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QuickBooks Online 2022 Vs Excel #2 - New Company File And Two Months Of Data
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1 STUDENTS
33h 55m

Learn how to enter two months of data input into an accounting system using QuickBooks Online and Microsoft Excel.

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Course Skill Level
Beginner
Time Estimate
33h 55m

Instructor

Robert (Bob) Steele CPA, CGMA, M.S. Tax, CPI


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About This Course

Who this course is for:

  • Accountants
  • Bookkeepers
  • Business owners

What you’ll learn: 

  • Building of an accounting system and entering two months of data input into it
  • The difference in complexity of entering data for the first month of operations, a time when we have no historical data to help us, and entering data in following months, a time when we do have prior history and transactions to help simplify the process

Requirements: 

  • No prior knowledge is required to take this course

Software version used in the course:

  • QuickBooks Online 2022

This course will discuss the building of an accounting system and entering two months of data input into it. We will compare the process using an accounting system in QuickBooks Online and an accounting system using Excel. Because Excel is a much more transparent tool, it will provide us a much better understanding of the workings of QuickBooks.

The QuickBooks related sections of the course will cover the following:

We will create a new company file and populate it with two months of data input.

The data input will cover every significant form in each operating cycle, including the revenue cycle, the payables cycle, and the payroll cycle. The primary operating cycles are also commonly grouped as the customer, vendor, and employee cycle.

As we enter financial transactions, populating forms, we will analyze the impact on the financial statement and related reports.

Entering two months of data will allow us to see the difference in complexity of entering data for the first month of operations, a time when we have no historical data to help us, and entering data in following months, a time when we do have prior history and transactions to help simplify the process.

The Excel related sections of the course will cover the following:

In this course, we will create an accounting system starting from a blank Excel worksheet and add beginning balances to our accounts.

Learners will learn how to navigate Microsoft Excel as well as how to create a well-designed accounting worksheet, complete with a general journal, trial balance, general ledger, and subsidiary ledgers for accounts receivable, accounts payable, and inventory.

Excel is a very good tool to learn accounting because it is much more transparent than a database program, like accounting software, QuickBooks being a common example of accounting software.

For most new steps in the process, you will have access to a downloadable Excel Workbook, containing at least two tabs, one with the answer, the new steps being completed, the other starting out where the prior presentation left off.

Once our accounting system using an Excel worksheet is set up, we will add journal entries to enter beginning balances to our accounts, imagining we are moving from a prior accounting system to our new Excel worksheet system.

When adding the beginning inventory balance to the chart of accounts, we will also add an inventory subsidiary ledger, reporting inventory by item and unit, as well as by cost.

As we add the beginning accounts receivable balance to the chart of accounts, we will also add the accounts receivable subsidiary ledger, showing the money owed to the company by the customer.

And when we add the accounts payable balance to the chart of accounts, we will add the accounts payable subsidiary ledger, reporting the money owed by the company to vendors.

Our Promise to You

By the end of this course, you will have learned how to enter two months of data input into an accounting system. 

10 Day Money Back Guarantee. If you are unsatisfied for any reason, simply contact us and we’ll give you a full refund. No questions asked. 

Get started today!

Course Curriculum

Section 1 - Start A New Company File In QuickBooks
Documents To Download 00:00:00
6010 Comprehensive Problem Introduction 00:00:00
6040 Free 30 Day Trial Setup 00:00:00
6060 Account And Settings Company Tab 00:00:00
Section 2 - Company Preferences
6080 Account And Settings Billing And Subscription Usage And Sales Tabs 00:00:00
6100 Account And Settings Expenses Payments Time And Advanced Tabs 00:00:00
6120 Manage Users 00:00:00
6140 QuickBooks Labs Dark Mode 00:00:00
Section 3 - Excel - Create Worksheet For New Company Accounting Transactions
6010 Set Up Excel Worksheet 00:00:00
6012 Set Up Excel Worksheet #2 00:00:00
6014 Set Up Excel Worksheet #3 00:00:00
6016 Set Up Excel Worksheet #4 00:00:00
Section 4 - Adding Service Items And Inventory Items
6240 Entering Beginning Balances Customers Vendors And Items Overview 00:00:00
6260 Enter Service Items 00:00:00
6280 Inventory Tracking Options 00:00:00
6300 Set Up Inventory 00:00:00
Section 5 - Excel - Adding Inventory Items And Related Inventory Account Balances
6300 Inventory And Inventory Subsidiary Ledger 00:00:00
Section 6 - Sales Tax Setup, Add Customers, And Add Vendors
6320 Sales Tax 00:00:00
6360 New Vendors Setup And Accounts Payable Beginning Balances 00:00:00
6340 New Customers Setup And Accounts Receivable Beginning Balances 00:00:00
Section 7 - Excel - Add Customers, Add Vendors, And Accounts Receivable And Accounts Payable Balance
6340 Accounts Receivable And Subsidiary Ledger 00:00:00
6360 Accounts Payable And Subsidiary Ledger 00:00:00
6362 Financial Statements 00:00:00
Section 8 - Opening Balances, Adjustments To Equity, And Manual Payroll Setup
6380 Add New Accounts And Opening Balances 00:00:00
6400 Adjust Opening Balances 00:00:00
6420 Payroll Setup 00:00:00
6440 Generate Reports After Entering Beginning Balances 00:00:00
Section 9 - Excel - Add Opening Account Balances
6380 Add New Accounts And Opening Balances 00:00:00
6383 Adjust Beginning Balances In Worksheet For Current Period Data Input 00:00:00
Section 10 - Month 1 - Record Owner Investment, Purchase Of Fix Asset And Investment
7020 Deposits Owner Investment And Loan 00:00:00
7040 Purchase Of Furniture And Investment Transactions · 00:00:00
Section 11 - Excel - Month 1 - Record Owner Investment, Purchase Of Fixed Assets And Inventory
7020 Record Deposits From Owner And Loan 00:00:00
7040 Purchase Of Furniture And Investment Transactions 00:00:00
Section 12 - Month 1 - Enter Purchase Order And Enter Check Or Expense Form From PO
7060 Enter Purchase Order P.O. 00:00:00
7080 Cash Payment For Inventory Linked To Purchase Order P.O. 00:00:00
Section 13 - Excel - Month 1 - Enter Transactions For Purchase Of Inventory
7080 Cash Payment For Inventory Linked To Purchase Order P.O. 00:00:00
Section 14 - Month 1 - Enter Invoice, Sales Receipt And Deposits
7100 Invoice Selling Inventory 00:00:00
7120 Receive Payment Transaction And Form 00:00:00
7140 Sales Receipt Payment Received At Point Of Sale 00:00:00
7160 Deposits From Payment To Deposit Or Undeposited Funds 00:00:00
Section 15 - Excel - Month 1 - Enter Transactions For Sale Of Inventory And Deposits
7100 Invoice Selling Inventory 00:00:00
7120 Receive Payment From Previous Invoice 00:00:00
7140 Sales Receipt Payment Received At Point Of Sale 00:00:00
7160 Deposits From Undeposited Funds 00:00:00
Section 16 - Month 1 - Enter Invoice, Receive Payment Bill
7180 Invoice Created From Check Created From Purchase Order 00:00:00
7200 Receive Payment And Make Deposit 00:00:00
7220 Write Checks For Expenses And Prepaid Assets 00:00:00
7240 Bill Pay 00:00:00
Section 17 - Excel - Month 1 - Enter Transaction For Sale Of Inventory, Receive Payment And Bill
7180 Invoice Created From Check Created From Purchase Order 00:00:00
7200 Receive Payment And Make Deposit 00:00:00
7220 Write Checks For Expenses And Prepaid Assets 00:00:00
7240 Bill Pay 00:00:00
Section 18 - Month 1 - Create Customer Job, Pay Employees, And Create Sales Receipt For Job
7260 Jobs Sub Customers And Projects 00:00:00
7280 Pay Employees 00:00:00
7281 Payroll Adjustment 00:00:00
7300 Enter Billable Time And Add To Invoice For Job 00:00:00
Section 19 - Excel - Month 1 - Transactions For Payroll And Create Sales Receipt
7280 Pay Employees 00:00:00
7281 Pay Employees Part 2 00:00:00
7300 Enter Billable Time And Add To Invoice 00:00:00
7301 Enter Billable Expenses To Invoice 00:00:00
Section 20 - Month One Reports
7320 Month One Reports 00:00:00
Section 21 - Excel - Month 1 - Create Financial Statements
7320 Month One Financial Statements 00:00:00
Section 22 - Month 2 - Enter Loan Payments, Create Amortization Tables And Investment
8020 Make Amortization Table 1 00:00:00
8022 Make Loan Payments 00:00:00
8040 Short Term Investment Sales And Gains 00:00:00
8060 Change Account Categorization To Other Expense 00:00:00
Section 23 - Excel - Month 2 - Enter Loan Transaction, Create Amortization Table And Investment
8005 Format Worksheet For New Month 00:00:00
8020 Make Amortization Table 00:00:00
8022 Make Loan Payments 00:00:00
8040 Short Term Investment Sales And Gains 00:00:00
Section 24 - Month 2 - Enter Purchase Order, Sales Receipt, Bill For Inventory
8080 Purchase Order Adding New Items 00:00:00
8120 Sales Receipt Deposit 00:00:00
8122 Record Receipt Of Inventory With Bill Linked To P.O. 00:00:00
Section 25 - Excel - Month 2 - Sale, Cash Received At Same Time And Bill For Inventory
8120 Sales Receipt Deposit 00:00:00
8122 Record Receipt Of Inventory With Bill Linked To P.O. 00:00:00
Section 26 - Month 2 - Invoice From Billable Item, Advanced Customer Deposit
8130 Populate Invoice Using Billable Item That Was Created From P.O. 00:00:00
8140 Advanced Customer Payment Or Unearned Revenue Method 1 00:00:00
8160 Apply Customer Deposit Credit To Invoice New Title Intro 00:00:00
8200 Advanced Customer Payment Or Unearned Revenue Method 2 00:00:00
Section 27 - Excel - Month 2 - Invoices For Service Sales And Advanced Customer Deposit
8130 Populate Invoice Using Billable Item That Was Created From P.O. 00:00:00
8140 Advanced Customer Payment Or Unearned Revenue Method 1 00:00:00
8160 Apply Customer Deposit Credit To Invoice 00:00:00
8200 Advanced Customer Payment Or Unearned Revenue Method 2 00:00:00
Section 28 - Month 2 - Invoicing For Hourly Service
8320 Bill For Hourly Services Of Staff Enter Billable Time 00:00:00
8322 Create Invoices Using Billable Time Receive Payment And Make Deposit 00:00:00
Section 29 - Excel - Month 2 - Transactions For Billable Time
8320 Bill For Hourly Services Of Staff Setup Items Enter Billable Time 00:00:00
8322 Create Invoices Using Billable Time 00:00:00
Section 30 - Month 2 - Invoicing For Rental Income With Advanced Customer Deposit
8340 Rental Income Set Up Service Items 00:00:00
8342 Rental Income Customer Deposit 00:00:00
8344 Rental Income Invoice Receive Payment And Deposit 00:00:00
Section 31 - Excel - Month 2 - Rental Income Transaction And Advanced Customer Deposit
8342 Rental Income Customer Deposit 00:00:00
8344 Rental Income Estimate And Invoice 00:00:00
Section 32 - Month 2 - Purchase And Finance Equipment And Recategorize Fixed Assets
8360 Purchase And Finance Equipment 00:00:00
8362 Subaccounts Categories For Fixed Assets 00:00:00
Section 33 - Excel - Month 2 - Purchase And Finance Equipment
8360 Purchase And Finance Equipment 00:00:00
8362 Subaccounts Categories For Fixed Assets 00:00:00
Section 34 - Month 2 - Enter And Pay Month End Bills And Pay Sales Tax
8365 Bills Enter Sort And Pay 00:00:00
8370 Pay Sales Tax 00:00:00
Section 35 - Excel - Month 2 - Enter And Pay Month End Bills And Pay Sales Tax
8365 Bills Enter Sort And Pay 00:00:00
8370 Pay Sales Tax 00:00:00
Section 36 - Month 2 - Enter Payroll And Pay Payroll Tax For Prior Period
8380 Enter Payroll For Second Month 00:00:00
8381 Enter Payroll For Second Month Adjustment 00:00:00
8385 Pay Payroll Taxes 00:00:00
Section 37 - Excel - Month 2 - Enter Payroll And Pay Payroll Tax For Prior Period
8380 Enter Payroll For Second Month Part 1 00:00:00
8381 Enter Payroll For Second Month Part 2 00:00:00
8385 Pay Payroll Taxes 00:00:00
Section 38 - Month 2 - Generate Month End Report And Review Work
8420 Create Reports After Second Month Of Data Input 00:00:00
8421 Reports Month Two Save As Pdf And Export To Excel 00:00:00
Section 39 - Excel - Month 2 Financial Statements
8420 Create Reports After Second Month Of Data Input YTD 00:00:00
8421Create Reports After Second Month Of Data Month Of February Only 00:00:00