Instructions for QBO Project (Note: QBO changes their system interface frequently; thus, I will provide revised instructions if needed.)

Assignment Overview

You need to develop an accounting system for a business of your choice and the users of your accounting system (i.e., QBO) can enter transactions anytime anywhere. Specifically, you have to select a business in the Southwest of Ohio, identify the information needs of that business, define/modify the Chart of Accounts, enter transactions, and generate the required financial reports. The details of project development are explained as follows.

Step 1: Select a business

You must use the Information Needs template (under Ch2 at Pilot), to complete the first two steps of the project: (1) Select a business with the permission from the owner or the management for your project and (2) define/describe their information needs. Specifically, you need to use the template, fill in the answers using MS Word, and submit the Word file to the Dropbox at Pilot by 10/26.

You can develop an AIS related to your job, family business, or your friends job/business. If you have no real-world business experience, you should select a firm that you know well in order to complete the project requirements. In the worst case, you can develop an AIS for a hypothetical business but you will miss five pts for Step 2 and another five pts for Step 11. Eventually, you will need to customize QBO for a retailing, service, or manufacturing firm.

You must be specific in selecting the type of business on the Information Needs so that I can determine if you understand its operations. For example, you need to be explicit, such as a retailing firm for sporting goods or a bookstore. Similarly, you need to specify that your service business perform copying & printing or car stereo installation. The following are the minimum requirements that you need to create/complete and you should not ask for any real transaction data from the firm. There is a 3-point penalty for EACH violation of these requirements or guidelines.

• At least ten products, merchandises, or services

• At least ten customers (& follow these naming guidelines; using the first three letters of your

  last name followed by your first name initial; adding C1 for Customer #1 or C8 for Customer

  #8; for example, John Does Customer #9 should be DoeJ-C9)

• At least 25 transactions in the sales cycle and at least one AR ending balance

• At least ten vendors (& follow these naming guidelines; using the first three letters of your last

  name followed by your first name initial; adding V1 for Vender #1 or V7 for Vender #7; for

  example, John Does Vender #6 should be DoeJ-V6)

• At least 25 transactions in the purchase cycle and at least one AP ending balance

• At least ten fixed assets and five depreciation adjustment entries

• At least five payroll transactions

• Application of a block code for all your accounts

  Step 2: Define the information needs

  To earn credit, you need to complete the Information Needs Worksheet for your business and meet with the instructor to discuss its Revenue Cycle and the possible area for enhancement. If necessary, you need to talk to the staff of the firm so that you can understand their operations and information needs. Knowing the information needs, you can develop a good Chart of Accounts for the business. In addition to general ledger accounts, you need to maintain detailed information for your customers, vendors, inventories (if applicable), and fixed assets.

You should define generic information needs (like the headings of an Excel spreadsheet) at this point. For example, 9/1 by itself (i.e., the actual data without a heading or label) can be the order date, shipping date, invoice date, or amount due date. Thus, the headings/labels of your business data are what you need to identify in the Information Needs. Specifically, all business firms need to know who their customers are, where they are, the contact persons, how to contact them, the credit limits, and the account balances. Consequently, the (generic) information needs include company name, address, (contact person) name, phone#, Fax#, email address, credit limit, and balance. There is no need to put down the actual data such as Bob Smith, 123 Main Street, or 775-2312.

To make sure you fully understand the business operations of the firm, you need to explain the key employees of their revenue cycle and their job titles/duties. Specifically, you are required to answer the following questions on your Information Needs.

• Who are involved in their revenue cycle?

• What operations/activities do they perform individually?

• What document(s) does he need to do his job?

• What (new) document(s) does he prepare? (How many copies & for whom?)

• What happens to each document individually?

  You also need to identify at least one area/operation that the firm can improve but their current accounting systems does not provide the required information/report (i.e., on page 3 of the Information Needs template). Then, you need to describe how to prepare the needed accounting information/reports to address the aforementioned issue. There is a 5-point penalty if you fail to find a potential area for business enhancement.

this is template which has to be completed. (given)

1. Please circle the type of business for the project and specify the detailed business. (For exampleRetailingsporting goods; ServiceCatering; or ServiceAuto repairs)

Retailing Convenience Store (Grocery, Deli and gas station) ServiceManufacturing

Describe the firm of your QBO project:

Provide the business name, address, your contact person, his/her job title, and his/her phone#. How did you know your contact person?

Business Name- Jay Grocery LLC

Address- 51 North Main Street, Walton, KY 41094

Contact Person- Deena G Patel

Her Job title- Manager

Phone#- 859-485-4063

Deena G Patel is my aunt, who runs this family business with my other family members.

Provide a brief history of the business.

Jay Grocery LLC is founded in year 2015. It is in Walton, Kentucky. The organization has been operating for about 6-7 years. Before Jay Grocery LLC there was Walton Food Mart. The store opens at 5:30am till 10:30pm from Monday to Thursday, on Friday from 5:30am to 11:00pm, on Saturday 6:00am to 11:00pm and on Sunday 7:00am to 10:30pm.

The organization operates in food and gas store. It includes the Snacks (chips, cookies, candies etc.), beverages (soft drinks, coffee, slushy, milk, juices), ice-creams, bread, vegetables, ice bags, all kind of cigarettes, tobacco items, lighter, different company, and flavor of beer, propene exchange/full, Gas, and deli (types of sandwiches, hunt brothers pizza, burger).

Explain how they make money (i.e., the operations of their Sales/Revenue Cycle).

Explain the key employees of their Revenue Cycle and their job titles/duties.

Explain the business documents used in their Revenue Cycle and how many copies for each document. How do they handle/file each copy individually?

2. Describe the following information needs of the firm:

On their customers/clients:

On their inventories: (if applicable)

On their service jobs/projects: (if applicable)

On their product costing: (if applicable)

3. Please describe the firms current accounting systems: (you are advised to work on this requirement as early as possible because it might take days to talk to the right person.)

Hardware: Software:

(Version#)

(i did answer some question, but make sure just to use ANY Convenience Store (Grocery, Deli and gas station)