
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.
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.
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.
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.
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 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.
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.
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.
This course builds upon my introductory course: Accounting Fundamentals Using Quickbooks. I cover many advanced topics that many people have trouble with, based on my teaching experience. I cover such topics as how and when to create journal entries, creating custom reports in Quickbooks and then exporting the data to Excel to create a pivot table report, how to create a custom invoice template, how to use bank feeds to import your transactions into Quickbooks. I also go over tricky transactions such as how to handle bounced checks, customer prepayments, zero checks and how to record outside payroll.
The emphasis is on explaining the concepts behind the procedures. I believe that if you understand the concepts, you can figure out the procedure yourself. The concepts will apply no matter what software program you use.
This course is geared toward the regular user of Quickbooks; I assume that you have a basic knowledge of Accounting and Quickbooks. Specifically, I assume that you know about debits and credits, P&L and Balance Sheet reports and that you know your way around Quickbooks. I assume you know how to create items and basic forms such as invoices and bills.