Scaling New Heights

Advanced Training for Accounting Professionals

Cash vs Accrual Basis Accounting in QB Desktop and QBO – Recognizing the Differences and Idiosyncrasies

Speaker(s): Joe Aliota

Both QuickBooks Desktop (QBDT) and QBO include the ability to generate reports on either cash or accrual basis.  While cash basis reports essentially eliminate accounts receivable and payable from those reports in both QBDT and QBO, there are circumstances when this is not the case.  Additionally, there are considerable differences between the how each software handles the elimination.  Let’s explore those differences and how some transactions aren’t eliminated, and how some reports don’t include transactions that one might expect would be included.

Learning Objectives: 

•    Understand Cash vs Accrual Basis from an accounting perspective
•    Understand how QBDT vs QBO reports cash basis
•    Recognize why A/R and A/P might appear on a cash basis balance sheet in QBDT, and what transactions cause this
•    Recognize special transactions that one would expect to be included in cash basis reports that are not included
•    Learn alternative methods of recording those transactions above that are not included in cash basis reports, so that they are included

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Idiosyncrasies of QuickBooks Online

Speaker(s): Joe Aliota

QuickBooks Online is the present and future of QuickBooks. The accounting behind some of the features in QBO may surprise an unaware user or accounting professional. This class will identify those features and their accounting quirks, teach class participants what an accounting professional would expect, and bridge the gap by recommending best practices to ensure proper accounting is followed.

Learning Objectives:

  • Identify the features in QBO with accounting idiosyncrasies including (but not limited to):
  • Deleting/inactivating customers or vendors with outstanding balances
  • Deleting/inactivating inventory items with quantity on hand and asset value
  • Writing off A/R using the accounting tool
  • Transactions that cannot be assigned a Class or a Location
  • Intuit Online Payroll deductions and additions with setup limitations
  • How unapplied payments received from customers and payments made to vendors affect cash basis reports
  • Learn the QBO accounting behind the above, and what the proper accounting should be
  • Understand best practices regarding the above to ensure proper accounting
  • Recognize where best practices recommended in the QBO Advanced Certification exam training may not be the best practices

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