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

Requirements

Basic Understanding of Accounting Principles: Familiarity with fundamental accounting concepts and principles is essential for grasping the course material effectively.

Experience with QuickBooks Software: Prior experience or basic knowledge of using QuickBooks (any version) will be beneficial, as the course builds upon existing QuickBooks skills.

Fundamental Computer Skills: Proficiency in basic computer operations, as the course involves hands-on exercises within the QuickBooks Enterprise software.

Willingness to Engage in Scenario-Based Learning: The course includes various practical scenarios, so a willingness to actively engage in these exercises will enhance the learning experience.

Description

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 LearnIntroduction 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 FeaturesHands-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.