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QBO Webinar on Cannabis Accounting - Techniques for Clean and Accurate Books (For Canadian Audience)

  • Accountant
  • CPA (CA)
  • CFE
  • CIA
  • CMA
  • IAP
  • QIAL

Published: September, 2022

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

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Operating models
    4 mins
  • QBO company settings - Overview
    8 mins
  • Chart of accounts (CoA) Setup - Cannabis specific accounts
    19 mins
  • Additional setup in QBO
    32 mins
  • Transaction detail by account
    45 mins

Course Description

By many estimates, the cannabis industry in Canada is expected to grow to ~$10B by 2027. Cannabis accounting offers an exciting opportunity in an industry where clean, accurate, and up-to-date financials aren’t just nice to have but entirely prescribed. There are compliance checks to account for, taxes and duties to track, and much more.

Enter QuickBooks Online and the app ecosystem. QuickBooks Online, or QBO for short, offers an accurate, professional, and automated take on accounting. Combine QBO with the day-to-day apps a business needs to operate and a truly harmonious match is made.

While at the onset this might be a daunting space, in this CPD course we’ll go through the ins and outs of using QuickBooks Online for cannabis businesses.

We’ll cover how to onboard a new cannabis client onto QBO including the setup of a chart of accounts, the sales tax center, company settings, and more. Once the client is onboarded, we’ll work through various bookkeeping, accounts receivable (AR), and accounts payable (AP) workflows. No set of books is complete without accurate reporting and to round us out, we’ll touch on financial statement preparation, report customization, as well as package creation.

This CPD course culminates in a section covering apps and different tech stacks you may commonly see in the industry. You’ll be able to identify apps for functions like POS or inventory management and more importantly, know how the data syncing and/or integration into QBO might work.

Join Robert Mings in this CPD webinar to explore an increasingly innovative space in the world of cannabis accounting.

If you want to learn more about QuickBooks, we have customized certificate courses for you: Beginners | Advanced | Comprehensive.

Learning Objectives

  • To analyze the different operating models of cannabis businesses.
  • To set up the QBO chart of accounts (CoA) and cannabis-specific account considerations.
  • To set up the QBO sales tax center for GST, PST, HST, and excise duty.
  • To set up the QBO file settings to work best with cannabis businesses.
  • To implement efficient bookkeeping workflows in QBO.
  • To discover flexible accounts receivables (AR) and accounts payables (AP) workflows.
  • To construct powerful reports and board-room-ready packages.
  • To identify various apps/tech stacks cannabis businesses commonly use, broken down by focus area including inventory management, cultivation, point of sale (POS), e-commerce, and more.
  • To examine how cannabis app integrations into QBO work.

Recommended For

  • This online CPD course is recommended for Canadian CPAs and other accounting professionals who want to understand the ins and outs of using QuickBooks Online for Cannabis businesses.

Who Should Attend?

  • Certificate in Investment Performance Management
  • Certified Fraud Examiner
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 General Credit of Accounting for Accountant/Bookkeeper/Tax Professionals
  • 1 CPD Credit of Office Productivity: Accounting Software for Chartered Professional Accountant (CPA Canada)
  • 1 CPE Credit of Accounting for Certified Fraud Examiner (CFE)
  • 1 CPE Credit of Financial Accounting for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Accounting & Auditing for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Accounting for Qualification in Internal Audit Leadership (QIAL)

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

Presenter

About Presenter

Robert Mings

Founder, Robert Mings

With a background in engineering, accounting, and finance, Robert’s experience has taken him from research labs through to accounting firms, both large and small, finally landing in the financial software industry. Through a variety of roles held in consulting, cloud accounting operations, and software engineering, Robert has worked with hundreds of unique accounting firms and businesses helping them achieve their digital transformation goals. He believes that combining tried and tested processes with modern technology solutions, all with an emphasis on people development, can help any business propel forward in the era of cloud computing. On the side, Robert is passionate about personal finance and educating current and upcoming generations on how to make smart money decisions.

Faq

FAQs content

  • To receive Continuing Education credit for the event, you must register for the webcast prior to the start of each program.
  • Continuing Education Credit Certificate is available to all eligible participants within 24 hours of each webinar.
  • You must attend complete live webinar and respond to all polling questions asked during the webinar. Credits would be issued on 50 minute credit hour basis.
  • Polling feature Not supported: If you are logging in through browser or web portal in the browser (zoom.us) it doesn’t support the polling feature. Please be advised the current polling feature can only be supported via Zoom desktop and mobile app. You can check the same here : https://support.zoom.us/hc/en-us/articles/203749865-Polling-for-webinars
  • This event may be a recorded rebroadcast of a live event done in past and the instructor will be available to answer your questions during/after the webinar.
  • If you still face the polling problem please don’t panic and provide your response in the chat and we shall consider the same for processing for credits. You can download Zoom by clicking on the mentioned link : https://zoom.us/download
  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
  • You can manage your continuing education certificates and credits through your certificate dashboard which is available when you are logged in to your account (LOGIN)
  • As an accredited provider of Continuing Professional Education in the United States, myCPE online learning platform, courses, and webinars meet the requirements set forth by the Institute of Management Accountants (IMA), an IFAC Member Organization, as well as the National State Boards of Accountancy (NASBA) and the Institute of Internal Auditors (IIA), both IFAC Affiliates. As well as it has been approved by NASBA, Internal Revenue Service (IRS), Certified Financial Planner Board (CFP Board), California Tax Education Council (CTEC), Society of Human Resource Professional (SHRM), Human Resource Certification Institute (HRCI) and many more.Therefore, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable continuing education requirement as CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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