DAILY JOURNAL OF MY QUICKBOOKS TRAINING
DAY ONE – FEBRUARY 19, 2022
Today I logged in to Quickbooks and I started to explore in the tabs and functions. It was little different
from Xero but I know they have the same purpose which is to manage income and expenses and keep
track of the financial health of a business no matter how small or big it is. So I took half of the day
researching on how to use Quickbooks but later on I found out that there are video tutorials in the
ProAdvisor tab. So hopefully tomorrow I can watched it and start practicing.
DAY TWO – FEBRUARY
DAY THREE – FEBRUARY 24, 2022
Exactly ten in the morning I started to watch the videos containing module 3. And I feel grateful since
the internet connection is getting better. Module 3 talks about Money Out Transactions which is really
connected on how to make Bills, Expenses, Purchase Order and Payments. Well, to make money out
transactions I learned that I have to click the “new” button where I can see the Supplies column which
contains transactions of supplies. There I saw the Bill and across the blank bill I can enter supplier terms,
bill date, due date, bill no., and location. There are two areas where I can choose to enter other details.
If I want to code this bill directly to an account then it have to be the Category area and if I am
purchasing a product or service from my list of product and services then it have to be the Item area.
Once the compulsory details are filled then I can save my bill or I can copy it into a new bill. Next thing I
learned is the best thing I discovered today. I am always confused about the difference between bills
and expenses but then this video clarifies things for me. To make it short, bills are the transactions when
suppliers give you credit terms while expenses is used when you pay for something right away. Purchase
order on the other hand is similar to estimates. While estimates can easily be converted to an invoice,
PO can easily be converted to a bill.
DAY FOUR
Today I learned that the most useful feature in quickboooks is the ability to directly link various bank
accounts to the system. This process simplifies data entry and it can even handle your balances anytime
and anywhere you want. Banking is the main area to manage bank transactions. It is made up of
accounts that have been connected to quickbooks. I learned that in Banking navigation there are 3 tabs.
One of this is the For Review Tab which contains transactions that is not yet processed. So basically, you
have to process transactions in order to affect your accounts in quickbooks. Two main ways to do this is
by matching and adding. After you match and add transactions it will moved from For Review Tab to
Categorized tab. I learned also that if there is an error you can move the transactions into the Excluded
tab. Furthermore, I learned that in quickbooks, there is what they called bank rules which allow you to
categorize so that you can have a control of the transactions and also it helps you save time and
minimized errors.
DAY FIVE
Learning quickbooks is really interesting because it talks more about my related career. It has its own
chart of accounts which can be access in the Accounting located in the left navigation. In line with that, I
learned that quickbooks chart of accounts shows differently depending on the information your
company was created, so if you said your company is limited private company you would have a
different chart of accounts from a file which has setup a partnership. Furthermore, I also learned on how
to inactivate, reactivate, and edit accounts. Reclassifying transactions can only be done by the
Accountant although the client can see it but they can’t do it to itself. So I learned that to reclassify
transactions you need to go to Accountant tools where you can select the account you use to reclassify
and then you can edit it by clicking reclassify. I discovered as well on how to void and delete
transactions. So basically, if you made a mistake on a transaction where editing it will not satisfactorily
make sense then you need to void/delete the transaction. Deleting and voiding are too different things.
Voiding the transaction retains the transaction on the system, deleting on the other hand will simply
delete the transaction of the system. Overall, this day was incredible because I learned a lot and maybe I
can use these lessons to achieve my full potential in the future.
DAY SEVEN
Today I finished watching the module 7 which contains the topic about reports. In the reports navigation
I found three kinds of reports namely the Standard, Costum reports, and Management reports. The
video also mentioned the Business Snapshot report which is perfect for visual reports especially to
clients who have difficulties in understanding numbers and much prefer visual reports to understand
quickly. I was familiar with that report since my Strategic Management teacher last year mentioned that
one. To produce a customize report I just have to go to reports center and go to my profit and loss
report which is on my favorite list. Then, I can freely change the date or include a period. In order for me
to produce a more detailed customization I learned that I just have to select the option “customize” and
make adjustments that fits my report. Furthermore, I also learned how to make a management report
which is the most professional looking report because it contains cover pages, table of contents, custom
letters and reports. To start making it, I can copy the company overview then, select “edit” so that I can
edit details of the report such as style, logo, and title.
DAY EIGHT
Today I learned on how to import data. It starts by selecting the gear icon and select import data on the
Tools Column. Then I can import customers, suppliers, bank data, chart of accounts, invoices, and any
other important data. Importing has 3 steps and the first one is to upload an Excel or CSV format of a
data I wanted to import such as customer data. Next is to map the data. Mapping data is like choosing
the corresponding fields of the data. And lastly, if I am satisfied of the data I can click import. I also
learned in this module on how to manage users. To manage users it’s important to know the changes of
the team member from the user. Team member is the member of an accountants’ firm, they are added
from the QBO accounting dashboard area and they are given access to multiple QBO Companies. On the
other hand, User is the member of the client’s company and they are added to their corresponding
company from the manage users section in the gear icon. Users can be added in different types such as
standard user, company admin, reports only, and time tracking only. Users have different access rights
depending on its type.
DAY NINE
I finished watching two modules in this day and it taught me how to use the mobile app of quickbooks.
The app is a brilliant tool for accountants, bookkeepers, and clients because it allows them to access
Quickbooks Online on the move. Since we bring our phones or mobiles anywhere, it is very helpful to
install an app for quickbooks in our mobiles for easy access. Furthermore, after downloading the app,
signing in is the same as the browser so there is no difficulty at all. I also discovered that when you use
the accountant dashboard the left navigation will turn to light grey while if you’re in the client file it will
turn to black. It was very important to distinguish the colors so that you will not be confused or make
mistakes in managing the work from practice. So far, I have learned a lot this day and it will take a quite
long discussion or narrative if I will mention everything. To make it short, I learned about the mobile
app, accounting dashboard, and how to add a client.
