Quickbooks Pro Advisor
Adding members Tips:
If you add a member of your team to a client's QuickBooks Online file as an accountant user, they'll have the same permissions as a company administrator. It's worth considering that while access to the firm's QuickBooks Online Accountant company can be customized, team users can't have custom access to client files. This means that they see everything, including the client's payroll.
There are four types of user permissions that you can set up.
Company administrator: Access to all areas of QuickBooks Online, including settings and full access rights Standard user: You can control which areas of QuickBooks Online the user has access to Time-tracking only: Users sign in to a special version of QuickBooks Online that only has time sheets Reports only; Users sign in to a special version of QuickBooks Online that gives them access to almost all reports.
Rules of Journal Entries
A journal entry is an accounting transaction that posts directly to the General Ledger. Here are some rules regarding Journal Entries: Total debits must equal total credits in order to save the journal entry You can't use Products and Services items in a journal entry When posting to accounts receivable, you must specify a customer When posting to accounts payable, you must specify a vendor Your client may use multiple accounts receivable and/or accounts payable accounts in the same journal entry Your client can't mark an amount as billable to a customer
There are a few scenarios where QuickBooks Online would mark journal entries as adjusting journal entries.
Accrued expenses, deferred expenses accrued expenses
Which usage limits can you see in the Usage tab under Account and Settings?
Billable users Classes and locations Chart of accounts Tag Groups
The Work feature in QuickBooks Online Accountant allows you to:
Create projects and tasks right from your Work dashboard for all your clients. If they don't use QuickBooks Online, you can add them as a client at the same time you create a project Assign projects or specific tasks to yourself or your team members Manage requests and messages for your clients, along with all the work you do for them See a bird's-eye view of the deadlines of your firm and what's due today, next week, or next month, or what's overdue Set up repeating projects that will occur on a regular basis for the same client Duplicate existing projects across multiple clients to save time on manual entry
Which of these can you select in the Billing details tab to view an itemized invoice? Select all that apply
Download CSV, View PDF
How can you ask the client to send the correct bank statement, as part of a tracked conversation?
Edit the client request and add a comment
3 Levels of Access
Full access: This allows the user to edit QuickBooks Online Accountant firm information, modify team users, update the firm's ProAdvisor Preferred Pricing subscription billing account, and access the firm's books Basic access: This gives the user view-only access to QuickBooks Online Accountant firm information, but no access to team and subscription billing, and no access to the firm's books Custom access: This option allows you to customize the permissions for the team user
Key metrics to a profit and loss report
Gross Profit: This shows how much of your client's revenue is available to pay for operating expenses after paying for cost of goods or services sold Gross Profit Margin: This shows the amount of gross profit made for each dollar of sales Net Profit (loss): This shows the amount the company made or lost from operations Net Profit Margin: This shows the amount of net profit or loss for each dollar of sales
Client Questions pt.2
How much is my inventory worth? Report to use: Inventory Valuation Summary (or Detail) Why: It shows the book (purchase or cost) value of inventory items with quantity on hand. How much revenue (less cost of goods sold) is available to cover operating costs? Report to use: Profit and Loss Why: This is an important profitability metric. You can tell a business owner whether they need to raise prices or reduce spending, or both. How much have I spent on (insert category)? Report to use: Profit and Loss Why: This can help a business understand where they are spending their money. How much have I paid (insert vendor)? Report to use: Expenses by Vendor Summary (or Detail) Why: This can help a business to negotiate better pricing from their vendors if they are buying a lot from one particular vendor. Which vendors may also be classed as 1099 contractors? Report to use: 1099 Contractor Why: 1099 Contractor reports are critical to verifying and validating 1099 contractor payments and compliance requirements. If I show a profit, why isn't there any cash in the bank? Report to use: Statement of Cash Flows Why: The Statement of Cash Flows shows the cash flowing in and out of a business for a specific period of time. It breaks down the source of cash received and spent into operating, investing, or financing activities. This can help a business identify whether it's generating more cash than it's using.
Can clients see the notes in the client details screen?
No
When a client sets up QuickBooks Payments the first time, what sections do they need to fill in?
Personal info, Business info, Company Bank details
The Transaction Journal report can:
Provide clarity about the accounts affected by a transaction Assist in identifying suspicious or odd entries for accounts on other reports
Which of these does the Work feature in QuickBooks Online Accountant allow you to do? Select all that apply.
Set up repeating projects for the same client that will occur on a regular basis and Filter tasks by client, team member, or project type
For QuickBooks Time, which subscription options can you choose from?
Stand-alone, Integrated, Premium, Elite
There are three different types of customer statements
The Balance Forward statement shows a list of invoices and payments with the balance for the date range selected. It's perfect for situations where a client wants to provide customers with a summary of what is still due on their account. With the Open Item statement, your client can show a list of all open and/or unpaid invoices. Advise clients to use this when they want to provide detail of all unpaid invoices, unapplied payments, and credit memos to their customers. Use the Transaction Statement to show all the transactions between the customer and the client's business between two set dates. Clients might use this when there is a large volume of transactions for a customer so they can see how their payments have been applied.
QuickBooks Online will do the sales tax calculations for them based on:
The state where they're registered to collect sales tax The physical address of the client's business The customer's physical address The customer's sales tax status The tax category for the product/service
Which bank feed elements can be automatically configured via a bank rule?
Type Category Payee Class Location
Client Questions
Who owes me money? Report to use: A/R Aging Why: It lists all customers who currently owe balances and how old the balances are. Who are my top customers? Report to use: Sales by Customer Summary Why: A business can look at the characteristics of their top customers to help identify potential new customers who have the same characteristics. What are my top-selling and/or worst-selling products? Report to use: Sales by Product/Service Summary Why: A business can decide which products they should buy more of (high volume) or which products to put on sale (low-volume or slow-moving products). How much do I owe my vendors? Report to use: A/P Aging Why: It lists all vendors with open balances and shows how old the balances are. How much money did I make? Report to use: Profit and Loss Why: It shows profitability and how much money was earned and spent on each category. Can I afford that new equipment? Report to use: Balance Sheet Why: The Balance Sheet shows cash balances, money owed to the company, money owed by the company, and net income for the period.
