Question

a. What different graphs are available in QuickBooks Accountant?

b. Discuss why percentage changes identified in the budgeted vs. actual reports need to be interpreted carefully?

c. What is Fixed Asset Manager?

d. What circumstances require fixed asset list to be manually updated?

discus #5

Answer 1

Answer:-

1. The different graphs available in QuickBooks Accountant are:

• Accounts Receivable Graph
• 2. Accounts Payable Graph
• 3. Sales Graph
• 4. Income & Expense Graph
• 5. Networth Graph
• 6. Budget and Actual Graph

2.  Percentage changes recognized in the budgeted vs. actual reports should be deciphered cautiously on the grounds that adjustments in the Percentage could upset the budgetary examination. We need to painstakingly check whether enormous rate change in figures likewise brings about huge dollar changes and whether little rate change in figures additionally brings about little dollar changes. These progressions could be deceiving to the examiner. For example, a little rate change that includes huge dollar sums may be reason for worry for the investigation while an enormous rate change with little dollar contrasts can be limited in the budgeted. In this manner, we need to consider the rate change and the genuine dollar change during examination.

3. Fixed asset management the board is the way toward following and keeping up an association's physical resources and gear. Resource types incorporate vehicles, PCs, furniture and apparatus.

Utilizing an advantage the board framework, associations can:

Track and screen fixed resources

Regulate gear and apparatus in different areas

Lower support costs

Improve operational proficiency

Keep up a record of resigned, sold, taken or lost resources

Fixed asset management the executives empowers associations to screen gear and vehicles, survey their condition, and keep them in great working request. Along these lines, they limit lost stock, hardware disappointments and personal time — and improve a benefit's lifetime esteem.

4. Fixed Assets:- Fixed assets, also known as tangible assets or property, plant and equipment, is a term used in accounting for assets and property that cannot easily be converted into cash. This can be compared with current assets such as cash or bank accounts, described as liquid assets

Need for Updating fixed assets item list manually:- There is no item tab option, if a journal entry is used instead of a check for recording the purchase of an item. Therefore, in such a condition, fixed asset item list is required to be updated manually for recording journal entry purchases

It is required to follow a series of steps in order for updating Fixed Assets item list manually:

• Click on the option item & New in the fixed assets item list
• Type the name of asset & Purchase description of the asset including its cost an date of purchase.
• Now, it is required to select the right fixed asset account under which the asset described should be place from the asset account drop-down list.
• In the last step, it is required to save the description of asset item. Hence, the fixed asset item list is updated.