outliny up u Uusiness. Imagine that you interviewed Sadie using this checklist as part of her busi- ness setup. Start Date Deciding on the start date is critical. It can affect the amount of work you need to do to set up your QuickBooks Online company file. Sadie will open her Puppy Luv Pampered Pooch salon on August 1, 2021, but she incurred expenses prior to that date. In this case, the start date can still be August 1, 2021. You just need to record all initial business setup expenses as part of Sadies investment. Always choose the first day of a period, month, quarter, or year. Doing so allows for meaningful, accurate data comparison reports with future periods. Setup Checklist-Elements of the Plan Sadie has already invested $75,000 of her own savings. She has spent $16,000 in new equipment, $2,500 in supplies, and $800 in some marketing and social media material. The landlord in the strip mall included the signage in the monthly rent of $550 per month, and Sadie has paid $450 for the business license. Sadie paid six months' rent in advance on July 30. Sadie has given you her menu of services, a list of customers that will be coming from the other salon, and a list of vendors she plans to purchase from S Apply Your Skills APPLY YOUR SKILLS 2-1 QG Complete the Chart of Accounts Setup Sadie has reviewed the Chart of Accounts and would like you to make some additional changes. In this exercise, you will complete the Chart of Accounts setup for Puppy Luv Pampered Pooch. 1. Make the following accounts from the Chart of Accounts inactive, if they are displayed: Inventory Asset Sales Sales of Product Income Cost of Goods Sold Purchases 2. Rename the Job Supplies account to: Pooch Supplies 3. Add an expense account: Postage (Office/General Administrative Expenses) 4. Add Sadie's City Credit Union credit card. 5. Click Run Report to run an Account List. 6. Click the Export D button and save as an Excel file in your Chapter 02 folder as: CHO2 Chart of Accounts Depending on the browser being used, the file may automatically appear in your download bar or tray at the bottom of the web browser window. Retrieve the downloaded file and save it in your Chapter 02 folder 7. Return to the Dashboard. outliny up u Uusiness. Imagine that you interviewed Sadie using this checklist as part of her busi- ness setup. Start Date Deciding on the start date is critical. It can affect the amount of work you need to do to set up your QuickBooks Online company file. Sadie will open her Puppy Luv Pampered Pooch salon on August 1, 2021, but she incurred expenses prior to that date. In this case, the start date can still be August 1, 2021. You just need to record all initial business setup expenses as part of Sadies investment. Always choose the first day of a period, month, quarter, or year. Doing so allows for meaningful, accurate data comparison reports with future periods. Setup Checklist-Elements of the Plan Sadie has already invested $75,000 of her own savings. She has spent $16,000 in new equipment, $2,500 in supplies, and $800 in some marketing and social media material. The landlord in the strip mall included the signage in the monthly rent of $550 per month, and Sadie has paid $450 for the business license. Sadie paid six months' rent in advance on July 30. Sadie has given you her menu of services, a list of customers that will be coming from the other salon, and a list of vendors she plans to purchase from S Apply Your Skills APPLY YOUR SKILLS 2-1 QG Complete the Chart of Accounts Setup Sadie has reviewed the Chart of Accounts and would like you to make some additional changes. In this exercise, you will complete the Chart of Accounts setup for Puppy Luv Pampered Pooch. 1. Make the following accounts from the Chart of Accounts inactive, if they are displayed: Inventory Asset Sales Sales of Product Income Cost of Goods Sold Purchases 2. Rename the Job Supplies account to: Pooch Supplies 3. Add an expense account: Postage (Office/General Administrative Expenses) 4. Add Sadie's City Credit Union credit card. 5. Click Run Report to run an Account List. 6. Click the Export D button and save as an Excel file in your Chapter 02 folder as: CHO2 Chart of Accounts Depending on the browser being used, the file may automatically appear in your download bar or tray at the bottom of the web browser window. Retrieve the downloaded file and save it in your Chapter 02 folder 7. Return to the Dashboard
