QuickBooks: At Year End

General Description:

The participant will learn how to process clients' QuickBooks data files received at year end in order to prepare the tax return and/or financial statements for the year. The course will cover the various considerations encountered in analyzing the client data file, fixing client errors, and preparing for year-end work using that data file, as well as helpful new features. This is for QuickBooks desktop versions.

Learning Objective:

After completing this course the participant will be able to:

• Explain outstanding AR and AP when converting balance sheet from accrual to cash.
• Set the closing date so that clients don't make changes after the tax return or audit.
• Find changes the client made since last year.
• Complete year-end data tasks, correct journal entries, and batch-enter transactions.
• Use QuickBooks Accountant Edition resources, including Client Data Review function.
• Introduce quarterly reviews to help reduce time spent at year end.
• Identify key indicators that data entry errors exist.
• Apply simple methods to correct clients' data.
• Show clients how to avoid entry errors in the future.
• Determine when and how to make corrections to the QuickBooks data files.
• Evaluate the changes and new features for Accountant Edition 2020.
• Set and monitor income tax features in QuickBooks to reduce tax prep time.
• Map QuickBooks to ProSeries, TurboTax, TurboTax Business, or Lacerte tax programs.
• Clean up sales tax.
• Set billing rates for staff and partners, for both accounting and law firms.
• Recognize when to recommend third-party software.
• Solve issues with file size.
• Track item profitability.

Instructors:

Marilyn Sudbeck, CPA and Top 100 QuickBooks ProAdvisor, is a charter member of the Intuit Account Professionals Trainer and Writer Network and its only member in Colorado. She has a bachelor’s degree from the University of Nebraska and a master’s degree from the University of Denver. She has presented at the annual conference of the Illinois Society of CPAs, the Rocky Mountain Area Conference for Finance and Accounting Professionals, and others.

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