Skip to content
View menu
Royalwise OWLS (On-demand Web-based Learning Solutions)
Log in
QBO Video Courses

Next-Level Accurate Accounting


Course
Quantity
For someone else
Alicia Katz Pollock
Quantity
For someone else
Purchase for $74 or enter access code

Learn indispensable advanced accounting techniques that bookkeepers rely on to increase the accuracy of a company's financial reports.

Next Level Accurate Accounting Course Description

Ready to go beyond the basics? For you, entering standard business transactions into QuickBooks Online is now routine. However, that’s just the beginning!

It’s time to learn indispensable and invaluable intermediate and advanced accounting techniques that bookkeepers use to increase the accuracy of a company's financial reports.

QBO Rock Star Alicia Katz Pollock has designed this course to be extremely accessible so that you can comfortably take a deeper dive into important accounting techniques.

She'll make sure you understand the difference between cash and accrual accounting, how to adjust inventory, when and when not to use Journal Entries, the ramifications of voiding transactions, how to manage Prepaid Expenses, and how to manage Equity for a variety of business formations.

Knowing how to confidently use these techniques will refine your clients’ financial reports and take them to the next level.

 


What You’ll Learn 

  • The difference between Cash vs. Accrual Accounting
  • Zero-dollar transactions for inventory valuation, bartering, and daily sales receipts
  • Creating Vendor Credits involving inventory
  • Managing Construction Retainage
  • Journal Entries - when to use them, when NOT to use them, and what to do instead.
  • Allocating Overhead Expenses across Classes
  • Prepaid Expenses and Deferred Revenue - how to spread large transactions throughout the year instead of booking it all at once
  • How to Void transactions in past periods
  • Writing off accrual invoices
  • How to set up Equity accounts for Sole Proprietors, Partnerships, and S-Corps. 
  • How to close Equity accounts at year’s end

 

After completing this course, you will be able to: 

  • Identify adjustments to a company’s books for taxes and compliance
  • Differentiate between cash vs. accrual reporting needs
  • Recognize how to use journal entries appropriately
  • Recall how to create year-end equity allocations


What people are saying about this 'Next-Level Accurate Accounting' course:

See what people have to say about this course. See all the reviews by clicking the 'Reviews' tab near the top of this page.

 

Instructional Level

Advanced

Course Length

2 hours

Course Credits

2 CPE, Certificate of Completion

Field of Study

Computer Software & Applications

Delivery Method

QAS Self Study

Who should take this class?

  • Bookkeepers and Accountants who strive for complete accuracy
    in the Balance Sheet and Profit & Loss Statement

Prerequisites

  • Our "QuickBooks® Online Fundamentals” On-Demand video course, or 
  • Our “Bookkeeping’s Tricky Situations” course, or
  • Prior QuickBooks® Online experience.

Watch it again later

You'll have lifetime access to the on-demand course including all handouts and class material. You'll also be able to ask questions in the Q&A forum and get answers, even years later. You can pause, rewind, speed up, and watch again and again as you apply what you learn to each situation as it crops up.



Other learners enrolled in these courses after completing this class: 

Explore new topics & join the hundreds of other business owners & accounting professionals who have enrolled in these courses after completing this class!

   

 

Want this course for FREE? Unlock this course & more for no extra cost with an OWLS Membership!

Get instant access to ALL of Alicia's QuickBooks courses for FREE when you become a silver member - it's the perfect way to maximize your learning!

Discover why so many business owners & accounting professionals are taking advantage of a Royalwise OWLS membership to gain valuable skills, earn CPE credit, & make more money.

With a Royalwise OWLS membership you’ll have the tools & support you need to achieve your business & professional goals. Enroll today to join a community of like-minded individuals & take advantage of all the benefits an OWLS membership has to offer!

 

OWLfred says, "Silver membership pays for itself in just two courses per month!"

 

 

 

 

 

Refunds & Cancellations

Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.

 

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

Course Page Updated: September 2023

Here is the course outline:

1. Download the Handout

Download your class handout here

2 sections
Download the handout here
Glossary of Terms

2. Introduction and Agenda for Next-Level Accurate Accounting

This is the recording of the class you attended. Watch and rewatch it until it all makes sense!

2 sections
Intro and Agenda
Biz View vs Accountant View

3. Cash vs Accrual Accounting

Cash or accrual? Which one is your business? Watch this section of videos and learn all about the differences, advantages, and how the IRS classifies your business.

3 sections
What's the Difference?
What the difference looks like in QBO
Unapplied Cash Payment Income and Expense

4. Adjusting Past Periods

In this section of videos, Alicia demonstrates how to fix A/P and A/R issues from past reporting periods, and how to write off invoices based on whether your business is cash or accrual. Alicia also goes over Vendor Credits.

4 sections
Fixing A/R and A/P Errors
Write Off Invoices: Cash, No Sales Tax
Write Off Invoice: Accrual, with Sales Tax
Vendor Credit - Accrual

5. Journal Entries

Journal Entries are often used incorrectly. Alicia will highlight the important differences of when to use a JE and when not to.

5 sections
When to use and when NOT to use Journal Entries
Journal Entries: QBO Example
Using Journal Entries and Recurring Transactions for Prepaid Expenses
Allocating Payroll and Contract Labor to Projects
Year-end JE's for Classes

6. Zero Dollar Transactions

What is a zero dollar transaction? Alicia will guide you through the next level of accounting with these transactions. Learn to use Zero-dollar Sales Receipts, and zero-dollar checks for inventory adjustments and bartering.

3 sections
Zero-Dollar Daily Sales Receipts
Zero-dollar Checks: Inventory
Zero-dollar Checks: Bartering

7. Construction Retainage

"Construction retainage is fun!" said no one...except Alicia. Learn to withhold payments until construction jobs are completed.

1 section
Retainage Money Held During a Project

8. Managing Equity

Different business formation types require different terminology and end-of-year management. Alicia's explanations include her theory of the "Bank of Bob."

4 sections
Equity Terminology
Retained Earnings
Bank of Bob
Closing Equity at Year End

9. Conclusion

What's next? Get your CPE credit and your certification of completion. As you know, businesses rely on referrals, reviews, and ratings. Leave a review, rating, refer a friend, and we will reward you with some cool prizes.

3 sections
CPE, Quiz, Ask Questions, Rate, Rewatch, Review, Refer and Reward
Review 1: Advanced Bookkeeping
Review 2: Advanced Bookkeeping

10. Quiz and CPE Credit

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!

2 sections
Quiz: Advanced Bookkeeping
Evaluation & Participation Survey

Completion

The following certificates are awarded when the course is completed:

Royalwise CPE Certificate
Back to top