Learn QuickBooks Online
QuickBooks was once the great competitor to MYOB when accounting software started to become popular years ago. Back then, MYOB beat QuickBooks to become the most popular accounting software in Australia, but in the era of cloud-based software & services, the tables have turned and there are now more options available to small businesses than the market leader, MYOB.
Just like our MYOB training courses (and Xero courses), our Online QuickBooks Course takes students through several different scenarios; we adapt the same accounting scenarios we use in the MYOB and Xero courses to our new QuickBooks Online Daily Transactions Course.
Quickbooks Online Daily Transactions Course Outline
This course is ideal for any organisation or business, small or large, which sells products. It is also ideal for people selling services to do with these same products. This might include tradespeople (electricians, mechanics, plumbers, carpenters, painters, bakers and chefs, hairdressers, occupational therapists — the list goes on). QuickBooks is often preferred by bookkeepers and accountants employed to work with numerous small businesses.
In terms of our Online Daily Transaction Course, you will start the process by performing a simple purchase and payment for office cleaning services. From there you’ll delve into purchases of inventory items. Before purchasing inventory items, you will need to create them and enter the information that will later be used, not only buy them wholesale, but also to sell them to your customers.
Inventory Items: Our Case Study
Our online course case study involves the purchase of numerous Cisco IP phones. We enter the product information as well as the wholesale cost and retail sales price, plus the following accounts in the accounts list:
- Cost of Sales accounts (to keep track of our product costs)
- Income Account for tracking sales, and
- Asset Account for tracking inventory assets.
We include services on the invoice and enter them as stock items in the Quickbooks inventory and sales reporting to get some excellent information about the performance of the business.
Customer and Supplier Cards
After creating our inventory items, we create suppliers and then purchases of our inventory items. At this stage you can allocate default settings for each card, like:
- Expense Account
- Purchase Memo and Comments
- Supplier Terms and more…
The wholesale supplier provides us with ex-GST prices in their price list so we ensure that QuickBooks is setup for us to enter these purchases using the ex-GST price. QuickBooks also enables us to keep track of the entire purchase process of:
- Ordering Items
- Received Items
After the Purchase Order is placed we look at the data entry process of receiving items when they physically arrive in our warehouse, linking this arrival of stock to the Trade Creditors account. Remember that it’s not until we physically receive goods that we owe the money for them.
It’s quite normal in real life that not all inventory items arrive at the same time. Therefore we take you through the scenario of receiving some items and having the remainder placed on back order, and explore the purchase register for evidence of purchases with different statuses like:
Once you have supplier invoices you have accounts payable and we explore how to pay for these invoices. We explore full and part payments as well as accounts payable reports, vendor payment terms, and ageing periods.
The first part of the sales process is to offer your products and services for sale. Where a full solution of products and services is required, the first step is usually to provide the prospective customer with a quotation — something which Quickbooks enables you to do. What’s fabulous about this feature in QuickBooks is that you then only need to enter the quotation once and send it to your prospect. When the order is placed the quote can very quickly be converted to an invoice. Our online course will take you through all of these steps in a practical exercise.
This process of being able to quote up front makes things much faster and easier than, say, providing a quote in Word or Excel and then having to re-enter all the data into Quickbooks for invoicing.
When a company sells its products and services the important process of debt collection begins — almost immediately. Every invoice goes out with the selling terms indicated and can include:
- Nett 7 days
- 7 Days after end of month (EOM) etc.
- System default
- Customer level
- Transaction level
Creating and Applying Credits
In the event that fewer products were supplied, or the installation took half the time expected, you may want to credit your customer. The course shows you how to create a credit and apply it to the invoice where it should be applied, to or a new invoice.
Receiving Payments and Banking
We introduce the concept of different asset accounts apart from just your bank account. If you want to get into the nitty gritty of bookkeeping you need to create an asset account for every step of the movement of cash. These asset accounts include:
- Accounts Receivable (money owed to you)
- Undeposited Funds (money you have that is yet to be banked)
- Bank Account (cash you have)
We cover the process of receiving payments into the Undeposited Funds account and then move these funds into the bank account on the day they are deposited. This step appears onerous at first glance, but we include it because it helps reduce a lot of time in the bank reconciliation process where all you see is deposits into your bank account.
This concept is also used when you use payment services like PayPal and Direct Debit.
Cash-Based and Accrual Accounting
The Quickbooks Online Daily Transaction Course is designed to give you skills relating to cash-based accounting as well as accrual accounting. The difference is that cash-based accounting relates only to money you have in your bank account and money you have spent. Accrual accounting is based on money that is owed to you, and that you owe, even though it may not be in the company bank account at the time of reporting.
QuickBooks Course Workbooks
Our accounting software courses take students through common scenarios that happen at a number of different business types including:
- Service-based businesses like independent contractors
- Suppliers of products and services who combine these in their solutions
- Companies that sell products
QuickBooks and Bank Feeds
Bank feeds enable business owners to speed up the process of reconciling their bank statement to their accounting software. QuickBooks was one of the first companies to provide this fantastic service.
Intuit QuickBooks Payroll
Payroll is a sought after feature for small businesses; Intuit Quickbook includes this functionality in their sottware so you can process payruns and payroll reports and be fully compliant for SuperStream and other payroll requirements.
Quickbooks is Bigger than Xero
We decided to develop an online Quickbooks course because the company recently announced their commitment to re-enter the Australian market in a strong way. Anyone interested in looking at alternatives to MYOB or Xero would benefit by looking at Quickbooks because it is backed by a company that is MASSIVE in size when compared to both MYOB and Xero. Quickbooks is, in fact, the largest accounting software provider to small business in the United States.
Intuit QuickBooks Online Daily Transactions Training Course
We are thrilled to announce that our Quickbooks Online Daily Transactions Course is now available as a beta version for a hugely discounted price. This course will demonstrate scenarios likely to occur in a products- and services-based business that provides quotes for inventory items as well as for services, and then converts these quotes to invoices.