ImaginePhotographyImagine PhotographySample company

Learning Exercises

Most of the book's chapters end with a Do It Yourself exercise at Imagine. Doug hands you the next job, you do it in your own QuickBooks company, and a smart grader checks the reports you upload.

Every exercise on this page is part of the Standard tier.

  1. 2Chapter 2Setting Up QBOSUPRA 400 ▸ 2A
    1. Open your own copy of the studio and name it after yourself.
    2. Enter the company settings from Table 2-1, camera logo included.
    3. Add Business Checking, the Money Market account and the Business Visa.
    4. Merge, rename or inactivate the accounts the studio does not need.

    Smart-graded reports

    • Chart of Accounts
  2. 3Chapter 3Customizing QuickBooks OnlineSUPRA 400 ▸ 3A
    1. Turn on California sales tax and set up payment terms.
    2. Add Sales Rep and PO Number custom fields.
    3. Create the San Jose, Walnut Creek and Overhead classes.
    4. Import the price list, add three items and build two bundles.

    Smart-graded reports

    • Product/Service List
  3. 4Chapter 4Customer SalesSUPRA 400 ▸ 4A
    1. Import seven customers and add sub-customers for two of them.
    2. Ring up sales receipts for Nayo Garcia and Veronica Vasquez.
    3. Invoice Liz Kildal at First Community Bank for gear and a videographer.
    4. Record the payments and deposit the card sales.

    Smart-graded reports

    • Customer Contact List
    • A/R Aging Summary
    • Trial Balance
  4. 5Chapter 5Vendor ExpensesSUPRA 400 ▸ 5A
    1. Import seven vendors with their terms and 1099 status.
    2. Pay the rent and split the Barton Insurance bill across both stores.
    3. Buy camera gear from Ogaga Photo Supply and bill Gandhi Video for two jobs.
    4. Pay the open bills with checks to print later.

    Smart-graded reports

    • Vendor Contact List
    • Unpaid Bills
    • Printed Bill Payment Checks
    • Transaction List by Vendor
  5. 6Chapter 6Accounts Receivable and Accounts PayableSUPRA 400 ▸ 6A
    1. Credit Liz Kildal for videographer time she did not use.
    2. Bill Shonette Dymond's weekly photo paper with delayed charges.
    3. Handle a bounced check and print customer statements.
    4. Apply a Donna Distributing vendor credit and pay the sales tax.

    Smart-graded reports

    • Transaction List by Vendor
    • Transaction List by Customer
    • Trial Balance
  6. 7Chapter 7Banking and ReconciliationSUPRA 400 ▸ 7A
    1. Upload the studio's bank file into Business Checking.
    2. Create bank rules, including one that splits the internet bill across both stores.
    3. Match every transaction, then reconcile the account.

    Smart-graded reports

    • Trial Balance
  7. 8Chapter 8ReportsSUPRA 400 ▸ 8A
    1. Run Profit and Loss on a cash and an accrual basis, and compare them.
    2. Run Profit and Loss by Class, the Balance Sheet and the Statement of Cash Flows.
    3. Look at sales by customer and by product, and at Mario Marthas' sales.

    Smart-graded reports

    • Profit and Loss
    • Profit and Loss by Class
    • Balance Sheet
    • Statement of Cash Flows
    • Income by Customer Summary
    • Sales by Product/Service Summary
    • Mario Marthas' Sales
    • A/R Aging Summary
  8. 10Chapter 10Advanced WorkflowsSUPRA 400 ▸ 10A
    1. Doug buys a used cargo van with a National Bank loan. Set it up as an asset.
    2. Record the down payment and the loan.
    3. Make the first loan payment and schedule the rest.
    4. Write checks to the contractors: the landlord, the accountant and Gandhi Video.

    Smart-graded reports

    • Printed Contractor Checks
    • Trial Balance
    • Balance Sheet
  9. 11Chapter 11Projects and Job CostingSUPRA 400 ▸ 11A
    1. Start the Marketing Photos project for Veronica Vasquez and send her an estimate.
    2. Enter Doug's time against the project.
    3. Take a prepayment, buy a green screen and bill for the videographer.
    4. Invoice the rest of the estimate as the work is done.

    Smart-graded reports

    • Estimates & Progress Invoicing Summary
    • Unbilled Time and Expenses
    • Time Cost by Employee or Vendor
    • Project Profitability
    • Trial Balance
  10. 12Chapter 12InventorySUPRA 400 ▸ 12A
    1. Add the new 8.5x11 frames in black, bronze and gray.
    2. Order frames from Ogaga Photo Supply on a purchase order and receive partial shipments.
    3. Sell frames, then adjust the stock for cracked glass.
    4. Find the low-stock items and add a refurbished Camera SR32.

    Smart-graded reports

    • Bronze Frame QuickReport
    • Sales by Product/Service Summary
    • Products Low on Stock
    • Refurbished Camera Transaction Journal
    • Inventory Valuation Summary
  11. 13Chapter 13Year-End ProceduresSUPRA 400 ▸ 13A
    1. Move unclassified discounts and shipping to the Walnut Creek class.
    2. Record the cargo van's depreciation for the year and make it recurring.
    3. Close Opening Balance Equity into Retained Earnings.

    Smart-graded reports

    • Profit and Loss by Class
    • Year-End Balance Sheet
    • Year-End Journal Entries
  12. 14Chapter 14Payroll SetupSUPRA 400 ▸ 14A
    1. Start a separate payroll company: [Your Name]'s Imagine Payroll.
    2. Set up Kaydee Roppa, then Doug Wood as the S corporation owner.
    3. Add Mario Marthas and map wages to the right accounts and classes.

    Smart-graded reports

    • Employee Details
  13. 15Chapter 15Payroll ProcessingSUPRA 400 ▸ 15A
    1. Run the first payroll for Kaydee and Mario, and Doug's monthly pay.
    2. Enter Mario's timesheet across two jobs and the Walnut Creek store.
    3. Pay cash tips and commission on the next biweekly run.

    Smart-graded reports

    • Total Payroll Cost
    • Payroll Details
    • Payroll Tax Liability

Imagine Photography lives in a book

You keep its books in QuickBooks Online Step-by-Step, by Alicia Katz Pollock. Its exercises are part of the Standard tier. The student demo walks you through chapter 4 of the book, with no account.

Start demoAbout the book