For this assignment, you are acting as the owner of your very own accounting practice. You are employed to assist Dominic Leonardo (owner of Dominic Consulting) in setting up QuickBooks for his company and his free Intuit Accountant File Transfer account. At month end, you received a .QBX file from Dominic Consulting containing all of the organizations accounting work for the month of January. Dominic is not clear on the purpose and security of the Accountant File Transfer account and needs your assistance.
Your service is to review the books of Dominic Consulting and advise Dominic of any corrections needed. Using your accounting knowledge you will describe an important outcome of the company’s performance shown in three statements: the Profit & Loss Statement, the Balance Sheet, and the Statement of Cash Flows.
Dominic Consulting is using the Ask My Accountant feature of QuickBooks which has led to a specific question. Dominic is unsure of how to record a retainer fee of $2,400 from a new customer, TakoSami. As it stands, Dominic Consulting plans to provide consulting services over the next three (3) months. He has not performed any work for TakoSami and expects the work to be done evenly over the three (3) months.
Dominic Consulting wants to know if the following entry is correct:
Cash . 2400 .
. Sales . 2400
Hints: Accountants Copy is discussed on page 12.29, Ask My Accountant is discussed on page 12.31, .QBX files are defined in Section 4: QuickBooks Extras are in Section B, page B.2. Use these resources and other QB online sources for additional details.
Write a two to three (2-3) page business letter to Dominic Consulting in which you:
Explain the interface provided by the Accountant Copy File Transfer, including the integration of your work into DCs accounting files.
Explain the proper accounting for the TakoSami transaction and the effects / consequences of improperly recording this transaction.
Explain the key highlights you identified in the three (3) statements, using your accounting knowledge.
Identify the errors that you found in your review and suggest a resolution.
Format your assignment according to the following formatting requirements:
Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
Include a cover page containing the title of the assignment, the student’s name, the professors name, the course title, and the date. The cover page is not included in the required page length
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