Chapter 9:

Main tasks in QuickBooks

OVERVIEW:
• Sales & Customers
• Suppliers & Expenses
• Banking in QuickBooks
Lesson 3
Sales & Customers
Lesson 3 - Learning Objectives

In this Lesson you’ll learn the following:

• Adding customers
• Adding Products and Services
• Sales workflows
• “Cash Sales” – when customers pay at the
time of sale
• Accounts Receivable – when customers pay
later

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 Add Customer
Demo
Your Turn #1…Lesson 3

1 Add a new customer named 2 Add a new customer named

Wonderful Weddings by Excellent Events
Wanda • Address is - 36 Bay St.
• Owner’s name is Wanda Toronto, ON. M6H 3K5
Williams • They prefer to pay by
• Address is - 400 Credit Card
Willowview Dr. Toronto, • Their invoices are due
ON. M6H 3K9 within 30 days
• They prefer to pay by • They want their invoices
Cheque “Sent later”
• Their invoices are due
6
within 30 days
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Your Turn #2…Lesson 3

1 Add a new customer named 2 Add a new customer named

Chuck Jones Foody Food Company
• Address is – 67 • Address is – 58 Eglinton
Willowgate Close Toronto, ON. M6H 3K9
Toronto, ON. M6K 2K1 • They prefer to pay by
• They prefer to pay by Cheque
Cheque • Their invoices are due
• Their invoices are due within 30 days
within 30 days • They want their invoices
“Sent later”

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Purpose of Products & Services List

0 0 0 0
1 2 3 4
Makes it easy for Link to accounts in Helps make Allows you to track
you to fill out forms QuickBooks Online. reporting on quantities
when you add a Creates the journal products and purchased and sold
detailed list of each entry based on the services easy. when you use
product or service form type and the inventory
you sell to accounts linked to (Inventory
customers. the items on the businesses)
form. Assists with
the “behind the
scenes” accounting.

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Product & Service Types

0 0 0 0
1 2 3 4
Service Non- Inventory Bundles
services you Inventory
supplies or Partparts
inventory a group or products
provide to Part
materials used in bought, tracked and and service.
customers. e.g. providing your sold. Keep track of
consulting services (e.g. food inventory parts on
in the catering hand.
company).

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 Add Products
& Services List
Demo
Your Turn #3…Lesson 3

Add a new service called Professional DJ Services

1
• It tracks to the account called Sales on the Profit & Loss Report
• It has a fixed price of $3000.00 and is taxable (H)
• The Description on the sales invoice should read:
“Professional DJ Services provided by C & C Music Factory”

Add a new service called Valet Parking Service

2
• It tracks to the account called Sales on the Profit & Loss Report
• The price of the service varies by customer sale but is taxable (H)
• The Description on the sales invoice will be unique on every sale

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Your Turn #4…Lesson 3

Add a new service called Food Preparation

1
• It tracks to the account called Sales on the Profit & Loss Report
• There is no fixed price but it is taxable (H)
• The Description on the sales invoice will be entered as needed on customer
invoices
Add a new service called Event Setup
2
• It tracks to the account called Sales on the Profit & Loss Report
• The price of the service varies by customer sale but is taxable (H)
• The Description on the sales invoice will read “Event Setup”

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Money-in Workflows

Customer
Sales Receipt Make Deposit
pays
at time of
sale

Customer Receive Bank

Invoice
has Payment Deposit
XX days to
pay

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 Sales Receipt
Workflow
Demo
Money-in Workflows

Customer
Sales Receipt Make Deposit
pays
at time of
sale

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Undeposited Funds in QuickBooks Online

Purpose of Undeposited Funds:

• Hold funds until the deposit is made
• Helps with bank reconciliation to ensure that grouped payments in
QuickBooks match deposits from the Bank Statement

Undeposited
Bank Deposit
Funds
Sales Receipt
Bank Deposit

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Your Turn #5…Lesson 3

Create a Sales Receipt for Wonderful Weddings by Wanda

1
• They purchased Professional DJ Services
• The price was $6500 + HST
• They paid with Cheque #5733 (Not deposited until next bank run)

Create a Sales Receipt for Excellent Events

2
• They purchased Valet Parking Service
• The price was $2305 + HST
• The Description should read “Valet parking at Charity Event”
• They paid with Cheque #839033 (Not deposited until next bank run)

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Your Turn #5…Lesson 3

Create a Sales Receipt for Chuck Jones

1
• They purchased Professional DJ Services
• The price was $8500 + HST
• They paid with a Credit Card (Deposit directly to the bank)

Create a Sales Receipt for Foody Food Company

2
• They purchased Catering
• The price was $4300 + HST
• The Description should read “Catering for charity event”
• They paid with Cheque #9453 (Not deposited until next bank run)

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 Invoice -
Accounts
Receivable -
Workflow
Demo
Money-in Workflows

Customer Receive Bank

Invoice
has Payment Deposit
XX days to
pay

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Your Turn #6…Lesson 3

Create the following invoices:

1
• Create an Invoice for Alba Fay
• She purchased Catering for $7,763 + HST
• The Description is “Football Grey Cup Party for 150 attendees”

Create an Invoice for Adwin Ko

2
• He purchased Food Preparation for $9,000 + HST
• The Description is ”Food Prep”

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Your Turn #7…Lesson 3

Add a new customer named Steve Young

1
• Owner’s name is Steve Young
• Address is – 1000 Queen St W, Toronto, ON. M8Z 3K9

Create the following transaction:

2
• Create an Invoice dated Sept. 1, 2017
• They bought Catering for $9,488 + HST
• The Description is “Football kickoff Party for 300 attendees”

Receive the Payment from Steve Young today.

3
• Paid with Cheque #109. Cheque is not deposited yet.

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Your Turn #8…Lesson 3

Make a Deposit of the following cheques:

1
• Date: Friday of this week
• Deposit Cheques: #5733, #839033 and #109.

Receive the Payment from Steve Young today.

2
• Paid with Cheque #109. Cheque is not deposited yet.

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Your Turn #9…Lesson 3

1
Create a Sales by
Customer Detail
report
2
Create an A/R
Aging Summary
report

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Lesson 4
Suppliers & Expenses
Lesson 4 - Learning Objectives

In this Lesson you’ll learn the

following:
• Adding suppliers
• Accounts Payable workflow
• Bills  Pay Bills
• Expenses workflow
• Expenses
• Cheques

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Expense Workflows in QuickBooks Online

“Cash” Transactions Accounts Payable

Expense Cheque Enter Bills

Expense includes:
• Debit
• Interac
• Direct withdrawal
• Wire Transfers
• Credit Card Charges
• PayPal Print Cheques Pay Bills
• Other…

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 Add Suppliers
Demo
Your Turn #1…Lesson 4

01 02 03
Create the Create the Create the
supplier: supplier: supplier:
• Name: Vinnie’s • Name: Cakes by • Name: Super
Valet Service Katy Servers
• Address: 300 • Address: 588 • Address: 677
Main St. Gateway Lane Muskoka Way
Mississauga, ON. Toronto ON. M5J Barrie, ON. L4M
L5J 8K9 8K5 2W8
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Your Turn #2…Lesson 4

1 Create the following Suppliers:

Communit The Power

Staples Canada Intuit
y Credit Company
Post
Union

***No Contact Information is required for these Suppliers.

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Expense Workflows in QuickBooks Online

“Cash” Transactions

Expense Cheque
Expense includes:
• Debit
• Interac
• Direct withdrawal
• Wire Transfers
• Credit Card Charges
• PayPal Print Cheques
• Other… (optional)

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 Expense Demo
Your Turn #3…Lesson 4

You made the following purchases on the 10th of this month. Record
them in QBO.
1 2 3 4
Office Supplies Equipment Bank Charges Accounting
from Staples for Rental from from Services
$86.65 Garcia’s Event Community provided by
including HST. Space for Credit Union for Michelle Long for
$1209 + HST on $15.00 in the $547.60 + HST.
the Visa Credit Chequing Track to
Card. account (not Professional
taxable) fees.

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Accounts Payable Workflow in QuickBooks Online

Accounts Payable

Enter Bills

Pay Bills

Print Cheques (optional)

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 Bills  Pay Bills Demo
(Accounts Payable)
Your Turn #3…Lesson 4

You receive a few bills on the last day of last month. Enter the following
bills:
1 City Water Company for $296 + HST. You choose the
account.
Vinnie’s Valet Service for $5871 + HST for
2 Subcontracting. The description should read “Valet
parking for wedding event at Community Church”.
Gibson Printing (Kristina Gibson) for printing services.
3 Amount is $348.50 including HST.

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Your Turn #4…Lesson 4

You receive a few bills on the last day of last month. Enter the following
bills:
1 Cakes by Katy for $1876 + HST. You choose the account.

Super Servers for $4619 + HST for Subcontracting. The

2 description should read “Service at the Looney-Warde
wedding”.

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Your Turn #5…Lesson 4
You do a “Cheque Run”. Pay the following bills on the 15th of this
month:
1 City Water Company by cheque from the Chequing
Account.
2 Vinnie’s Valet Service by cheque from the Chequing
Account.
Gibson Printing bill was partially paid ($200) by cheque
3 from the Chequing Account.

4 Pay the Cakes by Katy bill by credit card in full from the
Visa account.

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 Cheques in QuickBooks
Demo
Your Turn #6…Lesson 4

You write a cheque today for personal

assistant services for $12,000 + HST
for the year. You write the cheque to
Gina’s Virtual Assistant Services
(Gina Han).
Note: use the next cheque number in
sequence.

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Lesson 5
Banking in QuickBooks
Lesson 5 - Learning Objectives

In this Lesson you’ll learn the following:

Categorize
Connecting Reconcile
transactions Transfer funds
your bank accounts
in the bank
account
feed

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Why use Online Banking?

0 Eliminate data entry – Saving you time

• Automates data entry for your client files
1 • Automation works for both bank and credit card
accounts
0 No cost for the service – Saving you money
2
0 Automates your account reconciliation
3
0 Ensures your accounts are always up-to-date
4
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Logic for downloaded transactions - Review

MATCH
Office
MATCH RULE Expense Travel
s Meals

Match
Uncategoriz
Match open Same QBO
User- ed Expense
transactio balance name proposes
created
n already on categorize a
rule? Uncategoriz
entered? invoice/bil d in past? category?
ed Income
l?

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 Online Banking
Demo
Your Turn #1…Lesson 5
You have opened your file and you’ve recently
downloaded transactions to process on the Visa Credit
Card. Do the following:
1 2 3 4
Setup a Bank
Exclude the Rule that tells Categorize all
Add all Matched QuickBooks to
transaction for Coffee Place
transactions to categorize all
Bank of Any transactions to
QuickBooks. Supplies Depot
City for Meals and
$1000.00. transactions for Entertainment.
less than $50 to
Office
Expenses.
Note: Don’t forget Note: Don’t forget
to add the HST. to add the HST.

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 Account
Reconciliation
Account Reconciliation Overview

1 Match transactions in your QuickBooks account

with your bank transactions.

2 Match your Cleared balance from QuickBooks to

the Ending Balance from your bank statement.

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 Account
Reconciliation
Demo
Your Turn #2…Lesson 5

You need to reconcile the Visa Credit Card. Use the

following information to reconcile

Ending Ending Date:

01 Balance: 02 Last day of last
$378.20 month

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 Transfer Demo
Your Turn #3…Lesson 5

You need to make a

visa payment of
$378.20. Make a
transfer from the
Chequing account to
make the payment.

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