MCW224 - Quickbooks II

Outline info
Last revision date 2018-07-20 11:59:56.213
Last review date 2018-07-20 12:00:08.467

Subject Title
Quickbooks II

Subject Description
Students will discover some of the more advanced functions and capabilities of QuickBooks.  Students create company files, and deal with more advanced tasks for receivables, payables, inventory and payroll.

Credit Status
Participating students who attend at least 70% of the scheduled class(es) receive a document confirming he/she attended this workshop.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

1.  Set Up Data Files and Customize Settings.
2.  Work with Banking and Credit Cards.
3.  Create and/or Manage Budgets, Classes, & Inventory and Increase Security.
4.  Work with Additional Payroll Features.
5.  Work with Foreign Currencies.
6.  Prepare Customer Statements, Charge Interest on Overdue Accounts, Handle Sales Tax & Bad Debts, and Use Time Tracking. 

Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.

To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on for further information regarding cheating and plagiarism policies and procedures.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

MCW223 or equivalent experience.

Topic Outline
Lesson 1: Setting Up Data Files and Customizing Settings
Creating a New Company Data File
Entering Inventory and Opening Balances
Adding Bank Accounts
QuickBooks Preferences
Entering G/L Account Opening Balances
Entering Additional Customers and Balances
Entering Additional Vendors and Balances
Entering Additional Inventory and Balances

Lesson 2: Banking and Credit Cards
Bank Account Reconciliation
Online Banking with QuickBooks
Set Up for Sales on Credit/Debit Card
Creating and Setting Up Credit Cards for Purchases
Debit Card Transactions
Reconciling the Credit Card Account for Purchases
Banking Reports
Register Reports

Lesson 3: Budgets, Classes, Inventory and Security
Using the Insights Tab
Handling Accounting by Class
Managing Inventory
Adding Passwords and Security
Logging In as the System Administrator

Lesson 4: Additional Payroll Features
Checking the Tax Tables
Payroll Item List
Pay Cheque Deductions
Employee Benefits
Updating Employee Payroll Records
Allocating Payroll Expenses to Classes
Generating a Payroll Run
Using Time Tracking
Remitting Payroll Deductions/Contributions
Employee Departures
Generating T4 Slips
Personal Tax Credits
Handling Direct Deposit

Lesson 5: Working with Foreign Currencies
Dealing with Foreign Currency
Setting Up Foreign Currency
Setting Up a Foreign Currency Bank Account
Making Purchases in Foreign Currency
Pricing Inventory and Services
Setting Up for Sales to Foreign Customers
Foreign Currency Reporting

Lesson 6: Miscellaneous Items
Preparing Customer Statements
Charging Interest on Overdue Accounts
NSF Cheques
Handling Bad Debts
Making Records Inactive
Handling Worker’s Compensation Premiums
Using Job Tracking
Customizing Your Reports
Accessing the QuickBooks Web Site

Mode of Instruction
Classroom instruction and extensive hands-on experience will be provided with each participant having exclusvie use of a computer.

Prescribed Texts
The following course materials will be provided:
Quickbooks  2015 Level II  + Data CD

Required Supplies

Promotion Policy

Grading Policy
A+ 90%  to  100%
A 80%  to  89%
B+ 75%  to  79%
B 70%  to  74%
C+ 65%  to  69%
C 60%  to  64%
D+ 55%  to  59%
D 50%  to  54%
F 0%    to  49% (Not a Pass)
EXC Excellent
SAT Satisfactory
UNSAT Unsatisfactory

For further information, see a copy of the Academic Policy, available online ( or at Seneca's Registrar's Offices.

Modes of Evaluation
There is no formal testing or process to evaluate the students understanding. It is up to the student to evaluate his/her own progress. Students must attend 70% of the class(es) to receive a document confirming he/she attended this workshop.

Approved by: Denis Gravelle