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QBO: Build Right Chart of Accounts - Base for Accounting and Reading Financial Statement

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Before starting this self study program, please go through the instructional document.

The topic is also scheduled as live webinar on the following dates

Oct 20, 2021 | 10:00 AM EDT Register

Overview

  • Assets Categories in QuickBooks Online Chart of Accounts
    18 mins
  • Liabilities Categories in QuickBooks Online Chart of Accounts
    30 mins
  • Equity in QuickBooks Online Chart of Accounts
    38 mins
  • Income Categories in QuickBooks Online Chart of Accounts
    44 mins
  • Cost Of Goods Categories in QuickBooks Online Chart of Accounts
    51 mins
  • How the Chart of Accounts maps to reports?
    59 mins
  • Modifying the Chart of Accounts
    89 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.

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

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • Accounts Director
  • Bookkeeper
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA in Business
  • Entrepreneurial Accountant
  • QB Pro Advisor
  • Senior Accountant
  • Staff of Accounting Firm
  • Tax Accountant (Industry)
  • Young CPA

Testimonial

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This was an webinar that covered all of the relevant and important factors to consider if making recomemndations regarding which version of Quick Books to use to your clients, deciding for yourself, or your own accounting firm.