Reference no: EM132184200
Question: Farm Branch Rentals needs some assistance in adding 2 new vendors & 2 new customers. Please add the following vendors and customers beginning balances to the company within Quickbooks. Be sure to include the balances as of December 1, 2015.
• 4537 White Road
• Siler City, NC 36647
• Phone Number: 252-876-9987
• Contact: Tim Waltz
• Vendor Type: Supply
• Account Balance: $2359
• 543 Mill Lane
• Smithfield, NC 65343
• Phone Number: 252-667-9833
• Contact: Nicole Smith
• Vendor Type: Supply
• Account Balance: $765
Geller Construction Company
• 76 Rock Quarry Road
• Smithfield, NC 65463
• Phone Number: 252-876-0032
• Contact: Kevin Lowe
• Account Balance: $2134
• 712 Hwy 158 E
• Siler City, NC 77634
• Phone Number: 252-443-0976
• Contact: Justin Tart
• Account Balance: $543
After adding the vendors & customers, provide a report that explains the steps in detail, with screenshots showing how to add the vendors & the customers in the software.
Submit the following for this assignment:
1. A memo of 350-500 words to Farm Branch Rentals that covers the following:
i. Explains the steps for setting up vendors & customers
• Use screenshots to show how to add the vendors & customers in the software.Include the required items that are needed and other items that you think of that would be helpful in properly adding vendors & customers.
• What the aged-payables & aged-receivables reports are.
• How they might be used to make management decisions from both the view of internal and external users.
• Include how the reports would be used to make management decisions for the business.
2. Include an aged-accounts payable report showing the correct set up of the vendor accounts.
i. Include the beginning balances for these accounts as of December 31, 2015.
ii. Save the aged-payables report as a PDF document named P3-IP1_AP_LASTNAME.
iii. Include an aged-accounts receivables report showing the correct set up of the customer accounts.
iv. Include the beginning balances for these accounts as of December 31, 2015.
v. Save the aged-receivables report as a PDF document named P3-IP1_AR_LASTNAME.