Skailit - QuickBooks Online Refresher Course

Module 1: Accounting Fundamentals Refresher

Core Takeaways:

• Assets = Liabilities + Equity (Accounting Equation)
• Accrual vs Cash Basis – QBO lets you switch reporting methods easily
• Every transaction affects at least two accounts (Double-Entry Bookkeeping)
• Understand the five main account types: Assets, Liabilities, Equity, Income, Expenses

Module 2: Company Setup & Chart of Accounts

Core Takeaways:

• Proper company setup and fiscal year settings are foundational
• Account Type determines where the account appears on financial statements
• Use Sub-Accounts for better organization
• Keep the Chart of Accounts clean and logical

Module 3: Sales & Accounts Receivable

Core Takeaways:

• Use Invoices for credit sales (creates Accounts Receivable)
• Use Sales Receipts for immediate payments
• Always use "Receive Payment" for existing invoices – never double-record revenue
• Monitor A/R Aging report weekly for collections

Module 4: Expenses & Accounts Payable

Core Takeaways:

• Use "Expense" when paying immediately
• Use "Bill" when paying later (creates Accounts Payable)
• Correctly claim HST Input Tax Credits on business expenses
• Never record unpaid vendor invoices directly as expenses

Module 5: Banking & Reconciliation

Core Takeaways:

• Connect bank feeds and review transactions daily
• Create Bank Rules to automate categorization
• Reconcile every bank and credit card account **every month**
• Never manually mark transactions as cleared outside the Reconcile tool

Module 6: Tax (HST/VAT)

Core Takeaways: (To be expanded in full module)

• Correctly charge and track HST on sales
• Claim Input Tax Credits on qualifying business expenses
• Remit only the net HST (Collected – ITC) to the CRA

Module 7: Payroll & Liabilities

Core Takeaways: (To be expanded in full module)

• Properly record payroll expenses and liabilities
• Track CPP, EI, and income tax deductions
• Reconcile payroll liabilities monthly

Module 8: Adjustments & Month-End

Core Takeaways:

• Make adjusting journal entries for accruals, prepayments, and depreciation
• Follow a consistent month-end checklist
• Run final reports on Accrual basis
• Document all adjustments clearly

Module 9: Financial Reports & Analysis

Core Takeaways:

• Profit & Loss shows performance over time
• Balance Sheet shows financial position at a point in time
• Use Accrual basis for accurate analysis
• Monitor key metrics: Gross Margin, Net Profit Margin, Current Ratio

Module 10: Error Detection

Core Takeaways:

• Reconcile accounts monthly to catch errors early
• Watch for duplicates, misclassifications, and timing errors
• Use Trial Balance, General Ledger, and Audit Log for investigation
• Never delete reconciled transactions

Module 11: Controls & Audit

Core Takeaways:

• Implement Segregation of Duties whenever possible
• Use proper user permissions and two-factor authentication
• Regularly review the Audit Log
• Attach supporting documents to transactions

Module 12: Professional Judgment

Core Takeaways:

• Apply accounting principles with ethics and common sense
• Document your reasoning for difficult decisions
• Never compromise integrity under client pressure
• When in doubt – consult your accountant

Module 13: Productivity Tools

Core Takeaways:

• Use Bank Rules and Recurring Transactions to automate repetitive work
• Master Batch Actions for speed
• Customize forms and templates
• Leverage Classes, Locations, and Tags for better reporting

Final Message

You now have a complete, practical refresher on QuickBooks Online — from fundamental accounting principles to advanced productivity techniques and professional judgment.

Remember the Golden Rule:
"Accurate classification + Monthly reconciliation + Strong controls = Reliable financial information."

Use this knowledge confidently in your daily work. Continue reviewing reports, staying current with QBO updates, and always prioritize integrity in your bookkeeping practice.