Accounting And QuickBooks Online Comprehensive Course

We will define assets and liabilities. You will get the most clear explanation of the definition of these words as they are used in accounting.

The fundamental accounting equation is the basis if debits and credits. It helped derive the accounting system we use today

This learn accounting video will finally show you the origin of debits and credits. It comes from the accounting equation and keeps it balanced. You will also learn about "T" accounts.

Serina May Jackson teaches the ideas of how to make debits and credits in basic accounting. She uses the Mark Smolen 3 step plan in the T accounts

You will have a clear understanding of accounts receivable, accounts payable, as well as equity accounts like capital and withdrawals and understand how and why we use them

You will use the equity accounts to record debits and credits in the T accounts and it makes it easier with these general ledger accounts

Old School Accounting recorded all debits and credits in the general journal first. Then we post the transactions to the ledger t accounts and make a trial balance

There are separate records from the ledger account called "accounts receivable" and the records of the individual customers. They must be in sync after each transaction. The same is true for accounts payable.

Anyone can understand how we calculate the amount of interest and the amount of principal reduction in each equal monthly mortgage installment payment.

Customer Terms are the conditions that they must meet to get the early pay discount.

Vendors offer us discount terms that we can track in a purchase discounts account if we pay early enough.

Check Your kNowledge Of Basic Accounting And How Much You Leanred From This Course

Hello My Friends,

Many of you taking this course may have seen a change in the interface in QuickBooks Online. The windows you need are still there and they are unchanged. Reports and Transaction windows are exactly the same and have not changed since 2013. However, they seem to move the place to click to open these windows. I deeply regret that I cannot re-make the course after each change. Please be patient and have confidence that this will not affect your learning.

And as always…………….

I’m here if you need me.

-Mark

In this QuickBooks instructional video, you will learn how to record and edit customer and vendor information. You can manage the customer center and vendor center like a small data base or a rolodex of information. You can edit any of the data fields in the customer or vendor center and easily see any permanent customer or vendor information. The main reason to have this list, is to see their names on the pulldown list when entering a transaction.

In this QuickBooks training tutorial, you will learn how to record and edit accounts in the QuickBooks online chart of accounts. QBO gives you a chart of accounts for you to use or customize. We will learn how to delete the accounts that QuickBooks put in, and then add the accounts we really need. We will address the issue of “account type” and the “detail type” fields as well.

In this QuickBooks training tutorial, you will learn how to record and edit “ITEMS” to and from the QuickBooks online items list.  Items are products or services that you would put in the body of an invoice or sales receipt. These are things that you would sell to a customer. QBO can track your income by item by choosing an income account to connect to a specific item.

In this learn QuickBooks video, you will learn how to record invoices to customers. You will set up 2 reports to prepare for the first transaction entered in this course. You will record the invoice and see the results immediately in the trial balance as well as the customer balance detail.

In this QuickBooks instructional video, you will do your first practical excesses in QuickBooks online. This project will have you entering invoices from the invoice list. You should enter them exactly as you saw in prior qbo videos. When you are finished, your results should be the same as the results shown by the teacher in both the trial balance as well as the customer balance detail.  

In this QuickBooks instructional video, you will learn how to find and fix basic mistakes. You will learn the difference between a summary report and a detail report. You will see the results of editing a transaction and how the qbo reports change immediately after changing a transaction.

In this QuickBooks training tutorial, you will learn how to record payments from customers for open invoices.  Open invoices are unpaid invoices. When you receive payment from customers, the balance of the customer goes down in the customer balance detail report. Accounts receivable in the trial balance will decrease. You must choose the bank account that the customer’s money will be recorded in to. The invoices that have remaining balance will show on the open invoice report. You must choose an invoice to apply the payment to.

In this QuickBooks instructional video, you will learn how to record sales receipts to customers. A sales receipt is the appropriate document when the customer pays immediately for a product or service you provided to them. Sometimes, the customer’s money is directly deposited in to the company bank account. You will learn how to edit the sales receipt. This video also introduces you to the “sales by customer detail” report. 

In this QuickBooks instructional video, you will learn how to customize any QuickBooks online report. You can add or remove columns to or from a report. You can change the date range of any qbo report. You can sort and filter QuickBooks online reports. The best repost is the journal. You should use it to find and fix mistakes and see where you left off when doing data entry with multiple transaction types.

In this QuickBooks instructional video, you will do a data entry exercise with all 3 of the customer transactions you learned so far. It will be a mix of: sales receipts, invoice payments and invoices that you will have to enter. When you finish, you should compare your results with the trial balance, customer balance detail and sales by customer detail report. If your results are different, you can use what you learned in the course to find and fix mistakes. After the exercise, there are puzzle type questions that help your problem-solving skills in qbo. You will see how to use logic to find and fix mistakes. This analytical and critical thinking when fixing mistakes will save you time. So, you do not have to go through every transaction 1 by one to find and fix your mistakes

In this QuickBooks instructional video, you will learn what “accounts payable” means. This is the total money that we owe to all vendors combined. This QuickBooks online lesson will introduce you to vendor related reports and vendor transactions. It will shoe our very first expenses and asset purchases. You will be introduced to your very first vendor report; the vendor balance detail.

In this QuickBooks instructional video, you will enter your first vendor’s invoice. QBO calls a vendor’s invoice a “bill”. You will see how to enter bills and see the results of these bills in the QuickBooks online reports.  This learn QuickBooks video will also show you how to add list items “on the fly”. That means you can enter new vendors or new accounts in to the chart of accounts at the moment you make the transaction. 

In this QuickBooks video tutorial, you will perform a data entry exercise where you enter multiple bills from vendors. After the exercise, you will compare your results in your trial balance and the results in your vendor balance detail to the results in the video. If they are different, you must use what you learned to find and fix mistakes. You will also be given problem solving questions and use critical thinking skills to answer the puzzle type of questions in the video

In this QuickBooks video tutorial, you will learn how to record bill payments for unpaid bills to vendors. You must apply the bill payment correctly and you can look at the vendor balance detail to see if you bill payments are correct.

In this learn QuickBooks video, you will learn how to record checks and record expenses. You will learn the difference between a “check” type of transaction and an “expense” type of transaction. They are similar and both reduce the bank account without changing the vendor’s balance. This is not the same thing as a vendor’s bill payment. These checks are for services or products that we pay for immediately.

In this QuickBooks training video, you will learn how to manage cash on hand and petty cash. This is cash that you received from customers that you will NOT deposit in to the bank account. Instead, you will use the customer’s cash to pay your companies’ expenses. 

In this QuickBooks training video, you will perform an exercise with inputting vendor transactions. When you finish the exercise, you must compare your results with the reports in the video. If you have different results, you must use what you learned to find and fix your mistakes. There are problem solving questions in the video. You must use your analytical skills and ability to think critically to answer the puzzle type of questions at the end of the video.

In this QuickBooks training video, you will learn how to record “basic deposits”. This is money that came in to the bank account from the owner or from customers. If the money came in from a customer, it would be better to record a sales receipt. This type of deposit will not record the quantity of the item you sold to the customer or the work hours you did. These deposits from customers will not show in the customer center or on sales reports. That is why it is better to use a sales receipt if you need either of those 2 things. I show this method to prepare you for the following video when the owner pay expenses directly with some of the cash he or she received from customers.

In this learn QuickBooks video, you will learn how to record deposits with cash back. This is a situation where the owner collects cash from a customer and does NOT deposit that money in to the company bank account. Instead, he / she uses that cash to pay expenses or withdraw for non-business reasons. 

In this learn QuickBooks video, you will create your own undeposited funds account. You will use “detail type” when creating the account. The detailed type in this current asset is undeposited funds. This account is where you record checks, cash and credit card swipes from customers. It will hold the customer’s money until you deposit the money in to your company bank account. 

In this learn QuickBooks video, you will learn how to edit a recorded deposit in QuickBooks online. The deposit detail report shows you the individual receipts and payments that were deposited with every deposit in the entire qbo account. This will help you edit the deposits and fix deposit related mistakes. That will be helpful when doing bank reconciliation.

In this QuickBooks online training tutorial, you will learn how to use the search tool. You can find any transaction or any list item by typing in to the search tool the data in the field you are looking for. You can use advanced search to find transactions with specific characteristics and search through everything in your QuickBooks online account instantly. When you see your results of your search displayed, you can filter the results and export to excel if you need to.

Check How Much You leanred And Remember In This Course

In this QuickBooks Online Conceptual lesson, you will learn the ideas of doing bank reconciliation in any software including QuickBooks Online. The bank rec process will show prove that MOST of your QuickBooks online records and financial transactions are correct to the last detail. This QuickBooks video will show what specifically is proved correct and how it does it. The principals apply to any company anywhere even if you are not using your computer for account and financial record keeping.

In this QuickBooks Online learning Theory Video, you will learn the most important idea when studying bank reconciliation. You will learn bout the idea of the “cleared balance”. This is the balance of all the transactions that you have recorded in to QuickBooks Online, that you have marked as “cleared” during the bank reconciliation process. It’s the net total of only the cleared transactions in QBO. That means that the only he quickbooks online cleared balance should be the same as the bank statement balance (or credit card statement balance) when performing a bank reconciliation.

This video lecture will show you in the clearest possible way, how to do a simple bank reconciliation. This step by step follow along video will show you the way it looks if you are doing a reconciliation for the very first month of the company's bank account. Don't forget to download he bank statement and the QuickBooks file that goes with this video.

This video lecture shows how to do a bank rec for the second consecutive month. It starts where the previous lecture finished. The previous lecture finished at the end of January. The QuickBooks file that you will use for this video already includes everything you finished with for January and also includes February transactions, This way, you can imagine that is it 1 month later and you will need to reconcile the same bank account at the end of February.

This lecture is the most important in the whole course. You actually download a file WITH PRE-SET MISTAKES. You must use what you learned in the previous videos to fix the problems and reconcile the bank account. Don't worry if you have trouble doing it. The end of the video shows you what the mistakes were and how to fix them.

In This QuickBooks Online Training Video, you will learn the real issues and challenges regarding doing bank reconciliation for the very first time. The first month’s bank rec is always challenging because usually, the company has already been using the bank account for several months and probable using QuickBooks Online for several months before deciding to reconcile. We know that you must begin reconciling the earliest month first and then reconcile the account each month going forward. The problem is, for the first month, we know what the bank’s balance is from the statement, but we do not know what the “BOOK BALANCE” WOULD HAVE BEEN at the beginning of the first month because we were not reconciling. That’s what makes the first month bank reconciliation challenging!! The way this video explains it, you actually “derive” the beginning book balance and enter it as a “beginning balance adjustment. Then, you are good to go forward except in the case where there were outstanding checks for a very long time. When they eventually clear, you adjust the beginning balance with another adjustment in the same way.

Know The Concepts Of How To Prove Everything Is Correct

This learn QuickBooks video gives an overall explanation of bank feeds. You will understand what this process is and how bank feeds work in QuickBooks. This video is an overview of bank feeds and discusses options for transferring data.