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QuickBooks Assignment 1 Be sure to complete the steps required in the "ACC-360 QuickBooks Online Registration Instructions" document. Note that there is an additional requirement (enable projects) for this class that has not been used in any other class before. The purpose of this assignment is to have students become familiar with an accounting software package that accommodates job costing. Students will set up projects, enter job costs, and produce project-related output reports in QuickBooks. Step 1: Set up jobs (projects). In QuickBooks, jobs are called “projects.” Set up two projects in QuickBooks: “Project 2017-01” and “Project 2017-02.” Go to QuickBooks and login to your company. Go to the “Projects” menu on the left-hand side of the screen. Click “Start a Project.” Enter the project name “2017-01.” Under the customer field, choose “Add New” and enter the customer name “Thunder Lope.” Click “Save.” The screen will now list your projects, including "Project 2017-01." There will now be a green “New Project” button on the right-hand side of the screen. Click “New Project,” enter the project name “2017-02,” and choose the customer “Thunder Lope.” Click “Save.” Please note that you need to enable the Projects Feature, as described in the registration instructions. Step 2: Enter necessary accounts. Choose the “Accounting” menu from the left-hand side of the screen and select “Chart of Accounts.” Click “New” (green button on the upper right side of the screen). Enter the “Account Type” as “Other Expense,” the “Detail Type” as “Other Miscellaneous Expense,” and the “Name” of “Manufacturing Overhead Applied.” Click “Save and Close.” Step 3: Calculate and enter job (project) costs. Your company assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2016, your company budgets 2017 assembly-support costs to be $8,800,000 and 2017 direct labor-hours to be 220,000. The following information pertains to two of your company's jobs that were started and completed in 2017 for customer “Thunder Lope.” Project 2017-01 Direct Materials Costs: $106,550 Direct Labor Costs: $36,250 Direct Labor Hours: 970 hours Sales Price: $250,000 Project 2017-02 Direct Materials Costs: $127,450 Direct Labor Costs: $41,130 Direct Labor Hours: 1,000 hours Sales Price: $280,000 Assume the following: The company uses normal costing. Direct materials and direct labor are paid for on a contract basis. All expenses, including overhead, can be entered via summary journal entries dated at the end of the year. All job-related costs can be entered directly into the Cost of Goods Sold account since the jobs are completed. Go to QuickBooks and login to your company. Click the “+” (plus sign) at the upper right-hand corner of the screen. Under the “Other” column, choose “Journal Entry.” Using the information above, enter the revenues, direct materials, direct labor, and overhead costs via summary journal entry in QuickBooks. Be sure to date your entry 12/31/2017, and to identify the project that the costs are related to. For each project, you will need the following: 12/31/17 Debit Cash for the amount of the Project sales price Credit Sales Revenue for the amount of the Project sales price 12/31/17 Debit Cost of Goods Sold for the amount of the Total project cost Credit Accounts Payable for the cost of DM & DL for project Credit Manufacturing Overhead Applied for the amount you calculate based on the information above Step 4: Prepare a “Project Profitability Report” for each job. Choose the “Projects” menu from the left-hand side of the screen. Click on the project “2017-01.” Select the “Project Reports” tab, and choose the “View” button on the Project Profitability line. Save your Project Profitability Report for job "2017-01" to a PDF file named LastnameFirstinitial.ACC360.QB1.201701. Repeat this process for job "2017-02." Save your Project Profitability Report for job "2017-02" to a PDF file named “LastnameFirstinitial.ACC360.QB1.201702.”