Font size:

What You’ll Learn

  1. Accounting Basics
    • Definition of Accounting from a small business perspective
    • Explanation of why you need accounting
    • Financial statements…what are they?
    • What is an account?
    • Double entry accounting and how it applies to QuickBooks
    • Debits and credits…the essence of accounting
  2. Accounting Principles
    • Intro to accounting principles…the foundation of accounting
    • Reporting principle
    • Reliability principle
    • Comparability principle
    • Cost principle
    • Revenue principle
    • Matching principle
    • Applying the principles
  3. Accounting Basics in QuickBooks
    • The balance sheet and profit & loss statement
    • Working with account types
    • Setting up the chart of accounts
    • Management reporting vs. financial reporting
    • Working with subaccounts
    • Techniques to review account detail
    • Understanding debits/credits in common QuickBooks transactions (checks, invoices, payments, deposits, bills, bill payments, and journal entries)
  4. Reviewing Numbers for Accuracy
    • Basic review techniques
    • Using QuickZoom as an investigative tool
    • Reconciling accounts to external documentation
    • Verifying numbers on key reports
    • Checking balances for accounts receivable, accounts payable, and inventory
  5. Analyzing and Interpreting Data
    • Basic financial interpretations
    • Analyzing business trends
    • Interpreting variable expenses
    • Understanding and using key financial ratios (current ratio, return on equity, gross profit margin, and net profit margin)
  1. The Accounting Cycle (who does what and when?)
    • What is the accounting cycle and why is it important?
    • Daily accounting tasks
    • Weekly accounting tasks
    • Pay period accounting tasks
    • Monthly accounting tasks
    • Quarterly accounting tasks
    • Annual accounting tasks
    • Key tasks within each cycle demonstrated in QuickBooks
    • Closing the books
    • Restricting access to closed periods
  2. Working with Your Accountant
    • Speaking the same language as your accountant!
    • Creating a client/accountant agreement
    • Methods for getting information to your accountant
    • Accountant's Copy Process
    • Special reports for your accountant (journal report, general ledger, transaction entry journal, and trial balance)
  3. More Accounting
    • Using account numbers
    • Setting up classes to segment financial statements
    • Budgeting and planning in QuickBooks
    • Cash vs. accrual accounting
    • Understanding and using retained earnings
    • Year-end closing entries
    • Finding prior year changes
  4. Also Includes These Valuable Resources:
    • A glossary of accounting terms so you can finally understand your accountant!
    • A QuickBooks keyboard shortcuts list - to save time
    • A summary of account types and which financial statements they flow to
    • A Debits and Credits "Cheat Sheet" - no need to memorize how they work!
    • A list of financial ratios and how they are calculated
    • A sample tax calendar so you know when various tax forms and payments are due
    • A list of record-keeping requirements (as suggested by IRS)
    • A periodic activities checklist (so important accounting tasks are not overlooked)
    • A year-end closing checklist
    • A step-by-step summary of the techniques used to exchange data with your accountant
    • Help creating a client/accountant agreement, and assigning responsibilities
    • A backup log you can use to schedule and monitor timely backups
Register Now
Mastering Accounting Basics-On Demand Online course
  • Course ID:
    253461
  • Duration:
    1 day
  • Price:
    $450