Quickbooks Online Training Portfolio

Quickbooks Online Training Portfolio


Introduction

Welcome to my Quickbooks Online Training Journey! In today's digital age, it has become increasingly important for businesses to keep up with the latest technology and software that has revolutionized the way businesses manage their finances. I have undergone training and have gained the necessary skills and expertise to help businesses utilize this powerful tool to its full potential. In this blog, I will be sharing my personal experience on my Quickbooks Online training journey. 

Quickbooks Online Training Portfolio Content

My training portfolio showcases my training output and includes the following: 

  • Merging Chart of Accounts
  • Importing a Customer List
  • Customizing Invoice Format
  • Creating Estimates and Invoice
  • Customer Statements
  • Credit Memos
  • Vendor Credits
  • Paydown Credit Card Feature
  • Creating Bank Rules
  • Recording Undeposited Funds
  • Creating and Using Recurring Transactions
  • Recording a Deposit Transactions
  • Creating Journal Entry
  • Creating a Transfer Transaction
  • Customizing Profit and Loss

Merging Chart of Accounts in Quickbooks Online

Task: 

Merge the Bookkeeper subaccount into the Accounting subaccount.

Procedures:

  1. Navigate to the Chart of Accounts screen either by selecting the Gear icon and choosing Chart of Accounts or by selecting Transactions from the left-hand navigation and choosing Chart of Accounts from there.
  2. Find the Bookkeeper account in the list, select the down arrow in the Action column, and choose Edit 
  3. In the Edit account panel, change the name of the account to Accounting
  4. To ensure you have the correct account name and spelling, you could first go to the Accounting subaccount and copy the name, then edit the Bookkeeper subaccount and paste the name in.
  5. Next, select Save
  6. To confirm that you want to merge the accounts, select Yes, merge accounts
  7. Select Save again

Importing a Customer List in Quickbooks

Task: 

  1. Use the link below to download the file Craig’s customer list to your computer. Craig's customer list: Craig customer list.xlsx (live.com)
  2. Import the customer list into his QuickBooks Online

Procedures: 

  1. First, download Craig’s customer list to your local computer. (The customer list is in the task dropdown in this ProAdvisor challenge)
  2. Go to the Sales center.
  3. Select the Customers tab.
  4. Select the dropdown next to New customer.
  5. Select Import customers.
  6. Select Browse.
  7. Upload Craig’s customer list.
  8. Select Next.
  9. Check that the mapping is correct, then select Next
  10. Finally, select Import.

Customizing Invoice Format in Quickbooks Online

Task:

Your client, Craig, asked you to help him customize the invoice he sends to his customers and needs the following customization
  1. Create a new invoice style
  2. Change the font of the invoice to Courier
  3. Change the invoice color to orange
  4. Save the customized form

Procedures:

  1.  Select the Gear icon, then Custom form styles
  2.  Select the New style dropdown and select Invoice
  3.  Select Try other colors and choose orange
  4.  Select Select a different font and choose Courier
  5. Select Done to save the customization
  6. Open your customized form to see your work

Creating Estimates and Invoicing the Customer in Quickbooks Online

Task:

Help your client, Craig, create an estimate. Here are some details:
a. The customer is Geeta Kalapatapu
b. The products needed for the job are 2 x fountain pumps ($15 each)

Here’s what you need to do:
a. Create an estimate
b. Invoice the customer 

Procedures:

  1. Select + New and then Estimate
  2. From the Customer dropdown, select Geeta Kalapatapu
  3. Set an Estimate date and an Expiration date
  4. In the Product/Service grid, select Fountain Pump
  5. Adjust the Quantity to 2
  6. Select Save and send
  7. Preview the estimate then select Send and close. Note that emails are not sent in Craig’s sample company file, but you can still carry out the challenge. 
  8. Next, select the Estimate tile in the money bar
  9. In the Action column next to the estimate for Geeta Kalapatapu, select Convert to invoice from the dropdown
  10. Review the details
  11. Then select Save and send
  12. Preview the email then select Send and close.

Sending Customer Statements in Quickbooks Online

Tasks:

Your client, Craig, asked you to help send a customer statement.

Here’s what you need to know:
a. The customer is Sushi by Katsuyuki
b. Craig wants to send a Transaction Statement showing the balance forward and any activity from the previous month


Procedures

  1. Select Sales, then Customers 
  2. Find Sushi by Katsuyuki on the list
  3. From the dropdown in the Action dropdown, select Create statement 
  4. Select Transaction Statement from the Statement Type dropdown
  5. Set the Start and End date to cover the previous month
  6. Select Save and send
  7. Preview the details and then select Send again

Creating Credit Memos in Quickbooks Online


Tasks

Your client, Craig, asked you to help him create a credit memo for a partial refund for services. 
Here’s what you need to know:
a. The customer is John Melton
b. The service was Design work
c. Craig billed the customer for 10 hours of work—which the customer paid for—although his crew actually only spent four hours on the project

You need to record the credit memo to credit the customer for six hours of design work.


Procedures: 

  1. Select + New, then Credit memo (or go to the All Sales tab in the Sales center and select New transaction and then Credit memo)
  2. Select John Melton from the Customer dropdown
  3. Select Design as the Product/Service item from the dropdown
  4. Enter 6 for the QTY. Make sure the rate is $75
  5. Select Save and close

Recording a Vendor Credit and Using to Pay a Bill in Quickbooks Online


Tasks:
Your client, Craig, has returned two items to a vendor and he needs your help.
Here’s what you need to know:
a. The vendor is Norton Lumber and Building Materials
b. The credit is for two Pumps at $10 each and was issued today
c. The vendor credit number is 100
d. The bill is for $205

Here’s what you need to do:
a. Record the vendor credit
b. Apply the credit to the vendor bill payment


Procedures:
  1. Select + New, then Vendor credit
  2. Select Norton Lumber and Building Materials from the Vendor dropdown
  3. Enter today’s date in the Payment date field
  4. Enter the vendor credit number—100—in the Ref. no field
  5. Select Item details to open the grid
  6. Select the Pump from the dropdown under Product/Service
  7. Enter 2 for the Qty and $10 for the Rate
  8. Select Save and close
  9. Next, from the left-hand navigation, select Expenses
  10. Scroll down to find the original bill for $205.00 for Norton Lumber and Building Materials
  11. Select Mark as paid from the Action column
  12. Next, select Save and close

Paydown a Credit Card in Quickbooks Online


Tasks:

Your client Craig paid his Visa credit card today and asked you to help him record the transaction in QuickBooks Online.

Here’s some useful information:

The payment was $500
Craig used his Checking account to pay off his Visa card
Here’s what you need to do:

Use the Pay down credit card feature to record the transaction


Procedures:

  1. Select + New, then select Pay down credit card 
  2. In the Which credit card did you pay? box, select Visa
  3. Leave the Payee field blank
  4. In the How much did you pay? box, enter $500
  5. Enter today’s date for the Date of payment
  6. In the What did you use to make this payment? box, select Checking
  7. Finally, select Save or Save and close

Creating Bank Rules in Quickbooks Online


Tasks
Craig would like you to categorize specific purchases from one of his vendors as promotional materials. He wants to review these purchase transactions before adding them to his books.

Here’s what you need to do:

a. Create a bank rule in QuickBooks Online
b. The rule should apply to purchases under $25 from Hicks Hardware
c. The rule should categorize these transactions as promotional and not automatically add them to Craig’s books


Procedures

  1. Open Transactions from the left-hand navigation
  2. Select the Rules tab
  3. Select New Rule
  4. Give the rule a unique name. For example, Hicks Hardware promo
  5. In the dropdown, select Money Out
  6. In the bank account dropdown, check All bank accounts
  7. Give the rule two conditions. For the first condition, select Bank text from the first dropdown
  8. Select Contains from the second dropdown
  9. Type Hicks Hardware in the final box
  10. Select + Add a condition
  11. Select Amount from the first dropdown, then select Is less than from the second dropdown, and enter $25 in the final box
  12. Make the transaction type Expense 
  13. Select the category. Make it Promotional
  14. Select the payee Hicks Hardware
  15. Make sure that the Auto-add slider is turned off
  16. Then select Save

Reconciling Undeposited Funds

Tasks: 

Craig has received checks from two customers for outstanding invoices. He doesn’t have time to take them to the bank yet and he asked you to record the received payments to Undeposited Funds (or Payments to deposit) in his QuickBooks Online file.

The first payment is for Kookies by Kathy, the invoice is 1016 and the amount is $75.00
The second payment is for Jeff’s Jalopies, the invoice is 1022 and the amount is $81.00


Procedures:

  1. Go to the + New button and select Receive payment
  2. In the Customer dropdown, select Kookies by Kathy
  3. Change the Payment date to today
  4. Select check as the Payment method
  5. Enter 1234 as the Reference number
  6. Make sure the Deposit to account is Undeposited Funds (or Payments to deposit)
  7. Check the box next to invoice 1016 to apply the payment to the invoice for $75
  8. Select Save and new
  9. For the next payment, select Jeff’s Jalopies from the customer dropdown 
  10. Change the Payment date to today’s date
  11. Select check as the Payment method
  12. Enter 12345 as the Reference number
  13. Make sure the Deposit to account is Undeposited Funds (or Payments to deposit)
  14. Check the box next to invoice 1022 to apply the payment to the invoice. It’s the one for $81
  15. Select Save and close

Creating and Using Recurring Transactions in Quickbooks Online



Tasks:

Your client, Craig, asked you to help him set up a recurring insurance expense.

Here’s what you need to know:

Craig has a new landlord, EDD
He has arranged to rent some warehouse space from EDD and will pay the rent on the first of each month
His monthly rent for the space is $500 and he’ll pay it from his checking account
Here’s what you need to do:

Set up a recurring monthly rent payment for EDD
Configure the transaction to happen on the first of each month, starting next month
Name the recurring transaction EDD Warehouse Space Monthly Rent

Procedures: 

  1. Select the Gear icon 
  2. Select Recurring transactions
  3. Select New
  4. Now choose Expense from the dropdown as the new transaction type 
  5. Select OK
  6. On the new screen, enter EDD Warehouse Space Monthly Rent as the Template name
  7. As the type, make it Scheduled
  8. Leave the Create days in advance box blank
  9. Select EDD from the payee list
  10. Make the account from which the payment will be made Checking
  11. Select Monthly as the interval (the first day of each month is already selected by default as the payment day)
  12. Make the Start date the first day of next month
  13. Leave the End date on None
  14. There’s no need to enter a payment method or reference number 
  15. In the Category details section, select Rent or Lease 
  16. Make the amount $500
  17. Select Save template

Recording a Deposit Transaction in Quickbooks Online


Tasks

Your client, Craig, needs some help to record a deposit transaction for a refund he’s received and for any other items in his Bank Deposit screen.

Here’s some useful information:

The refund is from Fidelity, his insurance company
It’s check number 5487
The refund amount is $30.00
It will be deposited into Checking and posted against the Insurance expense account

Here’s what you need to do:

Create a deposit transaction for the refund from his insurance company
Deposit anything else in Craig’s Bank Deposit screen

Procedures:

  1. Select + New, then select Bank deposit 
  2. Specify the Account as checking
  3. For the Date, add today’s date
  4. Select the other deposits by checking the boxes next to Cool Cars and Freeman Sporting Goods
  5. Now go to the Add funds to this deposit grid
  6. For the Received From column, enter Fidelity
  7. For the Account, select Insurance. Note that this is an expense account, so this deposit won’t be classified as a sale
  8. Select Check for the Payment Method
  9. Enter the insurance company’s check number, 5487, as the Reference Number
  10. Set the Amount as $30.00
  11. Finally, select Save and close

Creating Journal Entry


Tasks: 
Your client, Craig, received a $12k bill in November for an annual insurance policy that runs from December 1 this year to November 30 the following year. He paid the bill in November, posting the total amount to the Prepaid Expenses account.

You need to reclassify December’s portion of the bill payment from the Prepaid Expenses account to the Insurance account.

Here’s what you need to do:

Create a journal entry for December 31 to record the monthly bill portion of $1,000
The journal entry should debit the Insurance account and credit the Prepaid Expenses account


Procedures:

  1. Select + New, then select Journal entry
  2. In the Journal date box, enter December 31
  3. Accept the Journal Entry reference number
  4. In the first row of the table, select the Account field and then—from the dropdown—select Insurance (an expense account)
  5. Enter a debit amount of $1,000 and enter “Monthly portion of insurance expense for the year” in the Description column
  6. In the Account column of the next row, select Prepaid Expenses (an asset account) from the dropdown
  7. The Credit column should automatically be populated with $1,000, matching the debit. Similarly, the Description column should be automatically populated to say “Monthly portion of insurance expense for the year.” 
  8. Finally, select Save

Creating Transfer Transactions

Tasks

Your client, Craig, asked you to help him transfer some money to his savings account.

Here’s what you need to do:

Create a Transfer transaction

Here’s some useful information:

The amount is $500
The transfer is from his checking account to his savings account


Procedures:

  1. Select + New, then select Transfer 
  2. In the Transfer funds from box, select the Checking account 
  3. In the Transfer funds to box, select the Savings account 
  4. For the Transfer amount, enter $500
  5. In the Date box, enter today’s date
  6. Finally, select Save and close

Customizing Profit and Loss Report in Quickbooks Online


Tasks
  • Create a customized Profit and Loss report
  • Make the date range This year
  • Display columns by Quarters
  • Select the option to display % of Row
  • Call the report Special Quarterly Performance Report
Procedures
  1. From the Reports center, create a Profit and Loss report
  2. Make the date range This year
  3. Display columns by Quarters
  4. Select the option to display % of Row
  5. Change the heading to Special Quarterly Performance Report

Conclusion

With my Quickbooks Online Training Portfolio, I can demonstrate my expertise and commitment to helping business succeed. Whether you are a small business owner or a large corporation, I can provide the personalized training and support you need to achieve your financial goals with Quickbooks Online.


Source: Quickbooks Online Training Modules

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