06/08/2014"
    • In Account Column, Click "+ Add new"
      • Category Type = "Other Current Liabilities"
      • Detail Type = "Federal Income Tax Payable"
      • Click "Save"
    • Account = "Taxes & Licenses", Debit = "$3",  Description = "Account for Week's Tax Liability"
    • Account = "Federal Income Tax Payable", Credit = "$3", Account, Description = "Account for Week's Tax Liability"
    • Account = "Depreciation", Debit = "$4" Account, Memo = "Depreciate Wagon"
    • Account = "Machinery & Equipment:Depreciation", Credit = "$4", Description = "Depreciate Wagon"
    • Memo = "Account for Week's Tax Liability and Depreciate Wagon"
    • Click "Save and close"
  • Account Detail:
    • Debit - Taxes & Licenses - $3
    • Credit - Federal Income Tax Payable - $3
    • Debit - Depreciation - $4
    • Credit - Machinery & Equipment:Depreciation - $4
Run Reports->Recommended Reports->Balance Sheet ($101)
Note: I took this to be federal tax given the rate.  So the Exercise Notes section for more info.

Income Statement 6: Week 5 (page 137)

Just run Reports->Recommended Reports->Profit & Loss report for Chapter 6  (e.g. 6/8/2014 to 6/8/2014)
  • Total Income =  $50.00
  • Net Income = $9.00

Cash Flow Statement 4: (page 138)

Run Reports->All Report->Business Overview->Statement of Cash Flows for Chapter 7  (e.g. 6/8/2014 to 6/8/2014)
  • Cash at beginning of period = $41.00
  • Cash at end of period = $46.00

Chapter 9

Balance Sheet 31:  Account for the Period's Tax Liability (page 141)

  • Click the following - "+"->Journal Entries (account for Tax Liability)
    • Date = "06/09/2014""
    • Account = "Federal Income Tax Payable", Credit = "$13", Description = "Account for Tax Period's Liability"
    • Account = "Taxes & Licenses", Debit = "$13", Description = "Account for Tax Period's Liability"
    • Memo = "Account for Tax Period's Liability"
    • Click "Save and close"
  • Account Detail:
    • Debit - Taxes & Licenses - $13
    • Credit - Federal Income Tax Payable - $13
Run Reports->Recommended Reports->Balance Sheet ($101)

Balance Sheet 32:  Write Off Spoiled Inventory and Adjust Period's Tax Liability (page 142)

  • lick the following - "+"->Journal Entries (account for Tax Liability)
    • Date = "06/09/2014"
    • Account = "Inventory Shrinkage", Debit = "$10", Description = "Write Off Spooled Inventory"
    • Account = "Inventory Asset", Credit = "$10", Description = "Write Off Spooled Inventory"
    • Account = "Federal Income Tax Payable", Debit = "$2", Description = "Adjust Period's Tax Liability for Spooled Inventory"
    • Account = "Taxes & Licenses", Credit = "$2", Description = "Adjust Period's Tax Liability"
    • Memo = "Write Off Spooled Inventory and Adjust Period's Tax Liability"
    • Click "Save and close"
  • Account Detail:
    • Track Inventory
      • Debit - Inventory Shrinkage - $10
      • Credit - Inventory Asset - $10
    • Track Tax Liability
      • Debit - Federal Income Tax Payable - $2
      • Credit - Taxes & Licenses - $2
Run Reports->Recommended Reports->Balance Sheet ($91)

Balance Sheet 33:  Pay Suppliers, Pay Taxes, Collect Receivables & Cash-in Insurance Policy (page 144)

  • Click the following - "+"->Pay Bills  (pay back remaining vendors)
    • Payment Account = "Cash on hand"
    • Click "Show all bills"
    • Select the "Grocer" bill for  "Amt to Pay" $20
    • Select the "Sink Vendor" bill for  "Amt to Pay" $2
    • Select the "Roof Vendor" bill for  "Amt to Pay" $1
    • Select the "Grocer 2" bill for  "Amt to Pay" $9
    • Payment Date = "08/09/2012"
    • Select "Hand-written check" and clear out "Starting Check No." since we are paying with cash.
    • Verify $32 total and Click "Pay Bills"
  • Account Detail:
    • Grocer
      • Debit - Accounts Payable- $20
      • Credit - Cash on hand - $20
    • Sink Vendor
      • Debit - Accounts Payable- $2
      • Credit - Cash on hand - $2
    • Roof Vendor
      • Debit - Accounts Payable- $1
      • Credit - Cash on hand - $1
    • Grocer 2
      • Debit - Accounts Payable- $9
      • Credit - Cash on hand - $9

  • Click the following - "+"->Check (Pay Tax Liability)
    • Create a Vendor "IRS" via "+Add new"
    • Account = "Cash On Hand"
    • Expense Date = "06/09/2014"
    • In the "Account detail" grid
      • Account "Federal Income Tax Payable"
      • Description = "Pay Tax Liability"
      • Amount = "$14"
    • Memo = "Pay Tax Liability"
    • Verify $14 total & click "Save and close"
  • Account Detail:
    • Debit - Federal Income Tax Payable - $14
    • Credit - Cash on hand - $14

  • Click the following -  Transactions - > Sales (Collect Outstanding Receivables)
    • Click on "Unpaid" section of the Money Bar where there is "2 OPEN INVOICES"
    • Click "Receive Payment" on one of the line items
    • In the "Receive Payment" page
      • Customer ="Credit Customer"
      • Date = "06/09/2014"
      • Payment Method = "Cash"
      • Deposit to = "Cash on hand"
      • Click on all items in "Outstanding Transactions" grid
      • Memo = "Collect Outstanding Receivables"
      • Verify $16 "Amount to Apply" and click "Save and close"
    • You will be returned to the Sales Transactions page and the Money Bar should show all as Paid
  • Account Detail:
    • Debit - Cash on hand - $16
    • Credit - Account Receivable - $16

  • Click the following - "+"->Transfer (Transfer Cashed-in Insurance Policy)
    • From = "Prepaid Expenses"
    • To = "Cash on hand"
    • Transfer Amount =  $2
    • Date = "06/09/2014"
    • Memo = "Transfer Cashed-in Insurance Policy"
    • Click "Save and close"
  • Account Detail:
    • Debit - Cash on hand - $2
    • Credit - Prepaid Expenses - $2
Run Reports->Recommended Reports->Balance Sheet ($45)

Income Statement 7:  For Whole Summer (page 145)

Just run Reports->Recommended Reports->Profit & Loss report for Chapters 1-9 (e.g. 6/1/2014 to 6/9/2014)
  • Total Income =  $187.00
  • Net Income = $40.00

Chapter 10

QBO Trends/Scorecard allows you to compare your business to others in similar industries

Run Reports->All Reports->Business Overview->Scorecard

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