Question

Plz write in your own text and don't copy answers that was answered before since my teacher has (Plagiarism checker) thank you at least 3-4 paragraphs

1.How does QuickBooks simplify accounting for a retail business? How does inventory tracking in QuickBooks differ from manual accounting?

2.QuickBooks Desktop uses a list to organize sales items. Why is the use of the item list important for a business? Why might a company want to customize its business forms?

at least 3-4 paragraphs at least 3-4 paragraphs and plz write in text not in a pic

Answer 1

Answer:-

QuickBooks is an accounting software package developed and marketed by Intuit. QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.

QuickBooks is a small business accounting software program businesses use to manage income and expenses and keep track of the financial health of their business. You can use it to invoice customers, pay bills, generate reports, and prepare for taxes. The QuickBooks product line includes several solutions that work great for anyone, from a solopreneur to mid-sized business.

QuickBooks simplify accounting for a retail business :

1. QuickBooks now connects to selected banks using a direct connection to simplify access to your bank accounts. It is faster & more reliable. This means fewer sync errors and your account transactions stay up to date in QuickBooks. You no longer have to give us your bank username & Password after the initial setup. Instead, you give permission at your financial institution, and your bank sends us a token that we use to access your account. This Establishes an authenticated and secure connection between your Quickbooks Company file and your bank.
2. If you're looking for a quick snapshot of your business's health, look no further than your Quickbooks online home page.
3. Your Home page displays basic information on the current status of your income & Expenses. These values change displaying a real-time overview of your company's finance
4. When you have a bank cash account, the home page displays the balance from transactions that you enter. This means the balance is based on what you enter, not your actual bank balance
5. QuickBooks online restricts the information it displays based on user access rights. If you set up users With limited access, their home page snapshot looks different from yours-if it appears at all.
6. The Account Summary lets you show your computer's new charges and Previous balance. It's especially useful if you accept advance payments for your business. The summary displays:

• Balance Forward: The total amount due and any credit balance from the last invoice.
• Payments & Credits: All payments or credits since the last invoice.
• New charges: The total amount of new charges and credits on the current invoice.
• Total amount due: The Customer's total balance

Inventory Tracking in Quickbooks differ from manual accounting:

• QuickBooks online has Everything you need to manage your inventory. Track What's on hand, get alerts when it's time to restock, and see insights on what you buy and sell. We will help you set it all up and get going.
• Use reports to get helpful insights on the things you buy and sell and the status of your inventory. we will show you which reports running depending on what kind of info you want to see
• First In, First Out(FIFO) is a concept used by businesses that track stock. As the names imply, QuickBook online will always consider the first units purchased (First In) to be first units sold (First Out) and will adjust your assets and cost of sales (COS) accordingly whenever sales of stock items are entered.
• Schedule III Profit & loss report data gets populated based on the account type & detail type mapping in the background
• Get helpful insights into your sales and inventory when you run reports. Group Your products and services into categories to keep things organized. We'll show you how.
• A barcode is an optical, machine-readable representation of data the data usually describes something about the object that carries the barcode. Barcodes are widely used to capture and identify inventory data.
• Unique Quantity Code is a unit of measurement which needs to be mentioned in the invoice or sales forms along with quantity e.g. 5 KIlogram of wheat should be mentioned as 5 KGS in the invoice, 5 Litre of oil as 5000 MLT etc.,

2.) An Item List can be defined as a thing that you purchase or sell and are used in customer transactions. Before going to record the sales transactions, the items must be created for the item list.

Proper maintenance of the item list requires some planning, but you can manage the sales and income transactions.

As we know that according to is important for business, recording these transactions item list is used. without proper recording of the transactions, it's a bit difficult to maintain the financial health of the business.

The crucial role of item is list to handle the accounting while keeping track of all revenue details. The other advantage is that you can gain key insights into your business.

Even you can have profit and loss reports. Further, you can have cash flow reports also.

That is why the item lists important for a business.

Now, let us understand why a company wants to customize its business forms?

Generally, when you are starting a business, you have to make a lot of choices. out of all these, the most important is to choose a business form for your country

On the basis of the individual requirements of each owner, the structure would be selected. Even after choosing the business form for your company which makes the most scenes, customization needs to be done as there are few dynamics in the business

while you are making a decision about the type of business form, there are several aspects that you have to consider and few things you need to evaluate

keeping all these aspects in view, we can say that a company wants to customize its business form as per the requirement in order to run successfully.