Welcome to Implement Effective Internal Controls with Built-In QuickBooks Online Tools

Transcription

1 Welcome to Implement Effective Internal Controls with Built-In QuickBooks Online Tools Presented by: Gelman, Rosenberg & Freedman CPAs The program will start promptly at 11:00 AM ET Please note: Use the Chat panel to speak with the administrator if you experience any technical issues while logging into GoToWebinar. For the best audio quality, please call-in by phone vs. connecting via your computer. Call: +1 (914) Access code/event number:

2 Housekeeping General Information/Technical Questions We strongly recommend that you connect by phone instead of your computer for the best audio quality. Call +1 (914) The event number is Please use the Chat panel for any technical questions, or you may contact Dominic Acosta at This presentation will be recorded and made available to download at 2

3 Housekeeping CPE Credit Important: Three (3) CPE words will be provided during the presentation. Please write them down we will not provide them again via GoToWebinar or (no exceptions). Please complete the electronic survey that will appear automatically at the end of the webinar. Turn off your pop-up blocker (leaving it on could block the survey). Attendees seeking CPE for this presentation must complete the survey and enter all three CPE words. You cannot claim CPE unless we receive a completed evaluation with the correct words. Technical questions about the survey can be addressed to Dominic Acosta at dacosta@grfcpa.com. 3

4 Housekeeping Webinar Objectives Learning Objective To provide attendees with a better understanding of QuickBooks Online s control features and learn how your organization can leverage them as part of your internal control program. Recommended CPE 1.0 CPE Credit Prerequisites None required Instructional Delivery Methods Group Internet-based Recommended Fields of Study Accounting Advance Preparation None Program Level Basic Refund Policy No fee is required to participate in this session. Course Registration Requirements None Cancellation Policy In the event that the presentation is cancelled or rescheduled, participants will be contacted immediately with details. Complaint Resolution Policy Gelman, Rosenberg & Freedman CPAs is committed to our seminar participants 100% satisfaction and will make every reasonable effort to resolve complaints as quickly as possible. Please contact kdavis@grfcpa.com with any concerns. Disclaimer This webinar is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice. Readers and users of this webinar information are advised not to act upon this information without seeking the service of a professional accountant. 4

5 Implement Effective Internal Controls with Built-In QuickBooks Online Tools October 16, 2018 Presenters Moderator Ian Shuman, CPA Outsourced Accounting and Advisory Services Partner Kossi Adegnon, CPA Outsourced Accounting and Advisory Services Supervisor Vanessa Kubick Outsourced Accounting and Advisory Services Senior Accountant

6 Our Team Meet Your Instructors Ian Shuman, CPA Outsourced Accounting and Advisory Services Partner Kossi Adegnon, CPA Outsourced Accounting and Advisory Services Supervisor 6

7 Agenda Advanced Company Settings Closing Date Audit Trail Users and Permissions Other Internal Controls 7

8 1. Advanced Company Settings

9 Advanced Company Settings QuickBooks Online Accounting Preferences Click on the Gear Icon > Account and Settings > Advanced 9

10 Advanced Company Settings QuickBooks Online Accounting Preferences This is also where you would go to activate on various features. But many other relevant options spread throughout 10

11 Advanced Company Settings QuickBooks Online Accounting Preferences Other preferences under Advanced Settings: This defaults to off 11

12 Advanced Company Settings QuickBooks Online Accounting Preferences Other preferences under Advanced Settings: Use caution here- these are all time saving options that can increase the risk of errors 12

13 Advanced Company Settings QuickBooks Online Accounting Preferences Other preferences under Advanced Settings: Some useful quality of life type options but note the warnings for duplicate numbers. 13

14 Poll Question #1

15 2. Closing Date

16 Closing Date Closing Date Warnings Without a password With a password 16

17 Closing Date Setting a Closing Date In Advanced Company Settings/Accounting Typically set after closing the books for the period Caution: voiding a check from before the closing date will still change the prior year! 17

18 Closing Date Exception to Closing Date Report Under Reports/For My Accountant Highlights in beige all the exceptions since the last time the closing date was set. Unfortunately it does not show when the closing date was set. Can click on each one for detail of changes 18

19 3. Audit Trail

20 Audit History Transaction Level Click on More on the bottom of the screen and then Audit History: This works for any transaction! Shows every version of the transaction click on each one for detail: 20

21 Audit History Transaction Level Shows the user name and time/date of the change with changes highlighted in beige: 21

22 Audit History Transaction Level Shows the user name and time/date of the change with changes highlighted in beige: 22

23 Audit History Transaction Level Compare show changes only 23

24 Audit Trail Audit Log Report Under Gear Icon-> Tools-> Audit Log Much cleaner report than in desktop basic columns with a field for event and a link to view any row s transaction-specific audit history. 24

25 Audit Trail Audit Log Report Shows when a user logs in and out (not in desktop). Only if the user actually logs out Special users Support representative System administration Online Banking Administration Import Administration 25

26 Audit Trail Audit Log Report You can filter on user, date of event (not transaction date), type of event and account. 26

27 Audit Trail Audit Log Report Annoying that settings changed doesn t show what setting has changed. Every column is sortable except Event. Can t filter on transaction date but you can add the fields Create Date, Create By, Last Modified, and Last Modified by to a general ledger report. You can then export that to Excel and filter/sort. 27

28 Poll Question #2

29 4. Users & Permissions Every person using QuickBooks should have their own log in! Otherwise the audit trail function is rendered almost useless.

30 Users & Permissions Number of Users Can have 5 users (Plus) or 3 users (Essentials) plus 2 external accountant users. Note that reports only and time tracking users don t count toward the limit. They can all be in simultaneously. 30

31 Users & Permissions Add User Access rights for regular/custom users can be set to all, none, or limited access. Limited then only has two areas - customers/sales and vendors/purchases. 31

32 Users & Permissions Access Rights for Limited and All Access Users Click on Help and then search on Types of users and permissions in QuickBooks Online for a nice comparison chart. 32

33 Users & Permissions Set User Administrative Rights You also set these administrative rights for each user: 33

34 Users & Permissions Reports only User (in Online) This is the home screen for a reports only user. They can drill down from a number in the financials to get a transaction listing but cannot open individual transactions. They do not have access to the audit log. 34

35 Poll Question #3

36 5. A Few Other Internal Control Features

37 A Few Other Internal Controls You can add any of these fields to a general ledger report. This can be a useful way to create something similar to an audit log but for a specific transaction period. 37

38 A Few Other Internal Controls Review of bank reconciliation can include logging into QuickBooks and looking at the bank rec page for changes and auto adjustments 38

39 A Few Other Internal Controls You can attach documents (up to 20MB per document). This is free and does not have an overall limit per company. Just drag documents to this box on the bottom left of a transaction page: 39

40 Questions? We d like to hear from you!

41 Join us again Upcoming CPE Webinars November 14, :00 pm 2:00 pm Your 2019 Cybersecurity Roadmap November 15, :00 am 12:00 pm 2018 Year-End Tax Planning December 11, :00 am 12:00 pm Expense Allocations & Indirect Rates Changes in Trends & Implementation for New ASU December 13, :00 pm 2:00 pm Enterprise Risk Management for Nonprofits & Associations: Where Strategy Meets Risk Registration is now open at

42 Get In Touch twitter.com/grfcpas facebook.com/grfcpas Ian Shuman, CPA (301) Kossi Adegnon, CPA (301) Montgomery Avenue, Suite 650N, Bethesda, MD (301) linkedin.com/company/gelmanrosenberg-&-freedman-cpas instagram.com/grfcpas/

43 Disclaimer This webinar is not intended as, and should not be taken as, financial, tax, accounting, legal, consulting or any other type of advice. While we use reasonable efforts to furnish accurate and up-to-date information, we do not warrant that any information contained in or made available in this webinar is accurate, complete, reliable, current or error-free. We assume no liability or responsibility for any errors or omissions in the content of this webinar. The use of the information provided in this webinar does not establish any contractual or other form of client engagement between Gelman, Rosenberg & Freedman P.C. and the reader or user. Any U.S. federal tax advice contained in this webinar is not intended to be used for the purpose of avoiding penalties under U.S. federal tax law. Readers and users of this webinar information are advised not to act upon this information without seeking the service of a professional accountant.