QuickBooks Online Certification Exam Prep (Parts 1-3) Wifi Network: Password: Welcome

Transcription

1 #SNH16

2 QuickBooks Online Certification Exam Prep (Parts 1-3) Wifi Network: Password: Welcome

3 Attending this Breakout session for the full 100 minutes entitles you to 2 hours of CPE. Please be sure you check in to the session using the mobile app or, if you cannot use the app, sign one of the sign-in sheets in the back of the classroom. Thank you! #SNH16

4 Hector Garcia, CPA.CITP Live/Work in Miami, FL Certified Information Technology Professional Member Intuit Trainer/Writer Network Advanced QuickBooks ProAdvisor Top 100 ProAdvisor: 2014, 2015, and

5 Sign up for QuickBooks ProAdvisor Program (it s free): In order to take your exam, you must be enrolled in the QuickBooks ProAdvisor Program, which is now free! Go to: Or QuickBooks.com Click on Accountants drop down

6 Training Materials For your reference you have access to additional training from your QuickBooks ProAdvisor member site: - Supplemental training guides - Self-paced training modules

7 Accountant Training: Accountant University QBO Blog qboblog.com

8 Admin Details QBO Test Drive: OR Google QuickBooks Online Test Drive QBOA Sample Company -- click on the Gear then Sample Company from within QuickBooks Online Accountant

9 QBO Certification 5 Sections 15 Questions per section (75 total) 4 Attempts to pass (each section) 80% to pass each section Exam takes approximately 2 hours

10 Finding QBO Certification Exam Scenario 1 Recently Enrolled in the ProAdvisor Program: Log into QuickBooks Online Accountant at: qbo.intuit.com 1. Click on the ProAdvisor Tab in the left navigation bar 2. Click the Certification tab 3. Select QuickBooks Online: You ll see supplemental training guides, self-paced modules and Take Exam Scenario 2 Already enrolled in the ProAdvisor Program: Go to the ProAdvisor website at: quickbooks.com 1. Click on Accountants drop down menu and then ProAdvisor Program and sign in in upper right hand corner 2. Click on the Certification tab 3. Click on QuickBooks Online to view the Supplemental Training Guides & Self-paced modules. 4. Click Take Exam

11 Module 1 Getting Started #SNH16

12 Module Topics Topic 1: Introducing QuickBooks Online Topic 2: QuickBooks Online Accountant Topic 3: Setting up QuickBooks Online Topic 4: Navigating QuickBooks Online Topic 5: Introducing QuickBooks Apps

13 Introducing QuickBooks Online #SNH16

14 Introducing QuickBooks Online Learning Objectives Upon completion of this topic, you should be able to: Identify the benefits of using QuickBooks Online Determine which subscription level of QuickBooks Online to recommend

15 Technical Benefits Cloud-based software No expensive equipment or networks to maintain QuickBooks Online Apps Accessible across multiple operating systems and devices Real-time, multi-user access from anywhere Hosted, updated and secured by Intuit s Servers using 128 bit encryption

16 Workflow Benefits Integrated document management Ecosystem of apps with seamless integration Less data entry and more advisory services One login for all your client companies Accountant s Toolbox

17 Recommending QuickBooks Online Determine client s needs and wants Try out the test drive file Google QuickBooks Online Test Drive Compare features of each product

18 Simple Start 1 Company User, 2 Accountant Users 44 default reports Track Income & Expenses Basic financial and A/R reports Unlimited Bank Feeds Allows for Apps and Payroll

19 Essentials 3 Company Users, 2 Accountant Users 77 default reports Manage and pay bills Setup recurring transactions Company Snapshot Report Scorecard report compares to industry trends

20 Plus 5 Company Users, 2 Accountant Users Up to 25 users, unlimited free time tracking only and reports only users 100 default reports Class & Location tracking Budgets FIFO Inventory and Purchase Orders

21 Sign Up for QuickBooks Online Accountant OR Setup a new account or link to existing Intuit ID Have QBO but no green toolbar? You should be migrated soon!

22 Easily check up on client s books from the Client List

23 Move between clients quickly with the Client Switcher (Go to client's QuickBooks)

24 Manage your firm users (Team)

25 Access your ProAdvisor benefits

26 Manage your firm's books with a free subscription to QuickBooks Online

27 Setting up QuickBooks Online Learning Objectives Upon completion of this topic, you should be able to: Recognize the steps to manage Company Settings Identify accounting related preferences Specify the steps to modify Lists & Users Identify the steps to import data into QuickBooks Online

28 Add a New QBO Company from QBOA #SNH16

29 DEMO

30 Create a new company from within QBOA

31 Setting Up QuickBooks Online Starting from Scratch #SNH16

32 Enter company name, address & logo Setup Wizard for New QBO Subscriptions

33 Enter business information

34 If no desktop to import

35 you re ready to start customizing!

36 DEMO

37 Review Company Settings Gear Icon > Company Settings

38 Review Expense Settings Gear Icon > Company Settings

39 Review Advanced Settings Gear Icon > Company Settings

40 Review Chart of Accounts, Access Registers from Chart of Accounts

41 Setup Products & Services List Gear > Products & Services List

42 Create New Customers/Vendors From Customer/Vendor Centers

43 Merging/Deleting List Entries

44 Setting Up QuickBooks Online Importing and Converting #SNH16

45 Importing from Excel

46 Importing from Excel

47 Converting from QuickBooks Desktop

48

49 Start in QuickBooks Desktop; press F2

50 Maximum 350K targets

51 File > Utilities > Verify Data

52 Backup & Rebuild Data, if needed

53 Company > Export Company File to QuickBooks Online

54 Follow instructions on export wizard

55 confirmation

56 Compare BS & PL, accrual-basis, all dates

57 Connect bank & credit card accounts

58 Select bank and log in

59 Associate bank account to QBO account

60 Specify activity to download

61 Navigating QuickBooks Online #SNH16

62 Navigating QuickBooks Online Learning Objectives Upon completion of this topic, you should be able to: Recognize key components of the QuickBooks Online interface

63 Navigating QuickBooks Online Left-side Navigation Top Navigation vs. Accountant Toolbar Quick Create Differences between QBOA and QBO

64 DEMO

65 Left-side Navigation

66 Accountant Toolbar/Top Navigation

67 Quick Create (+)

68 Gear Icon ('The Gear')

69 Differences between QBO and QBOA

70 Best Practices for QuickBooks Online #SNH16

71 Best Practices in QuickBooks Online Google Chrome is preferred browser Duplicate tabs for multiple windows Multiple monitors for increased efficiency Chrome users & Incognito windows to access multiple companies

72 DEMO

73 Introducing QuickBooks Apps #SNH16

74 Introducing QuickBooks Apps Learning Objectives Upon completion of this topic, you should be able to: Specify the features and benefits of using QuickBooks Online Apps Recognize navigation points in QuickBooks Online Apps

75 Introducing the QuickBooks Online App Desktop shortcut to QuickBooks Online Runs QBO in a dedicated QuickBooks browser Allows for more desktop-ish features like dropdown menus for screens and reports Can have multiple windows and use multiple monitors

76 Introducing the QuickBooks Online App

79 How do I get the QuickBooks App? or There is an app for both PC and Mac!

80 QUESTIONS?

81 Module 2 Common Workflows #SNH16

82 Module Topics Topic 1: QuickBooks Concepts Topic 2: Money In Topic 3: Money Out Topic 4: Other Transactions

83 QuickBooks Concepts

84 QuickBooks Concepts #SNH16

85 Invoice vs Bill Customer Invoice = Money In Vendor Bill = Money Out

86 Posting vs Non Posting Posting Invoice Payment Credit Memo Sales Receipt Refund Expense Cash Expense Credit Card Expense Check Bill Bill Payment (Check) Bill Payment (Credit Card) Vendor Credit Credit Card Credit Sales Tax Payment Deposit Transfer Journal Entry Inventory Qty Adjust. Non Posting Estimate Delayed Credit Delayed Charge Purchase Order Time Tracking Statement

87 Recording Financial Activity

88 Money In

89 Money In / Sales & Revenue Sales Settings & Payment Settings Sales Form Styles & Import Styles Transaction Types QuickBooks Payments & Online Invoicing Customer Center & Sales Center

90 DEMO

91 Review Sales Settings Gear Icon > Company Settings

92 Custom Form Styles

93 Estimates

94 Customer Center

95 Sales Center

96 Delayed Charges & Credits

97 Invoices

98 Payments

99 Credit Memo vs Refund

100 Sales Receipts

101 Online Invoices Get paid faster with Online invoices

102 Company Settings > Sales

103 Set options for invoices to online invoice, no pdf

104 Select online payment options, invoice

105 Customer clicks button in

106 Customer opens invoice in browser, no password required

107 Customer can print or save PDF

108 Invoice total amount linked to current balance in QBO

109 Interactive messaging archived in QBO on invoice transaction

110 Pay Now button is inactive when QB Payments not turned on

111 QuickBooks Payments Company Settings > Payments

112 Create new QB Payments account

113 Select plan, provide business & personal info, submit

114 Application approved, service available in 24 hours

115 Connect existing QB Payments account

116 Login to existing merchant account to link Confirm & use immediately

117 Verify account connected on new & existing accounts

118 Button active when QB Payments turned on

119 Customer enters amount (less than or equal to) and payment info

120 receipt sent to payer

121 Status & balance updated on Online Invoice

122 Payment recorded in QBO automatically, No sync required!

123 Setup recurring sales receipts and collect cc pmts automatically

124 Money Out #SNH16

125 Money Out / Expenses & Purchases Expense Settings & Purchase Settings Accounts Payable Transactions Bank & Credit Card Transactions Converting to Bill Payment Vendor Center & Expense Center

126 Vendor Center

127 Expense Center

128 Review Expense Settings Gear Icon > Company Settings

129 Purchase Orders

130 Bills

131 Bill Payments

132 Vendor Credit

133 Check

134 Expense

135 Other Transactions #SNH16

136 Other Transactions Deposits Transfers Journal Entries Timesheets/Billable Time Statements

137 DEMO

138 Deposits

139 Transfers

140 Journal Entries

141 Timesheets

142 Statements

143 QUESTIONS?

144 Module 3 Banking, Payroll, Apps and Reporting #SNH16

145 Module Topics Topic 1: Bank Feeds Topic 2: Tools and Payroll Topic 3: Apps and the Ecosystem Topic 4: Reporting

146 Bank Feeds #SNH16

147 Bank Feeds Learning Objectives Upon completion of this topic, you should be able to: Identify the steps to setup and utilize Bank Feeds Recognize features to troubleshoot Banking Center issues

148 Functionality of Bank Feeds Automatically download transactions Manually import files (.qbo,.csv,.qfx,.ofx) Unposted until YOU take action Match to existing transactions or create new Set up Bank Rules for more efficiency

149 Navigating the Bank Feeds New Transactions Tab: Downloaded from the bank and waiting to be posted to the register In QuickBooks: Has been posted/matched to the register Excluded: Removed from the New Transactions tab as a duplicate, not to be posted

150 New Transactions

151 In QuickBooks

152 Excluded Transactions

153 Posting Transactions via Bank Feed Add: Create a new transaction based off of the downloaded banking information Match: Marry the downloaded bank transaction to existing QuickBooks transaction Rule: Create a new transaction based on pre-established terms you set up in QuickBooks

154 Add New

155 Match Existing

156 Bank Feed Rules

157 DEMO

158 Setting Up Bank Feeds Special Info Download date range (default 90 days) Exclude duplicate downloaded transactions Undo matched transactions

159 Download Shorter Range Specify activity to download (default is 90 days) Need 14 days? Download 30 and use batch exclude!

160 Manually Importing Bank Files Web Connect (.qbo) is BEST! Comma Separated Value (.csv) No check number! Date, Name, Amount, Description You map the fields Quicken (.qfx) Microsoft Money (.ofx)

161 Update > File Upload

162 Exclude duplicates

163 Repairing Bank Feeds Potential Causes: Credentials changed Account closed Bank Merger Bank updates system Bank is a headache!

164 Repairing Bank Feeds If no known cause, try these in order: Blue Update button Pencil > Update Sign-in Information Pencil > Disconnect account on save Make sure all transactions are posted! History will be erased!

165 Repairing Bank Feeds

166 DEMO

167 QUESTIONS?

168 Tools and Payroll #SNH16

169 Tools and Payroll Learning Objectives Upon completion of this topic, you should be able to: Recognize the functionality of Recurring Transactions Determine the steps to reconcile transactions to a bank statement using the Reconcile Tool Identify the payroll offerings that integrate with QuickBooks Online Identify the steps to setup QuickBooks Online Payroll Identify common payroll reports in QuickBooks Online

170 Recurring Transactions Can be used for 1 st transaction in the workflow Bills, Invoices, Sales Receipts, Expenses Scheduled/Unscheduled Great for Expenses that are on autopay Sales Receipts w/cc Payments (as shown in Mod 2)

171 Recurring Transactions

172 Attaching Documents

173 Using Registers Review account registers

174 Reconciling Accounts Reconcile Bank, Credit Card and other Balance Sheet accounts Monitor changes to reconciled transactions Undo reconciliations IF you are in QBO Accountant

175 Reconciling Accounts

176 DEMO

177 Payroll Options QuickBooks Full Service Payroll QuickBooks Online Payroll Intuit Online Payroll for Accounting Professionals Intuit Full Service Payroll (not embedded in QBO)

178 Payroll Options QuickBooks Full Service Payroll QuickBooks Online Payroll Intuit Online Payroll for Accounting Professionals Built inside QuickBooks Online YES YES - Separate accountant and client logins to access the same account YES YES YES Pay by check or direct deposit YES YES YES Federal and state payroll tax forms automatically calculated Intuit files and pays taxes on behalf of client Intuit transfers data from previous provider if needed Intuit mails W-2s to employees at year end YES YES YES YES - FULL SERVICE ONLY YES - FULL SERVICE ONLY YES - FULL SERVICE ONLY

179 QuickBooks Full Service Payroll Work with Intuit to set up Form 8655 Reporting Agent Authorization Free conversion from other 3 rd party payroll providers

180 Wholesale Pricing for Payroll Best pricing when bundled with QuickBooks Subscription Save 50% by adding to your Wholesale billing account Add from your Account screen inside QuickBooks Online Accountant

181 QuickBooks Online Payroll Get started with QuickBooks Online Payroll setup wizard

182 Add employees

183 Manage payroll settings

184 Add pay schedule, vacation policies, deductions & contributions

185 Manage employer ID #s, unemployment rate, electronic services

186 Update GL accounts and classes for paychecks and taxes

187 Run payroll in 3 easy steps

188 Select pay schedule

189 Confirm bank account and dates

190 Salary calculated & timesheet hours summed

191 Review & submit. Paychecks posted to GL.

192 Mobile app: pay employees, pay taxes, file forms

193 Payroll Reports Reports > All Reports > Manage Payroll group

194 Paycheck subtotals for each employee

195 Payroll taxes paid and owed

196 Apps and the Ecosystem #SNH16

197 Apps and the Ecosystem Learning Objectives Upon completion of this topic, you should be able to: Recognize the benefits of Intuit-approved Apps Identify the steps to find, purchase and access Apps that work with QuickBooks Online

198 The QuickBooks Online Ecosystem Why? Enhance functionality in QuickBooks Online and eliminate double entry Where? The App Center and Apps.com How? QuickBooks Online API an open development platform

199 Selecting Apps Best Practices Research: Read reviews, talk to other ProAdvisors Test: Ask for a demo and start a trial Do what is BEST for the CLIENT Use Intuit Approved Apps from Apps.com

200 Connecting Apps Don t connect apps for customers through QBOA! Log in to QBO as Master Admin to connect apps Go to App Center (left side navigation) Search Apps Buy Now

201 Apps: Set up and Support Determine who is going to set up and provide ongoing support You Another ProAdvisor Developer If you do it Get an engagement letter Understand the vendor s billing policy and clearly explain it to your client determine who will pay it Understand vendor support and/or define terms for your on-going support

202 DEMO

203 Reporting #SNH16

204 Reporting Learning Objectives Upon completion of this topic, you should be able to: Identify the benefits of using QuickBooks Online Reports Recognize differences in reporting capabilities by subscription level Identify common report settings and browser modifications Indicate functionality of Grouped Reports

205 Benefits of Reporting Quickly locate information Customize in minutes Get the bigger picture

206 QBO Simple Start Reports 44 default reports Income and expenses Accounts receivable Basic financial statements Customizable reports

207 QBO Essentials Reports 77 default reports Includes all reports in Simple Start Accounts payable Product / Services List Company snapshot

208 QBO Plus Reports 100 default reports All QuickBooks Online reports Location and class reporting Inventory reports Time activities Budget vs Actual Collections report Reports Only Users!

209 The Report Center and Report Tabs

210 Report Groups vary depending on the features you are using

211 Accountant Only Reports Adjusted Trial Balance, Adjusting Journal Entries, Profit and Loss Comparison, Balance Sheet Comparison

212 Management Reports Create custom groups of reports with cover pages and additional notes

213 DEMO

214 Questions?

215 Module 4 Exploring QuickBooks Online Accountant #SNH16

216 Module Topics Topic 1: Basics Topic 2: Clients Topic 3: Team Topic 4: ProAdvisor Portal Topic 5: Your Firm s Books Topic 6: Toolbar

217 Basics Upon completion of this topic you should be able to: Describe the steps to access and login to QuickBooks Online Accountant

218 QuickBooks Online Accountant For Professionals (Bookkeepers, CPA s, EA s, Consultants, etc.) Access many companies from ONE access point Special tools/features to manage and monitor client companies Your window to view QBO companies through

219 How do I get QuickBooks Online Accountant? Sign up for QuickBooks Online Accountant (QBOA) (all lower case) OR rt/qba_signup

220 How do I get clients on QuickBooks Online Accountant? Existing QuickBooks Online users must Invite you to access their file Gear Icon > Manage Users

221 How do I log in to QuickBooks Online Accountant?

222 Clients Upon completion of this topic you should be able to: Identify features and functionality of the Client list

223 Easy oversight to QBO Data

224 Quickly open QBO Companies

225 Drill Down on Client Details

226 Monitor Reconciliation Status

227 Request Documents from Clients

228 Request Documents from Clients

229 Manage Documents

230 Team Learning Objectives Upon completion of this topic you should be able to: Specify the steps to manage permissions for team users accessing your QuickBooks Online Accountant firm

231 Add New QBOA Team Members

232 Manage Firm Access

233 Manage Client Access

234 ProAdvisor Portal Learning Objectives Upon completion of this topic you should be able to: Recognize the features available to help you manage your ProAdvisor membership

235 ProAdvisor Plan Options

236 Your Level in the ProAdvisor Program All members are granted: Free access to QBOA Discounted software and services QBO Training and Certification Special pricing on 3rd party apps Subscription to the ProAdvisor newsletter QBD to QBO conversion toolkit Dedicated US-based phone & chat support for QBO

237 Your Level in the ProAdvisor Program Silver: not certified or have fewer than 5 paid online clients. Gold: QBO certified OR have 5-19 paid online clients. Certified gold members are listed on the Find-A-ProAdvisor online directory. Certified Gold: Access to the QBO Advanced training and certification Diamond: Advanced QB certified OR have 20+ online clients. Premium Support (Diamond Support) Advanced Certified: Receive priority ranking on the Find-A-ProAdvisor directory

238 Certification Center

239 Profile ProAdvisor Listing

240 Additional Centers

241 Your Books Learning Objectives Upon completion of this topic you should be able to: Identify functionality of Your Books section in QuickBooks Online Accountant

242 Your Books

243 Toolbar #SNH16

244 Quick Link back to QBOA

245 Client Switcher/Go To Clients QB

246 Quick Create

247 Gear Icon

248 Wholesale Billing

249 DEMO

250 QUESTIONS?

251 Module 5 Accountant Tools and Troubleshoot #SNH16

252 Module Topics Topic 1: QuickBooks Online Accountant Tools Topic 2: Troubleshooting Techniques

253 QBOA Tools Learning Objectives Upon completion of this topic, you should be able to: Recognize the Trial Balance functionality and it s connection between QuickBooks Online and Intuit Tax Online Identify the Accountant Tools to troubleshoot errors Recognize the tools available in the Accountant ToolBox Identify the process to avoid impacting prior accounting periods

254 DEMO

255 Accountant Tools Trial Balance Reclassify Transactions Voided/Deleted Transactions Report Write off invoices Journal Entries Close Books

256 Closing the Books Set closing date Allow changes with warning or password Monitor changes to closed periods in Client List Exceptions to Closing Date report

257 Reconciliation Tools Reconciliation History Auto Adjustments Changed/Deleted Transactions Undo Reconciliation (Accountants Only!)

258 Reporting Shortcuts Accountant Reports Management Reports My Custom Reports Report Tools

259 Chart of Accounts Merging Accounts Streamline reports and Chart of Accounts Ensure that account type, detail type, and parent account match Change name off account you are merging from (removing) Deleting/Inactivating Accounts Remove old accounts to prevent erroneous use There is no true delete in QuickBooks Online!

260 Merging Accounts 1 3 2

261 Deleting/Inactivating Accounts

262 Troubleshooting Techniques #SNH16

263 Convert transaction to Bill Payment Bill was entered to Accounts Payable Bill payment was recorded as Check/Expense instead of Bill Payment Result: Overstated Accounts Payable Repair: Add bill to Check/Expense from drawer!

264 Convert Check/Expense to Bill Payment

265 DEMO

266 Voiding a Check from a Prior Period Don t use the VOID button! The VOID feature will void the check as of the check date Offset Check with a Deposit Date deposit in current fiscal year Map to same expense account as check MEMO! Reconcile transactions together

267 Enter deposit in open current period to off-set check

268 Reconcile voided check and deposit

269 Opening Balance Equity Used as a for opening balances on new accounts, items, customers and vendors Sometimes used in error as a catch-all Equal to prior year Retained Earnings? Close it! Balance should be ZERO 1 st thing wrong: could be setup was incomplete

270 Opening Balance Equity account should be zero

271 Do not enter balance when new balance sheet accounts are created

272 Opening Balance Equity Do not enter balance when new customer / vendor created

273 Do not enter quantity & cost when creating new inventory products

274 Was setup incomplete or does an entry need to be reclassified?

275 Accounts Receivable Errors Client can see that Customer Balances are wrong Accounts Receivable is overstated OR negative Register balance for bank is exceptionally higher than actual balance Unreconciled deposits Income is overstated

276 Accounts Receivable Errors Overstated Income/Undeposited Funds/Bank Account - Receiving payments on invoices, then recording deposits as Income Negative Accounts Receivable - Receiving payments against invoices, recording deposits to A/R Overstated Income and Accounts Receivable (Accrual Reports) - Not receiving payments against invoices, recording deposits as income

277 Accounts Receivable Errors Customer Center Look for zero balances with open invoices Look for balances your client knows are incorrect Sub-customer issues: Check bill with parent setting Bank Register Unreconciled and duplicate deposits Deposits straight to income Profit & Loss Quick Zoom on Income Look for deposit transactions (should be made up of Payments)

278 Zero Balance with Open Invoices Unapplied Customer Payment

279 Entering deposit directly to income either in addition to rcv payment or instead of

280 Duplicate deposits

281 Drill down into P&L to look for deposits

282 Apply deposits to payments so income not overstated

283 Correct payments posted to bank instead of undeposited funds

284 DEMO

285 QUESTIONS?

286 Certification 5 Sections 15 Questions per section (75 total) 4 Attempts to pass (each section) 80% to pass each section Exam takes approximately 2 hours BONUS OFFER! Get Certified before you leave & receive a gift at the registration desk!

287 QBO Certification KEEP the QBOA Window & the course window open Take a screen shot or picture of your score when you pass each section & the final score

288 Finding QBO Certification Exam Scenario 1 Recently Enrolled in the ProAdvisor Program: Log into QuickBooks Online Accountant at: qbo.intuit.com 1. Click on the ProAdvisor Tab in the left navigation bar 2. Click the Certification tab 3. Select QuickBooks Online: You ll see supplemental training guides, self-paced modules and Take Exam Scenario 2 Already enrolled in the ProAdvisor Program: Go to the ProAdvisor website at: quickbooks.com 1. Click on Accountants drop down menu and then ProAdvisor Program and sign in in upper right hand corner 2. Click on the Certification tab 3. Click on QuickBooks Online to view the Supplemental Training Guides & Self-paced modules. 4. Click Take Exam

289 We sincerely appreciate your taking time to complete your session evaluation. Our goal is to provide you with the very best training possible and your feedback can help us achieve that goal. Thank you! #SNH16

290 What Next? Pick up your gift Download the ProAdvisor logo for your website, biz cards, etc. Create or Update your ProAdvisor Profile in the Find-a-ProAdvisor Referral Database. Best Practices: Include a picture not your storefront Write a bio Select the certifications you have completed