Accounting System Applications - ACCT 2380
Lesson 5:
Vendors, Purchases and Inventory

Lesson Overview and Competencies

In this lesson, you will process vendor transactions by creating Purchase Orders, recording inventory receipts, entering vendor bills, and making payments. You'll also enter and edit information in the Vendor List and Item List.

You will build the following competencies in this lesson:

  • View and maintain the Vendor List and the Item and Services List
  • Create purchase orders
  • Analyze and record purchase and payables transactions
  • Obtain management data from vendor reports

Learning Activities

  1. Download the CharleyCompany.qbw file for use in class only (if you are in an online section, go to Step 2).

  2. Print and review the Lesson 5 Comments.
  3. Read Chapter 5 in your QuickBooks text and work through the tutorial steps using either the file you worked on for Lesson 4 (Workflow approach) or the tutorial file downloaded from the Student Data Files.
  4. Prepare answers for the Lesson 5 Review Questions.  The review questions are for your benefit only.  They are not submitted for a grade but will assist you in assessing your comprehension and retention of the material covered in this chapter. They will also be a helpful guide in studying for the exam.
  5. Complete the following end-of-chapter exercises.  You may omit any references to "highlighting" information. Print each exercise item shown on your Exercise Checklist.  When instructed to export or print a page, choose the option to print to PDF.
    • Exercise 5.1
    • Exercise 5.2
    • Exercise 5.3
    • Exercise 5.4
  6. Use information you can produce in the Report Center to provide information to management.
    • Download, save, and restore the portable QB file Chap 5 Mgt Data.qbm.  When opening the Mgt Data QuickBooks file, recall that you just click OK on the QuickBooks Login dialog box as explained in the Downloading/Submitting Files instructions.  Leave the User Name as Admin and DO NOT enter a password.
    • Download and save the file for Chap 5 Mgt Data.  Follow the instructions in the Mgt Data file to complete this exercise.
  7. Download and save Accounting Review Ex 5.  Follow the instructions in the exercise document to complete the Accounting Review exercise.
  8. Review the Exercise Checklist to make sure you have all the required PDF printouts and files for this lesson. Upload and submit the files for this lesson to NS Online Assignments following the Submitting Files instructions.
  9. Complete the short Quiz on Chapter 5 found on the textbook Web site. The quizzes are for your benefit only, do not affect your grade, and do not have to be submitted.

Summary

In this lesson, you used the Vendors section of QuickBooks to record purchase orders, receive inventory, enter bills, and make payments to vendors. In Lesson 6, you will learn about the Employees section of the QuickBooks Home Page.