QuickBooks Online -Bookkeeping Business-Easy Way

Overview

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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.

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.

Syllabus

QuickBooks Online Bookkeeping The Easy Way For Small Businesses Course
22 Outline Of Bookkeeping Process
24 Bank Feeds Option
26 Engagement Letter
28 New Client Engagement Questionnaire
30 Outline Sample Engagement
60 Organize Documents Download Bank Statement
70 New Company File
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
92 Bank Reconciliation Overview
94 Bank Reconciliation First Month
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
110 Bank Reconciliation First Second
120 Payroll Options
122 Categorize Payroll Payments
123 QuickBooks Desktop Version Payroll Example
125 Add Employees
127 Process Payroll
127
127
127
128 QuickBooks Online Process Paid Payroll Example
130 Equipment Financed Options
132 Equipment Financed Record Amount Paid
136 Equipment Financed Record Loan
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 Payments
152 Enter All Insurance Payments As Insurance Expense & Let Accountant Adjust If Needed
154 Enter All Insurance Payments As Prepaid Insurance & Let Accountant Make Year End Adjustment
160 Credit Card Options
162 Enter Credit Card Payments The Easy Method
164 Enter Credit Card Payments As They Clear Bank & Assign Expense Accounts Based On Credit Card
164 Enter Credit Card Payments As They Clear Bank & Assign Expense Accounts Based On Credit Card
166 Enter Credit Card Liability & Apply Payments To The Liability Account
170 Invoice & Accounts Receivable Options
176 Enter Invoices Into The System & Track Accounts Receivable
180 Adjust Open Items
185 Month End Documentations
186 Formatting Month End Documents PDF & Excel
187 Formatting, Presenting, & Delivering Reports to Clients
192 Generating Year End Reports
210 Adjusting Entries 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