Accounting Basics for QuickBooks Amman

Course details

• Definition of Accounting from a small business perspective
• Explanation of why you need accounting
• Financial statements…what are they?
• What is an account?
• Double-entry accounting and how it applies to QuickBooks
• Debits and credits…the essence of accounting

• Intro to accounting principles…the foundation of accounting
• Reporting principle
• Reliability principle
• Comparability principle
• Cost principle
• Revenue principle
• Matching principle
• Applying the principles

• The balance sheet and profit & loss statement
• Working with account types
• Setting up the chart of accounts
• Management reporting vs. financial reporting
• Working with subaccounts
• Techniques to review account detail
• Understanding debits/credits in common QuickBooks transactions (checks, invoices, payments, deposits, bills, bill payments, and journal entries)

• Basic review techniques
• Using QuickZoom as an investigative tool
• Reconciling accounts to external documentation
• Verifying numbers on key reports
• Checking balances for accounts receivable, accounts payable, and inventory

• Basic financial interpretations
• Analyzing business trends
• Interpreting variable expenses
• Understanding and using key financial ratios (current ratio, return on equity, gross profit margin, and net profit margin)

• What is the accounting cycle and why is it important?
• Daily accounting tasks
• Weekly accounting tasks
• Pay period accounting tasks
• Monthly accounting tasks
• Quarterly accounting tasks
• Annual accounting tasks
• Key tasks within each cycle demonstrated in QuickBooks
• Closing the books
• Restricting access to closed periods
• Working with Your Accountant
• Speaking the same language as your accountant!
• Creating a client/accountant agreement
• Methods for getting information to your accountant
• Accountant's Copy Process
• Special reports for your accountant (journal report, general ledger, transaction entry journal, and trial balance)

• Using account numbers
• Setting up classes to segment financial statements
• Budgeting and planning in QuickBooks
• Cash vs. accrual accounting
• Understanding and using retained earnings
• Year-end closing entries
• Finding prior year changes

• A glossary of accounting terms so you can finally understand your accountant!
• A QuickBooks keyboard shortcuts list - to save time
• A summary of account types and which financial statements they flow to
• A Debits and Credits "Cheat Sheet" - no need to memorize how they work!
• A list of financial ratios and how they are calculated
• A sample tax calendar so you know when various tax forms and payments are due
• A list of record-keeping requirements (as suggested by IRS)
• A periodic activities checklist (so important accounting tasks are not overlooked)
• A year-end closing checklist
• A step-by-step summary of the techniques used to exchange data with your accountant
• Help to create a client/accountant agreement, and assigning responsibilities
• A backup log you can use to schedule and monitor timely backups