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Advanced QuickBooks Online - Handling Tricky Transactions


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QuickBooks Online is the world’s most popular cloud accounting program, with over 1.8 million companies using it every day to manage their businesses.
This session will focus on how to handle tricky transactions such as Customer Deposits, Loan accounts, Dishonored Cheque ’s and much more. If you have been using QuickBooks Online for a while, this is a session not to be missed.
A full handbook will accompany the session so that attendees can replicate the tricks when they get back to their offices.

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Advanced QuickBooks Online - Handling Tricky Transactions

  1. 1. Lauretta Finis, TWN member & trainer @LaurettaBYBB Advanced QuickBooks Online: Handling tricky transactions WiFi: QB Connect Password: Connect2017#QBConnect
  2. 2. 2
  3. 3. Take a few moments to Connect with your neighbor Find out what closest city, then town they live in
  4. 4. 4 Member of Intuit’s Aussie trainer/writer network Advanced Trainer & Certification Trainer Runner up Intuit Firm of The Future 2016 Quick Bizness Bookkeeping Solutions Today’s speaker Lauretta Finis Director, Quick Bizness Bookkeeping Solutions @LaurettaBYBB
  5. 5. 5 Presentation featuring: Buddy Danozzo
  6. 6. Tricky: a task or a problem, requiring care and skill because difficult or awkward Synonyms: difficult, awkward, problematic, delicate, ticklish, sensitive, touchy, risky, uncertain, precarious, touch-and-go Workarounds to accomplish a specific task
  7. 7. Tricky transactions Customer Deposits & Retainers Writing off Bad Debts Recording loan payments Daily sales summary Credits Splitting transactions by % Dishonored Cheque Agenda Troubleshooting Bank reconciliation Audit log Opening balance journal
  8. 8. Tricky transactions
  9. 9. Customer deposits / retainers & loan payments
  10. 10. 11 Loan payments Recording loan payments is a common transaction, but can be more complex Recording as an expense Recording via the online bank feed Customer deposits Its all in the set up Setting up the deposit item Customer deposits /retainers & loan payments
  11. 11. Writing off bad debt & splitting transactions
  12. 12. 14 Write off bad debts Creating an item called bad debts Split transactions by % Big time saver Fuel expenses split with drawings Electricity home expenses split with drawings Phone/mobile expenses Loan split between directors Deposit’s, POS split between different income streams Splitting transactions & write off bad debts
  13. 13. Credits
  14. 14. 16 There are credits and then there are credits, but which one do you use? How can I refund a client after I have received the money? Can i show a credit against a client for the next invoice? How can i send a credit note so the invoice is reduced? My supplier has sent me a credit amount what do it do with this? I have received a credit card credit how do i enter this? Refund receipts – delayed credits – supplier credit - credit card credit
  15. 15. Dishonoured cheques
  16. 16. 18 Cheques may come and go? Accounts Receivable, Bank will be affected Customer still has outstanding amount Dishonored cheque / deposits
  17. 17. Daily sales summary
  18. 18. 20 Cash register or POS daily Sales Don’t forget to reconcile Daily sales
  19. 19. Bank reconciliations
  20. 20. 22 There are several reconciliation problems Bank reconciliation problems are often caused by editing, deleting, or making other changes to reconciled transactions A common problem is when the beginning balance does not match the previous month’s ending balance Bank reconciliation
  21. 21. Questions?
  22. 22. Missed something? Today’s presentations are available in the event mobile app and at Don’t forget to rate my session: Open up the event app, find my session title in the agenda and click on rate & review