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Farm Branch Rentals needs some assistance in adding 4 new vendors. Please add the following vendors and balances to the company within the QuickBooks software. Be sure to include the balances as of December 1, 2011.
LMNOP Rental
- 4537 White Road
- Siler City, NC 36647
- Phone Number: 252-876-9987
- Contact: Tim Walz
- 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
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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, provide a report that explains the steps in detail, with screenshots showing how to add the vendors in the software. Write a memo of 350 words to Farm Branch Rentals and explain what the aged-payables report is and how it might be used to make management decisions from both the views of internal and external users. Be sure to include the required items that are needed and other items that you can think of that would be helpful in properly adding the vendors.
Once completed, print the report in PDF format showing you the 4 accounts that you just added.
Submit the following for this assignment:
- Include an aged-accounts payable report showing the correct set up of the vendor accounts.
- Include the beginning balances for these accounts as of December 31, 2011.
- Save the aged-payables report as a PDF document named P3-IP1_LASTNAME.
- Include a memo of 350–500 words to Farm Branch Rentals that covers the following:
- Explains the steps for setting up vendors
- Use screenshots to show how to add the vendors 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.
- What the aged-payables report is
- How it might be used to make management decisions from both the view of internal and external users.
- Include how the report would be used to make management decisions for the business.
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- Explains the steps for setting up vendors
