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Next-Level Bookkeeping in QBO

For someone else
Alicia Katz Pollock
For someone else
Purchase for $111 or enter access code

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

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


Instructional Level


Course Length

3 hours

Course Credits

3 CPE, Certificate of Completion

Field of Study

Computer Software & Applications

Delivery Method

Group Internet Based

Who should take this class?

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


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

Advance Preparation 



Next Level Bookkeeping in QBO 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 people are saying about this 'Next-Level Accurate Accounting' course:

Discover the overwhelming praise as past learners share their experiences with this course. See all the reviews by clicking the 'Reviews' tab near the top of this page.


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.


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!

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:


Course Credits: 3 CPE, Certificate of Completion. Must be awarded within one year of enrollment.

Course Updated: December 2021

Course Page Updated: June 2024

Here is the course outline:

1. Download the Handout: Required for CPE Credit

Download your class handout here, required for CPE credit.

Handout: Next Level Accounting: Required for CPE Credit
Glossary of Terms

2. Watch the Videos: Next-Level Bookkeeping in QBO (2024...coming soon!)

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

Review 1: Advanced Bookkeeping
Review 2: Advanced Bookkeeping

3. 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!

Intro and Agenda
Biz View vs Accountant View

4. 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.

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

5. 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.

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

6. Journal Entries

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

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

7. 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.

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

8. Construction Retainage

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

Retainage Money Held During a Project

9. 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."

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

10. 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.

11. 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!

Quiz: Advanced Bookkeeping
Evaluation & Participation Survey


The following certificates are awarded when the course is completed:

Royalwise CPE Certificate
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