Advanced Accounting Topics Using Quickbooks Desktop

Set up the pro version in a sample company to follow along, tailor preferences to your workflow, and preview the core accounting content to come in the fall.

Open a sample QuickBooks Desktop file and begin initial setup by customizing the workspace: move the icon bar to the top, switch to color icons, and disable what's new prompts.

Adjusts QuickBooks Desktop preferences to avoid auto-recorded bills, disables automatic payment application and spell check, and sets the home screen as a reference point before moving to journal entries.

Learn when to use journal entries in advanced accounting with QuickBooks Desktop, detailing how invoices, bills, timesheets, and payroll entries are recorded and managed behind the scenes.

Explore how journal entries affect accounts directly, and why QuickBooks often records them automatically from invoices, sales receipts, bills, or the payroll model; learn when a journal entry is appropriate.

Purchasing a twenty thousand fixed asset truck with a five thousand down and a loan demonstrates a journal entry: debit truck, credit cash and loan payable, ensuring debits equal credits.

Create fixed asset and long term liability accounts in QuickBooks Desktop, then record a journal entry debiting the asset and crediting cash and loan payable to reflect a 20,000 purchase.

Demonstrate using checks and the expenses tab as journal entries in QuickBooks Desktop for purchasing fixed assets, showing how to record debits and credits and their equivalence to journal entries.

Illustrate prepaid expenses with a journal entry: record a 7,200 yearly liability insurance payment as an asset, then monthly reduce it by crediting prepaid insurance and debiting 600 expense.

Record the painting as a prepaid asset by issuing a check dated for the next year. Set up a journal entry to reduce the prepay liability insurance balance by 600.

Set up a monthly journal entry debiting the liability insurance expense and crediting the asset. Automate the entry to recur monthly until the prepaid asset reaches zero.

Explore accrued expenses under the matching principle, recording against a liability account until the bill arrives, then reverse the entry in the next month with QuickBooks Desktop.

Record accrued expenses with a general journal entry, create an office supplies expense account, and use reverse to post an opposite entry next month to prevent double counting.

reclassify transactions using journal entries to correct misstatements in the profit and loss, replacing tedious per-transaction edits with wholesale adjustments to accounts such as water and telephone.

Learn to assign classes to unclassified transactions via a single journal entry, debiting the amount and allocating to the new construction and Ramal classes, improving the profit and loss report.

Use the journal entries report to view and edit entries by day or fiscal year, while avoiding entries involving accounts receivable, accounts payable, payroll, or specialty inventory.

Explore a range of reports, including customizable detail reports and a special category to tailor outputs, with Excel export and pivot tables, and review the audit trail tracking every transaction.

Explore how reports analyze business performance and guide decisions. Access reports via the reports menu or report center, view as icons, carrousel, or lists, and activate or favorite reports.

Organize your frequently viewed reports in QuickBooks Desktop by using memorized reports, creating folders, memorizing current views like profit and loss and year-to-date, and accessing them quickly.

Master customizing reports in QuickBooks Desktop, including changing the period and filtering information. Compare list, profit and loss standard, and detail reports to see customer data and transactions.

Learn how to customize a list report in QuickBooks Desktop by selecting and arranging fields, filtering to inventory items, and memorizing the report, including adjusting the header, footer, and fonts.

Customize list reports in QuickBooks Desktop by adjusting date ranges, switching between accrual and cash basis, viewing month-by-month comparisons, and applying account filters to compare current and previous periods.

Learn to customize detail reports in QuickBooks Desktop by selecting fields, filtering by the checking account, and viewing outstanding checks to examine transactions in detail.

Create a custom detail report in quickbooks desktop to view product sales by customer for the last two quarters, calculate variance, and export the results to excel.

Create a custom detail report in QuickBooks Desktop to export line-item data by customer, item, and amount, filtering for revenue accounts and invoices, sales receipts, and credit memos.

Export a QuickBooks desktop report to Excel, compare the default export with CSV for clean data, remove empty rows and totals, and save as an Excel workbook for analysis.

Create a pivot table from well-formed data, grouping by customer and item, and summarize values in Excel using the insert menu and the classic drag-and-drop grid.

Create a basic pivot table by placing customer in rows, item to subdivide, date in the date field, and amount in the value field to summarize totals.

Learn to format a pivot table in QuickBooks Desktop, group by month, remove grand totals, create quarter variance, use iferror, and display currency percentages.

Pivot table report part 4 in advanced accounting topics using quickbooks desktop, and take a break, relax in a park, then come back tomorrow to this scene from the movie.

Create and customize templates in QuickBooks Desktop to control on-screen and print layouts, swap templates like invoices, and add per-item custom fields such as a subject.

Customize templates by adding a logo, applying a color scheme, and changing the company name font; preview with print preview and reposition contact details on the form.

Customize the header and columns in QuickBooks desktop templates by removing unneeded fields, adjusting screen and print controls, and using the layout designer to reorder and display the subject field.

Adjust and customize invoice templates by rearranging fields, removing borders, and aligning content for a cohesive look. Preview and apply logo, title, and formatting to reflect your company and preferences.

Learn to use and customize a custom template in QuickBooks Desktop, including renaming in managed templates, editing by double-clicking, applying to invoices, filling custom fields, and previewing the invoice printout.

Explore the audit trail report to trace every transaction from creation to modification and void, filter by checks, view user names, and export the history to Excel.

Learn how sales tax varies by location, with state and local rates, and how to implement compound tax calculations in QuickBooks Desktop.

Configure sales tax in QuickBooks Desktop, set up tax items and rates, and tag items as taxable or non-taxable, noting accrual vs cash remittance and Texas guidance.

Learn to create sales tax items for Texas and Harris County, build a combined tax rate, and set it as the default in QuickBooks Desktop preferences.

Set tax status for items and customers in QuickBooks Desktop by configuring sales tax preferences, marking inventory items as taxable and service items as nontaxable, and adjusting customer tax status.

Learn to assign sales tax to invoices, mark customers as taxable, handle service versus inventory items, override rates, and generate month-specific reports while understanding customer tax status overrides item tax.

Pay sales tax in QuickBooks Desktop using the sales tax payable liability and the tax liability report. Learn to review January tax liability breakdown and pay taxes with proper adjustments.

Explain how to handle a local tax cap in QuickBooks Desktop by creating an additional tax item at 2.5% and applying it to invoices with a $5,000 threshold.

Learn objectives for handling tricky accounting transactions that confuse people, including bounced checks, repayments, and barter transactions within QuickBooks Desktop.

Learn how to record a wire transfer payment and a $10 fee in QuickBooks Desktop, including deposits, undeposited funds, and correct journal entries.

Learn to handle bounced checks in QuickBooks Desktop by reversing the deposit and recording the bank fee. Then update the invoice as paid and bill the customer for the fee.

Learn how to correct bounced checks in QuickBooks Desktop by reversing the deposit and recording the bank fee. Use accounts receivable, balance check, and version-specific shortcuts to efficiently adjust invoices.

Learn how to handle customer overpayments by recording the payment in full, applying it to the correct invoice, and creating or using a credit memo or issuing a refund.

Explore handling customer over-payments in quickbooks desktop by creating and recording refunds and printing refund checks, with practical steps and upcoming tricky transactions.

Learn how to handle customer prepayments in QuickBooks Desktop using either the negative accounts receivable method or the liability account method. Record prepayments and apply them to invoices.

Record customer prepayments via the U.S. payments screen, generate a credit for future work, and apply it to an invoice to reduce its amount.

Learn to handle customer prepayments in quickbooks desktop by creating a liability account and a customer prepayment item, then record deposits with a sales receipt and review the liability balance.

Create an invoice and apply customer prepayments by adding a negative line item, so the balance reflects the payment and the prepayment account shows zero in reports.

Learn to manage vendor prepayments in QuickBooks Desktop by creating a vendor prepayments asset, recording prepayments, and applying them to bills to reduce expenses and zero the balance.

Use a barter bank account in QuickBooks Desktop to offset vendor bills and customer payments. Record barter payments through this separate nonreal account to reflect barter transactions.

Explain how to record a financed sale in QuickBooks desktop by transferring an asset to a loan receivable, crediting the truck, and tracking future payments in zero check part 1.

Record a $5,000 monthly payment to a subcontractor using zero checks in QuickBooks Desktop, offsetting a loan reduction over three months and ensuring the subcontractor expense nets to zero.

Learn how to manage inventory for resale in QuickBooks Desktop, including creating inventory items, running major reports, and adjusting inventory quantities for complex scenarios.

Explore inventory fundamentals in QuickBooks Desktop, including asset and liability tracking, cost of goods sold, and methods like average cost and first-in, first-out for accurate pricing.

Master the QuickBooks Desktop inventory workflow, from creating inventory items and entering bills to recording sales, tracking assets, liabilities, and cost of goods sold.

Use the multiple list entries screen to quickly add many items in a spreadsheet-style format, and customize fields or import from Excel for bulk entry.

Create an excel template that mirrors the structure of multiple list items, including fields such as name, account, purchase description, and sales price code, to import inventory into quote books.

Import inventory items from Excel into QuickBooks Desktop using a reusable template, copying item, description, cost, and sales price; validate duplicates and back up before import.

Explore the tax status by item report to track inventory on hand and spot negative inventory, then learn how to resolve negatives by recording a prior bill and updating stock.

Explore the inventory valuation report to see average cost and value, verify it ties to the balance sheet, and learn to record inventory with invoices, bills, or adjustments—not journals.

Access the sales by item report from the reports menu under sales to see how many units you sold per item type and filter for inventory items to adjust purchases.

Learn to perform a physical inventory in QuickBooks Desktop by counting warehouse items, comparing the actual count to the system quantity, and reconciling differences using the physical inventory worksheet.

Learn to adjust inventory quantity in QuickBooks Desktop by creating an inventory adjustment, selecting the item, and posting to a cost of goods account for month-end reporting.

Learn to perform an inventory value adjustment in QuickBooks Desktop, updating total value and average cost to reflect current item worth and maintain accurate reports.

Explore special transactions in QuickBooks Desktop by examining undeposited funds, clarify common confusions, and demonstrate generating ten reports across three books.

Learn how undeposited funds in QuickBooks Desktop hold daily payments until you deposit, then transfer the amount from undeposited funds to the bank register to align with bank statements.

Review undeposited funds in quickbooks desktop by recording payments and transferring the total to the checking account; turn off the feature if payments post to the bank.

Inspect how misposted undeposited funds can duplicate revenue and misstate income, then learn to fix by reassigning payments, deleting erroneous lines, and using journal entries for large-scale adjustments.

Learn to create credit memos in QuickBooks Desktop from an original invoice, choosing to apply to the invoice, issue a refund, or retain as available credit after a return.

Explore writing off small invoice balances in QuickBooks Desktop by applying a credit to the accounts receivable and updating reports, avoiding payment collection and reducing sales.

Learn how to write off substantial bad debts in QuickBooks Desktop, handling sales tax, discounts, and non-taxable items by creating credit memos linked to original invoices.

Learn to manage vendor credits in QuickBooks Desktop by creating a bill for returns, converting it to a credit, and applying it to the original bill before payment.

Learn how to use progress invoices in QuickBooks Desktop to bill by milestones or delivered portions. Apply estimates, add more deliveries or hours, and issue final invoices for remaining amounts.

Learn how to apply vendor discount terms in QuickBooks Desktop, such as 1% 10 at 30 and 5% within 15 days, and assign discounts to the correct account.

Learn how to report payments to non-employees using 1099 by setting up a vendor, marking eligible, and collecting name, address, and identification numbers (SSN/ID) before processing payments.

Learn how to manage 1099s for subcontractors in QuickBooks Desktop, including handling payments under $600, recording reimbursable and subcontractor expenses, and creating checks.

Navigate the 1099s workflow with a step-by-step wizard, verify tax IDs and reportable accounts, and learn when to print or file electronically based on the $600 threshold.

Learn two methods to import online banking transactions into QuickBooks Desktop: direct bank connection or downloading a bank file, and follow the steps to review and incorporate these transactions.

Learn how to download a QBO file for QuickBooks Desktop, select the correct file type and avoid Excel files, rename downloaded files for easy import, and import into QuickBooks.

Import and review downloaded bank transactions in QuickBooks Desktop, matching them to a bank account. Approve or disapprove orange items and handle blue auto‑matched entries to keep the register clean.

Review and assign each transaction to correct accounts and vendors in QuickBooks Desktop, including savings transfers, then create rules to auto classify recurring items and bulk approve changes.

Review and process sample transactions in QuickBooks Desktop, assign payments and deposits to the correct accounts using more details panel, and note online downloaded transactions in the checking register.

Explore how classes and jobs segment a business, enabling separate reporting by categories and profitability by each project, such as a commercial division or a construction project.

Create a corporate class to catch transactions not belonging to any class you set up. Assign classes to transactions or lines and run a profit and loss by class.

Assign classes to transactions, generate a profit and loss by class report in QuickBooks Desktop, review unclassified items, and reclassify via journal entries, and filter by class to compare regions.

Learn how to use jobs in QuickBooks Desktop to track profitability by project, assigning invoices and bills to specific jobs, creating jobs on the fly for each customer.

Learn to sign and assign transactions to the correct job in QuickBooks Desktop, then generate a P&L by job to analyze revenue, expenses, and gross profit, including profitability by item.