QBO Cert Exam Module 7 - 8

QuickBooks
Online Certification
Preparation
Module 7 Banking and Tools
Module 8 Preparing Clients’ Books
Presenter: Stacy I. Kildal
Intuit Confidential and Proprietary

Stacy I. Kildal
Owner, Kildal Services LLC
Co-Host & Co-Founder, QBOShow.com
Charter Member Intuit Trainer/Writer Network
Wrote original QBOA courses & First person QBO
Certified
@StacyKildal Named Top 100 ProAdvisor 2014-17 & Most Powerful
StacyK.net Women In Accounting 2012-17
Intuit Confidential and Proprietary 2

CPE Process
In order to receive CPE credit:

This course is eligible for up to 1.5 hours of CPE.
CPE certificates are emailed directly to you within 3 weeks of the training date
to the email address you used to register.

Prepare for Today
Sign up for the free QuickBooks ProAdvisor Program:
Go to: bitly.com/pap_join or quickbooks.com and click on Accountants menu
Additional Resources
Accountant QuickBooks Training: Firm of the Future Blog: QuickBooks Online Blog:
qbtrainingevents.com firmofthefuture.com quickbooks.intuit.com/blog

Prepare for today
Sign up for the free QuickBooks ProAdvisor Program:

In order to take your exam, you must be enrolled in the QuickBooks ProAdvisor
Program, which is free! Go to:
http://bitly.com/pap_join Or QuickBooks.com/ProAdvisor

QuickBooks Online Certification
• 8 Sections
• Multiple choice, submit each section, then submit all sections for
grading; 80% or better each section to pass
• Only need to re-take sections not passed
• 3 Attempts to pass; 60-day lockout after 3 successive not pass

attempts

Accessing the exam

Accessing the exam

New to QuickBooks Online?
Sign up for the Introduction to QuickBooks Online Accountant course at

www.qbtrainingevents.com to learn the basics of QuickBooks Online.
• Recognize how to navigate QuickBooks Online Accountant to manage clients and

practice all in one place
• Learn how to extend QuickBooks Online’s functionality through apps and the ecosystem
• Perform basic money in transactions in your client’s QuickBooks Online company
• Perform basic money out transactions in your client’s QuickBooks Online company
• Describe the benefits of using bank feeds to clients

Agenda - Track 1 QuickBooks Online Certification
Session 1: Module 1: QuickBooks Solutions for Clients

Session 2: Module 2: Client Onboarding
Session 3: Module 3: Special Client Onboarding Tasks
Module 4: Managing Your Client Work
Session 4: Module 5: Supporting Your Small Business Clients
Module 6: Reporting
Session 5: Module 7: Banking and Tools
Module 8: Preparing Clients’ books

QuickBooks Online Certification Training
MODULE 7:
Banking and Tools
LESSON 1:
Refresh Your Skills: Using bank feeds

Refresh Your Skills: Using bank feeds
LEARNING OUTCOMES
Upon completion of this topic, you should

be able to:
Recognize the benefits for clients of using bank feeds
Describe what the For Review and Reviewed lists
show in the Banking Center
Describe how to match transactions

Using Bank Feeds

Special Features of Bank Feeds
Unlimited
Smart Learning Access from your
Bank/Credit Card
mobile device
Feeds

Reviewing Bank Feed Transactions

QuickBooks Online
Certification Training
MODULE 7:
Banking and Tools
LESSON 2:
Refresh Your Skills: Best Practice Bank
Feed Workflows

Refresh Your Skills: Best Practice Bank Feed Workflows
LEARNING OUTCOMES

be able to:
Recognize best practice workflows for bank feed
transactions

Matching Existing Transactions
SALES & BANK FEEDS
Sales Receipt
Invoice Payment M
Verify existing sales
activity has cleared by
matching to bank feeds
Deposit
Tools and slide deck: http://bit.ly/tour_qbo_intro Intuit Confidential and Proprietary 19

Match Sales Transaction

Matching Existing Transactions
EXPENSES & BANK FEEDS
Expense
Check M
Verify existing expense
activity has cleared by
matching to bank feed
Bill Payment

Match Expense Transaction

Adding New Transactions
ADDITIONAL BANK FEEDS
ADD
Bank Feed
Add remaining
transactions with
bank downloads

Add New Transactions

Grouping Bank Feed Transactions

Batch Processing Transactions

DEMO
QuickBooks Online
MODULE 7:
Banking and Tools
LESSON 3:
Managing Receipts

Managing Receipts
LEARNING OUTCOMES

be able to:
Describe how to register for receipt forwarding
Describe how to review, add and match receipts

The Receipt Workflow

Setting up receipt forwarding

Uploading receipts

Snapping receipts via the mobile app

Reviewing, matching, and adding receipts

QuickBooks Online
MODULE 7:
Banking and Tools
LESSON 4:
Excluding Transactions

Excluding Transactions
LEARNING OUTCOMES

be able to:
Describe when and how to exclude a bank transaction

When to Exclude Transactions
Exclude transactions when:
A duplicate transaction has been

imported from the bank
An existing transaction has been

reconciled using the Reconcile
tool and cannot be matched to a
downloaded transaction

DEMO
QuickBooks Online
MODULE 7:
Banking and Tools
LESSON 5:
Creating Simple Bank Rules

Creating Simple Bank Rules
LEARNING OUTCOMES

be able to:
Identify when to create a simple bank rule

About Bank rules
• Bank Rules automate the categorization of the transactions on the bank feed,
including assignment of the transaction type, category, payee, class, and location.
•
They can also be used to automatically split transactions.

•
Rules can be prioritized over other rules, copied, edited, and exported.
• You can even create bank rules to automatically add transactions

Creating a rule

Creating a rule

Creating a rule

Creating a rule
You can drag and drop rules into the order you
want them applied – the one on top wins!

Creating a rule
ProAdvisor Tip:
Select Automatically add to my books
if you want the rule to automatically
record transactions that meet the defined
criteria without having to select the
button in the For Review tab!

DEMO
QuickBooks Online
MODULE 7:
Banking and Tools
LESSON 6:
Reconciling to the Bank

Reconciling to the Bank
LEARNING OUTCOMES

be able to:
Explain the importance of reconciling the bank at set
dates
Recognize how to utilize bank reconciliation tools

Reconciling in QuickBooks Online
With a bank statement, the power of QuickBooks Online and its smart learning,
reconciliation can be done quickly and efficiently
Reconciling is the process to verify that the transactions in QuickBooks agree to the
bank or credit card statement.

Reconciling Accounts



An intelligent reconciliation experience

DEMO
Beginning balance discrepancies

Rogue Transactions

Undoing a reconciliation

QuickBooks Online
MODULE 7:
Banking and Tools
LESSON 7:
Recurring Transactions

Recurring Transactions
LEARNING OUTCOMES

be able to:
Describe when and how to use recurring transactions

Helping your clients create recurring transactions
Recurring transactions in
QuickBooks Online can
be set up to manage
pretty much any of the
first transactions in any
workflow, like sales
receipts, invoices, bills,
journals, checks,
deposits, or expenses

Creating Recurring transactions

Creating Recurring transactions

DEMO
QuickBooks Online
MODULE 8:
Preparing Clients’ Books
LESSON 1:
Key Tasks for Year End

Key Tasks for Year End
LEARNING OUTCOMES

be able to:
Identify the appropriate key tasks reports and tools for
preparing a client’s books for year or period end

Year end accounting checklist
1. Verify balance sheet accounts are reconciled
2. Review Profit & Loss statements
3. Evaluate Accounts Receivable and Accounts Payable
4. Analyze Fixed Assets and Depreciation Expenses
5. Run the Taxable Sales report
6. Review Year-End financial reports
7. Submit W-2s and 1099s

Verifying Balance Sheet accounts are reconciled
Key Actions
• Check all accounts are reconciled
• Verify amounts from reconciliation match
the balance sheet
Key Reports
• Balance sheet
• Reconciliation Summary report
• Reconciliation history by account
• Reconciliation Discrepancy Report
• Payroll liability report

Review Profit & Loss account activity
Key Actions
• Check for uncategorized/miscategorized
transactions
• Check tax filing for payroll
• Make sure all contractors have been
tracked for 1099 payments
Key Reports
• Balance sheet
• Payroll Summary by Employee Report
• Profit and Loss Report
• 1099 Contractor Balance Detail report

Evaluate Accounts Receivable and Accounts Payable
Key Actions
• Check all purchases bills have been
recorded
• Check all payments received bills have
been recorded
Key Reports
• Accounts payable including A/P Aging

• Accounts receivable including A/R Aging
• Open invoices report
• Unpaid Bills report

Analyze Fixed Assets and Depreciation Expense
Key Actions
• Review major expenses
• Record depreciation
• Review equity accounts
Key Reports
• Balance sheet

Run the Taxable Sales Report
Key Actions
• Run the Taxable Sales report
Key Reports
• Taxable Sales report

Review Year-End Financial Reports with Your Client
Key Actions
• Produce any management reports
Key Reports
• Balance sheet

Submit W-2s and 1099s Key Actions
• Submit W-2s for employees
• Submit 1099s for contractors

Additional Year-End Activities
Provide correct tax basis for a tax professional

• Prepare asset list for depreciation calculation
• Prepare mileage log for auto expense deduction
• Provide required permanent docs for tax preparation
• Provide current ownership information
• Line by line matching of draft tax returns
• Post-tax adjustments

Accountant Toolbox

DEMO
QuickBooks Online
MODULE 8:
LESSON 2:
Reclassify Transactions

Reclassify Transactions
LEARNING OUTCOMES

be able to:
Recognize how to reclassify transactions and why you
might need to do this

Reclassify Transactions Tool
You can reclassify by account or class

Reclassify Transactions Tool

DEMO
QuickBooks Online
MODULE 8:
LESSON 3:
Write Off Invoices

Write Off Invoices
LEARNING OUTCOMES

be able to:
Recognize how to write off invoices and why you might
need to do this

Write off Invoices

Write off Invoices

Write off Invoices

DEMO
QuickBooks Online
MODULE 8:
LESSON 4:
Prep for Taxes

Prep for Taxes
LEARNING OUTCOMES

be able to:
State when Prep for Taxes is used
Describe how to use the Prep for Taxes tool to ready a
client's books for the Tax Preparer

Prep for Taxes and your workflow
Year
Quarter 1 Quarter 1 Quarter 1 Quarter 1
end
Throughout the year, you as the accountant or bookkeeper will manage the clients
QuickBooks data
At year end it’s time to make sure everything really is correct and optimized and
ready to hand over to a tax preparer or tax professional. This is where Prep for
Taxes comes in

Prep for Taxes Tool

Prep for Taxes Tool

Prep for Taxes Tool

Prep for Taxes Tool

Prep for Taxes Tool

Prep for Taxes Tool

Prep for Taxes Tool

QuickBooks Online
MODULE 8:
LESSON 5:
Closing the Books

Closing the Books
LEARNING OUTCOMES

be able to:
Utilize the Close Books function and access the
Closing Date Exception Log

Closing the books

DEMO
Closing the books – changing transactions prior to the closing date

Exceptions to Closing Date report



QuickBooks Online
MODULE 8:
LESSON 6:
Next Steps

Accessing the exam

QuickBooks Online Certification
• 8 Sections
• Multiple choice; submit each section then
submit all sections for grading
• 80% to pass each section
Only need to re-take sections not passed
3 Attempts to pass (each section)
60-day lockout

Accessing the exam

Accessing the exam

After You Pass Your Exam
• Download your new Certified ProAdvisor Badge from the same
button you clicked to take the exam.
• Use your badge on for your website, biz cards, etc.
• Create or Update your ProAdvisor Profile in the Find-a-ProAdvisor

Referral Database. Best Practices:
― Include a picture not your logo

― Include a short bio about the services you offer
― Select the certifications you have complete

Recertification and leveling up
• Once certified, you can also continue your journey with a range of additional courses
that will add to your knowledge and impress clients.
― ProAdvisor additional courses: Visit www.qbtrainingevents.com
― ProAdvisor certification badges
• Recertify every year between March to July 31 on what’s new in QuickBooks Online
to maintain certification status for another year.
― Certified between March 1, 2019 to February 28, 2020 – recertify in 2020

QBO Cert Exam Module 7 - 8

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QuickBooks

Intuit Confidential and Proprietary

Intuit Confidential and Proprietary 2

In order to receive CPE credit:

Intuit Confidential and Proprietary 3

Intuit Confidential and Proprietary 5

Sign up for the free QuickBooks ProAdvisor Program:

Intuit Confidential and Proprietary 6

• 3 Attempts to pass; 60-day lockout after 3 successive not pass

Intuit Confidential and Proprietary 7

Intuit Confidential and Proprietary 8

Intuit Confidential and Proprietary 9

Sign up for the Introduction to QuickBooks Online Accountant course at

• Recognize how to navigate QuickBooks Online Accountant to manage clients and

Intuit Confidential and Proprietary 10

Session 1: Module 1: QuickBooks Solutions for Clients

Intuit Confidential and Proprietary 11

Intuit Confidential and Proprietary 12

Upon completion of this topic, you should

Intuit Confidential and Proprietary 13

Intuit Confidential and Proprietary 14

Intuit Confidential and Proprietary 15

Intuit Confidential and Proprietary 16

Intuit Confidential and Proprietary

Upon completion of this topic, you should

Intuit Confidential and Proprietary 18

SALES & BANK FEEDS

Tools and slide deck: http://bit.ly/tour_qbo_intro Intuit Confidential and Proprietary 19

Intuit Confidential and Proprietary 20

EXPENSES & BANK FEEDS

Tools and slide deck: http://bit.ly/tour_qbo_intro Intuit Confidential and Proprietary 21

Intuit Confidential and Proprietary 22

ADDITIONAL BANK FEEDS

Tools and slide deck: http://bit.ly/tour_qbo_intro Intuit Confidential and Proprietary 23

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Upon completion of this topic, you should

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Upon completion of this topic, you should

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Exclude transactions when:

A duplicate transaction has been

An existing transaction has been

Intuit Confidential and Proprietary 37

Intuit Confidential and Proprietary

Upon completion of this topic, you should

Intuit Confidential and Proprietary 40

They can also be used to automatically split transactions.

• You can even create bank rules to automatically add transactions

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