QuickBooks Online
Advanced Certification
Exam Prep Training
Module 9:
End of Period Activities
Intuit Confidential and Proprietary
Agenda
MODULE 1: Advanced Categorization
MODULE 2: Advanced Features
MODULE 3: Advanced Banking
MODULE 4: Advanced Reports
MODULE 5: Inventory Management
MODULE 6: Sales Tax
MODULE 7: Special Transactions
MODULE 8: Multicurrency
MODULE 9: End of Period Activities
MODULE 10: Complex Conversions
Intuit Confidential and Proprietary 3
Additional Resources
QuickBooks Accountant Training: Firm Of The Future Blog: Intuit Marketing Hub:
[Link] [Link] [Link]
Intuit Confidential and Proprietary 4
CPE Process
In order to receive CPE credit in each training session, you must:
• Be present for a minimum of 50 minutes to earn 1 CPE credit.
• Respond to 75% of the checkpoints during each session
• Answer 1 polling question per hour during each session
• If all requirements are met, your CPE appears in your USER PROFILE in the virtual conference
within 24 hours. And, you will receive an email with your CPE attached from:
intuit@[Link] (please add to your approved contacts)
• If you only meet the above requirements in part, your CPE will be processed manually. Your
certificate will be emailed to you within 2 weeks following the close of the event.
• Example, 2-hour training session, you only attend 1-hour and meet all other requirements
during that hour. You will receive partial credit.
Intuit Confidential and Proprietary 5
Exam Prerequisites
Member of QuickBooks ProAdvisor Program
QuickBooks Online Certified
Proficient with accounting principles
Have hands-on experience using QuickBooks Online Accountant and supporting
QuickBooks Online clients.
Have deep product knowledge and/or experience with client engagements using
QuickBooks Online
Intuit Confidential and Proprietary 6
Exam Candidate Expectations and Things to Know
Understand advanced topics
Comprehend training material
Ability to work through scenario-based questions
Draw on your expertise and trusted advisor role
No CPE for exam itself. However, live training is eligible for CPE.
Exam may be completed in any order
Multiple-choice questions may contain one or more correct answer(s)
Intuit Confidential and Proprietary 7
How to Access Training & Exam
Intuit Confidential and Proprietary 8
QuickBooks Online Advanced Certification
5 Sections
Multiple choice, submit each section, then submit
all sections for grading; 80% or better each section
to pass
Only need to re-take sections not passed
3 Attempts to pass; 60-day lockout after 3
successive not pass attempts
Intuit Confidential and Proprietary 9
Recertification and Leveling Up
Once certified, you can also continue your journey with a range of additional courses
that will add to your knowledge and impress clients.
– ProAdvisor additional courses: Visit [Link]
– ProAdvisor certification badges:
Recertify every year between April to June 30 on what’s new in QuickBooks Online to
maintain core and advanced certification status for another year.
Gain Advanced Certification between 11/1/20 to 10/31/21 – recertify by June 30, 2022
Intuit Confidential and Proprietary 10
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
Intuit Confidential and Proprietary
Module 9: End of Period Activities
LEARNING OUTCOMES
By the end of this lesson, you’ll be able to:
Recognize best practice when reviewing and
troubleshooting QuickBooks Online Lists
Recognize best practice identifying and
troubleshooting Undeposited Funds
Identify best practice when working with the Write off
functionality in QuickBooks Online
Recognize the steps to troubleshoot inventory balance
issues
Intuit Confidential and Proprietary 13
Module 9: End of Period Activities
LEARNING OUTCOMES
By the end of this lesson, you’ll be able to:
Recognize the steps to identify and troubleshoot over or
under-stated A/R or A/P
Recognize the steps to identify and troubleshoot clearing
account balances
Identify how to batch-reclassify transactions in
QuickBooks Online Accountant
Recognize some of the issues or limitations of the
Reclassify tool
Identify how the Reclassify tool can be used to change
classes and locations
Intuit Confidential and Proprietary 14
Module 9: End of Period Activities
LEARNING OUTCOMES
By the end of this lesson, you’ll be able to:
Recognize that Prep for taxes is a new feature that
replaces Trial Balance
State when Prep for taxes is used
Describe how to use the Prep for taxes tool to ready a
client’s books for the tax preparer
Identify the processes available and information needed
to prepare forms for non-employee compensation
Intuit Confidential and Proprietary 15
Module 9: End of Period Activities
LEARNING OUTCOMES
By the end of this lesson, you’ll be able to:
State the options and processes available within
QuickBooks Online to prepare Forms 1099-NEC
Identify steps to set a closing date and review exceptions
in the Exceptions to Closing Date report
Intuit Confidential and Proprietary 16
Module 9: End of Period Activities
Lesson 1: Review Lists
Lesson 2: Issues with Undeposited Funds
Lesson 3: Write Off Invoices
Lesson 4: Troubleshoot Inventory
Lesson 5: Troubleshoot Other Account Balances
Lesson 6: Batch Reclassify Transactions
Lesson 7: Prep for Taxes
Lesson 8: Prepare Forms 1099
Lesson 9: Closing Date and Exceptions to Closing Date
Intuit Confidential and Proprietary 17
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 1: Review Lists
Intuit Confidential and Proprietary
Review Lists
Lists to review:
Chart of Accounts
Customers
Vendors
Products and Services
What to look for:
Is the list too long?
Are there duplicates?
Are they set up correctly, including type and mapping
Intuit Confidential and Proprietary 19
Examine the Chart of Accounts
Intuit Confidential and Proprietary 20
Chart of Accounts - Usage
Unlimited accounts in QuickBooks Online Advanced
Up to 250 accounts in other subscription levels
Intuit Confidential and Proprietary 21
Chart of Accounts - Usage
Unlimited accounts in QuickBooks Online Advanced
Up to 250 accounts in other subscription levels
Intuit Confidential and Proprietary 22
Chart of Accounts – Merging
Accounts must be the same account and detail type
• Open the account you don’t want to keep
• Rename to the account you do want to keep
• Click Yes to confirm the merge
Intuit Confidential and Proprietary 23
Chart of Accounts – Make Inactive
When an account is made inactive:
• It will still show up on transaction-based reports
with (deleted) after name
• It reduces the number of accounts counting
towards usage limits
If you make a balance sheet account inactive that
has a balance, QuickBooks zeroes out balance with
offset to Opening Balance Equity
Intuit Confidential and Proprietary 24
Chart of Accounts – Make Inactive
Account Troubleshooting:
Issue How to fix
Accounts mapped to an active Product/Service items can’t • Change the account mapping
be made inactive • Make the Product/Service item inactive
An income account mapped to billable expenses can’t be • Invoice customers for unbilled time, expenses, or
made inactive if there are unbilled charges charges
Inactivating accounts with sub-accounts will inactivate both • Move subaccounts to somewhere else on the Chart of
the parent and subs Accounts
• If balance sheet account with balance, make sure
balance is zero
Intuit Confidential and Proprietary 25
Customer / Vendor Lists
Intuit Confidential and Proprietary 26
Customer / Vendor Lists
Make any customers no longer needed Inactive
Intuit Confidential and Proprietary 27
Customer / Vendor Lists
Intuit Confidential and Proprietary 28
Products and Services
Review account mappings
Intuit Confidential and Proprietary 29
Products and Services – Notes on Changing Accounts
If you change income or expense account associated with non-inventory or service type - can
check to update historical transactions
Intuit Confidential and Proprietary 30
Products and Services – Notes on Changing Accounts
If you change asset, income or expense account associated with inventory type - it will affect
historical transactions
Intuit Confidential and Proprietary 31
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 2: Issues with Undeposited Funds
Intuit Confidential and Proprietary
Issues with Undeposited Funds
Invoice Payment Deposit
Income Account Undeposited Undeposited
+ Funds + Funds -
Correct Workflow ✓
Intuit Confidential and Proprietary 34
Issues with Undeposited Funds
Invoice Payment Deposit
Income Account Undeposited Income Account
+ Funds + +
Incorrect Workflow
Intuit Confidential and Proprietary 35
Undeposited Funds – How to Fix
Go back to original
deposit
Check off payments
received
Delete line(s)
posting to income
Intuit Confidential and Proprietary 36
Undeposited Funds – If Too Many
Create new deposit
Select old Undeposited
Funds (maybe deposit
per month, quarter or
year?)
In Add funds to this
deposit,
enter income accounts
incorrectly affected, as
negative number
Intuit Confidential and Proprietary 37
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 3: Write Off Invoices
Intuit Confidential and Proprietary
Write Off Invoices: If Cash Basis
Intuit Confidential and Proprietary 39
Write Off Invoices: If Cash Basis
Use QuickBooks Online Accountant Write off tool
Intuit Confidential and Proprietary 40
Write Off Tool - Troubleshooting
Intuit Confidential and Proprietary 41
Write Off Invoices: If Accrual Basis or Sales Tax is Involved
When to use the direct method:
QuickBooks Online Accountant Write off tool not recommended when:
Sales tax involved
Invoice in closed or prior period
Accrual basis
Set up:
Service item “Bad Debt, Taxable” & “Bad Debt, Nontaxable”, mapped to bad debt
expense (or contra-income)
Turn off auto-apply credits setting
Intuit Confidential and Proprietary 42
Write Off Invoices: Enter Credit Memo
Intuit Confidential and Proprietary 43
Write Off Invoices: Enter Credit Memo
Intuit Confidential and Proprietary 44
Write Off Invoices: Receive Payment and apply
Intuit Confidential and Proprietary 45
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 4: Troubleshoot Inventory
Intuit Confidential and Proprietary
Troubleshoot Inventory Balances
Intuit Confidential and Proprietary 47
Troubleshoot Inventory Balances
Filter by: Product/Service = Not Specified
Intuit Confidential and Proprietary 48
Troubleshoot Negative Inventory Balances
Intuit Confidential and Proprietary 49
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 5: Troubleshoot Other Account Balances
Intuit Confidential and Proprietary
Correcting Overstated A/R
Three options to correct:
Complete the workflow
Record payments > Edit incorrect deposit > Add payment >
Delete incorrect distribution line
Make a Journal Entry
Single journal entry with multiple lines posting to Accounts
Receivable
Receive Payment to apply journal entry to invoice
Post to A/R
Go back to original deposit and post to Accounts Receivable
Assign to customer
Receive Payment to apply deposit to invoice
Intuit Confidential and Proprietary 51
Correcting Overstated A/P
Edit incorrectly recorded check or expense
Add bill from the drawer
Intuit Confidential and Proprietary 52
Troubleshooting Clearing Accounts
Intuit Confidential and Proprietary 53
Examples When You Might Use a Clearing Account
• Cleaning up the Undeposited Funds account
• Adjusting for donated inventory and changes in value
• Tax-only transactions and adjustments
• Daily sales summary
• Allocation entries
• Cleaning up Accounts Receivable and Accounts Payable balances that
need to be moved and applied other customer or vendor balances
(barter transactions)
Intuit Confidential and Proprietary 54
Reconciling Balance Sheet Accounts
Intuit Confidential and Proprietary 55
Reconciling Clearing Accounts
Intuit Confidential and Proprietary 56
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 6: Batch Reclassify Transactions
Intuit Confidential and Proprietary
Reclassify Account or Class in Batch
Reclassify transactions tool facts:
• Accountant-only tool
• Can reclass accounts, classes, or locations
Intuit Confidential and Proprietary 58
Reclassify Account or Class in Batch
Reclassify Tool Limitations:
• Payroll transactions can’t be reclassified
• Sales tax transactions can’t be reclassified
• Distribution lines with Product/Service items can’t be
reclassified
• Billable expense transactions can’t be reclassified
• Header/payment (bank or credit card) account for
expenses can’t be reclassified
• Can’t reclassify to A/R or A/P without customer or
vendor name
Intuit Confidential and Proprietary 59
Advanced Reclassification Options
Intuit Confidential and Proprietary 60
Reclassify Account in Batch
Intuit Confidential and Proprietary 61
Reclassify Account in Batch
Choose account and set filters
Intuit Confidential and Proprietary 62
Reclassify Account in Batch
Select transactions and click on Reclassify
Intuit Confidential and Proprietary 63
Reclassify Account in Batch
Can change account on non-item based transactions and class on all transactions
Intuit Confidential and Proprietary 64
Reclassify Account in Batch
If you try and change account on item-based transaction, you will get error message
Intuit Confidential and Proprietary 65
Reclassify Account in Batch
Modify by Accounts to see transactions which can have account changed
Intuit Confidential and Proprietary 66
Reclassify by Class
Filter by Class to see the class assigned to transactions
Intuit Confidential and Proprietary 67
Reclassify by Location
Intuit Confidential and Proprietary 68
Reclassify Accounts for Items
You can bulk reclassify accounts mapped
to items
• Not done in the Reclassify Tool
• Edit the account in Product/Service
Information screen
• Check the box “Also update this
account in historical transactions”
This will update ALL transactions using
this item for ALL dates
Intuit Confidential and Proprietary 69
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 7: Prep for Taxes
Intuit Confidential and Proprietary
Prep for Taxes and your workflow
Year
Quarter 1 Quarter 2 Quarter 3 Quarter 4
end
Throughout the year, you as the accountant or bookkeeper will
manage the client’s QuickBooks data
At year end, it’s time to make sure everything really is correct,
optimized, and ready to hand over to a tax preparer or tax
professional. This is where Prep for Taxes comes in
Intuit Confidential and Proprietary 71
Prep for Taxes Replaces the Trial Balance Feature
Intuit Confidential and Proprietary 72
Prep for Taxes: Documents
Intuit Confidential and Proprietary 73
Prep for Taxes: Review & adjust
Intuit Confidential and Proprietary 74
Prep for Taxes: Review & adjust
Intuit Confidential and Proprietary 75
Prep for Taxes: Grouping & statements
Intuit Confidential and Proprietary 76
Prep for Taxes: Tax mapping
Intuit Confidential and Proprietary 77
Export Tax Mapping to Excel
Intuit Confidential and Proprietary 78
Prep for Taxes: Export to ProConnect Tax Online
Intuit Confidential and Proprietary 79
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9: End of Period Activities
LESSON 8: Prepare Forms 1099
Intuit Confidential and Proprietary
Understanding Forms 1099 Tracking in QuickBooks
Forms 1099 are required for:
• Unincorporated businesses
• Who receive payments of $600 or more
during a calendar year, for:
• Services
• Rents
• Commissions
• 1099-Misc and 1099-NEC
For more information about 1099, see the IRS website
Intuit Confidential and Proprietary 81
Which payments should be included on Forms 1099?
Payments that are included
• Cash Examples of codes to use in the number field
• Check to exclude transactions from being reported
• EFT Payments
Debit Debitcar Dbt
Dbt card Dcard Debit cd
Payments that are not included
Visa Masterc Mc
• Credit card
• Debit card Chase Discover Diners
PayPal Amex Credit
Intuit Confidential and Proprietary 82
Preparing Form 1099-MISC – Contractor Information Setup
Intuit Confidential and Proprietary 83
What the Contractor Sees
Intuit Confidential and Proprietary 84
Preparing Form 1099-MISC – Review Vendor List with 1099 Column
Intuit Confidential and Proprietary 85
QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 9:
End of Period Activities
LESSON 9:
Closing Date & Exceptions to Closing Date
Intuit Confidential and Proprietary
Closing Date
Intuit Confidential and Proprietary 88
Exceptions to Closing Date Report
Intuit Confidential and Proprietary 89
Next Steps
Intuit Confidential and Proprietary
How to Access Training & Exam
Intuit Confidential and Proprietary 91
QuickBooks Online Advanced Certification
5 Sections
Multiple choice, submit each section, then submit
all sections for grading; 80% or better each section
to pass
Only need to re-take sections not passed
3 Attempts to pass; 60-day lockout after 3
successive not pass attempts
Intuit Confidential and Proprietary 92