Blog - BAJWA BOOKKEEPING

Source Documents and their importance in accounting / Bookkeeping.

Accounting Knowledge / By bajwa.cma / Leave a Comment / June 5, 2021 February 4, 2022

SOURCE DOCUMENT:

A source document is an original document that contains information/details about a transaction.

Key information that a source document must have are:

Date
Parties involved
Amount
The substance of the transaction

Other Information a source document might have are:

Tax Number (if applicable)
Prenumbered Serial Number (better to have this, it helps to find the missing number)

Why Source Documents are Important:

Source documents are the evidence of a business transaction. It is the source document that will provide information about which account to Debit and which account to Credit, what amount to debit and what amount to credit, and on which date this transaction happened.

You must have documentary proof of everything you enter into the accounting system. There must be a strong base for every figure inside the accounting system.

Some of Source Documents:

Cash Memo
Invoice
Bill
Receipt
Debit Note
Credit Note
Check Deposit slip
Credit ‘Card slip

When the audit is conducted, the auditor reaches the source document to ascertain the accuracy and authenticity of any transaction.

Even in case of any dispute, the court of law will ask for source documents.

In short, Accounting is based on Source Documents. No Source Document – No Accounting. Period

How to get QuickBooks online ProAdvisor certificate for free

QBO - Certification, QBO Tutorials / By bajwa.cma / 12 Comments / June 15, 2021 July 21, 2022

QuickBooks is the most popular Bookkeeping and Accounting software.

Most of the freelancing jobs in accounting field are for QuickBooks experts.

QuickBooks have two main versions:

1- Desktop version

2- Online version

QuickBooks Online version is getting popularity and more people are converting from Desktop to Online version.

Intuit QuickBooks has two levels of certificates for QuickBooks Online:

1- ProAdvisor

2- Advanced ProAdvisor

These certificate are free but most of the accounting professionals who want to get these certificates doesn’t know how to get it.

In this article, I will explain each and every thing – how to register and how to prepare and pass this exam.

How to register:

Visit their site mentioned below:

QuickBooks ProAdvisor Program for Accountants | Intuit – QuickBooks

Grow your practice with the QuickBooks ProAdvisor Program for accountants. Get QuickBooks software, ProAdvisor certification, accountant training, and more.

https://quickbooks.intuit.com/accountants/proadvisor/

sign up for QuickBooks online accountant. It’s free. The only condition that some people face is you must have the US or Canada phone number to enter.

How to get US or Canada Mobile #:

There are plenty of apps in googleplay store that offer free phone numbers for US and Canada.

For example you can use any of the below two apps:

1- TextNow

2- TextPlus

There is no other requirement. Sign up and then visit the site and click on the ProAdvisor tab in menu bar on the left-hand side and there you will find training topics and certificates. They are self-paced means you can learn at your own speed.

Study Pattern to follow:

I passed both exams within 2 months (Advanced ProAdvisor exam is considered tough exam), as per my advice follow the below pattern and you will pass these exams without much difficulty:

1- Go through all training material. When you go through each module, copy each and everything in word and save it with title as it is at site (This will help you to review it offline and during exam also – this exam is Open Book exam, so you can check your answer from anywhere (online or offline), they don’t mind it.

2- Highlight any part of text in your word file that you think is important and can be asked in exam.

3- Screenshot each and every knowledge test that you will take in modules.

4- CPE (Continued Professional Education) (optional): You will find CPE at the end of each module, you are not required to go for this test but its advisable to take this test and take screenshot of each question for your future reference. You might have questions in exam from these CPE also.

After going through all modules and studying carefully your notes saved in Word, when you feel you have enough knowledge then you can take the exam, it’s free.

Remember you have 3 chances to pass. If you don’t pass in 3 chances then you have to wait for 60 days.

Practice site:

Its better to open “Test Drive” site provided free by QuickBooks. Link is given below:

https://qbo.intuit.com/redir/testdrive

Save this link in notepad and whenever you start studying, open this site in Incognito mode.

If you will open this test drive site in normal chrome, it will affect the workability of your training site also so better open it in Incognito mode.

Further QuickBooks have a YouTube channel, where you can find learning videos. link is as below.

https://www.youtube.com/user/Quickbooks

There is another channel that has the very best coverage of QuickBooks topics. It’s 5 Minute bookkeeping. Do watch this channel also.

https://www.youtube.com/user/QuickBooksOnlineExp

Below one has best tutorials on QuickBooks – must check it:

https://www.youtube.com/c/worldwidequickbooks

Hope it’s clear now.

If you need further help, let me know.

Good Luck

Ihsan Bajwa

ACMA, CPA, QBO Advanced ProAdvisor

CEO

Ihsan Bajwa & Co. (Cost & Management Accountants)