QuickBooks Online

Advanced Certification
Exam Prep Training
Module 3:
Advanced Banking

Module 4:
Advanced Reports

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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

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Additional Resources

QuickBooks Accountant Training: Firm Of The Future Blog: Intuit Marketing Hub:
qbtrainingevents.com firmofthefuture.com http://intuit.me/hub

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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@theonlineexpo.com (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.

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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

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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)

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How to Access Training & Exam

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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

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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 www.qbtrainingevents.com
– 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

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3: Advanced Banking

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Module 3: Advanced Banking

LEARNING OBJECTIVES

In this module, you’ll learn how to:

List the process for investigating problems with
bank activity
Recognize best practices for troubleshooting
problems with bank feeds
Identify best practice when working with bank
rules

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Module 3: Advanced Banking

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

Recognize how the Suggested rules feature
works

List troubleshooting methods to fix common

client problems associated with Suggested rules,
Category suggestions, and bank feeds

Identify how to import/export bank rules into

QuickBooks Online

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Module 3: Advanced Banking

LEARNING OUTCOMES

By the end of this lesson, you’ll be able to:

Recognize when and why a reconciliation’s
beginning balance may need troubleshooting

List the steps to troubleshoot a beginning

balance successfully if previously reconciled
transactions are deleted or changed

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Module 3: Advanced Banking Topics

Lesson 1: Advanced Matching for Bank Feeds

Lesson 2: Advanced Bank Rules
Lesson 3: Suggested Rules and Bank Feeds
Lesson 4: Importing and Exporting Rules
Lesson 5: Troubleshoot Beginning Balances

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3:
Advanced Banking

LESSON 1:
Advanced Matching for Bank Feeds

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Find Match

QuickBooks might not suggest a

match. It could be because:
The transaction has already been reconciled
The transaction is posted to the wrong
account
The date range for searching is not correct
The amount of the posted transaction is
greater (or less) than the amount that cleared
the bank

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Find Match

If none are are correct, click Find other records

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Find Match
Filter for transactions and/or change date range

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Find Match
If amounts are different, match to multiple transactions or Resolve Difference until
difference is equal to zero

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Matched to Multiple Transactions
See multiple transactions from the Categorized tab

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Matched to Multiple Transactions – Reconciliation
Multiple transactions may be recorded and show up as separate on bank reconciliation

They need to be

added to agree

with bank statement

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Matched to Multiple Invoices
If matched to multiple invoices, creates multiple payments that post to the bank
account

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Matched to Multiple Invoices
If matched to multiple invoices, creates multiple payments that post to the bank
account

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Matched to Multiple Payments Received
If matched to payments received, one deposit will be recorded

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Matched to Multiple Payments Received
If matched to payments received, one deposit will be recorded

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3: Advanced Banking

LESSON 2: Advanced Bank Rules

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Manage Rules
Rules can be added, edited, copied or deleted

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Rule Conditions

SELECT FIELD SELECT OPERATION ENTER CONDITION

Bank Text Contains Text

Doesn’t contain
Is exactly

Description Contains Text

Doesn’t contain
Is exactly

Amount Equals Numbers only

Is greater than
Is less than
Doesn’t equal

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Create Split by Percentage or Amount

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Rule - Auto-add

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Rule - Auto-add

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Order of Rules

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3: Advanced Banking

LESSON 3: Suggested Rules and Bank Feeds

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Suggested rules – How it works

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Suggested Rules – How it works

Add vendor and category to a transaction

Add transaction

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Suggested Rules – How it works

Click on next transaction with

similar description
Payee and category suggested
Click Add and the Suggested
Rule screen pops up

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Suggested Rules – Editing the Rule

QuickBooks adds (Suggested) at beginning of rule

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Problem Scenarios – Why and What Can We Do

Clients may think because QuickBooks suggested, it must be right

Clients may not be paying attention

We need to coach clients:

• To look at each and every transaction
• To decide whether rule should be created and if it should be auto-added
• To consider not auto-adding until rule proves to be correct

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Troubleshooting – Turning off Category suggestions

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Troubleshooting – Creating a rule to leave transaction as uncategorized

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Troubleshooting – Creating a rule to leave transaction as uncategorized

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Troubleshooting – Deactivating Suggested rules

When you record a second similar

transaction and the Suggested rule
pop-up appears, select “Don’t show
me this again”

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Troubleshooting – Deactivating Suggested rules

Grid gear > Uncheck Show suggested

rules

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3: Advanced Banking

LESSON 4: Importing and Exporting Rules

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Export Rules

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Import Rules

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Import Rules

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Import Rules

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 3: Advanced Banking

LESSON 5: Troubleshoot Reconciliations

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Reconciliation Logic

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Troubleshoot Beginning Balance

Beginning balance could be off due to:

• The amount of a previously reconciled
transaction was changed
• A previously reconciled transaction was
voided or deleted
• The reconciliation status of a transaction
was manually changed
in the register

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Troubleshoot Beginning Balance – Change Type
Reconciliation Discrepancy Report

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Troubleshoot Beginning Balance – Fixing if Not Deleted
Change Status or Amount

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Troubleshoot Beginning Balance – if Deleted
View the Audit History, Re-enter and Re-reconcile

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Troubleshoot Beginning Balance – if Deleted
View the Audit History, Re-enter and Re-reconcile

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

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Module 4: Advanced Reports
LEARNING OBJECTIVES

In this module, you’ll learn how to:

Identify the different ways reports work and how to
utilize them

Recognize the options to customize reports

Identify the steps to create scheduled reports
Recall the methods for customizing business
reports
Recall the methods for customizing and working
with Management Reports

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Module 4: Reporting

Lesson 1: How Reports Work

Lesson 2: Customize Reports
Lesson 3: Create Scheduled Reports
Lesson 4: Work with Business Reports
Lesson 5: Management Reports

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

LESSON 1: How Reports Work

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Report Types

QuickBooks Online Reports

Transaction
Summary List Aging Special
detail
reports reports reports reports
reports

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Report Types – Summary
Shows the aggregate total of all transactions for period specified

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Report Types – Detail
Shows the individual financial activity with totals

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Report Types – List

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Report Types – Aging
Show how many days a transaction is beyond the due date specified - can be summary or
detail

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Quick Reports
Run from the Chart of Accounts - Displays activity for list item

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Audit Log
List of all the changes made to company data

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Audit Log
Can be filtered

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Business Snapshot
Graphical representation of business’s money-in and money-out transactions

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Find or Ctrl+F

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Cash-basis Reports Overview

QuickBooks Online is an accrual-based accounting system BUT you can create cash-basis
reports on demand

When you run a cash-basis reports:

• Only paid transactions will be reflected on the Profit & Loss report

• Accounts Receivable and Accounts Payable will be not be visible on the Balance Sheet

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Cash-basis Reports – Balance Sheet – A/R and A/P are not visible

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Cash-basis Reports – Balance Sheet

Other amounts not included on a cash-basis

Balance Sheet
Open Bill is used to record:
Purchase of an asset
Payment of liability or equity
Open Invoice is used to record:
Sale of an item mapped to an asset or liability account

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Cash-basis Reports – Profit & Loss

Does not include amounts on unpaid Bills or Invoices

Unapplied Receive Payments will appear as Unapplied Cash Payment Income
Unapplied Bill Payments will appear as Unapplied Cash Bill Payment Expense

Note: If a payment is recorded earlier than an invoice or bill it is applied to, it will be treated as
unapplied

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Cash-basis Reports – Adjustment Summary

Transaction Date Status as of Adj made? Accounts adjusted (Debit, Credit)

Type 10/31/19
Bill 10/31 Unpaid Yes A/P, Distribution Account

Bill Payment 10/31 Unapplied Yes Unapplied Cash Bill Payment Expense, A/P

Invoice 10/31 Unpaid Yes Distribution Account, A/R

Receive Payment 10/31 Unapplied Yes A/R, Unapplied Cash Payment Income

Expense 10/31 N/A No N/A

Bill used to reduce 10/31 Unpaid Yes A/P, Unapplied Cash Bill Payment Expense
credit card

Cash-basis report Dated 10/31/2020

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Bill dated 11/1, paid on 10/31

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Bill dated 11/1, paid on 10/31

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Receiving payment before invoice created

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Receiving payment before invoice created

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Cash-basis Reports – Credit Card Accounts

QuickBooks treats expenses paid by credit card as paid transactions

Expenses paid by a credit card will not be reversed
Unpaid credit card liability account balances will not be reversed

Unpaid Bills used to pay the Credit Card liability account will be reversed, but they will not
reverse back to the liability account, rather the Unapplied Cash Bill Payment Expense account!

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Cash-basis Reports – Credit Card Accounts

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Cash-basis Reports –
Credit Card Accounts

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The Role of Products and Services in QuickBooks

Income account (credit)

Sales Receipt
Invoice
Product/Service Item

Check
Expense account (debit) Expense
Bill

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Review Expense and Purchases

• Expenses by Vendor Summary reflects target lines with an expense account only

• Purchases by Vendor Detail report shows target lines with a Product/Service item only

• Transaction List by Vendor shows all transactions related to vendors, including non-posting transactions

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Report Size Limits

• Maximum 1,024 columns displayed

• Maximum 400,000 cells with data
• Maximum 10 MB worth of data

Workarounds:
• Export to Excel to increase limits

• Remove unneeded columns

• Use intermediate date ranges, such as day, week, month

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

LESSON 2: Customize Reports

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Customize Reports

General
Rows / Columns
Aging
Filter
Header / Footer

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General Customization Options in the Header

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General Customization Options in the Header

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General Customization Options in the Header

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Edit Section Titles

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 Customization – Report Gear

95
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Customization – Collapsing

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General Customization Options

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Customization Options: Rows/Columns
Summary Report

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Customization Options: Rows/Columns
Detail Report

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Customization Options: Aging

If an invoice was open as of the report period but

has since been paid, then:

Current aging method – will not be included

because the invoice has a paid status

Report Date aging method – will be included

because the invoice was open as of the report date
(and total will agree to the Trial Balance and Balance
Sheet reports)

You can change the Days per aging period and the
Number of periods displayed
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Customization Options: Filter

All – includes all items on the list

Not specified – field was left blank

Specified – field has data assigned

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Customization Options: Filter

The following filters do not have drop-down fields

from which to select. In these customization fields,
your filter string must contain the string of
characters contained in the field:
• Amount
• Memo
• Num
• Ship Via (when shipping is turned on)
• Custom Fields

QuickBooks Online Simple Start, Essentials, and

Plus have 3 custom text-only fields
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Customization Options: Filter – QBO Advanced

Allows for 48 active custom fields

⚫ 12 for sales forms (invoices, estimates, sales receipts, credit memos, refunds receipts)
⚫ 12 for purchase orders and expense forms
⚫ 12 for customer profiles
⚫ 12 for vendor profiles

Can create precise drop-down list options that can be filtered on reports

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Customization Options: Header/Footer

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

LESSON 3: Create Scheduled Reports

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Scheduled Reports – Create and Save Report
Open report > optionally customize > Save customization

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Scheduled Reports – Access report or report group

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Scheduled Reports – Create Schedule

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

LESSON 4: Work with Business Reports

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Best Sellers and Profitability by Product

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Profit and Loss for Products/Services

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Reconcile Sales Reports to the Profit and Loss

Sales reports include transactions with Product/Service items only

Sales reports may not match the Profit and Loss due to:

• Product/Service items mapped to balance sheet accounts

• Transactions categorized directly to an income account

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Reconcile Sales Reports to the Profit and Loss
Solution 1: Filter sales detail report to only include income accounts

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Reconcile Sales Reports to the Profit and Loss
Solution 2: Filter Profit and Loss report to only include Product/Service items

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 Open Orders
Estimates by Customer > All dates > Filter Estimate status: Accepted

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Nonprofit Donor Contributions
Transaction Detail by Account > Cash basis > Group by Donor (customer) > Filter by donation
accounts

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Cash Balance Report
Account List > Filter: All Bank Accounts

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Custom Open Balance Report
Account Quick Report > All Dates > Group by name (e.g. Customer) > Filter by Cleared:
Uncleared

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QuickBooks Online
Advanced Certification
Exam Prep Training
MODULE 4: Advanced Reports

LESSON 5: Management Reports

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Management Reports

Provide clients with professional looking

report packages: Cover page, table of
contents, reports and custom content
Pre-made templates are provided in
each QBO company
Copy and edit pre-made templates to
customize your own packages

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Management Reports

Client pre-defined templates:

• Company Overview
• Sales Performance
• Expenses Performance

Accountant-user pre-defined templates:

• Basic Company Financials
• Expanded Company Financials

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Management Report: Cover & Table of Contents

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Management Report: Preliminary Pages/Letters
Create new page and copy/paste from Word and/or select fields

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Edit a Management Report: Add a Report

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Edit a Management Report: End Notes

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Edit a Management Report: Header/Footer

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Working with Management Reports
Export as DOCX
Export as PDF
Send

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Next Steps

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How to Access Training & Exam

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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

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