Assignment 1 QuickBooks Interfacewith ClientFor this assign

Assignment 1: QuickBooks Interfacewith ClientFor this assignment, you are acting as the owner of your very ownaccounting practice. You are employed to assist Dominic Leonardo (ownerof Dominic Consulting) in setting up QuickBooks for his company and hisfree Intuit Accountant File Transfer account. At month end, you receiveda .QBX file from Dominic Consulting containing all of the organizationsaccounting work for the month of January. Dominic is not clear on thepurpose and security of the Accountant File Transfer account and needsyour assistance.Your service is to review the books of Dominic Consulting and adviseDominic of any corrections needed. Using your accounting knowledge youwill describe an important outcome of the company’s performance shown inthree statements: the Profit & Loss Statement, the Balance Sheet,and the Statement of Cash Flows.Dominic Consulting is using the Ask My Accountant feature of QuickBookswhich has led to a specific question. Dominic is unsure of how to recorda retainer fee of $2,400 from a new customer, TakoSami. As it stands,Dominic Consulting plans to provide consulting services over the nextthree (3) months. He has not performed any work for TakoSami and expectsthe work to be done evenly over the three (3) months.Dominic Consulting wants to know if the following entry is correct:Cash . 2400 .. Sales . 2400Hints: Accountants Copy is discussed on page 12.29, Ask My Accountant isdiscussed on page 12.31, .QBX files are defined in Section 4:QuickBooks Extras are in Section B, page B.2. Use these resources andother QB online sources for additional details.Write a two to three (2-3) page business letter to Dominic Consulting inwhich you:1.Explain the interface provided by the Accountant Copy File Transfer,including the integration of your work into DCs accounting files.2.Explain the proper accounting for the TakoSami transaction and theeffects / consequences of improperly recording this transaction.3.Explain the key highlights you identified in the three (3) statements,using your accounting knowledge.4.Identify the errors that you found in your review and suggest aresolution.5.Format your assignment according to the following formattingrequirements:a.Typed, double spaced, using Times New Roman font (size 12), withone-inch margins on all sides.b.Include a cover page containing the title of the assignment, thestudent’s name, the professors name, the course title, and the date. Thecover page is not included in the required page length.The specific course learning outcomes associated with this assignmentare:•Generate financial reports for most small- to medium-sized businesseswith QuickBooks.•Use technology and information resources to research issues inmicrocomputer applications for accountants.•Write clearly and concisely about microcomputer applications foraccountants using proper writing mechanics