• Post category:StudyBullet-5
  • Reading time:15 mins read


What you will learn

How to outline a simple bookkeeping system for a small business using QuickBooks Online

How to network between the bookkeeper, business owner, and year-end tax accounting firm, CPA firm or tax preparer

How to set up a simple Bookkeeping company file in QuickBooks Online and store it on a computer

How to use an easy method to enter financial data into QuickBooks Online from the bank statement

How to identify common problems when entering financial data and strategies for overcoming them

How to reconcile the bank accounts in QuickBooks Online

How to analyses payroll options including the options to work with a third-party payroll company or to enter payroll into QuickBooks

The basics of entering payroll into QuickBooks Online

How to enter equipment purchases into QuickBooks Online

How to enter loan payments into QuickBooks Online

How to enter insurance payments into QuickBooks Online

How to enter credit card charges into QuickBooks Online

How to format month-end and year-end reports using QuickBooks Online

How to enter adjusting entries into QuickBooks Online or prior year and work with accounting firms, CPA firms, or tax preparer to help with them

Description

QuickBooks Online bookkeeping business designed for small business clients or small businesses who want a simple cash basis format for entering data. 

This course is designed for bookkeepers and is also useful for small business owners who want a simple system for entering financial data into QuickBooks for financial planning and year-end tax preparation.

The bookkeeping system we discuss will also describe the relationship between the bookkeeper, the business, and the year-end tax and financial statement preparers.

We will outline a cash basis bookkeeping system using QuickBooks, a system that will enter most transactions directly into the check register.

The course will discuss the responsibilities of a bookkeeper and the responsibilities of the business when a bookkeeping engagement in entered into. 

We will work through a sample bookkeeping project in QuickBooks including the setting up of a new QuickBooks company file.

The course will practice entering data into the QuickBooks register directly from a bank statement. We will provide practice bank statements to use with the project as well as step by step instructional videos.

As we enter data directly into the check register from the bank statement, we will compare and contrast the cash basis system we are using to a full accounting cycle system. We will also review the financial statements periodically to see how QuickBooks is using the data to make reports.

After entering data into the QuickBooks check register from the bank statement, we will perform bank reconciliations. As we perform bank reconciliations, we will discuss what a bank reconciliation is and the benefits a bank reconciliation provides.

The course will then discuss options for entering specific accounting data into QuickBooks including payroll, equipment, loan payments, insurance, credit card payments, and invoices. We will provide practice QuickBooks files for different options related to the items listed above and explore the pros and cons of each option. The bookkeeping options will help tailor our system to our specific bookkeeping needs.

As we enter accounting data into the system we will discuss common questions we will have when entering the first few months of data and how to write down these questions, move forward with data input, and organize the financial data so that we can quickly go back to it once our client questions are answered.


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This course will discuss, print, and export month end and year end reports, reports a bookkeeper may provide to clients monthly and reports the business will need at year-end for tax preparation.

We will discuss year-end adjusting entries. The bookkeeping system we propose will depend on an outside accounting firm, tax preparer, or CPA firm to help with the year-end adjusting entries. As bookkeepers we want to be aware of the adjusting entry process so we can work with any year-end accounting firm, tax preparer, or CPA firm. We will enter common adjusting entries into an adjusting entry Excel worksheet and into Quickbooks.

Finally, we will discuss whether or not to enter the year-end adjusting entries into our QuickBooks bookkeeping system and different options to do so.

In addition to the instructional videos, this course will include downloadable  

•    Excel practice files

•    Downloadable PDF Files  

Excel practice files will be preformatted and will generally have at least two tabs, one tab with the completed work and a second tab with a preformatted worksheet we can fill in as we watch the instructional videos.   

Who will we be learning from?  

English
language

Content

Introduction

Introduction

Bookkeeping Project Outline and Plan Using QuickBooks

2 Bookkeeping Project Outline and Plan
Data Files and Answer Keys
PDF – 20 Outline Of Standard Client
20 Outline Of Standard Client Or Business
PDF – 22 Outline Of Service We Provide
22 Outline Of Bookkeeping Process
PDF – 23 Network With Other Professionals
23 Network With Other Professionals
PDF – 24 Bank Feeds
PDF – 24 Bank Feeds Option
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Engagement Letter and Questionnaire

3 Engagement Letter and Questionnaire
PDF – 26 Engagement Letter
26 Engagement Letter
PDF – 28 New Client Engagement Questionnaire
28 New Client Engagement Questionnaire
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Create New Company File & QuickBooks File Using QuickBooks

4 Create New Company File & QuickBooks File
PDF – 30 Outline Sample Engagement
30 Outline Sample Engagement
60 Organize Documents Download Bank Statement
70 New Company File
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Enter Data From Bank Statement for Month One Into QuickBooks

5 Enter Data From Bank Statement for Month One Into QuickBooks
80 Bank Statement Overview
85 Enter Deposits From Bank Statement First Month
87 Entering Cash Outflows Strategy
88 Entering Cash Outflows Part 1
89 Entering Cash Outflows Part 2
90 Review Reports After Data Entry For First Month
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Bank Reconciliation For Month One In QuickBooks

6 Bank Reconciliation For Month One In QuickBooks
92 Bank Reconciliation Overview
94 Bank Reconciliation First Month
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Enter Data From Bank Statement for Month Two In QuickBooks

7 Enter Data From Bank Statement for Month Two In QuickBooks
100 Enter Transactions Second Month Setup Process
102 Enter Deposits From Bank Statement Second Month
104 Enter Cash Outflows From Bank Statement Second Month Part 1
106 Enter Cash Outflows From Bank Statement Second Month Part 2
108 Review Reports After Entering Data From Bank Statement For Second Month
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Bank Reconciliation For Month Two In QuickBooks

8 Bank Reconciliation For Month Two In QuickBooks
110 Bank Reconciliation First Second
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Payroll Options and Data Entry Using QuickBooks

9 Payroll Options and Entry Using QuickBooks
PDF – 120 Payroll Options
120 Payroll Options
122 Categorize Payroll Payments
123 QuickBooks Desktop Version Payroll Example
125 Add Employees
127 Process Payroll
127.2 Process Payroll Plain Payroll
127.4 Payroll Tax Forms & Payment Set Up
127.6 Payroll Forms After Plain Payroll Financials & 941
128 QuickBooks Online Process Paid Payroll Example
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Equipment and Financing Options and Data Entry Using QuickBooks

10 Equipment and Financing Options and Entry Using QuickBooks
PDF – 130 Equipment Financed Options
130 Equipment Financed Options
132 Equipment Financed Record Amount Paid
136 Equipment Financed Record Loan
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Loan Payments Options and Data Entry Using QuickBooks

11 Loan Payments Options and Data Entry Using QuickBooks
PDF – 140 Loan Payment Options
140 Loan Payment Options
142 Enter Loan Balance Record Payments as Reduction To Loan Balance
143 Loan Amortization Interest vs Principal
146 Enter Loan Balance & Break Out Interest & Principal Portion Of Loan Paymen
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Insurance Payments Options and Data Entry Using QuickBooks

12 Insurance Payments Options and Data Entry Using QuickBooks
PDF – 150 Insurance Options
150 Insurance Options
152 Enter All Insurance Payments As Insurance Expense & Let Accountant Adjust I
154 Enter All Insurance Payments As Prepaid Insurance & Let Accountant Make Ye
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Credit Card Options and Data Entry Using QuickBooks

13 Credit Card Options and Data Entry Using QuickBooks
PDF – 160 Credit Card Options
160 Credit Card Options
162 Enter Credit Card Payments The Easy Method
164 Enter Credit Card Payments As They Clear Bank & Assign Expense Accounts Ba
166 Enter Credit Card Liability & Apply Payments To The Liability Account
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Invoice and Accounts Receivable Options and Data Entry Using QuickBooks

14 Invoice and Accounts Receivable Options and Data Entry Using
PDF – 170 Invoicing and AR Options
170 Invoice & Accounts Receivable Options
176 Enter Invoices Into The System & Track Accounts Receivable
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Adjust Remaining Outstanding Items / Data Entry Questions Using QuickBooks

15 Adjust Remaining Outstanding Items Data Entry Questions
PDF – 180 Adjust Open Items
180 Adjust Open Items
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Creating & Formatting Month End Reports Using QuickBooks

16 Creating & Formatting Month End Reports
185 Month End Documentations
186 Formatting Month End Documents PDF & Excel
187 Formatting, Presenting, & Delivering Reports to Clients
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Creating & Formatting Year End Reports Using QuickBooks

17 Creating & Formatting Year End Reports
PDF – 190 Year End Documents
190 Year End Documentations
192 Generating Year End Reports
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Describing and Entering Adjusting Entries Using QuickBooks

18 Describing and Entering Adjusting Entries
PDF – 210 Adjusting Entry Options
211 Adjusting Entries Worksheet
212 Payroll Adjusting Entries
215 Equipment Adjusting Entries Depreciation
217 Loan Payment Adjusting Entries
219 Insurance Adjusting Entries
240 Options For Entering Adjusting Entries To QuickBooks
244 Enter Adjusting Entries Into QuickBooks
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