#SNH16
QuickBooks Online Certification Exam Prep (Parts 1-3) Wifi Network: Password: Welcome
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
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 2016 @QBKaccounting
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: http://bitly.com/pap_join Or QuickBooks.com Click on Accountants drop down
Training Materials For your reference you have access to additional training from your QuickBooks ProAdvisor member site: - Supplemental training guides - Self-paced training modules
Accountant Training: Accountant University QBO Blog qboblog.com
Admin Details QBO Test Drive: http://qbo.intuit.com/redir/testdrive OR Google QuickBooks Online Test Drive QBOA Sample Company -- click on the Gear then Sample Company from within QuickBooks Online Accountant
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
Finding QBO Certification Exam Scenario 1 Recently Enrolled in the ProAdvisor Program: http://bitly.com/pap_join 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 1 2 3 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 2 3 4 1
Module 1 Getting Started #SNH16
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
Introducing QuickBooks Online #SNH16
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
Technical Benefits Cloud-based software https://qbo.intuit.com 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
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
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
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
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
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
Sign Up for QuickBooks Online Accountant https://quickbooks.intuit.com/start/qba_signup OR http://bit.ly/qboasignup Setup a new account or link to existing Intuit ID Have QBO but no green toolbar? You should be migrated soon!
Easily check up on client s books from the Client List
Move between clients quickly with the Client Switcher (Go to client's QuickBooks)
Manage your firm users (Team)
Access your ProAdvisor benefits
Manage your firm's books with a free subscription to QuickBooks Online
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
Add a New QBO Company from QBOA #SNH16
DEMO
Create a new company from within QBOA
Setting Up QuickBooks Online Starting from Scratch #SNH16
Enter company name, address & logo Setup Wizard for New QBO Subscriptions
Enter business information
If no desktop to import
you re ready to start customizing!
DEMO
Review Company Settings Gear Icon > Company Settings
Review Expense Settings Gear Icon > Company Settings
Review Advanced Settings Gear Icon > Company Settings
Review Chart of Accounts, Access Registers from Chart of Accounts
Setup Products & Services List Gear > Products & Services List
Create New Customers/Vendors From Customer/Vendor Centers
Merging/Deleting List Entries
Setting Up QuickBooks Online Importing and Converting #SNH16
Importing from Excel
Importing from Excel
Converting from QuickBooks Desktop
Start in QuickBooks Desktop; press F2
Maximum 350K targets
File > Utilities > Verify Data
Backup & Rebuild Data, if needed
Company > Export Company File to QuickBooks Online
Follow instructions on export wizard
Email confirmation
Compare BS & PL, accrual-basis, all dates
Connect bank & credit card accounts
Select bank and log in
Associate bank account to QBO account
Specify activity to download
Navigating QuickBooks Online #SNH16
Navigating QuickBooks Online Learning Objectives Upon completion of this topic, you should be able to: Recognize key components of the QuickBooks Online interface
Navigating QuickBooks Online Left-side Navigation Top Navigation vs. Accountant Toolbar Quick Create Differences between QBOA and QBO
DEMO
Left-side Navigation
Accountant Toolbar/Top Navigation
Quick Create (+)
Gear Icon ('The Gear')
Differences between QBO and QBOA
Best Practices for QuickBooks Online #SNH16
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
DEMO
Introducing QuickBooks Apps #SNH16
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
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
Introducing the QuickBooks Online App
Introducing the QuickBooks Online App
Introducing the QuickBooks Online App
How do I get the QuickBooks App? www.quickbooks.intuit.com/apps or www.apps.com There is an app for both PC and Mac!
QUESTIONS?
Module 2 Common Workflows #SNH16
Module Topics Topic 1: QuickBooks Concepts Topic 2: Money In Topic 3: Money Out Topic 4: Other Transactions
QuickBooks Concepts
QuickBooks Concepts #SNH16
Invoice vs Bill Customer Invoice = Money In Vendor Bill = Money Out
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
Recording Financial Activity
Money In
Money In / Sales & Revenue Sales Settings & Payment Settings Sales Form Styles & Import Styles Transaction Types QuickBooks Payments & Online Invoicing Customer Center & Sales Center
DEMO
Review Sales Settings Gear Icon > Company Settings
Custom Form Styles
Estimates
Customer Center
Sales Center
Delayed Charges & Credits
Invoices
Payments
Credit Memo vs Refund
Sales Receipts
Online Invoices Get paid faster with Online invoices
Company Settings > Sales
Set email options for invoices to online invoice, no pdf
Select online payment options, email invoice
Customer clicks button in email
Customer opens invoice in browser, no password required
Customer can print or save PDF
Invoice total amount linked to current balance in QBO
Interactive messaging archived in QBO on invoice transaction
Pay Now button is inactive when QB Payments not turned on
QuickBooks Payments Company Settings > Payments
Create new QB Payments account
Select plan, provide business & personal info, submit
Application approved, service available in 24 hours
Connect existing QB Payments account
Login to existing merchant account to link Confirm & use immediately
Verify account connected on new & existing accounts
Button active when QB Payments turned on
Customer enters amount (less than or equal to) and payment info
Email receipt sent to payer
Status & balance updated on Online Invoice
Payment recorded in QBO automatically, No sync required!
Setup recurring sales receipts and collect cc pmts automatically
Money Out #SNH16
Money Out / Expenses & Purchases Expense Settings & Purchase Settings Accounts Payable Transactions Bank & Credit Card Transactions Converting to Bill Payment Vendor Center & Expense Center
Vendor Center
Expense Center
Review Expense Settings Gear Icon > Company Settings
Purchase Orders
Bills
Bill Payments
Vendor Credit
Check
Expense
Other Transactions #SNH16
Other Transactions Deposits Transfers Journal Entries Timesheets/Billable Time Statements
DEMO
Deposits
Transfers
Journal Entries
Timesheets
Statements
QUESTIONS?
Module 3 Banking, Payroll, Apps and Reporting #SNH16
Module Topics Topic 1: Bank Feeds Topic 2: Tools and Payroll Topic 3: Apps and the Ecosystem Topic 4: Reporting
Bank Feeds #SNH16
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
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
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
New Transactions
In QuickBooks
Excluded Transactions
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
Add New
Match Existing
Bank Feed Rules
DEMO
Setting Up Bank Feeds Special Info Download date range (default 90 days) Exclude duplicate downloaded transactions Undo matched transactions
Download Shorter Range Specify activity to download (default is 90 days) Need 14 days? Download 30 and use batch exclude!
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)
Update > File Upload
Exclude duplicates
Repairing Bank Feeds Potential Causes: Credentials changed Account closed Bank Merger Bank updates system Bank is a headache!
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!
Repairing Bank Feeds
DEMO
QUESTIONS?
Tools and Payroll #SNH16
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
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)
Recurring Transactions
Attaching Documents
Using Registers Review account registers
Reconciling Accounts Reconcile Bank, Credit Card and other Balance Sheet accounts Monitor changes to reconciled transactions Undo reconciliations IF you are in QBO Accountant
Reconciling Accounts
DEMO
Payroll Options QuickBooks Full Service Payroll QuickBooks Online Payroll Intuit Online Payroll for Accounting Professionals Intuit Full Service Payroll (not embedded in QBO)
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
QuickBooks Full Service Payroll Work with Intuit to set up Form 8655 Reporting Agent Authorization Free conversion from other 3 rd party payroll providers
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
QuickBooks Online Payroll Get started with QuickBooks Online Payroll setup wizard
Add employees
Manage payroll settings
Add pay schedule, vacation policies, deductions & contributions
Manage employer ID #s, unemployment rate, electronic services
Update GL accounts and classes for paychecks and taxes
Run payroll in 3 easy steps
Select pay schedule
Confirm bank account and dates
Salary calculated & timesheet hours summed
Review & submit. Paychecks posted to GL.
Mobile app: pay employees, pay taxes, file forms
Payroll Reports Reports > All Reports > Manage Payroll group
Paycheck subtotals for each employee
Payroll taxes paid and owed
Apps and the Ecosystem #SNH16
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
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
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
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
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
DEMO
Reporting #SNH16
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
Benefits of Reporting Quickly locate information Customize in minutes Get the bigger picture
QBO Simple Start Reports 44 default reports Income and expenses Accounts receivable Basic financial statements Customizable reports
QBO Essentials Reports 77 default reports Includes all reports in Simple Start Accounts payable Product / Services List Company snapshot
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!
The Report Center and Report Tabs
Report Groups vary depending on the features you are using
Accountant Only Reports Adjusted Trial Balance, Adjusting Journal Entries, Profit and Loss Comparison, Balance Sheet Comparison
Management Reports Create custom groups of reports with cover pages and additional notes
DEMO
Questions?
Module 4 Exploring QuickBooks Online Accountant #SNH16
Module Topics Topic 1: Basics Topic 2: Clients Topic 3: Team Topic 4: ProAdvisor Portal Topic 5: Your Firm s Books Topic 6: Toolbar
Basics Upon completion of this topic you should be able to: Describe the steps to access and login to QuickBooks Online Accountant
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
How do I get QuickBooks Online Accountant? Sign up for QuickBooks Online Accountant (QBOA) http://bit.ly/qboasignup (all lower case) OR www.quickbooks.intuit.com/sta rt/qba_signup
How do I get clients on QuickBooks Online Accountant? Existing QuickBooks Online users must Invite you to access their file Gear Icon > Manage Users
How do I log in to QuickBooks Online Accountant?
Clients Upon completion of this topic you should be able to: Identify features and functionality of the Client list
Easy oversight to QBO Data
Quickly open QBO Companies
Drill Down on Client Details
Monitor Reconciliation Status
Request Documents from Clients
Request Documents from Clients
Manage Documents
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
Add New QBOA Team Members
Manage Firm Access
Manage Client Access
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
ProAdvisor Plan Options
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
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
Certification Center
Profile ProAdvisor Listing
Additional Centers
Your Books Learning Objectives Upon completion of this topic you should be able to: Identify functionality of Your Books section in QuickBooks Online Accountant
Your Books
Toolbar #SNH16
Quick Link back to QBOA
Client Switcher/Go To Clients QB
Quick Create
Gear Icon
Wholesale Billing
DEMO
QUESTIONS?
Module 5 Accountant Tools and Troubleshoot #SNH16
Module Topics Topic 1: QuickBooks Online Accountant Tools Topic 2: Troubleshooting Techniques
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
DEMO
Accountant Tools Trial Balance Reclassify Transactions Voided/Deleted Transactions Report Write off invoices Journal Entries Close Books
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
Reconciliation Tools Reconciliation History Auto Adjustments Changed/Deleted Transactions Undo Reconciliation (Accountants Only!)
Reporting Shortcuts Accountant Reports Management Reports My Custom Reports Report Tools
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!
Merging Accounts 1 3 2
Deleting/Inactivating Accounts
Troubleshooting Techniques #SNH16
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!
Convert Check/Expense to Bill Payment
DEMO
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
Enter deposit in open current period to off-set check
Reconcile voided check and deposit
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
Opening Balance Equity account should be zero
Do not enter balance when new balance sheet accounts are created
Opening Balance Equity Do not enter balance when new customer / vendor created
Do not enter quantity & cost when creating new inventory products
Was setup incomplete or does an entry need to be reclassified?
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
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
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)
Zero Balance with Open Invoices Unapplied Customer Payment
Entering deposit directly to income either in addition to rcv payment or instead of
Duplicate deposits
Drill down into P&L to look for deposits
Apply deposits to payments so income not overstated
Correct payments posted to bank instead of undeposited funds
DEMO
QUESTIONS?
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!
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
Finding QBO Certification Exam Scenario 1 Recently Enrolled in the ProAdvisor Program: http://bitly.com/pap_join 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 1 2 3 2 3 4 1
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
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