Accounting

In QuickBooks Online Accountant, what can you access with the new button?

A range of workflows for customers, vendors, and employees.

Which of the following are features of a client's QuickBooks Online Company?

1. A QuickBooks Online company is made up of lists and transactions. 2. There are multiple entry points for finding different lists and transactions. 3. As an accountant user, you have additional drop-down menu in your client's company. 4. Settings and tools can be accessed from the gear icon.

How many points does your firm need to reach the platinum tier of the ProAdvisor Program?

800 points

Which Intuit product allows you to manage your clients and your practice all in one place?

QuickBooks Online Accountant

Cash Basis Accounting

Revenues- When cash is received Expenses- When cash is paid out When to use it- Simple service based businesses that DO NOT require: a. Reporting A/R(customers) b. Reporting A/P (vendors) c. Does NOT have inventory Tax Basis Cash Basis Accounting 1. Taxable income/loss for three years is $25 million or less 2. Exceptions for Inventory

Accrual Basis Accounting

Revenues- When services are complete, but not received. Expenses- When they occur but not paid out When to use it- ALL businesses EXCEPT for the ones in cash-basis accounting.

Which of the following items can you access from the Your Practice area?

1. A list of client companies 2. Your team and a list of practice members 3. ProAdvisor tips 4. The Work Space 5. The Apps Space

Monthly Tasks for Accounting Lifecycle

1. Balance Checkbook a. Make sure cash transaction entries are accurate and that you're working with correct cash position. 2. Review Past-Due Receivables a. Send out reminders to customers/clients about past-due balances at the beginning of each month. 3. Analyze Inventory Status a. Reorder the products that sell quickly b. Identify those that are moving slow and that may need to be marked down or axed. 4. Process Payroll a. Withhold, report, deposit applicable income, SS, Medicare, disability taxes to agencies by the due date. 5. Review Profit and Loss vs. Budget a. If there is no budget, compare current P&L with the same prior period year-to-date. 6. Review Month-End Balance Sheet vs. Prior Period a. Compare current balance sheet with one in the same period of the last year to see how you're managing assets and liabilities.

Daily Tasks for Accounting Lifecycle

1. Check Cash Position a. Start each day knowing EXACTLY how much cash you have on hand.

Which of the following benefits will you gain by becoming a ProAdvisor?

1. Discounts on Software and Apps 2. Access to Training and Support 3. Access to Marketing Resources 4. Your firm will be listed in the Find-A-ProAdvisor directory.

Quarterly Tasks for Accounting Lifecycle

1. File Estimated Quarterly Taxes a. File estimated quarterly taxes to avoid fines and lower your year-end tax burden. 2. Review Quarterly Payroll Reports a. IRS requires payroll reports/ payments 3. Review Sales Tax and Make Payments a. IF operating in a state with required sales tax, comply with making payments. 4. Prepare Annual P&L Estimate a. Evaluate how much you're making and what caused the changes.

What information can you see on the dashboard?

1. Income and Sales Data 2. Profit and Loss Figures 3. Expenses 4. Credit Card Balances 5. Bank Balances

When you log into QuickBooks Online Accountant, whose books can you directly access and manage?

1. QuickBooks Online Clients' Books 2. QuickBooks Self-Employed Clients' Books 3. Your Practice's Own Books.

Weekly Tasks for Accounting Lifecycle

1. Record Transactions a. Record every transaction (customer billings, payments, vendor payments) into proper account at least every week. 2. Document/File Receipts a. Keep copies of ALL invoices, cash receipts, cash payments and add them to files for easy reference. 3. Review Unpaid Bills a. Create records for each vendors and keep track of: I. Billing Dates II. Amounts Due III. Payment Due Dates 4. Prepare and Send Invoices a. Include payment terms in invoices b. Offer early payment incentives 5. Pay Vendors, Sign Checks a. Track A/P and set aside funds to pay suppliers on time 6. Review Projected Cash Flow a. Create statements showing: I. Current Cash Position II. Expected Cash Receipts III. Expected Cash Payments

Annual Tasks for Accounting Lifecycle

1. Review Past-Due Receivables a. Check past-due receivables and decide whether to send it to collection agency or write it off as a tax deduction. 2. Review Inventory a. Calculate the value of items NOT sold and use the unsellable inventory as a tax deduction. 3. Fill out W-2/ 1099 MISC a. February 1 is the deadline to report annual earnings of W-2(full-time employees) and 1099 MISC( independent contractors) 4. Review and Approve Year-End Financial Reports and Tax Returns a. Review documents before sending them to accountants and or the IRS.

How do you earn points for your firm through the ProAdvisor Program?

1. When you add a new self-employed client. 2. When you set up a new client with a QuickBooks Online subscription. 3. When a member of your team passes a certification exam.

Which of the following statements about the QuickBooks Online Dashboard are true?

1. You can see deposits and information on unpaid and overdue invoices. 2. You can select a card and go to the sales and expenses center. 3. It's where you land when you enter a client account.

Because QuickBooks online is ?, files are synced in real time, so you can work with your clients from anywhere, from any connected device.

In the cloud