QuickBooks Desktop Pro

Overview

All businesses registered in Trinidad and Tobago are required by law to keep proper accounting records for the purpose of filing tax returns. Businesses must pay VAT, Corporation Tax, Business Levy, Green Fund Levy, and other Miscellaneous Taxes.  Business records must be kept for a period of six years and Board of Inland Revenue can request that those records be presented for audit by their officers. When filing for taxes it is therefore imperative that accurate figures be used when computing the taxes that are liable. Failure to do so can result in penalties and Board of Inland Revenue can estimate the taxes that were liable. Lack of proper record keeping will make it difficult to contest such estimates.

QuickBooks Desktop Pro 2018 is designed to help small and medium sized businesses to manage all their accounting needs in one place, without any formal accounting knowledge.

QuickBooks Desktop Pro 2018 allows you to perform the following functions in one location:

• Set up your company information
• Manage customers and vendors
• Keep track of all your payments and receipts
• Inventory tracking
• Create estimates or quotes
• Enter timesheet for employees or contractor
• Generate statements for customers
• Record deposits or write cheques

From your records you can now generate reports to see the financial standing of your business. It will show you:

• Sales for a particular period
• Outstanding accounts payables and receivables
• Job profitability
• Financial statements (Balance Sheet, Profit and Loss Statements etc.)
• Bank balances

These records can be taken to the bank when applying for loans or opening accounts and the records can give you accurate figures for the filing of tax returns, making it easier for you to be tax compliant.

Who Should Attend

• Small Business Owners
• Medium Sized Business Owners
• Accounting Students
• Job Seekers
• Entrepreneurs

What Do I Need for this Course

• While there are no prerequisites, it would be useful if the learners are computer literate

What am I Going to Learn

• Compute accurate vat figures for a period in a matter of minutes to fill out vat returns.
• Customise the chart of accounts for your company based on the industry it falls under.
• Expenses can be tracked and workers can be managed better. g. Fuel account can have subaccounts that allow you to track fuel consumption by vehicle. A high cost in one month from one vehicle might suggest that employees may be using for personal use.
• Cash flow can be better managed on QuickBooks. Bills can be paid when they are due and customers can be reminded when their invoices are due.
• Simple reports that are created by QuickBooks can be used when applying for loans at financial institutions.

Course Outline

The following topics will be covered:

Module 1 - Company Setup

• Introduction to QuickBooks
• Understanding Accounting Centre and External Accountant
• Create a company file in QuickBooks
• Importing data from excel

Module 2 - Vendors and Customers

• Add accounts and subaccounts to your chart of accounts
• Make accounts inactive
• Set up Vendors and Customers
• Enter opening balances
• Record account opening balance with a journal entry

Module 3 - Enter Products and Services

• Creating Inventory Items
• Creating Service Items
• Changing Inventory and Service Item Data
• Inventory Reports

Module 4 - Banking

• Record uncleared bank transactions

Module 5 - Recording Open Transactions

• Enter unpaid bills for accounts payable
• Record open invoices for accounts receivables
• Enter open non posting transaction

Module 6 - Adjusting Accounts

• Adjust sales tax payable balance in Quick books
• Adjust inventory quantity and value

Module 7 - Wrapping up your company file setup

• Create reports (Balance Sheet, Profit and Loss Statement)
• Create additional users in a company file

Assessment

Exercises

The course combines a mixture of theory and practice. Students will undertake a series of practical exercises in each module, this is to strengthen their understanding of the material and to ensure they can apply what has been taught.

Assessments

Students will undertake a 2-hour end-of-course assessment. Students will be required to set up a mock company and enter various transactions. Students will also be required to create two reports for submission.

On Completion

Students will receive a certificate of completion from CTS.

Course Schedule

Course Offering

Day	Time	Duration	Contact Hours	Cost	Lecturer
Monday	05:00 pm to 08:00 pm	4 weeks	12 hours	$1,500.00	Mrs. Kamah Partap
Saturday	12:00 pm to 05:30 pm	2 weeks	11 hours	$1,500.00	Mrs. Kamah Partap

Session - Monday (05:00 pm to 08:00 pm)

Session	Start Date	End Date
Session 1	Monday, January 18, 2021	Monday, February 8, 2021
Session 2	Monday, April 12, 2021	Monday, May 3, 2021

Session - Saturday (12:00 pm to 05:30 pm)

Session	Start Date	End Date
Session 1	Saturday, January 30, 2021	Saturday, February 6, 2021
Session 2	Saturday, March 27, 2021	Saturday, April 3, 2021

Student Support

Facilitator

Mrs Kamah Partap

Kamah is a freelance Bookkeeper who works with various small and mid-sized businesses where she has implemented QuickBooks as their business accounting software. With over 10 years' experience in the field, Kamah is considered a QuickBooks enthusiast. Kamah is also an accomplished teacher with over 12 years' teaching experience. This course brings her two main passions into one - teaching QuickBooks! In her spare time, she enjoys reading, going for long walks and just relaxing with a cup of her favourite coffee.