quickbooks online certification need to study

What are the common tasks for Sales,Banking and expenses

• Set-Up Tasks

• Frequent Tasks

• Occasional Tasks

• Reports and Insights

Set up Tasks for Sales and customers

• 1. Managing the products and services list

• 2. Managing the customers list

• 3. Customizing sales
  forms

• 4. Adjusting options in the account and settings

4 Item types

• Inventory

• Non-Inventory

• Service

  Bundle

How to add a new service or more inventory

Sales > Products and services > New >

How to add a new customer

Sales > Customers > New Customer >

What are the fields you need to make a new service/product

• Name

• Company Name

• Addresses

• Notes

• Additional Info

• Payments

How to add a custom sales form

General settings > Custom Form Styles

What is the 5 frequent tasks ?

1. Using Estimates

2. Recording Sales using invoices

3. Recording Sales using sales receipts

4. Receiving Payment for an invoice

5. Recording nonconstomer deposits

Where can you go to create and see estimates ?

Sales > Estimates

How do you convert an estimate to a purchase order

Sales > All Sales > click the stimate you want to convert > click the action column > Convert to invoice > update > save

How to turn on Purchase Order Feature

settings > account settings > expenses > pencil icon > purchae orders > turn on purchase orders switch > save

How to copy estimate to purchase order

select +New > estimate > Enter customer/service details > dropdown click on copy to purchase order > vendor >cick customer > save

How to record payment from invoice

New+ > Receive Payment > Click corresponding data

How do you process undeposited funds

• +new

• Receive payment

• select the invoice

• in the “undeposited deposit

3 occasional tasks for sales

1. Issuing customer statements

2. issuing credit memos and customer refunds

3. using recurring sales transactions

Types of customer statements

• Balance Forward

• Open Item

• Transaction Statement

How to create customer statements?

Sales > Customers > (the specific customer) > New transaction > Statement > statement type > details > save and send

Credit Memo

Transactions that can be applied to customer invoices as part of full payment

What does Credit Memos do on the balance sheet ?

They reduce accounts receivable but not cash

When Should Clients use credt memos ?

When they want to give credit to a customer for open and/or future invoices but dont want to issue an immediate refund

How to create credit memos?

+new > credit memo > customer > click customer name > customer details

Apply the credi memo to an invoice

+new > receive pyment > customer > select customer > outstanding transactions > credits > click the invoice you want > save and close

How to record a refund

sales > invoices > select invoice > more > refund > fill out info

Scheduled Template

a template that automatically create a transaction at a set frequency or on set dates.

Unscheduled Template

A template that is a starting point to record transactions in the future that occur on an ad-hoc basis or where the details are subject to change each time.

Reminder Template

A template for transactions that occur on a regular, scheduled basis, but where the client doesn’t want QuickBooks Online to process them automatically because they need editing before they’re created.

Create a new recurring transaction

Transactions > recurring transactions > new > Select the type > fill in the rest > Save and create

Sales report

A report that focuses on the revenue generated from sales activities. It provides details on the sales transactions within a specified period

income report

A report that is also known as an income statement or profit and loss statement—provides a broader view of a business’s financial performance over a period, showing not just sales but also other income and expenses.

Accounts Receivable Aging Summary and Detail

reports show all customers who currently owe the client and how old their balances are. 

When do you use Accounts Receivable Summary

when a client wants to prioritize which customers to contact to get outstanding payments from.

Customer Balance Summary and Detail reports

reports contain similar data to the Accounts Receivable Aging reports, but without the aging details.

When do you use Customer Balance Summary and Detail reports

Use when a client wants to…

Get an overall general view of the open accounts receivable balances for each customer without the dates

Collections Report

reports that have same data as on the Customer Balance Detail report, with the addition of customer phone numbers. You can customize the report to show other useful details, such as email addresses.

When do you use Collections Report

Use when a client wants to Collect the outstanding amounts.

Customer Contact List

report contains all the contact details held for each customer.

Sales by Customer Summary and Detail reports

reports show the client’s customers and how much income they generated in the defined period.

When do you use Sales by Customer Summary and Detail

Use when a client wants to Identify customers with the same buying trends.

Income by Customer Summary report

report contains similar data as the Sales by Customer Summary and Detail reports, with the addition of expenses per customer, as long as they have enabled tracking expenses by customer.

When do you use Income by Customer Summary report

Use when a client wants to Get a great overview of performance by customer.

Sales by Product/Service Summary and Detail reports

reports show how many of each item on the products and services list were sold in a period, and how much income they generated. 

When do you use Sales by Product/Service Summary and Detail report

See the quantity (this must be enabled) and amount of products and services sold. This report can also show their percentage of total sales and the average price.

Set Up Tasks for transactions

• Connecting accounts

• creating Bank rules

How to connect bank accounts and credit card accounts

1. Transactions

2. bank transactions

3. link account

4. fill out info

5. done

How to manulaly upload your bank transactions

Bank transactions> Link account > upload from file > drag and drop the files

How to set up bank rules?

transactions > rules > New Rule

What are the steps when creating new bank rules ?

1. Specifiy which rule applies

2. set any conditions

3. specify where the rule should look for transactions

4. Specify what the description or bank text should contain

5. select what the description text doesnt contain

6. selecting amount instead of description or bank text

7. add a condition

8. test rule

What are the frquent tasks with transactions

• Processing Receipts

• Reviewing transactions with rules applied

• Reviewing money out transactions

• reviewing money in transactions

Processing Receipts

The process of reviewing receipts. Quickbooks will look for duplicates if none are found it wwill be recorded in other areas aside from the receipts tab

Reviewing transactions with rules applied

The process where quickbooks will look for duplicate transactions. If a duplicate is found they will be labeled as so. After this Quickbooks will apply the bank rules to rach transactions in the order applied

Reviewing money-In transactions

The process of recording money in transactions using the undeposited funds workflow