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WFTR540 - Quickbooks Pro
Course Code:
WFTR 540

Calendar Description:
This course begins at the introductory level and continues to include some of the more advanced functions and capabillities of one of the most popular accounting programs, QuickBooks.
Students will look at basic operations on how to perform daily accounting tasks in the General Ledger, Accounts Receivable, Accounts Payable, and Payroll. This course is geared towards someone who will be primarily doing data entry into QuickBooks. Students will look at how to create company files, and deal with more advanced tasks for receivables, payables, inventory and payroll.

Date First Offered:
2009-07-01

Hours:
Total Hours: 30
Seminars and Tutorials: 30

Total Weeks:
10

This course is offered online:
No

Pre-Requisites:
WFTR 536 Introductory Accounting for Small Businesses and Entrepreneurs Level 1 and
WFTR 537 Introductory Accounting for Small Businesses and Entrepreneurs Level 2 or their equivalent or permission of Instructor

Non-Course Pre-Requisites:
NONE

Co-Requisites:
NONE

Rearticulation Submission:
No

Course Content:
Introduction
Overview
- What is QuickBooks?
- Looking at the QuickBooks Screen
Moving Around Dialog Boxes
Using the QuickBooks Menus
Using the QuickBooks Icon Bar
- The Chart of Accounts
How the Chart of Accounts Works
Account Type
General Ledger Accounts
Creating GL Accounts
Modifying GL Accounts
Deleting or Removing GL Accounts
- Company Information
Printing the Chart of Accounts
Using Dates in QuickBooks
- General Journal Transactions
Creating Journal Transactions
Creating Memorized Journal Transactions
Recalling Memorized Journal Transactions
Adjusting Previously Posted General Journal Entries
Reversing General Journal Entries
- General Journal Report
- Backing Up QuickBooks Data Files

Inventory and Services
- Creating Inventory Accounts
- Creating Inventory Items
- Creating Service Items
- Changing Inventory & Service Item Data
- Inventory Reports

Vendors and Accounts Payable
- Vendors
- Creating Vendors Records
Modifying Vendors
Making Purchases
Entering Vendor Bills
Writing Cheques
- Memorized Payment Transactions
- Creating Purchase Orders
- Filling a Purchase Order
Receiving Items
Receiving Vendor Bills
- Finding and Modifying Bills
- Paying Vendor Bills
- Printing Cheques
- Vendor Reports

Customers and Accounts Receivable
- Customers
Adding New Customers
Modifying Customer Information
- Recording Sales
Entering Sales Receipts
Entering Sales Orders
Entering Sales on Invoice
- Viewing, Adjusting and Deleting Sales Invoices
- Payments and Credits on Receivables
Receiving Payments
Refunds and Credits
Applying a Credit
- Recording Deposits of Payments
- Customer Reports

Employees and Payroll
- Payroll Overview and Set Up
- Employee Records
Creating Employee Defaults
Adding a New Employee
Editing Individual Employee Data
- Maintaining Current Tax Tables
- Payroll Cheques and Pay stubs
Produce Payroll Cheques
Printing Payroll Cheques
Printing Pay stubs
- Remitting Payroll Liabilities

Creating Employee and Payroll Reports
Reporting, Miscellaneous & Year End Procedures
- Creating & Printing Financial Reports
Company & Financials
Accountant & Taxes
- Using the Reminders List
- Verifying Data Integrity
- Year End Procedures

Setting up Data Files and Customizing Settings
- Creating a New Company Data File
Using the EasyStep Interview
Company Info
Preferences
Start Date
Income and Expenses
Income Details
Opening Balances
- Adding Accounts to the General Ledger
- Entering G/L Account Opening Balances
- Entering Customer Opening Balances


- Entering Vendor Opening Balances
- Entering Inventory Opening Balances
- QuickBooks Preferences

Banking and Credit Cards
- Bank Account Reconciliation
- Downloading and Importing Online Statements
- Changing the Sales Tax
- Set up for Sales on Credit/Debit Card
- Entering Customer Sales on Credit Card
- Reconciling the Credit Card Account for Sales
- Creating and Setting up Credit Cards for Purchases
- Enter Vendor Purchases on Credit Card
- Reconciling the Credit Card Account for Purchases

Security, Budgets, Classes and Inventory
- Adding Passwords and Security
- Logging in as the System Administrator
Adding a User
Changing or Deleting a User’s Password
Deleting a User
Removing Security Options from the Data File
- Budgeting
Creating a Budget
Reporting Against the Budget
Updating the Budget
- Handling Accounting by Class
Activating the Class Feature
Creating Classes
Allocating Expenses and Revenues
Reporting on Performance by Class
- Managing Inventory
Generate Inventory Count Worksheet
Writing off Inventory
Creating an Item Assembly
Building the Item

Additional Payroll Features
- Checking the Tax Tables
- Payroll Item List
- Pay Cheque Deductions
- Employee Benefits
- Updating Employee Payroll Records
- Allocating Payroll Expenses to Classes
- Generating a Payroll Run
- Remitting Payroll Deductions/Contributions
- Employee Departures
Generating a Record of Employment
Changing an Employee’s Record to Inactive
- Generating T4 Slips
Setting Up Printer Options in Preparation for T4 Slips
Printing T4 Slips
- Personal Tax Credits
- Handling Direct Deposit



Working with Foreign Currencies
- Dealing with Foreign Currency
Setting up Foreign Currency
- Updating the Foreign Currency Exchange Rate
- Setting up a Foreign Currency Bank Account
Making Purchases in Foreign Currency
Creating Accounts Payable Account in Foreign Currency
Setting up A Vendor
Entering Vendor Bills in a Foreign Currency
Paying Bills in a Foreign Currency
- Pricing Inventory and Services
Price List Report with Foreign Prices
- Setting up for Sales to Foreign Customers
Creating an Accounts Receivable Account in Foreign Currency
Setting up Foreign Customers
Making Sales Using a Foreign Currency
Receiving Customer Payments in a Foreign Currency
- Foreign Currency Reporting

Miscellaneous Items
- Preparing Customer Statements
Printing or E-mailing a Customer Statement
- Charging Interest on Overdue Accounts
Activating Finance Charges
Applying Finance Charges on Invoices
- NSF Cheques
Setting Up Charges for NSF Cheques
Handling NSF Cheques
Processing Payment of NSF Cheques
- Handling Bad Debts
Setting Up Special Items for Bad Debt Write-offs
Writing off Bad Debt
- Making Records Inactive
- Handling Sales Tax
Handling GST and GST Remittances
Handling and Remitting Provincial Sales Tax
- Handling WCB Premiums
- Accessing the QuickBooks Web site
- Customizing Your Reports

Using Job Tracking
- Activating Jobs Features
- Creating Jobs
- Creating Estimates
- Invoicing Against Estimates
- Reporting on Jobs

Learning Outcomes:
Upon successful completion of this course, the student will be able to:

- Navigate the QuickBooks Screen
Move Around Dialog Boxes
Use the QuickBooks Menus
Use the QuickBooks Icon Bar
- Create The Chart of Accounts
Demonstrate how the Chart of Accounts Works
Define the Account Types
- Use the General Ledger Accounts
Create GL Accounts
Modify GL Accounts
Delete or Remove GL Accounts
- Define what is contained in Company Information
Print the Chart of Accounts
Use Dates in QuickBooks
- Define General Journal Transactions
Create Journal Transactions
Create Memorized Journal Transactions
Recall Memorized Journal Transactions
Adjust Previously Posted General Journal Entries
Reverse General Journal Entries
Run a General Journal Report
- Back-up QuickBooks Data Files

Inventory and Services
- Create Inventory Accounts
- Create Inventory Items
- Create Service Items
- Change Inventory & Service Item Data
- Run Inventory Reports

Vendors and Accounts Payable
- Define Vendors
Create Vendors Records
Modify Vendors
- Make Purchases
Enter Vendor Bills
Write Cheques
- Set-up Memorized Payment Transactions
- Create Purchase Orders
- Fill a Purchase Order
Receive Items
Receive Vendor Bills
- Find and Modify Bills
- Pay Vendor Bills
- Print Cheques
- Run Vendor Reports

Customers and Accounts Receivable
- Customers
Add New Customers
Modify Customer Information
- Recording Sales
Enter Sales Receipts
Enter Sales Orders
Enter Sales on Invoice
- View, Adjust and Delete Sales Invoices
- Payments and Credits on Receivables
Receive Payments
Record Refunds and Credits
Apply a Credit
- Record Deposits of Payments
- Customer Reports
Employees and Payroll
- Payroll Overview and Set Up
- Employee Records
Create Employee Defaults
Add a New Employee
Edit Individual Employee Data
- Know how to Maintain Current Tax Tables
- Payroll Cheques and Pay stubs
Produce Payroll Cheques
Print Payroll Cheques
Print Pay stubs
- Remit Payroll Liabilities
- Create Employee and Payroll Reports

Reporting, Miscellaneous & Year End Procedures
- Create & Print Financial Reports
Company & Financials
Accountant & Taxes
- Use the Reminders List
- Verify Data Integrity
- Know what makes up Year End Procedures


Set-up Data Files and Customize Settings
- Create a New Company Data File
Use the EasyStep Interview
Enter Company Info
Set Preferences
Set Start Date
Enter Income and Expenses
Enter Income Details
Enter Opening Balances
- Add Accounts to the General Ledger
- Enter G/L Account Opening Balances
- Enter Customer Opening Balances
- Enter Vendor Opening Balances
- Enter Inventory Opening Balances
- Set QuickBooks Preferences

Banking and Credit Cards
- Complete a Bank Account Reconciliation
- Download and Import Online Statements
- Change the Sales Tax
- Set up for Sales on Credit/Debit Card
- Enter Customer Sales on Credit Card
- Reconcile the Credit Card Account for Sales
- Create and Set-up Credit Cards for Purchases
- Enter Vendor Purchases on Credit Card
- Reconcile the Credit Card Account for Purchases

Security, Budgets, Classes and Inventory
- Add Passwords and Security
- Log in as the System Administrator
Add a User
Change or Deleting a User’s Password
Delete a User
Remove Security Options from the Data File
- Budgeting
Create a Budget
Report Against the Budget
Update the Budget
- Handling Accounting by Class
Activate the Class Feature
Create Classes
Allocate Expenses and Revenues
Run Report on Performance by Class
- Manage Inventory
Generate Inventory Count Worksheet
Write off Inventory
Create an Item Assembly
Build the Item

Additional Payroll Features
- Check the Tax Tables
- Access the Payroll Item List
- Record and Report Pay Cheque Deductions
- Record Employee Benefits
- Update Employee Payroll Records
- Allocate Payroll Expenses to Classes
- Generate a Payroll Run
- Remit Payroll Deductions/Contributions
- Employee Departures
Generate a Record of Employment
Change an Employee’s Record to Inactive
- Generating T4 Slips
Set-Up Printer Options in Preparation for T4 Slips
Print T4 Slips
- Record and Report Personal Tax Credits
- Handle Direct Deposit

Work with Foreign Currencies
- Set-up procedures for dealing with Foreign Currency
Set-up Foreign Currency tables and rates
- Update the Foreign Currency Exchange Rate
- Set-up a Foreign Currency Bank Account
Make Purchases in Foreign Currency
Create Accounts Payable Account in Foreign Currency
Set-up A Vendor
Enter Vendor Bills in a Foreign Currency
Pay Bills in a Foreign Currency
- Price Inventory and Services
Run Price List Report with Foreign Prices
- Set-up for Sales to Foreign Customers
Create an Accounts Receivable Account in Foreign Currency
Set-up Foreign Customers
Record Making Sales Using a Foreign Currency
Receive Customer Payments in a Foreign Currency
- How to report Foreign Currency

Miscellaneous Items
- Prepare Customer Statements
Print or E-mail a Customer Statement
- Charge Interest on Overdue Accounts
Activate Finance Charges
Apply Finance Charges on Invoices
- NSF Cheques
Set-Up Charges for NSF Cheques
Handle NSF Cheques
Process Payment of NSF Cheques
- Handle Bad Debts
Set-Up Special Items for Bad Debt Write-offs
Write off Bad Debt
- Make Records Inactive
- Handle Sales Tax
Handle GST and GST Remittances
Handle and Remit Provincial Sales Tax
- Handle WCB Premiums
- Access the QuickBooks Web site
- Customize Your Reports

Use Job Tracking
- Activate Jobs Features
- Create Jobs
- Create Estimates
- Invoice Against Estimates
- Report on Jobs

Grading System:
Percentage

Passing Grade:
70%

Grading Weight:
Quizzes and Tests: 50 %
Assignments: 45 %
Participation: 5 %

Number of Assignments:
9

Nature of Participation:
Attendance

Percentage of Individual Work:
100

Course Offered in Other Programs:
No

Text Books:
Required - Intuit, 2008, QuickBooks Pro 2007 Level 1 - Canadian Version (Intuit). Chapters Covered: All
Required - Intuit, 2008, QuickBooks Pro 2007 Level 2 - Canadian Version (Intuit). Chapters Covered: All
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