QuickBooks Online Complex Issues And Advanced Techniques
4.3 (47 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,154 students enrolled

QuickBooks Online Complex Issues And Advanced Techniques

How To Prove An Entire Set Of QuickBooks Online Records Are Correct To The Last Detail
4.3 (47 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
1,154 students enrolled
Created by Mark Smolen
Last updated 6/2020
English
English [Auto]
Current price: $48.99 Original price: $74.99 Discount: 35% off
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This course includes
  • 8.5 hours on-demand video
  • 6 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • How To Prove Your Entire Set Of QuickBooks Online Records Are Correct To The Last Detail
  • How To Use Every Advanced Feature Related To Customer's And Receivables In QuickBooks Online
  • How To Use Every Advanced Feature Related To Vendor's And Payables In QuickBooks Online
  • How To Manage File Attachements In QuickBooks Online
  • How To Record Credit Card Transactions In QuickBooks Online
  • How To Use Register Windows In QuickBooks Online
  • How To Record Journal Entries In QuickBooks Online
  • How To Record Owner To Business And Business To Owner Transactions In QuickBooks Online
  • How To Manage Owner's Equity Accounts In QuickBooks Online
  • How To Do Bank Reconciliation In QuickBooks Online
  • How To Do Credit Card Reconciliation In QuickBooks Online
  • How To Use Every Advanced Feature Of Bank Reconciliation In QuickBooks Online
  • How To Manage Every Common Mistake When Doing Bank Reconciliation
  • How To Reconcile Your Records With Customers And Vendors
  • How To Find And Correct Mistaken Classifiaction Of Expense Category
Requirements
  • Very Basic Computer And English Skills
  • Some Pre-Knowledge Of QuickBooks Online
Description

Would you like to be able to guarantee that your entire set of QuickBooks online records are correct to The Last Detail? Then you should choose this course: QuickBooks Online Complex Issues And Advanced Techniques. It's the only course ever in history that teaches how to prove an entire set of accounting records in QuickBooks online are correct to the last detail!


This revolutionary new QuickBooks online instructional video series includes a video lesson for every advanced and complex issue, transaction or feature, that could ever be included in a transaction in QuickBooks that involves receivables, payables, banking, credit card or journal entry transactions.

Theses QuickBooks topics will be shown with real life examples and follow along step by step demonstrations that make for clear, effective tutorials and are the most helpful when learning QuickBooks online.

This course is the “sequel” to the original, top rated course right here on Udemy: “Mastering QuickBooks Online”. You are guaranteed that every “on the job” QuickBooks problem, challenge or issue has a QuickBooks solution and this course is the best way to learn them. It has the best QuickBooks help available for complex QuickBooks issues and advanced level transactions with details that involve extra attention and sometimes problem-solving skills applied to QuickBooks online.

Most of the QuickBooks topics here have been requested by students who took the original course. I have included every topic that was requested and many bonus QuickBooks Online topics to make for complete, easy and fun learning.

In fact, there's even a section that teaches about journal entries and owner's equity transactions for transactions between the owner of the business and the business itself. You will learn how to record QuickBooks transactions when the owner co-mingled funds with the business account by putting in non-business money in to, or taking money out of, your business for non-business spending. There’s no better QuickBooks Online help with these topics then the video class lectures right here in this ground-breaking course. The list of topics in this course is so extensive that you really need to read the topic list below very carefully to make sure that it will include any topic that you're looking for:


• CUSTOMER REFUND RECEIPTS

• CREATING CUSTOMER CREDIT MEMOS

• CUSTOMER REFUNDS FOR PAID INVOICES

• RECORDING CUSTOMER PRE-PAYMENTS

• USING THE INVOICE DEPOSIT FEATURE

• SETTING UP AND RECORDING CUSTOMER DISCOUNTS

• SETTING UP CUSTOMER DISCOUNT TERMS

• CUSTOMERS AND ACCOUNTS RECEIVABLES EARLY PAY DISCOUNT

• RECORDING CUSTOMER BOUNCED CHECKS

• MANAGING CUSTOMER MONTHLY STATEMENTS

• RECONCILING RECEIVABLES WITH CUSTOMERS

• FIXING MISAPPLIED PAYMENTS

• USING FILE ATTACHMENT FEATURES

• PRINTING CHECKS IN QUICKBOOKS ONLINE

• RECORDING BILL PAYMENTS WITH PROCESSING FEES

• RECORDING CHECKS AND EXPENSE REFUNDS

• ENTERING VENDOR CREDIT MEMOS

• REFUNDS OF VENDOR PAID BILLS

• VENDOR DISCOUNT TERMS

• PREPAID VENDOR EXPENSES

• RECONCILING VENDOR STATEMENTS

• MANAGING COMPANY CREDIT CARD CHARGES AND PAYMENTS

• USING ACCOUNT REGISTERS WINDOW

• UNDERSTANDING AND MAKING JOURNAL ENTRIES

• UNDERSTANDING AND ENTERING OWNERS EQUITY TRANSACTIONS

• RECORDING EVENTS WHERE THE OWNER CO-MINGLES FUNDS

• REAL-LIFE HANDS-ON BANK RECONCILIATION PRACTICE

• USING ALL QUICKBOOKS ONLINE BANK RECONCILIATION FEATURES

• USING THE QUICKBOOKS ONLINE DISCREPANCY REPORT

• HOW TO ADJUST A BANK RECONCILIATION

• HOW TO UNDO A BANK RECONCILIATION

• PROVING ALL QUICKBOOKS ONLINE RECORDS ALL ARE CORRECT

• FINDING MISTAKEN EXPENSE CATEGORIES

• USING THE RECLASSIFY TRANSACTION TOOL


Among the more special things about this course is the revolutionary way that QuickBooks Online Bank Reconciliation is presented and practiced with real life, hands on challenges and solutions that you would normally only experience in a QuickBooks Online Bookkeeping job.

It includes reconciling with vendors and reconciling with customers and proving that your receivables and payables are independently verified and correct to The Last Detail. This follows from learning how to manage customer monthly statements and vendor monthly statements right from QuickBooks Online. You'll even learn how to make sure that you chose the right expense category and what to do to find out that all your expenses are classified correctly. We’ll even show what to do if they're not correct, so you can fix it and make it perfect.


Purchasing these QuickBooks Online classes comes with free unlimited questions that relate to the course material. I always get back to my students quickly. I enjoy helping with this because I think it helps everyone, everywhere if we all know how to keep financial records perfectly.

You will be better than everybody at QuickBooks Online once you finish this course

I'm sure it will give you everything you need, and I hope to see you there

-Mark

Who this course is for:
  • Any Small Business Owner Or Accountant That Needs To Be Able To Prove That All Of Your QuickBooks Online Is Completely Correct
  • Any Accounting Or QuickBooks Online Student That Needs To Know Every Advanced Feature And Detail About Receivables And Payables In QuickBooks Online
  • Anyone Who Needs to Master Credit Card Transactions In QuickBooks Online
  • Anyone Who Needs to Master Journal Entries In QuickBooks Online
  • Anyone Who Keeps Books And Records For Someone Who Mixes Business And Non-Business Transactions In QuickBooks Online
  • Anyone Who Needs To master Every Aspect Of Bank Reconciliation In QuickBooks Online
Course content
Expand 52 lectures 08:22:53
+ Introduction
52 lectures 08:22:53

This video lecture will explain how to prepare for this course. You do not have to follow along step-by-step. You will still learn everything in this course well if you watch each video and try to apply it to your own QuickBooks Online company. However, if you really want to follow step by step and repeat exactly what’s on the screen, then there are 3 options to set up your account for the correct numbers to start the course. You could take the first course, “Mastering QuickBooks Online” right here on Udemy. If you finish with the correct numbers, you can just continue in this course. You could email me at worldwidequickbooks@gmail.com and request a premium preferd set up and follow the instructions on how to pay the fee. Please don’t do this. Instead, please download the transaction list from the previous course and enter all the transactions in to a blank, new QuickBooks Online Account.

Here is the link to download the file.

It's in Excel Format.

https://marksmolen.com/downloads/2020files/Online-Complex-Issues/transaction-list-FIRST-COURSE.xlsx

It will help you remember all the transactions you leanred about in the prior course so you can be prepared for this course.

I'm here if you have any Questions.

-Mark

Preview 04:49

You must have a QBO account to follow along in the course. I will TRY to get you the software for free. These videos use the Free Accountant's Edition. It may not be available in every country. However, any software course that a students wants to follow step by-step, is usually purchased by the student. If it comes to that, then it is still cheaper then a desktop software because you only need to pay 1 month at a time.

Here is the link to the free Accountant's edition.

https://quickbooks.intuit.com/accountants/products-solutions/accounting/quickbooks-online/

Follow step by step and you will learn everything

Preview 06:35

This video will prepare you for sudden changes to the QuickBooks Online Interface as you use QuickBooks Online. The company is constantly updating the QuickBooks online software. If you do not see where to click on the screen, you must look around carefully to find where they moved the feature you are looking for.

Preview 04:55

You will learn how to use the new advanced search feature in QuickBooks Online. It can help you find any transaction but can no longer search for data fields in list items. You can edit transactions from the search result list

Fixing Things With QuickBooks Online Search
10:20

This Learn QuickBooks Online video will show you how to record a refund receipt in QuickBooks Online. A refund receipt is what you would make if you are refunding a prior sale that was made with a sales receipt. It will have the exact opposite effect as the sale receipt does in the chart of accounts.

Preview 05:07
Software Update From QuickBooks Online
02:37

This Learn QuickBooks Online video training tutorial will show you how you can record a credit memo to a customer in QuickBooks Online. This will reduce the customer’s balance and you can apply the customer’s credit to any open invoice or retain as a credit to apply later.

Preview 11:13
Expalnation And Practice With New Credit Memo Feature
09:19

This Learn QuickBooks Online video training tutorial will show you how you can record a refund that you will pay to your customer for an invoice that has already been paid. You can not make a refund receipt. You must instead make a credit memo and then write a check to pay the negative balance of the customer

Preview 09:16

This Learn QuickBooks Online video training tutorial will show you how you can record “pre-payments” or “advanced payments” from customers. This is sometimes called a customer deposit or down payment

Preview 08:34

IT’S VERY DIFFICULT TO MAKE A COURSE WHERE EACH VIDEO’S NUMBERS MATCH EACH OTHER

1 MISTAKE AND ALL FUTURE NUMBERS ARE THROWN OFF

WORKING WITHOUT AN EDITOR, IT’S TO MANY THINGS TO MANAGE TO BE THE: CREATOR/PRODUCER, SCRIPT WRITER, TECHNICAL CONSULTANT, COMPUTER REPAIR AND MAINTENANCE PERSON, WRITER, PERFORMER AND MARKETING EXECUTIVE FOR EACH OF THESE VIDEOS

CONSEQUENTLY, MISTAKES HAPPEN THAT GO UN-NOTICED UNTIL STUDENTS TAKING THE COURSE NOTICE THEM

WE WILL ALL HAVE TO TAKE A QUICK MOMENT TO ADJUST FOR THIS.

I AM EXTREMELY IMPRESSED AND THANKFUL FOR THE SUPER DEVOTED STUDENTS WHO FOLLOWED ALONG CAREFULLY AND REALLY WANTED THEIR NUMBERS TO MATCH! THANK YOU ALL SO MUCH!!

-Mark

Administrative Correction
02:33

This Learn QuickBooks Online video training tutorial will show you how to you the invoice deposit feature. This is something that you can activate in the company account settings and it will appear in the invoice window. You can record in to QuickBooks online the customer’s advanced payment and put the amount in the deposit field at the bottom of the invoice. The balance of the invoice stays on the open invoice report and the invoice can be printed to request final payment.

Preview 07:47

This Learn QuickBooks Online video training tutorial will explain the difference between “early pay discounts” and “qualifying sales discounts”. It will focus on the later and show you how you can set up a discount account. The account type should be “income” because it is a “contra income” account. The discount on the invoice or sales receipt must be a discount item that you set up with the items list.

Preview 12:36

This Learn QuickBooks Online video training tutorial will show how to set up terms on the terms list. The terms for early pay discount are the rules for an agreement. If the customer pays before the discount date then they will receive the early pay discount. The account that records the early pay discount is a “contra income” account. it is a “contra income” account. The discount on the invoice or sales receipt must be a discount item that you set up with the items list.

Preview 06:44

This Learn QuickBooks Online video training tutorial will show how to give customers the early pay discount. If discount terms were on an invoice, then the QuickBooks professional recording the payment must check the discount date and the invoice date and compare it to the day we received the customer payment to decide if the customer will receive the early pay discount. The discount amount is listed in the terms and the QuickBooks online invoice window can calculate the amount of the discount if discounts have been activated in the company account settings.

Preview 07:44

This Learn QuickBooks Online video training tutorial will show how to manage a customers bounced check. Sometimes customers or clients give us a check to deposit and the bank will return it as “not sufficient funds” if there is not enough money in the customer’s account to cover the check amount. We must the send an invoice to the customer to request reimbursement of the N.S.F check they gave us. The invoice we send should include an additional service fee for processing the bounced N.S.F check as well as the original amount of the bad check. The fee we charge our client should be more then the bank charges us for the bounced, bad N.S.F returned check.

Preview 14:07

This Learn QuickBooks Online video training tutorial will show how to manage, print and send customer statements. This is a legal document that we send our customers and clients every month to make sure that we agree with the details of what is owed and what is paid. The format of the customer statement can be a transaction list, open invoices or balance forward. If the open invoice report agrees with the customer and the customer does not notify us, we assume that we agree. If the customer does complain, we must reconcile with the customers to make sure the customer records and the customer balances are correct. We can send the statement via email or print and send in snail mail.

Preview 11:31

This Learn QuickBooks Online video training tutorial will show how to reconcile your customer records and customer reports with your client’s records to ensure accuracy. You must make sure that you agree with your customers regarding the individual customer transactions as well as the balance forward for every open invoice and the total balance itself. You must carefully check every transaction 1-by-1. If you have a difference, then you must call the customer or their bookkeeper and read off the transactions until you find the difference. The recommended report to read off to the client over the phone would be the transaction list by customer. Then either you or they can fix the QuickBooks online mistakes and make the data match.

Preview 06:52

This Learn QuickBooks Online video training tutorial will show how to find and fix customer’s misapplied payments. All the other mistakes in the customer records and on the customer reports can be fixed by reconciling with the customers the usual way. Comparing each transaction on the customer’s statements, one by one, will not help you find the misapplied payment. You must use what you learn in this QuickBooks instructional video to be able to find and fix this particular issue.

Preview 07:53

In this QuickBooks Online Training tutorial, you will learn how to use the delayed charges feature. A delayed charge is an event where money is earned, but the event is not yet ready to be placed on an invoice for billing the customer later. The transaction list by customer is the only report that will show delayed charges in QuickBooks online. They are recorded on separate documents that do not affect customers or account balances. They will only appear in the side panel of an invoice when you make an invoice for the customer that has delayed charges.

QuickBooks Online Delayed Charges
11:18

In this QuickBooks Online Training tutorial, you will learn how to use delayed credits A delayed credit is exactly the opposite of a delayed charges. They are recorded like any other QuickBooks online document. They are not transactions. They will only show up on the transaction list by vendor report. QuickBooks Online delayed credits can not be added to credit memos. They lower the amount of the invoice and can make the invoice balance become a negative number. Just like delayed charges in QuickBooks online, they will appear in the right panel when you make an invoice with the customer who has the delayed credit.

QuickBooks Online Delayed Credits
04:39

This Learn QuickBooks Online video training tutorial will show how to attach files to a transaction in QuickBooks Online. You can use the paper clip icon to attach a file the same way you would with an email. The file will upload to QBO and be viewable when you open the original transaction. You can see, manage and download all the file attachments that you have ever uploaded in the “attachments list” that you can open from the cog wheel.

Preview 09:59

This Learn QuickBooks Online video training tutorial will show how to Print checks from QuickBooks online. You must order the checks from QuickBooks Intuit and keep them in check number order. As you record the check, you leave the “to be printed” box checked. You will assign the check numbers only at the moment the check will print from QuickBooks online. That is when you open the “print checks” window. You can print to a PDF or an actual printer and then mail the check via snail mail to your vendor.

Preview 15:37

This Learn QuickBooks Online video training tutorial will show how to pay a vendor’s bill when there is a payment fee or payment processing fee when transferring the money to the vendor. Some QBO bookkeepers will ad the processing fee to the bill. The correct way to enter this is to add the processing fee as a separate bill with the same vendor name. This way, QuickBooks online can make 1 payment for the bill and the processing fee and the fee gets recorded on the proper date.

Preview 07:16

This Learn QuickBooks Online video training tutorial will show how to record receiving a refund from vendors for a prior check expense or cash payment where the vendor’s service was received, and payment was made immediately. Receiving a cash refund for these types of vendor transactions requires using the deposits window. The most important thing to remember is including in the QBO deposit the expense account of the service you originally paid for. The effect in the QuickBooks online chart of accounts and the vendor records and reports will be the opposite of the original vendor payment

Preview 07:20

This Learn QuickBooks Online video training tutorial will show how to record receiving credits from vendors for past bills that were entered in to QuickBooks online. You can receive a vendor credit memo that you can keep in your vendor records. They will show on the unpaid bills report until they are used and applied to past or future vendor bills. You can apply the vendor’s credit at the moment you pay a vendor’s bill from the pay bills window. When you apply a credit, the field to put the amount of credit will only show the total credit available and not the individual credit memos. If you apply less then the full amount of credit, then QuickBooks online will apply a proportional amount of each separate vendor credit to the bill you chose to apply the credit to. That’s a big difference in behavior from the QuickBooks desktop version.

Preview 12:38

This Learn QuickBooks Online video training tutorial will show how to record receiving a refund from vendors for a past vendor bill that has already been recorded as paid in QuickBooks online. A refund from a paid bill requires that you first make a credit memo the way we learned in the prior QuickBooks online instructional video. We learned how to enter and apply a credit memo. This time, we cannot apply the credit memo to the bill because it’s already paid. Instead, we have to record a check that increases the vendor’s balance and then apply the vendor’s credit memo to the check we received from the vendor. That will fix everything on the unpaid bills report. First we record the vendor’s refund check in the deposit window. Then, we can apply it to the credit memo that offsets the expense or asset account from the original vendor’s bill.

Preview 07:59

This Learn QuickBooks Online video training tutorial will show how to set up QuickBooks Online to be able to record all kinds of vendor discounts. A vendor could give a discount for several reasons. We could receive an “early pay” discount that would involve using vendor terms from the terms list to calculate and apply the vendor discount to a bill at the moment we make the bill payment. We would only get this discount type if we paid the bill with the vendor terms by the discount date stated on the bill. We can track vendor discounts sin a separate account and see the result on the profit and loss statement.

Preview 14:49

In this QuickBooks Online Training tutorial, you will learn how to record pre-payments, advanced payments, down payments and advanced payments to vendors for products or services that we will receive after payment has been given to the vendor. You need to write a check and include accounts payable as the account category in the check. This will cause vendors balance to be negative until the service or product is received from the vendor. Then, when finally received, we enter a vendor’s bill in to QuickBooks online to offset the check for the advanced payment. We use the QuickBooks online unpaid bill report to see that the prepaid expense check has been applied to the vendors bill

Preview 09:13

In this QuickBooks Online Training tutorial, you will learn how to reconcile your vendor and account’s payable records with the monthly vendor statements that you receive from vendors. To prove your vendor and accounts payable records are accurate, you must match the transactions on the vendor report with the monthly statement that you receive rom the vendor. The 2 vendor and accounts payable reports that you will use to compare transactions with are: the “unpaid bills” report and the “transaction list by vendor” report. If you carefully reconcile on the phone comparing 1-by-1 each transaction, you will be mostly correct. To get accurate payable records, you also must make sure you do not have a misapplied bill payment. The only way to determine this is to compare the unpaid bill amounts from the vendor’s statement to the unpaid bills report. Once you find the payment that was applied to the wrong bill, you can fix it by opening each bill payment and reapplying the vendor payment to the correct unpaid bill.

Preview 09:15

In this QuickBooks Online Training tutorial, you will practice all the advanced accounts receivable, accounts payable transactions that you have learned in this QuickBooks Online Advanced Playlist. This will determine how much you understood and remembered about your advanced QuickBooks online playlist course. You should compare your results in your QuickBooks online account with the results I n the practice QuickBooks video to make sure you have the same money amounts both before and after the exercise practice set.

Preview 04:05
Writing Off Uncollectable Accounts
11:29
"Items" method of write offs
08:49

In this QuickBooks Online Training tutorial, you will see how to use prepare your QuickBooks Online account to be able to charge company expenses with the company credit card. You must first put in to the chart of accounts an account that is a “credit card type” of account. You must enter the charges as they happen and save the credit card slip that comes from the machine at the moment you charge. That’s the proper way to record credit card charges in QuickBooks Online. You should save the slip to help you reconcile your credit card account in the bank reconciliation coming later. You should not wait until you get your credit card statement to enter the charges from. That would be like asking the fox to guard the henhouse. You must sacrifice the time to enter them 1-by1 from the slips as you charge and then compare you company credit card records to the credit card statement when you do credit card reconciliation.

Preview 07:00

In this QuickBooks Online Training tutorial, you will learn how to record credit card transactions in to QuickBooks online. Credit card charges are entered in the “expense” window of QuickBooks online. Simply open the QuickBooks online expense tab and then choose the credit card account that you made the business-related charge with and record the rest of the credit card transaction in to QuickBooks online. Credit card payments have their own window in the QuickBooks online new transaction menu form the new plus sign in the top right. Credit card credits have their own window in the QuickBooks online own transaction menu. Credit card payments in QuickBooks online have their own credit card payment window to record transaction where the credit card balance is paid down.

Preview 08:21

Here is the link to download all the bank statements from 1 excel file.

https://marksmolen.com/downloads/2020files/Online-Complex-Issues/Bank-Reconciliation:All-Statements.xlsx

Download and follow along step by step.

It has all the bank statements for all the videos.

-Mark

Preview 22:40
Special Issues With First Month's Bank Reconciliation - Grand Finale !!
10:36

This multiple choice test is your Final Examination in the course. It will prove that you understand and remember the most important parts of each video lecture in this very helpful course.

Prove You Are A Master Of QuickBooks Online
30 questions