Orientation

 Wednesday (create QB account)

 Every Monday (live session) 9pm to 12 am (check email for new zoom meeting pass
every Sunday)
 Usually, data entry
 Copy bank statement
 Provide complete financial report before passing to local cpa
 Adjusting entries, audit and tax (local cpa)
 Signing contract with client with disclosure (Google Drive)
 Engagement letter (Google Drive)
 Payroll and Taxation not included in the course (another course)
 Upwork top freelancing site
 Deliver high quality output
 Freelancing sites (Google Drive)
 Linkedin (search bookkeeper, location worldwide, remote)
 Optional activity (Can be access by Saturday)
 AR or AP client can be voice
 Usually non voice
 Target clients(usa, uk, au, ca)
 One year consultation Coach Mab (Slack)
 Optimize your profile thru the certificates to boost your profile
 Excel (Manual Accounting Templates) Google Drive
 Usually B/S and I/S preparation sa Manual Acctg
 Third party Apps ( can be use para mapadali ang trabaho) e.g. Fathom (Quickbooks
site)
 Check Materials Tab on Any Video of the Training
 CREATE NEW EMAIL ADRESS FOR FREELANCING PURPOSES
 TAXUMO SITE FOR BIR FILING (PAG STABLE NA CASH FLOW)
 May Inventory ang pinaka mahirap
 Data migration and qb ang Madali
 Service Business Madali
MODULE 1
BASIC ACCOUNTING 101
Drive [Link]
Glossary or Accounting Terms
[Link]
Additional Resources – Accounting Fundamentals [Link]
v=Z75ZgXZYn8s

MANUAL ACCOUNTING SYSTEM TEMPLATE

Drive [Link]
Sample Actual Work 1
[Link]
Sample Actual Work 2 [Link]
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Journal Entries Cheat Guide [Link]
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How to use the template: Step By Step Procedure
Step 1. Request the following data to your clients
-previous year's financial statement or trial balance
-complete bank or credit card statements
-chart of accounts
Step 2. Input the chart of accounts in the template (all GJs and GOA sheets)
Step 3. Input all bank and credit card transactions on their corresponding GJ Sheets
Step 4. Input the adjustments or adjusting entries (depreciation, accruals, deferrals, other
adjustments) in the GJ sheets.
My Notes:
GOA(Grouping of Accounts) - Condense Version of BS and IS
- Linked to GJ
I/S-B/S-SCE - Linked to GOA

Edit the Chart of Accounts for GJ and GOA Sheet

Reference No. is the Voucher Number
Reference and Check no. are optional but its important in the organization of data
Adjusting Entries on Journal Sheets

CASH FLOW PROJECTION TEMPLATE

Drive [Link]
Cash Flow Projection Template
[Link]
Sample Actual Work [Link]
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How to use the template: Step By Step Procedure
Step 1. Request previous year's books of accounts from client especially general ledger
Step 2. Review the general ledger and identify all fixed and variable expenses; coordinate
with the client to complete the assumptions sheet
Step 3. Complete the OPEX sheet with the previous year's actual data and use the
averages to get the break-even sales estimate.
My Notes:
Previous Year’s data is important
Analyze the GL and identify the fixed and variable cost
Communicate with the client about the percentage assumption rate of variable expenses and CGS
Projected PL and Projected Cashflow sheet Linked in Assumptions
Mostly ang ineedit is Assumption Sheet
After PL and Cash Flow, I can work on OPEX
In OPex sheet, Input the Expenses of the previous year and input it on the assumption sheet to
be divided on the Total sale to get the percentage
In OPex Sheet, Average column is automated
In Breakeven sheet, classify the fixed and variable amount (and eedit lang is yung fixed and
variable column)
In Breakeven sheet, input current sales and current profit

BANK RECON TEMPLATE

Drive [Link]
Sample Bank Recon [Link]
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How to use the template: Step By Step Procedure
Step 1. Request bank or credit card statements and general ledger to the client.
Step 2. Input books and bank transactions in the schedule sheet
Step 3. Verify if the amounts in the bank statements are consistent with the client's books
Step 4. Check for books/bank reconciling items and input in the schedule sheet if there
are any.
Rule of Thumb: "Put it where it isn't"
Step 5. Input the reconciling items totals in the POC sheet.
Step 6. Check if the adjusted bank balance and adjusted book balance is equal. If they are
not equal, you must repeat the process until the balances are identical.
Step 7. Repeat the process for the following months with the ending balances of the
previous month as the beginning balances of the following month.

My notes:
Coach advice na every bank ni client kailangan may bank recon separately
POC sheet is the summary, Bank and book are tallied
3 sheets per month
Amount in the schedule sheet is the breakdown of the total in POC sheet
“CV not found” in the schedule sheet means hindi Nakita yung voucher( not recorded in the
books of client)
Kung qb online, tapos gagamit ng excel, magrequest ng GL kay client

ADVANCE EXCEL (FORMULAS AND FUNCTIONS)

Drive [Link]
Sample Excel Formulas & Functions Guide
[Link]
Additional Resources
[Link]
[Link]
Coach most function used: vlookup,hlookup, pivot table
Budgeting on Excel for Cash Flow projections
Study EXCEL (watch on youtube)

QUICKBOOKS PART 1
NAVIGATING QUICKBOOKS ONLINE
Navigating Quickbooks- Terms and Definitions
[Link]
Subscription Cheat Guide [Link]
MpyOrytg91xFyNgiQhNLO4yd/view
Chart of Accounts Cheat Guide
[Link]

My Notes:
Request Accountant access to client dahil limited access lang kung Admin access
Chart of Accounts: Request Trial Balance for the previous year
WORKFLOW -  you can automate common tasks in QuickBooks like sending payment
reminders to customers. You can also send reminders to your team to complete specific tasks,
like reviewing open invoices.

TAGS – doesn’t affect the books

What’s the difference between tags and categories?

Tags are more flexible. You can track things the way you want and they don't affect your books.
Categories are used on your chart of accounts and by accountants for tax purposes.

What's the difference between tags and classes?

Use classes if you need to group income and expenses for things like job costing, budgeting, or
fund accounting. You can also use classes to track specific line items.
Tags track things at the transaction level.
If you want a simple way to track info you care about, use tags.

What’s the difference between tags and locations?

Use locations to track income, expenses, and assets for multiple sites or areas. Locations work
well when you need to charge sales tax based on address.

CUSTOMERS VENDORS
With terms / w/o payment Invoice (-Receive Payment) Bills (-Pay Bills)
With payment Sales Receipt Expenses or Checks
Other Accounts Estimate Purchase Order
Credit memo Vendor Credit

CUSTOMERS
Estimate, Credit memo, Delayed Credit, Delayed charge – non posting transactions,

Refund Receipts – Send money back to customers

Credit – reduce what they owe the client

Estimates can be converted to Invoice

Credit memo

 If your customer wants to immediately reduce their current open balance, use a credit
memo.
 Your customer can use their credit memo as payment for an invoice. They can use all of
their credit memo or a portion of it.
 You can apply a credit memo when recording payment for a customer’s invoice.
 Credit memos impact sales reports, even if you don't apply them to invoices.
Delayed credit

 If you want to track a customer's credit for future use, and they don't want it to
immediately affect their current open balance, use a delayed credit.
 Your customer can use their delayed credit to reduce the balance of an invoice.
 You can add delayed credits to future invoices as a line item.
 Unlike credit memos, delayed credits don't impact sales reports until you apply them
to invoices.

Bank deposits - income not related to the business sales e.g. interest income& loan proceeds

Transfer - you move money from one account to another

You can transfer funds between two accounts using any of the following methods:

 Record a new transfer

 Record a transfer by check
 Match imported bank transactions (if you're connected to online banking)
 Make a journal entry (Check with your accountant first)

Journal Entry – last resort for entering transactions

Here are a few reasons to create a journal entry:

 Enter debits and credits manually, like in traditional accounting systems.

 Transfer money between income and expense accounts.
  Transfer money from an asset, liability, or equity account to an income or expense
account.

Create Statements - for customers; can be used as donor or pledge reports.

- shows all activity between start and end dates you choose.

Inventory qty adjustments - Sometimes you might discover that you have either more or
fewer of an item than QuickBooks shows. you can manually adjust
an item's quantity without recording a purchase or sale, to match
what you actually have in stock.

Note: When you save the inventory adjustment, QuickBooks

Online automatically records appropriate adjustments to your stock
Asset and Cost of Goods Sold (under stock Shrinkage) accounts.

Important: Be very careful editing inventory adjustment entries.

This can greatly impact your accounting. If you're not sure if you
should do this, reach out to your accountant.

Batch Transactions - enter multiple expenses or bills at the same time

-especially for users who handle accounts payable or accounts

receivable

- can duplicate the same bill or expense and send them to multiple
people

Pay down Credit Card -Help your customers move their money from a bank to a credit
card account 

-record credit card payments in multiple ways so you can keep

track of your expenses

QUICKBOOKS ONLINE – PART 2

QB Setup for your Client

SETUP GUIDE [Link]

Client Onboarding Questionnaire

[Link]
edit#gid=721511931

Chart of Accounts Cheat Guide

[Link]
My Notes:

Click the first link on top to see the Setup Guide

If the client doesn’t want to migrate all transactions from previous years, the previous
balances of last year are the ones to be carry over (import trial balance of previous year)

Import first the item list, bago mag record ng journal entry (from trial balance)

Item list (3rd to last) refers to chart of account, customers, vendor, employee and products
or services

The second to the last step (Link the bank) si client ang gagawa

Last step, link third party apps (e.g. ecommerce or amazon) (optional)

Look on Google Drive:

for Engagement Letter, Sample Proposal

Send client Welcome Packet Template after signing the Contract

Send Onboarding Questionnaire and Document Checklist

Request View access on Bank

I have an option to bill the client directly (best option) for the QB subscription. I must
communicate with the client as to what plan is best to his company

In the case where the client doesn’t want to connect his bank: Request for pdf statement or CSV
file

First is to establish is Bank on Chart of Accounts

Name Format (Bank---Account type---last 4 digits of Account number) e.g. BPI

Checking 4454

Recording Transactions – Using CSV

Recording Transaction Guide

[Link]
My Notes:

QB site, Dashboard to banking or Go straight to banking

First recording of transaction before bank reconciliation

QB site, Click “go to register” and See if there’s a “Reconciled through 12/31/nn”

Wells Fargo Site, Click Account, Click Download Account Activity

Wells Fargo Site, Data coming from the bank must begin after the date of the reconciliation up to
the current date

Wells Fargo site, Account Summary Section, Step 3: Select Comma Delimited(CSV), Click
Download

Open the File, Excel,

Edit Excel, Header are Date/Amount/Description

Excel, Negative amount is the withdrawal. Positive Amount is the Deposit

*Credit card transactions to QB: in the amount section, edit: Positive amount is the payment,
Negative is the charges. Change positive to negative. Vice versa

How: Insert a column beside the amount, Put -1 beside the first amount, Select all
amount(Shft+Ctrl+↓),Then (Ctrl+Alt+V), Click Multiply. Delete the Column with -1

To update the Bank:

Go to banking, click the bank

Click the arrow in the dropdown of Update, Click Upload

Click the file

May error kapag : May zero ang amount and more than 1000 ang transactions

Take note: before the upload of csv, the balance of the account must not have a balabce, ang
indicator ay yung colored number on the lower right(number of transactions). To exclude, click
the dropdown with batch actions and select the “exclude”
Recording Transactions – Using Autofill form

Recording Transaction Guide

[Link]

Autofill are for Withdrawals only, Deposit si client na gumagawa

Recording Transactions – Using “Copy” Feature

Recording Transaction Guide

[Link]

Recording Transactions – Using Online Banking

Recording Transaction Guide

[Link]

Tips on Categorizing Transactions

Bank Reconciliation – Part 1

QBO Bank Reconciliation Guide

[Link]

Bank Reconciliation – Part 2

Data Migration

Data Migration Guide

[Link]

Data Migration/Saasant Template [Link]

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Chart of Account Guide for Data Migration

[Link]
QBD to QBO Migration

Step by Step Guide [Link]

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QUICKBOOKS ONLINE – PART 3

Troubleshooting – Reconciling Loans

Google Drive
[Link]

Troubleshooting Guide [Link]

n9dwXEMowFVfuhHL541/view

Third Party App that can be use “Hubdoc”

Loan Statements should be available monthly

Recommend client to have a Google drive or Dropbox folder for loans (pdf or csv file)

Go to Reports → Balance Sheet Report → The Loan Account

Check if the value of the Loan account matches the balance in the Loan statement (on a
particular date)

If it does not match, Click the account on the B/S report → on the Date drop down bar
select “All Dates” → Click Run report

Start the reconciliation from the date of when the loan was acquired and Ask the client
for the loan statetements from start todate

For Interest and Finance charges

Record this first as Prepaid expenses, pag dinagdag na agad yung interest sa account on
the issuance date dahil kv ailangan mag amortize(interest) every month

Important points: “Issuance date” is relevant

Troubleshooting – Reconciling Fixed Assets

Troubleshooting Guide [Link]
n9dwXEMowFVfuhHL541/view

Sample Depreciation Lapsing Schedule

[Link]

Fixed Assets or Expense?

Ask the client for the capitalizatiom limit, for e.g. $500 above is fixed asset and below
will be expenses

Ask the client for the useful life, or sometimes a country has a policy on how many years a
particular asset is to be depreciated.

Acquisition of FA is dated 1-15 of the month, depreciation is on that month.

Acquisition of FA is dated 16-31 of the month, depreciation is on next month.

Depreciation expense is recorded as Journal entry Dr. Depr. Exp Cr. Accumulated Depr.

You can click the “Make recurring entry”, so that the entry will be automated every month. And
edit the interval.

Troubleshooting – Reconciling Receivables/Payables

Troubleshooting Guide [Link]

n9dwXEMowFVfuhHL541/view

Ask the client for customers/suppliers statement of accounts. Or

Email customers and suppliers for their statement of accounts. Ask clients permission.

For Receivabes, Email can be found on Sales → Customers → Name of the Customer →
Customer Details

The client and the customers/suppliers should agree with the open balances

If the open balance does not match with each other, Click the drop down arrow under the Action
column of that particular customer.

Drop down arrow → Create statement→ Statement Type: Transaction statements →

Select start date and end date → click Apply → You can click Print or Preview option → Click
save and send
Important: invoice no, date, due date, total amount of invoice and the open balance

For Payables, Expense Tab → Vendor → Name of the Vendor →Vendor details

How to write off overdue receivables: ( recorded as bad debt expense)

Click Accountant Tools → Write off Invoices

Troubleshooting – Reconciling Inventory

Troubleshooting Guide [Link]

n9dwXEMowFVfuhHL541/view

Stock on hand on physical stores matches the Inventories on Quickbooks

Sales Tab → Product and Services

Click Dropdown arrow on Edit, under Action column. To know what income and expense
account

Troubleshooting – Reconciling Paypal

Troubleshooting Guide [Link]

n9dwXEMowFVfuhHL541/view

Troubleshooting – Reconciling Deposits

Deposits coming from the bank statement, are put first in the Uncategorized Income

In reconciling, you need to know the Breakdown of Deposits on “Banking” tab, to know where
receipts or invoices in the books will it match or apply.

You should have an user access to their ecommerce sites

Coach Example third party app (Shopify)

Log in to Shopify, Click payout

Click the amount you want to see the breakdown

 The Fee should be separated from sales

Cash basis, pwede na Diretso sa Bank deposit

Accrual, recorded muna sa invoice or receipts