QuickBooks Online and Excel from a Certified Public Account.
This course will compare the process of entering period end adjusting entries using both QuickBooks Online and Excel. Because Excel is a much more transparent tool, it will provide us a much better understanding of the workings of QuickBooks.
The QuickBooks related sections of the course will cover the following:
We will enter period end, typically month or year-end, adjusting entries.
Learners will understand the process of adjusting entries and how and why adjusting entries are separate from the general data input process.
We will learn how to transition from the accounting data input to the adjusting process and back to data input for the following month as smoothly as possible.
Making the transitions between the accounting data input and adjusting entries smooth requires reversing entries.
We will discuss which entries should need reversing and why. Learners will understand how to enter reversing entries.
The course will also cover the generation of reports, using filtering options, to show the adjusting and reversing entries.
The Excel related sections of the course will cover the following:
This course will focus on period-end adjusting entries, entries needed to report financial statements accurately on an accrual basis.
Learners will know how to navigate Microsoft Excel and use a well-designed accounting worksheet, complete with a general journal, trial balance, general ledger, subsidiary ledgers for accounts receivable, accounts payable, & inventory, financial statements, and much more.
Excel is an excellent tool to learn accounting because it is much more transparent than a database program, like accounting software. QuickBooks is a typical example of accounting software.
For most new steps in our accounting practice problem, you will have access to a downloadable Excel Workbook containing at least two tabs, one with the answer, the new tasks completed, the other starting where the prior presentation left off.
We will discuss adjusting entries, how to format an adjusting entry worksheet, and how the day-to-day accounting process and the period-end adjusting entries fit together.
Next, we will enter adjusting entries and reversing entries for accrued interest, the interest we have incurred but have not yet paid.
Then we will enter adjusting entries and reversing entries related to an invoice or sales transaction originally entered after the cutoff date, month-end, but for which the work was done before the cutoff date.
After that, we will enter adjusting entries for prepaid insurance, which leads to the next adjusting entry for depreciation.
Next, we will enter adjusting entries and reversing entries related to unearned revenue. The unearned revenue entry is different from many book problems but a standard method when using accounting software.
Then we will enter a transaction to break out the short-term and long-term portion of loans according to their related amortization tables.
Finally, we will take the adjusted trial balance, a trial balance constructed after entering the adjusting entries, and create financial statements.
CPA, CGMA, M.S. Tax, CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his. Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA). Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software. In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible. Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks. Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business. Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster. Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts. The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video. Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like CPDformula.
