QuickBooks Online bookkeeping business designed for small business clients or small businesses who want a simple cash basis format for entering data.Â
This course is designed for bookkeepers and is also useful for small business owners who want a simple system for entering financial data into QuickBooks for financial planning and year-end tax preparation.
The bookkeeping system we discuss will also describe the relationship between the bookkeeper, the business, and the year-end tax and financial statement preparers.
We will outline a cash basis bookkeeping system using QuickBooks, a system that will enter most transactions directly into the check register.
The course will discuss the responsibilities of a bookkeeper and the responsibilities of the business when a bookkeeping engagement in entered into.Â
We will work through a sample bookkeeping project in QuickBooks including the setting up of a new QuickBooks company file.
The course will practice entering data into the QuickBooks register directly from a bank statement. We will provide practice bank statements to use with the project as well as step by step instructional videos.
As we enter data directly into the check register from the bank statement, we will compare and contrast the cash basis system we are using to a full accounting cycle system. We will also review the financial statements periodically to see how QuickBooks is using the data to make reports.
After entering data into the QuickBooks check register from the bank statement, we will perform bank reconciliations. As we perform bank reconciliations, we will discuss what a bank reconciliation is and the benefits a bank reconciliation provides.
The course will then discuss options for entering specific accounting data into QuickBooks including payroll, equipment, loan payments, insurance, credit card payments, and invoices. We will provide practice QuickBooks files for different options related to the items listed above and explore the pros and cons of each option. The bookkeeping options will help tailor our system to our specific bookkeeping needs.
As we enter accounting data into the system we will discuss common questions we will have when entering the first few months of data and how to write down these questions, move forward with data input, and organize the financial data so that we can quickly go back to it once our client questions are answered.
This course will discuss, print, and export month end and year end reports, reports a bookkeeper may provide to clients monthly and reports the business will need at year-end for tax preparation.
We will discuss year-end adjusting entries. The bookkeeping system we propose will depend on an outside accounting firm, tax preparer, or CPA firm to help with the year-end adjusting entries. As bookkeepers we want to be aware of the adjusting entry process so we can work with any year-end accounting firm, tax preparer, or CPA firm. We will enter common adjusting entries into an adjusting entry Excel worksheet and into Quickbooks.
Finally, we will discuss whether or not to enter the year-end adjusting entries into our QuickBooks bookkeeping system and different options to do so.
