From Basics to Advanced: Mastering Unearned Revenue & Deposit Accounting in QuickBooks Enterprise
Welcome to this comprehensive course on QuickBooks Enterprise, specifically tailored to explore the new Unearned Revenue feature. This course is designed for professionals seeking to enhance their QuickBooks skills and understand the intricacies of financial management in business settings.
What you’ll learn
- Understand the Fundamentals of Unearned Revenue: Gain a solid understanding of unearned revenue concepts and how they apply in different business models..
- Navigate QuickBooks Enterprise for Advanced Revenue Management: Focus on its tools and features for managing unearned revenue and advanced deposits..
- Master the Old Accounts Receivable (AR) Method: Learn the traditional AR method for handling advanced customer deposits and prepayments.
- Implement the New Liability Account Method: Effectively use the new liability account method in QuickBooks Enterprise for advanced deposit and unearned revenue.
- Scenario-Based Application: Apply your knowledge through practical scenarios, including normal sales cycles, customer advanced deposits, and subscription model.
- Best Practices: Understand the compliance aspects and best practices in managing unearned revenue and deposits to ensure accurate financial reportingial repor.
- Analytical Skills Development: Develop analytical skills to interpret financial data related to unearned revenue and make informed business decisions..
- Problem-Solving in Real-World Scenarios: Enhance problem-solving skills by addressing real-world scenarios and challenges related to unearned revenue.
Course Content
- Access to The QuickBooks Enterprise & Setup Sample Company File –> 3 lectures • 29min.
- Customer Prepayment Overview –> 3 lectures • 1hr 9min.
- Negative Accounts Receivable Method of Customer Prepayment Deposit on Large Item –> 2 lectures • 1hr 7min.
- Negative Accounts Receivable Method for Unearned Revenue-Subscription Business –> 2 lectures • 46min.
- Liability Account Method of Customer Prepayment Deposit on Large Item –> 2 lectures • 52min.
- Liability Account Method for Unearned Revenue-Subscription Business –> 2 lectures • 57min.
Requirements
Welcome to this comprehensive course on QuickBooks Enterprise, specifically tailored to explore the new Unearned Revenue feature. This course is designed for professionals seeking to enhance their QuickBooks skills and understand the intricacies of financial management in business settings.
What You Will Learn
- Introduction to QuickBooks Enterprise & Unearned Revenue Feature: Kickstart your journey with an overview of QuickBooks Enterprise and a deep dive into the new Unearned Revenue feature.
- Scenario-Based Learning for Practical Understanding:
- Normal Sales Cycle Scenario: Understand the traditional workflow in QuickBooks Enterprise through a detailed walkthrough of a standard sales cycle.
- Customer Advanced Deposit – Old Accounts Receivable (AR) Method: Explore how advanced customer deposits were managed using the traditional AR method, highlighting the differences in accounting treatments.
- Customer Prepayment Unearned Revenue in Subscription Businesses – Old AR Method: Delve into the scenario of handling prepayments in subscription-based businesses using the old AR method, understanding the nuances and challenges.
- Customer Advanced Deposit – New Liability Account Method: Learn the new approach for managing customer advanced deposits using the liability account method, a more efficient and accurate way of handling such transactions.
- Customer Prepayment Unearned Revenue in Subscription Businesses – New Liability Method: Finally, explore the cutting-edge method for handling customer prepayments and unearned revenue using the new liability account method, enhancing your financial accuracy and compliance.
Course Features
- Hands-On Practice: Engage in interactive, scenario-based exercises to apply what you learn in real-world contexts.
- Expert-Led Instruction: Learn from seasoned professionals with extensive experience in QuickBooks Enterprise and financial management.
- Flexible Learning: Access course materials at your own pace, with lifetime access to all resources.
- Community Support: Join a community of learners and professionals to discuss scenarios, share insights, and network.