QB Advance PT. 2.pdf - QuickBooks Online Advanced...

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Unformatted text preview: QuickBooks Online Advanced Certification Exam Prep Training: Part 2 Intuit Confidential and Proprietary CPE process In order to receive CPE credit: • You must stay for the entire session and answer all the polling questions. • Today’s course is eligible for up to 3 hours of CPE. • Within 3 weeks of the training date, CPE certificates are emailed directly to the email address you used to register. Intuit Confidential and Proprietary 2 Additional resources QuickBooks Accountant Training: Firm Of The Future Blog: Intuit Marketing Hub: qbtrainingevents.com firmofthefuture.com Intuit Confidential and Proprietary 3 Exam prerequisites Member of QuickBooks ProAdvisor Program QuickBooks Online Certified Proficient with accounting principles Have hands-on experience using QuickBooks Online Accountant and supporting QuickBooks Online clients. Have deep product knowledge and/or experience with client engagements using QuickBooks Online Intuit Confidential and Proprietary 4 Exam candidate expectations and things to know • Understand advanced topics • Comprehend training material • Ability to work through scenario-based questions • Draw on your expertise and trusted advisor role • No CPE for exam itself. However, live training is eligible for CPE • Exam may be completed in any order • 80% or better score required to pass a module; 3 attempts per module • Multiple-choice questions may contain one or more correct answer(s) Intuit Confidential and Proprietary 5 How to access training and exam Intuit Confidential and Proprietary 6 QuickBooks Online Advanced Certification • 10 sections • Multiple choice • Submit each section, then submit all sections for grading • 80% or better each section to pass • Only need to re-take sections not passed • 3 attempts to pass; 60-day lockout after 3 successive not-passed attempts Intuit Confidential and Proprietary 7 Recertification and leveling up Once certified, you can continue your journey with a range of additional courses that will add to your knowledge and impress clients. – ProAdvisor additional courses: Visit – ProAdvisor certification badges: Recertify every year between April 20 to June 30 on what’s new in QuickBooks Online to maintain Core and Advanced Certification status for another year. This means that if you gain Advanced Certification between Nov 1, 2019 and Oct 31, 2020, you need to recertify in Spring 2021 (by June 30, 2021) to maintain your Advanced and Core Certification. Intuit Confidential and Proprietary 8 Agenda MODULE 1: Advanced Categorization MODULE 2: Inventory Management MODULE 3: Non-Standard Transactions MODULE 4: Billable Charges MODULE 5: Multicurrency MODULE 6: Advanced Banking MODULE 7: Advanced Reports MODULE 8: End of Period Activities MODULE 9: Advanced Sales Tax MODULE 10: Complex Conversions Intuit Confidential and Proprietary 9 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges Intuit Confidential and Proprietary Module 4: Billable Charges LEARNING OUTCOMES Upon completion of this topic, you should be able to: • Define a billable expense and identify best practices when working with them • Recognize when and how to utilize QuickBooks Online to set up, record, and invoice billable time • Recognize when and how to utilize delayed charges • Identify process and reports to identify untilled charges Intuit Confidential and Proprietary 11 Module 4: Billable Charges LEARNING OUTCOMES (CONTINUED) Upon completion of this topic, you should be able to: • Recognize how to automatically invoice unbilled activity • Recognize how to manually batch-create and send invoices for unbilled activity Intuit Confidential and Proprietary 12 Billable Charges – Intro Non-posting transactions Billable expenses Billable time Delayed charges Intuit Confidential and Proprietary 13 Module 4: Billable Charges Lesson 1: Billable Expenses Lesson 2: Billable Time Lesson 3: Delayed Charges Lesson 4: Automated Invoicing Lesson 5: Batch-Create and Send Invoices Intuit Confidential and Proprietary 14 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges LESSON 1: Billable Expenses Intuit Confidential and Proprietary Billable Expenses – Setup Intuit Confidential and Proprietary 16 Billable Expenses – Setup – Track as Income – Single Intuit Confidential and Proprietary 17 Billable Expenses – Setup – Track as Income – Single Intuit Confidential and Proprietary 18 Billable Expenses – Setup – Track as Income – Single Intuit Confidential and Proprietary 19 Billable Expenses – Setup – Track as Income – Multiple Intuit Confidential and Proprietary 20 Billable Expenses – Setup – Track as Income – Multiple Intuit Confidential and Proprietary 21 Billable Expenses via Item Intuit Confidential and Proprietary 22 Billable Expenses via Item Intuit Confidential and Proprietary 23 Billable Expenses – Setup – Markup Intuit Confidential and Proprietary 24 Billable Expenses – Using Markup Intuit Confidential and Proprietary 25 Billable Expenses – Using Markup Intuit Confidential and Proprietary 26 Billable Expenses – Using Markup Intuit Confidential and Proprietary 27 Billable Expenses – Not Using Markup Intuit Confidential and Proprietary 28 Billable Expenses – Not Using Markup Intuit Confidential and Proprietary 29 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges LESSON 2: Billable Time Intuit Confidential and Proprietary Billable Time • Non-posting transactions • Can enter for employee or vendor • If using QuickBooks Online Payroll, time can flow to the paycheck Intuit Confidential and Proprietary 31 Billable Time – Setup Intuit Confidential and Proprietary 32 Billable Time • Optionally enter billable rate and taxable status on time activity • You can enter more than 24 hours in a day • QuickBooks Online shows hours and minutes whether you enter time as decimal or enter start and end time Intuit Confidential and Proprietary 33 Billable Time Intuit Confidential and Proprietary 34 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges LESSON 3: Delayed Charges Intuit Confidential and Proprietary Delayed Charges • Non-posting transactions • Not prompted by time or purchase • Can be made recurring • No setup required • You can also create delayed credit Intuit Confidential and Proprietary 36 Delayed Charge Intuit Confidential and Proprietary 37 Tracking Billable Charges Intuit Confidential and Proprietary 38 Tracking Billable Charges Intuit Confidential and Proprietary 39 Tracking Billable Charges Intuit Confidential and Proprietary 40 Tracking Billable Charges Intuit Confidential and Proprietary 41 Tracking Billable Charges Intuit Confidential and Proprietary 42 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges LESSON 4: Automated Invoicing Intuit Confidential and Proprietary Automated Invoicing Intuit Confidential and Proprietary 44 Automated Invoicing Intuit Confidential and Proprietary 45 QuickBooks Online Advanced Certification Exam Prep Training MODULE 4: Billable Charges LESSON 5: Batch-Create and Send Invoices Intuit Confidential and Proprietary Batch-Create Invoices Intuit Confidential and Proprietary 47 Batch-Create Invoices Intuit Confidential and Proprietary 48 Batch-Send Invoices Intuit Confidential and Proprietary 49 Batch-Send Invoices: Report on Sent Invoices Intuit Confidential and Proprietary 50 QuickBooks Online Advanced Certification Exam Prep Training MODULE 5: Multicurrency Intuit Confidential and Proprietary Module 5: Multicurrency LEARNING OUTCOMES Upon completion of this topic, you should be able to: • List the key considerations when working with multicurrency and currency lists • Determine how the Multicurrency feature works when entering transactions • List the steps to successfully make a home currency adjustment • Identify common problems with multicurrency • List best practice approaches to fixing common problems with multicurrency Intuit Confidential and Proprietary 52 Module 5: Multicurrency Lesson 1: Multicurrency Functionality Lesson 2: Multicurrency Workflows and Entries Lesson 3: Home Currency Adjustments Lesson 4: Troubleshooting Multicurrency Intuit Confidential and Proprietary 53 QuickBooks Online Advanced Certification Exam Prep Training MODULE 5: Multicurrency LESSON 1: Multicurrency Functionality Intuit Confidential and Proprietary Multicurrency – Intro Activate • Available in Essentials, Plus, and Advanced subscriptions of QuickBooks Online • Must be turned on in Account and Settings • Once turned on, it cannot be turned off • Creates currency list Adds • Exchange Gain or Loss account • AR & AP for each currency, when transaction created Intuit Confidential and Proprietary 55 Multicurrency – Intro Home currency • USD by default in US versions • Can be changed before turning on • Assigned to existing names and accounts Intuit Confidential and Proprietary 56 Multicurrency – Intro Exchange rates • Updated automatically • Can be manually changed Considerations • Explore how / whether apps work with foreign transactions • QBD conversion tool supports multicurrency • Multicurrency can be enabled in the QuickBooks Online sample company for testing Intuit Confidential and Proprietary 57 Multicurrency – Enabling Account and Settings > Advanced > Currency Intuit Confidential and Proprietary 58 Multicurrency – Currencies list Intuit Confidential and Proprietary 59 Multicurrency – Effect on lists Intuit Confidential and Proprietary 60 Multicurrency – Effect on lists Intuit Confidential and Proprietary 61 Multicurrency – Effect on centers Intuit Confidential and Proprietary 62 QuickBooks Online Advanced Certification Exam Prep Training MODULE 5: Multicurrency LESSON 2: Workflows and Entries Intuit Confidential and Proprietary Multicurrency workflows QuickBooks records debits and credits in both foreign currency values and home currency values Exchange rates: • Come from currencies list • Are updated every four hours from Wall Street on Demand • Can be overridden on transaction Intuit Confidential and Proprietary 64 Multicurrency workflows – Tips Modify Transaction Journal to include columns for: • • • • Currency Exchange Rate Foreign Debit Foreign Credit Multicurrency can be turned on in the sample company Intuit Confidential and Proprietary 65 Multicurrency – Multi-step workflow – Create Invoice Intuit Confidential and Proprietary 66 Multicurrency – Multi-step workflow – Create Invoice Intuit Confidential and Proprietary 67 Multicurrency – Multi-step workflow – Create Invoice Intuit Confidential and Proprietary 68 Multicurrency – Multi-step workflow – Receive Payment Intuit Confidential and Proprietary 69 Multicurrency – Multi-step workflow – Receive Payment Intuit Confidential and Proprietary 70 Multicurrency – Multi-step workflow – Make Deposit Intuit Confidential and Proprietary 71 Multicurrency – Multi-step workflow – Make Deposit Intuit Confidential and Proprietary 72 QuickBooks Online Advanced Certification Exam Prep Training MODULE 5: Multicurrency LESSON 3: Home Currency Adjustments Intuit Confidential and Proprietary Home Currency Adjustments • Balance sheet always shows in USD • USD balances calculated based on exchange rates at time of transactions • Home currency adjustments recalculate balances based on current (new) rate • Does not affect the number of foreign currency units Intuit Confidential and Proprietary 74 Home currency adjustments Intuit Confidential and Proprietary 75 Home currency adjustments Intuit Confidential and Proprietary 76 Home currency adjustments – Reporting Can see unrealized gains on the following reports: • Profit and Loss (all varieties) • Balance Sheet (all varieties) • Customer Balance Summary • Accounts Receivable Aging Summary • Vendor Balance Summary • Accounts Payable Aging Summary • Statement of Cash Flows Intuit Confidential and Proprietary 77 Home currency adjustments – Reporting Exchange Gain or Loss account should only contain two types of transactions: • Home currency adjustments • Automatic calculations based on opening and closing receivables and payables transactions Intuit Confidential and Proprietary 78 QuickBooks Online Advanced Certification Exam Prep Training MODULE 5: Multicurrency LESSON 4: Troubleshooting Intuit Confidential and Proprietary Troubleshooting Money received and paid out from Euro account Date Transaction Type Exchange Rate € Value US$ Value Balance Sheet Amount 07/01/19 Deposit 1.5 €1,000.00 $US 1,500.00 $US 1,500.00 10/31/19 Pay Bill to € Vendor 2.0 -€1,000.00 -$US 2,000.00 -$US 500.00 Balance in Euro account = zero; Balance Sheet amount in USD = -$500.00 To Fix: Create home currency adjustment Intuit Confidential and Proprietary 80 Multicurrency – Reporting Unrealized Gains and Losses Intuit Confidential and Proprietary 81 Multicurrency – Reporting Realized Gains and Losses • Effects of changes in exchange rate between two linked posting transactions using a foreign currency • Home currency adjustments do not show up on this report but can affect the Exchange Gain or Loss account Intuit Confidential and Proprietary 82 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking Intuit Confidential and Proprietary Module 6: Advanced Banking LEARNING OUTCOMES Upon completion of this topic, you should be able to: • List the process for investigating problems with bank activity • Recognize best practices for troubleshooting problems with bank feeds • Identify best practice when working with bank rules Intuit Confidential and Proprietary 84 Module 6: Advanced Banking LEARNING OUTCOMES (CONTINUED) Upon completion of this topic, you should be able to: • Identify how to import/export bank rules • Recognize when and why a reconciliation beginning balance may need troubleshooting and how to troubleshoot • Recognize the effect of current-cleared, future-dated transactions and futurecleared, current-dated transactions Intuit Confidential and Proprietary 85 Module 6: Advanced Banking Topics Lesson 1: Advanced Matching for Bank Feeds Lesson 2: Advanced Bank Rules Lesson 3: Export/Import Rules Lesson 4: Troubleshoot Reconciliations Lesson 5: Transactions: Current-cleared, Future-dated and Future-cleared, Current-dated Intuit Confidential and Proprietary 86 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking LESSON 1: Advanced Matching for Bank Feeds Intuit Confidential and Proprietary Find Match QuickBooks might not suggest a match. This could be because: • The transaction has already been reconciled • The transaction is posted to the wrong account • The date range for searching is not correct • The amount of the posted transaction is greater (or less) than the amount that cleared the bank Intuit Confidential and Proprietary 88 Find match If none are correct, click Find other records Intuit Confidential and Proprietary 89 Find match Filter for transactions and/or change date range Intuit Confidential and Proprietary 90 Find match If amounts are different, match to multiple transactions or resolve until difference equals zero. Matched to multiple transactions See multiple transactions from the In QuickBooks tab Intuit Confidential and Proprietary 92 Matched to multiple transactions – Reconciliation Multiple transactions will be recorded and show up as separate on bank reconciliation These need to be added to agree with bank statement Intuit Confidential and Proprietary 93 Matched to multiple invoices If matched to multiple invoices, QBO creates multiple payments that post directly to the bank account Intuit Confidential and Proprietary 94 Matched to multiple invoices If matched to multiple invoices, QBO creates multiple payments that post directly to the bank account Intuit Confidential and Proprietary 95 Matched to multiple payments received If matched to payments received, one deposit will be recorded Intuit Confidential and Proprietary 96 Matched to multiple payments received If matched to payments received, one deposit will be recorded Intuit Confidential and Proprietary 97 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking LESSON 2: Bank Rules Intuit Confidential and Proprietary Manage Rules Rules can be added, edited, copied, or deleted Intuit Confidential and Proprietary 99 Rule conditions SELECT FIELD SELECT OPERATION ENTER CONDITION Bank Text Contains Doesn’t contain Is exactly Text Description Contains Doesn’t contain Is exactly Text Amount Equals Is greater than Is less than Doesn’t equal Numbers only Intuit Confidential and Proprietary 100 Rule – Auto-add Intuit Confidential and Proprietary 101 Rule – Auto-add Intuit Confidential and Proprietary 102 Rule – Suggested rule Intuit Confidential and Proprietary 103 Order of rules Intuit Confidential and Proprietary 104 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking LESSON 3: Export/Import Rules Intuit Confidential and Proprietary Export rules Intuit Confidential and Proprietary 106 Import rules Intuit Confidential and Proprietary 107 Import rules Intuit Confidential and Proprietary 108 Import rules Intuit Confidential and Proprietary 109 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking LESSON 4: Troubleshoot Reconciliations Intuit Confidential and Proprietary Troubleshoot beginning balance Beginning balance could be off because: • The amount of a previously reconciled transaction was changed • A previously reconciled transaction was deleted • The reconciliation status of a transaction was manually changed in the register Intuit Confidential and Proprietary 111 Troubleshoot beginning balance – Change type Reconciliation Discrepancy Report Intuit Confidential and Proprietary 112 Troubleshoot beginning balance – Fixing if not deleted Change Status or Amount Intuit Confidential and Proprietary 113 Troubleshoot beginning balance – if deleted View Audit History, re-enter, and re-reconcile Intuit Confidential and Proprietary 114 Troubleshoot beginning balance – if deleted View Audit History, re-enter, and re-reconcile Intuit Confidential and Proprietary 115 QuickBooks Online Advanced Certification Exam Prep Training MODULE 6: Advanced Banking LESSON 5: Transactions: Current-cleared, Future-dated and FutureCleared, Current-dated Intuit Confidential and Proprietary Current-cleared, future-dated transactions Clear the Statement ending date filter to view QuickBooks knows that it cleared in the current month and checks it off Intuit Confidential and Proprietary 117 Future-cleared, current-dated transactions QuickBooks knows that it was cleared in following month and doesn’t check it off, but retains bank match Intuit Confidential and Proprietary 118 QuickBooks Online Advanced Certification Exam Prep Training MODULE 7: Advanced Reports Intuit Confidential and Proprietary Module 7: Advanced Reports LEARNING OUTCOMES Upon completion of this topic, you should be able to: • Recognize the options to customize reports • Identify the steps to create scheduled reports • Identify the different ways reports work and how to utilize them • Recall the methods for customizing and working with Management Reports • Recognize the benefits of setting budgets • Identify how budgets and budget reports work Intuit Confidential and Proprietary 120 Module 7: Advanced Reports Lesson 1: How Reports Work Lesson 2: Customize Reports Lesson 3: Create Scheduled Reports Lesson 4: Management Reports Lesson 5: Budgets Intuit Confidential and Proprietary 121 QuickBooks Online Advanced Certification Exam Prep Training MODULE 7: Advanced Reports LESSON 1: How Reports Work Intuit Confidential and Proprietary Report types The Four QBO Report Types Summary Reports Transaction Detail Reports List Reports Aging Reports Plus Special Reports Intuit Confidential and Proprietary 123 Report types – Summary Shows the aggregate total of all transactions for period specified ...
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