QBO: BUILD RIGHT CHART OF ACCOUNTS - BASE FOR ACCOUNTING AND READING FINANCIAL STATEMENT
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Course Details

Overview of Topics

  • Assets18 mins
  • Liabilities30 mins
  • Equity38 mins
  • Income44 mins
  • Cost Of GOods51 mins
  • How the COA maps to reports59 mins
  • Modifying the COA89 mins

Course Description

The QuickBooks Chart of Accounts structures your business according to accounting principles. Your general ledger includes assets, liabilities, equity, income, and expenses. Take this class to learn bookkeeping terms like Accounts Receivable and Accounts Payable. By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss report, as well as how to structure your Chart of Accounts so it supports your unique business workflow.

Your Chart of Accounts is the backbone of your business. It has two functions: outlining what the IRS wants to see for taxes and allowing you to generate your P&L and Balance Sheet reports. There are industry-standard accounts you need, but you also have the flexibility to create accounts that reflect your unique circumstances. It’s impossible to start using QuickBooks® without customizing your Chart of Accounts. This class will explain the fundamentals.

Highlights of the webinar : 

  • What is a Chart of Accounts (COA)?
  • How the COA maps to reports ?
  • Modifying the COA
  • Chart of Accounts vs. Products and Services

Recommended for : 

  • Business owners and employees who want to understand the “business behind the business”
  • Students and job-seekers will boost their employment marketability
  • Entrepreneurs and new business owners who are just getting started, and want to make sure they have solid business knowledge so that they can succeed
  • Bookkeepers and Accountants who wish to brush up on their skills.

Webinar Qualifies for

  • 2.5 CPE credit of Accounting for all CPAs
  • 2.5 CPE credit of Canadian CPAs
  • 2.5 General Educational credit for Tax Professionals/Bookkeepers/Accountants

Learning objectives

  • To identify the function of the Chart of Accounts
  • To identify ways of Creating new accounts and editing existing accounts
  • To recall Equity accounts
  • To recall Liability accounts
  • To recall Asset & Bank accounts

About Presenter

A natural teacher, Alicia earned her Master of Arts in Teaching, but instead of turning to the public schools, she developed computer curricula. She blends the skills of technology, the art of communication, the patience of a trainer, the wisdom of a business consultant, and the detailed eye of an obsessive-compulsive to bring you the finest in business solutions.


Founded by Jamie Pollock and Alicia Katz Pollock, Royalwise is an Apple, Microsoft, and Intuit-certified computer training and support company. We are certified to train and support all Apple products, Microsoft Office, QuickBooks on any platform. As a member of the Apple Consultants Network, we are certified by Apple to support all desktop machines running OS X and mobile devices running iOS. We have vast experience with iPads and iPhones, and how to configure and utilize iCloud to sync your data seamlessly.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:15
  • Question 6 : 01:30
  • Question 7 : 01:45
  • Question 8 : 02:00
  1. The accounts that show up on a Balance Sheet include:
  2. You can edit an existing account by_____.
  3. Meals and Entertainment includes:
  4. Undeposited funds___________.
  5. Your Expense accounts should be set up:
  6. Your Expense accounts should be set up with big “bucket” accounts to accumulate similar transactions, to keep it easy OR with granular detail so that you can run detailed reports.
  7. Which of the following is the method to delete an account in QBO?
  8. If you have two accounts that have the same type of transactions, but you used two different names, or if you no longer want the same itemized level of detail, you can __________ them.
  1. Income accounts should include:
  2. Uncategorized Income should be used for:
  3. Opening Balance Equity______.
  4. The best place to find Charts in the Report Center is in the:
  5. When you delete an account:
  6. If you use Account Numbers:
  7. The __________________lays out your income and costs, showing you how much profit (or loss) you made.
  8. How to see the transaction in a balance sheet account by using the register?
  9. What is included in Assets?
  10. Which button will reduce data entry errors and choose the actual type of transaction in QuickBooks?
  11. Which one of the following can be set up as general “bucket” categories from chart of accounts in QuickBooks online?
  12. Where do you keep your money?
  13. Value in your company that fluctuates, like inventory is known as:

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

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  • BW
    Brenda Williams , AFSP
    Aug 5th 2020
    the webinar ended before time,, just got a blank screen and no sound

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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Tuesday, August 25, 2020 View Details/Register
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Friday, August 21, 2020 View Details/Register
  • Cost $25
  • CPE Credits 2.5
  • Subject Area Accounting
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date September 10 ,2020
  • Published Date September 10 ,2020
  • Who should attend? Bookkeeper Accountant QB Pro Advisor CPA - Mid Size Firm Accounting Firm CPA (Industry) Young CPA CPA in Business Tax Accountant (Industry) Accounting Practice Owners Senior Accountant Accounts Director Cloud Accountants Entrepreneurial Accountant Accounting Managers Staff of Accounting Firm
  • Handout Material Download Download
  • Key Terms Download

On-Demand Webinars

HOW TO MAXIMIZE THE IMPACT OF CARES ACT
Wednesday, September 16, 2020 View Details/Register
MERCHANT ACCOUNT NIGHTMARES: THE SHADY WORLD OF CREDIT CARD PROCESSING FEES
Wednesday, September 16, 2020 View Details/Register
QBO: FOR PROGRESS INVOICING AND JOB COSTING WITH LATEST UPDATES
Monday, September 14, 2020 View Details/Register
QUICKBOOKS ONLINE FOR ACCOUNTANTS WORK CENTRE - MANAGING YOU PRACTICE
Wednesday, September 09, 2020 View Details/Register
QBO RUNNING REPORTS - INFORMATION, ANALYSIS & BETTER DECISION
Monday, September 14, 2020 View Details/Register
CREDIT CARDS IN QBO - SEAMLESS PAYMENTS FROM CLIENT
Monday, September 14, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
S CORPORATION PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS - FORM 1120S SCHEDULE K & K-1 ANALYSIS
Tuesday, September 08, 2020 View Details/Register
QUALIFIED BUSINESS INCOME (QBI) DEDUCTION (IRC §199A) DETAILED STUDY, ANALYSIS,CALCULATIONS,CASE STUDIES, INS & OUTS (LATEST)
Thursday, September 03, 2020 View Details/Register
BEST TAX RETURN WORKSHOP ON S CORPORATION (1120S)
Tuesday, September 01, 2020 View Details/Register
HOW TO MANEUVER NEW IRS PARTNERSHIP AUDITS
Tuesday, September 01, 2020 View Details/Register
VIRGINIA CPA ETHICS: 2020 REQUIRED COURSE
Monday, August 17, 2020 View Details/Register
Tax Practitioner Ethics
Thursday, August 27, 2020 View Details/Register
PARTNERSHIP PREPARATION, BASIS CALCULATIONS & DISTRIBUTIONS–FORM 1065 SCHEDULE K & K-1 ANALYSIS
Tuesday, August 25, 2020 View Details/Register
ETHICS FOR OREGON CPAs
Friday, August 21, 2020 View Details/Register