Certificate in QuickBooks Advanced

Welcome to the QuickBooks Advanced Online course. In this course, you will be looking at the many features that QuickBooks Online offers to help you become an effective advisor to your customers.

QuickBooks makes it a breeze to track and organise your clients’ expenses. Upload or email receipts to QuickBooks in seconds. Clients can snap their receipts from the mobile app, and QuickBooks will extract the data, which you can then match to a transaction and categorise.

At the end of this module, you are expected to know:
a. The steps in creating Time Billing as well as adding Custom Fields to Invoices.
b. The steps in capturing receipts.

There will be a knowledge check at the end of this module to assess what you have learned.

• Introduction to QuickBooks
• Time billing and adding custom fields to invoices
• Receipt capture

Bad debts need to be controlled through the Aged Receivable reports with your client on a regular basis.

At the end of this module, you are expected to know the steps in setting up a Bad Debts Service in your Products and Services.

There will be a knowledge check at the end of this module to assess what you have learned.

• Bad Debts and Credits on A.R and A.P

This module is all about inventory. This module also helps you save time when a customer has various payments on an invoice.

At the end of this module, you are expected to know:
a. The steps in setting up Prepaid Deposits, Advanced Deposits and Progress Invoicing using a case study as an example.
b. The steps in setting up inventory, making inventory adjustments and choosing the correct category.

There will be a knowledge check at the end of this module to assess what you have learned.

• Pre – paid Deposits and Progress Invoicing
• Inventory
• Inventory Adjustments and categories

Your customers may need to determine which part of the business is thriving and which part isn’t. In QuickBooks Online, you have the option of setting up Classes or Locations or both. If the business needs to analyse on a project or job basis, the Projects feature is recommended.

When you review the Profit and Loss (P&L), you can see the Income and Cost of Sale separately under each respective category, but it is much easier to see them all in one P&L.

The Projects feature will help you work out profitability all from one place. You will also learn to figure out the percentage of the profit margin from the home page of the Project centre.

When you turn on the Projects feature from the Account and Settings area, it will automatically turn on the Billable feature to the customer.
At the end of this module, you are expected to:
a. Set up the Chart of Accounts for each type of income.
b. Set up the Chart of Accounts for each type of income with the Customer Profit and Loss.

There will be a knowledge check at the end of this module to assess what you have learned.

• Classes and Locations Vs Projects Part 1
• Classes and Locations, Projects vs Customer Profit and Loss Part 2

Job costing can be done in QuickBooks Online (QBO) by setting up classes and locations. Matching the class and location in QBO to the location in your business file will allow the P&L by class report or P&L by location report to become a job costing report. You can also access this in the Project Centre using the dropdown arrow by choosing ‘Payroll Expenses’ instead of hourly costs which is the time billing feature.

At the end of this module, you are expected to add Classes and Locations into the Payroll Centre to include payroll when looking at the location or classes reports.

There will be a knowledge check at the end of this module to assess what you have learned.

• Job Costing Locations and Classes with payroll expenses
• Job costing for projects with payroll expenses

Create a budget in QuickBooks Online so that the business can compare actual sales and expenses to their forecasted budgets. The Multicurrency Tracking feature is powerful and easy to use. It handles 145+ currencies, uses Wall Street on Demand exchange rates and is automatically updated every four hours. By tracking historical exchange rates, you can also use your exchange rate if you want to.

Being able to work out your true Exchange Gain or Loss has been taken on by QuickBooks Online.

There will be a knowledge check at the end of this module to assess what you have learned.

• Budgeting
• Purchase orders
• Multi-currency
• ABA files and ABA troubleshooting
• Billable expenses, percentage markups and merging accounts
• Invoice discounts and subtotals
• Credits, delayed credits, and charges
• Cash Flow Planner