What the aged-payables and aged-receivables reports are

Assignment Help Accounting Basics
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.

LMNOP Rental

• 4537 White Road

• Siler City, NC 36647

• Phone Number: 252-876-9987

• Contact: Tim Waltz

• Vendor Type: Supply

• Account Balance: $2359

HJW Reality

• 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

• Customer

• Account Balance: $2134

Rocks Etc.

• 712 Hwy 158 E

• Siler City, NC 77634

• Phone Number: 252-443-0976

• Contact: Justin Tart

• Customer

• 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.

Reference no: EM132184200

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