Green Tree Landscapes Assessment

Assignment Overview

1st of Last Month – Create Invoice

• Customer: Huron Park Community Association

• Service: Complete landscape renovation

• Price: $10,000 + tax

• Item/Description Update: Cedar Bark Chips → “Landscape renovation including removal of old flower beds and installation of bark chips.”

2nd of Last Month – Create Invoice

• Customer: Parsons Community Centre

• Service: Core Aeration

• Price: $300 + tax

3rd of Last Month – Create Invoices

• Customer 1: Barker Design

  • Service: Hedge Trimming

  • Price: $175 + tax

• Customer 2: Janis McBriderton

  • Service: Weekly Lawn Maintenance

  • Price: Double the regular rate

4th of Last Month – Create Sales Receipts

Weekly Lawn Maintenance – Paid in Cash (Cash on Hand)

• Bryce Trout: 4 visits

• Yang & Associates Law: 3 visits

• Kevin Johnson: 4 visits

5th of Last Month – Transfer

• Transfer all Cash on Hand ($435.05) to TCU Chequing account

6th of Last Month – Enter Bills & Write Cheque

Prepaid Rent Expense – Brookstone Rentals

• Bill 1: Last month’s rent (6th of last month)

• Bill 2: First month’s rent (1st of this month)

• Payment: One cheque covering both bills

Recurring Expense Setup – Monthly Rent

• Template Name: Brookstone Monthly Rent

• Type: Scheduled, 30 days in advance

• Interval: Monthly on day 1

• Payee: Brookstone Rentals

• Account: TCU Chequing

• Start Date: 1st of next month

• End Date: None

7th of Last Month – Create Sales Receipts

• Service: Weekly Lawn Maintenance (taxable)

• Qty: 4

• Deposit to: 110 TCU POS Terminal

• Payment Method: Visa

• Customers:

  • Buss Boyz Delivery Service

  • Karlson Travel

  • Jackson Property Management

  • Sherwood Park Commons

  • Hewitt & Packer Office Complex

  • Main Street Shopping Plaza

  • Bergen Adventures

10th of Last Month – Transfer

• Transfer Visa payments from TCU POS Terminal to TCU Chequing account

11th of Last Month – Add Customer & Create Invoice / Receive Payment

• New Customer: Robert Hitchcock – Spring Cleaning

  • Price: $985 + tax

  • Terms: Due on Receipt

• Receive Cheques – Cash on Hand:

  • Huron Park Community Association (#2448)

  • Janis McBriderton (#514)

  • Parsons Community Centre (#6521)

12th of Last Month – Create Invoice

• Customer: Parsons Community Centre

• Service: Weekly Lawn Maintenance (4 visits)

13th of Last Month – Create Credit Memo

• Customer: Barker Design

• Credit: $70 + tax for hedge trimming complaint

14th of Last Month – Write Cheque / Enter Expense

New Asset – Ford Truck

• Cost: $28,750 + tax, Downpayment: $2,875

• Setup:

  • Category 1: Property, plant, and equipment → Vehicles → Ford Truck (#150)

  • Category 2: Long-term Liabilities → Notes Payable → Ford Truck Loan (#250, negative)

• Bank Account: 101 TCU Chequing

• Payment Date: 14th of last month

15th of Last Month – Transfer

• Transfer Cash on Hand to TCU Chequing account ($11,718.10)

16th of Last Month – Enter Bills

• Legal Ease – $875 + tax → Professional Fees

• Jane Wong – $425 + tax → Professional Fees

• Bain Business Services – $630 + tax → Professional Fees

• Moore Details Bookkeeping – $100 + tax → Professional Fees

• Talk Mobility – $139 + tax → Utilities

17th of Last Month – Receive Payments

• Parsons Community Centre: Cheque #9854 – full payment

• Robert Hitchcock: Cheque #210 – partial payment $600

• Barker Design: Apply previous credit memo and receive cheque #254

18th of Last Month – Transfer

• Transfer Cash on Hand to TCU Chequing account ($876.85)

19th of Last Month – Create Invoices

• Customers (4 weekly lawn maintenance visits each):

  • Barker Design

  • White Wedding Chapel

  • Sheraton Cavalier Markham

20th of Last Month – Create Purchase Order

• Supplier: Johnson Supplies

• Items Ordered:

  • Turf Edger – 10

  • Evergreen Fertilizer 30kg bag – 30

21st of Last Month – New Supplier & Create Purchase Order

• Supplier: Hanson Garden Supplies

  • Address: 723 Speers Road, Oakville, ON L6L 2X5

  • Terms: Due on receipt

• Items Ordered:

  • Pruner Lopper – 15

  • Hand Garden Trowel – 20

  • Gas Hedge Trimmer – 10

22nd of This Month – Write Cheque / Enter Expense

• Purchase 2 lawnmowers – $995 each + tax

• Accounts:

  • Property, plant, and equipment → Machinery and Equipment

  • Depreciation tracked

  • Lawn Mower 1 (#160), Lawn Mower 2 (#165)

• Payment Method: TCU Chequing debit card

Reports to Generate

1. Sales by Customer Detail – All dates, landscape orientation

2. Open Invoices – As of last day of previous month, portrait orientation

3. Open Purchase Order List by Supplier – All dates, portrait orientation

4. Recurring Template List – Landscape orientation

5. TCU POS Terminal Quick Report – All dates, landscape orientation

Assessment Summary

This assessment focuses on practical bookkeeping and accounting skills using QuickBooks Online (QBO). Students are required to record and manage a series of financial transactions for a landscaping business over the course of a month. The key pointers covered in the assessment include:

Key Pointers / Learning Outcomes:

1. Creating Invoices and Sales Receipts: Recording customer charges accurately, updating item descriptions, and handling cash and credit payments.

2. Transfers: Moving cash from Cash on Hand or POS terminal to the bank account and understanding the implications on cash flow.

3. Entering Bills and Writing Cheques: Recording business expenses, prepaid expenses, rent payments, asset purchases, and managing supplier accounts.

4. Recurring Transactions: Setting up recurring expenses (e.g., rent) to automate regular payments.

5. Credit Memos: Issuing refunds or adjustments to customer accounts.

6. Purchasing and Supplier Management: Creating purchase orders, setting up new suppliers, and tracking inventory and equipment purchases.

7. Reporting: Generating and customizing key financial reports such as sales by customer, open invoices, purchase orders, recurring transactions, and POS terminal summaries.

The assessment ensures that students can accurately record transactions, manage payments, reconcile accounts, track assets, and generate reports for business decision-making.

Step-by-Step Guidance by the Academic Mentor

Step 1: Recording Sales Transactions

• Mentor Guidance: Show the student how to create invoices for customers like Huron Park Community Association and Parsons Community Centre, updating item descriptions to reflect services provided.

• Objective Covered: Accuracy in invoicing, proper item description, handling multiple customers.

Step 2: Recording Cash Sales and Transfers

• Mentor Guidance: Teach the student to record cash receipts for weekly lawn maintenance and transfer cash to the bank.

• Objective Covered: Understanding Cash on Hand, bank reconciliation, cash flow management.

Step 3: Entering Bills and Paying Rent

• Mentor Guidance: Demonstrate how to enter bills for prepaid rent and pay them via cheque. Then, set up recurring expenses for automatic rent payments.

• Objective Covered: Handling prepaid expenses, scheduling recurring transactions, and maintaining accurate expense accounts.

Step 4: Handling Asset Purchases

• Mentor Guidance: Guide the student to record the purchase of a Ford truck and lawnmowers, split the payment between downpayment and loan, and track depreciation.

• Objective Covered: Asset management, liabilities tracking, depreciation accounting.

Step 5: Applying Credit Memos and Receiving Payments

• Mentor Guidance: Show how to apply a credit memo to a customer account and receive cheque payments.

• Objective Covered: Customer account reconciliation, handling adjustments, and cash receipt management.

Step 6: Creating Purchase Orders and Managing Suppliers

• Mentor Guidance: Train the student to create purchase orders for existing and new suppliers, input items, and track inventory.

• Objective Covered: Supplier management, purchase tracking, inventory accounting.

Step 7: Generating Reports

• Mentor Guidance: Demonstrate customizing and generating reports such as Sales by Customer Detail, Open Invoices, Purchase Orders, Recurring Templates, and POS Terminal Quick Reports.

• Objective Covered: Reporting skills, financial data analysis, and presenting information for decision-making.

Outcome Achieved

By completing this assessment with mentor guidance, the student successfully:

• Recorded all customer transactions, including invoices, cash sales, and credit adjustments.

• Managed cash flows through transfers and bank deposits.

• Entered bills, prepaid expenses, and asset purchases while tracking liabilities and depreciation.

• Set up recurring transactions for automated payments.

• Generated accurate financial reports for business oversight.

Learning Objectives Covered

• Practical application of bookkeeping in QBO

• Customer and supplier account management

• Cash flow and bank account reconciliation

• Expense tracking, asset management, and depreciation

• Reporting and financial decision-making

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