Learn to set up your QuickBooks Chart of Accounts according to accounting principles: bookkeeping terms, general ledger, Balance Sheet, and P&L statements.
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QuickBooks Chart of Accounts Course Description
The QuickBooks® Chart of Accounts structures your business according to accounting principles. Your general ledger includes assets, liabilities, equity, income, and expenses. Take this class to learn bookkeeping terms like Accounts Receivable and Accounts Payable. By the end of this course, you’ll know how to read a Balance Sheet and a Profit and Loss report, as well as how to structure your Chart of Accounts so it supports your unique business workflow.
Your Chart of Accounts is the backbone of your business. It has two functions: outlining what the IRS wants to see for taxes, and allowing you to generate your P&L and Balance Sheet reports. There are industry-standard accounts you need, but you also have the flexibility to create accounts that reflect your unique circumstances. It’s impossible to start using QuickBooks® without customizing your Chart of Accounts. This class will explain the fundamentals.
After completing this course, you will be able to:
- Identify the main account types
- Modify the default Chart of Accounts
- Manipulate the Chart of Accounts to populate your Profit & Loss and Balance Sheet reports
You’ll learn about
- The function of the Chart of Accounts
- Creating new accounts and editing existing accounts
- Equity accounts
- Liability accounts
- Asset accounts
- Bank accounts
- Credit card accounts
- Income accounts
- Cost of Goods accounts
- Expense accounts
- Other Income accounts
- Other Expense accounts
- Accounts Receivable
- Accounts Payable
- Undeposited Funds
- Understanding a Profit and Loss Statement
- Understanding a Balance Sheet
2 CPE, Certificate of Completion
Field of Study
Who should take this class?
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Refunds & Cancellations
Royalwise Solutions Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Course Credits: 2 CPE, Certificate of Completion. Must be awarded within one year of enrollment.
Course Updated: December 2021
Here is the course outline:
1. Download the Handout
Click the links below for instructions.
2. Watch the Videos: QBO Chart of Accounts 2022
This is the recording of the class you attended. Watch and rewatch it until it all makes sense!
3. Take the Quiz
Take this quiz to demonstrate your mastery of the material. Pass the quiz with an 80% or higher to complete the Course, earn your Certificate, and win points!
The following certificates are awarded when the course is completed:
|Royalwise CPE Certificate|