Advanced Training for Accounting Professionals
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.
• 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
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.