Seminar In-Depth

Course Description

With close to four million small businesses utilizing QuickBooks software, many accountants and auditors frequently work with QuickBooks-based financial statements. Yet, few are comfortable that they truly understand the numbers behind the financial statements. In this fast-paced, half-day program, you will learn valuable time-saving techniques for reconciling balance sheet accounts and analyzing the income statement. You will also learn about specific tools available to accountants – such as the Client Data Review and the Working Trial Balance – that facilitate rapid reconciliations and confirmations of QuickBooks-based financial statements.

This seminar features discussions on using QuickBooks’ Reconcile feature in conjunction with custom reports to lend credence and credibility to balances in historically problematic accounts such as Prepaid Expenses, Customer Deposits, and Retainers. Additionally, participants in this course will learn how to reconcile loan balances, sales and payroll tax liabilities, and equity accounts to help ensure that the financial statements reflect the true performance of a company or client. If you work with QuickBooks or have clients using QuickBooks and are concerned about the accuracy of your financial reports, then mark this course as a “must attend” in 2011.

“Course explained a lot of tools that will let me help clients more efficiently.” A.D., SC

 “This course was very relevant and informative. I’m very glad I attended this course.” J.P., GA

Course Information

CPE Credit: Recommended for 4 hours Accounting

Instructional delivery method: Group-live demo and discussion using color computer projection – NOT a hands-on course

Prerequisites: Basic knowledge of recording transactions in QuickBooks and preparing QuickBooks-based financial statements

Program level: Intermediate

Advanced preparation: None

Designed for: Accountants and auditors who need to understand the meaning of the numbers behind QuickBooks-based financial statements and controllers who need to schedule and verify the accuracy of balances before an audit, review, compilation, or tax return preparation

Who should attend: QuickBooks users, controllers, accountants, and auditors seeking information on understanding and confirming the data contained in QuickBooks-based financial statements

Course Highlights

• Describe QuickBooks-based techniques for organizing workpapers, including Naming and Grouping Reports, Establishing Report Dates, Creating a Reconciliation Report, Reviewing and Correcting Account Types, Using the Working Trial Balance, and Setting a Closing Date and Closing Date Password
• Define QuickBooks' Client Data Review tool and identify opportunities to use it in both QuickBooks Accountants Edition and Non-Accountant Editions to perform tasks such as Troubleshooting Account Balances, Reclassifying Transactions, Reviewing List Changes, Applying Unapplied Vendor and Customer Credits, and Fixing Incorrectly Paid Sales Taxes
• Describe techniques for reconciling and maintaining asset accounts, including Tips and Tricks for Bank Reconciliations, Adjusting Accounts Receivable on Cash-Basis Financial Statements, Reconciling Prepaid Expenses, Managing Employee Cash Advances, and Depreciating and Reconciling Fixed Asset accounts
• Describe techniques for reconciling and maintaining liability and equity accounts, including Converting Accounts Payable to Cash-Basis, Handling Item Receipts, Managing Sales Taxes, Tracking Customer Deposits and Retainers, Amortizing Loans in Loan Manager, and Clearing Balances in Opening Balance Equity

Dates & Locations