QuickBooks Online

Advanced Certification
Exam Prep Training
Module 9:
End of Period Activities

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Agenda

MODULE 1: Advanced Categorization

MODULE 2: Advanced Features
MODULE 3: Advanced Banking
MODULE 4: Advanced Reports
MODULE 5: Inventory Management
MODULE 6: Sales Tax
MODULE 7: Special Transactions
MODULE 8: Multicurrency
MODULE 9: End of Period Activities
MODULE 10: Complex Conversions

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Additional Resources

QuickBooks Accountant Training: Firm Of The Future Blog: Intuit Marketing Hub:
qbtrainingevents.com firmofthefuture.com http://intuit.me/hub

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CPE Process

In order to receive CPE credit in each training session, you must:

• Be present for a minimum of 50 minutes to earn 1 CPE credit.

• Respond to 75% of the checkpoints during each session
• Answer 1 polling question per hour during each session
• If all requirements are met, your CPE appears in your USER PROFILE in the virtual conference
within 24 hours. And, you will receive an email with your CPE attached from:
intuit@theonlineexpo.com (please add to your approved contacts)
• If you only meet the above requirements in part, your CPE will be processed manually. Your
certificate will be emailed to you within 2 weeks following the close of the event.
• Example, 2-hour training session, you only attend 1-hour and meet all other requirements
during that hour. You will receive partial credit.

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Exam Prerequisites

Member of QuickBooks ProAdvisor Program

QuickBooks Online Certified
Proficient with accounting principles
Have hands-on experience using QuickBooks Online Accountant and supporting
QuickBooks Online clients.
Have deep product knowledge and/or experience with client engagements using
QuickBooks Online

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Exam Candidate Expectations and Things to Know

Understand advanced topics

Comprehend training material
Ability to work through scenario-based questions
Draw on your expertise and trusted advisor role
No CPE for exam itself. However, live training is eligible for CPE.
Exam may be completed in any order
Multiple-choice questions may contain one or more correct answer(s)

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How to Access Training & Exam

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QuickBooks Online Advanced Certification

5 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

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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 April to June 30 on what’s new in QuickBooks Online to
maintain core and advanced certification status for another year.
Gain Advanced Certification between 11/1/20 to 10/31/21 – recertify by June 30, 2022

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

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Module 9: End of Period Activities

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

Recognize best practice when reviewing and

troubleshooting QuickBooks Online Lists

Recognize best practice identifying and

troubleshooting Undeposited Funds
Identify best practice when working with the Write off
functionality in QuickBooks Online
Recognize the steps to troubleshoot inventory balance
issues

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Module 9: End of Period Activities

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

Recognize the steps to identify and troubleshoot over or

under-stated A/R or A/P

Recognize the steps to identify and troubleshoot clearing

account balances
Identify how to batch-reclassify transactions in
QuickBooks Online Accountant
Recognize some of the issues or limitations of the
Reclassify tool
Identify how the Reclassify tool can be used to change
classes and locations

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Module 9: End of Period Activities

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

Recognize that Prep for taxes is a new feature that

replaces Trial Balance

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

Identify the processes available and information needed

to prepare forms for non-employee compensation

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Module 9: End of Period Activities

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

State the options and processes available within

QuickBooks Online to prepare Forms 1099-NEC

Identify steps to set a closing date and review exceptions

in the Exceptions to Closing Date report

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Module 9: End of Period Activities

Lesson 1: Review Lists

Lesson 2: Issues with Undeposited Funds
Lesson 3: Write Off Invoices
Lesson 4: Troubleshoot Inventory
Lesson 5: Troubleshoot Other Account Balances
Lesson 6: Batch Reclassify Transactions
Lesson 7: Prep for Taxes
Lesson 8: Prepare Forms 1099
Lesson 9: Closing Date and Exceptions to Closing Date

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 1: Review Lists

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Review Lists
Lists to review:

Chart of Accounts
Customers
Vendors
Products and Services

What to look for:

Is the list too long?

Are there duplicates?
Are they set up correctly, including type and mapping

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Examine the Chart of Accounts

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Chart of Accounts - Usage
Unlimited accounts in QuickBooks Online Advanced
Up to 250 accounts in other subscription levels

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Chart of Accounts - Usage
Unlimited accounts in QuickBooks Online Advanced
Up to 250 accounts in other subscription levels

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Chart of Accounts – Merging

Accounts must be the same account and detail type

• Open the account you don’t want to keep

• Rename to the account you do want to keep

• Click Yes to confirm the merge

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Chart of Accounts – Make Inactive

When an account is made inactive:

• It will still show up on transaction-based reports
with (deleted) after name
• It reduces the number of accounts counting
towards usage limits

If you make a balance sheet account inactive that

has a balance, QuickBooks zeroes out balance with
offset to Opening Balance Equity

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Chart of Accounts – Make Inactive

Account Troubleshooting:

Issue How to fix

Accounts mapped to an active Product/Service items can’t • Change the account mapping
be made inactive • Make the Product/Service item inactive

An income account mapped to billable expenses can’t be • Invoice customers for unbilled time, expenses, or
made inactive if there are unbilled charges charges

Inactivating accounts with sub-accounts will inactivate both • Move subaccounts to somewhere else on the Chart of
the parent and subs Accounts
• If balance sheet account with balance, make sure
balance is zero

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Customer / Vendor Lists

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Customer / Vendor Lists
Make any customers no longer needed Inactive

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Customer / Vendor Lists

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Products and Services
Review account mappings

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Products and Services – Notes on Changing Accounts
If you change income or expense account associated with non-inventory or service type - can
check to update historical transactions

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Products and Services – Notes on Changing Accounts
If you change asset, income or expense account associated with inventory type - it will affect
historical transactions

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 2: Issues with Undeposited Funds

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Issues with Undeposited Funds

Invoice Payment Deposit

Income Account Undeposited Undeposited

+ Funds + Funds -

Correct Workflow ✓
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Issues with Undeposited Funds

Invoice Payment Deposit

Income Account Undeposited Income Account

+ Funds + +

Incorrect Workflow 
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Undeposited Funds – How to Fix

Go back to original
deposit
Check off payments
received
Delete line(s)
posting to income

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Undeposited Funds – If Too Many

Create new deposit

Select old Undeposited
Funds (maybe deposit
per month, quarter or
year?)
In Add funds to this
deposit,
enter income accounts
incorrectly affected, as
negative number

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 3: Write Off Invoices

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Write Off Invoices: If Cash Basis

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Write Off Invoices: If Cash Basis
Use QuickBooks Online Accountant Write off tool

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Write Off Tool - Troubleshooting

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Write Off Invoices: If Accrual Basis or Sales Tax is Involved

When to use the direct method:

QuickBooks Online Accountant Write off tool not recommended when:
Sales tax involved
Invoice in closed or prior period
Accrual basis
Set up:
Service item “Bad Debt, Taxable” & “Bad Debt, Nontaxable”, mapped to bad debt
expense (or contra-income)
Turn off auto-apply credits setting

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Write Off Invoices: Enter Credit Memo

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Write Off Invoices: Enter Credit Memo

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Write Off Invoices: Receive Payment and apply

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 4: Troubleshoot Inventory

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Troubleshoot Inventory Balances

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Troubleshoot Inventory Balances
Filter by: Product/Service = Not Specified

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Troubleshoot Negative Inventory Balances

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 5: Troubleshoot Other Account Balances

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Correcting Overstated A/R

Three options to correct:

Complete the workflow
Record payments > Edit incorrect deposit > Add payment >
Delete incorrect distribution line
Make a Journal Entry
Single journal entry with multiple lines posting to Accounts
Receivable
Receive Payment to apply journal entry to invoice
Post to A/R
Go back to original deposit and post to Accounts Receivable
Assign to customer
Receive Payment to apply deposit to invoice
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Correcting Overstated A/P
Edit incorrectly recorded check or expense
Add bill from the drawer

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Troubleshooting Clearing Accounts

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Examples When You Might Use a Clearing Account

• Cleaning up the Undeposited Funds account

• Adjusting for donated inventory and changes in value
• Tax-only transactions and adjustments
• Daily sales summary
• Allocation entries
• Cleaning up Accounts Receivable and Accounts Payable balances that
need to be moved and applied other customer or vendor balances
(barter transactions)

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Reconciling Balance Sheet Accounts

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Reconciling Clearing Accounts

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 6: Batch Reclassify Transactions

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Reclassify Account or Class in Batch

Reclassify transactions tool facts:

• Accountant-only tool
• Can reclass accounts, classes, or locations

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Reclassify Account or Class in Batch
Reclassify Tool Limitations:
• Payroll transactions can’t be reclassified
• Sales tax transactions can’t be reclassified
• Distribution lines with Product/Service items can’t be
reclassified
• Billable expense transactions can’t be reclassified
• Header/payment (bank or credit card) account for
expenses can’t be reclassified
• Can’t reclassify to A/R or A/P without customer or
vendor name
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Advanced Reclassification Options

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Reclassify Account in Batch

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Reclassify Account in Batch
Choose account and set filters

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Reclassify Account in Batch
Select transactions and click on Reclassify

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Reclassify Account in Batch
Can change account on non-item based transactions and class on all transactions

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Reclassify Account in Batch
If you try and change account on item-based transaction, you will get error message

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Reclassify Account in Batch
Modify by Accounts to see transactions which can have account changed

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Reclassify by Class
Filter by Class to see the class assigned to transactions

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Reclassify by Location

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Reclassify Accounts for Items

You can bulk reclassify accounts mapped

to items

• Not done in the Reclassify Tool

• Edit the account in Product/Service
Information screen
• Check the box “Also update this
account in historical transactions”

This will update ALL transactions using

this item for ALL dates

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 7: Prep for Taxes

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Prep for Taxes and your workflow

Year
Quarter 1 Quarter 2 Quarter 3 Quarter 4
end

Throughout the year, you as the accountant or bookkeeper will

manage the client’s QuickBooks data

At year end, it’s time to make sure everything really is correct,

optimized, and ready to hand over to a tax preparer or tax
professional. This is where Prep for Taxes comes in

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Prep for Taxes Replaces the Trial Balance Feature

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Prep for Taxes: Documents

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Prep for Taxes: Review & adjust

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Prep for Taxes: Review & adjust

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Prep for Taxes: Grouping & statements

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Prep for Taxes: Tax mapping

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Export Tax Mapping to Excel

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Prep for Taxes: Export to ProConnect Tax Online

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities

LESSON 8: Prepare Forms 1099

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Understanding Forms 1099 Tracking in QuickBooks

Forms 1099 are required for:

• Unincorporated businesses
• Who receive payments of $600 or more
during a calendar year, for:
• Services
• Rents
• Commissions

• 1099-Misc and 1099-NEC

For more information about 1099, see the IRS website

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Which payments should be included on Forms 1099?

Payments that are included

• Cash Examples of codes to use in the number field
• Check to exclude transactions from being reported
• EFT Payments
Debit Debitcar Dbt

Dbt card Dcard Debit cd

Payments that are not included
Visa Masterc Mc
• Credit card
• Debit card Chase Discover Diners

PayPal Amex Credit

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Preparing Form 1099-MISC – Contractor Information Setup

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What the Contractor Sees

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Preparing Form 1099-MISC – Review Vendor List with 1099 Column

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9:
End of Period Activities

LESSON 9:
Closing Date & Exceptions to Closing Date

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Closing Date

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Exceptions to Closing Date Report

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Next Steps

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How to Access Training & Exam

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QuickBooks Online Advanced Certification

5 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

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