Student Course Material
AL SAQR Training Series · Dubai, UAE
QuickBooks Online
Fundamentals
A hands-on accounting & bookkeeping course using QBO — from Chart of Accounts to Trial Balance and Profit & Loss
Commerce Background
15 Practice Transactions
Trial Balance
Profit & Loss
QBO Navigation
UAE Context · AED
Your Instructor
Nadeem Afzal
B.Sc (Hons) Applied Accounting
ACCA
CPA
UAECA
15 Years Industry Experience
Nadeem Afzal is a qualified accountant and tax consultant based in Dubai, UAE, and the Founder & Managing Partner of AL SAQR Accounting & Bookkeeping. With over 15 years of hands-on industry experience, he specialises in UAE VAT compliance, Corporate Tax, IFRS financial reporting, and bookkeeping systems for SMEs across mainland and free zone jurisdictions.
Through this course, Nadeem translates Big-4 calibre advisory knowledge into a practical, step-by-step format — equipping commerce students with the QBO skills demanded by employers in the UAE's accounting and finance sector.
Through this course, Nadeem translates Big-4 calibre advisory knowledge into a practical, step-by-step format — equipping commerce students with the QBO skills demanded by employers in the UAE's accounting and finance sector.
About This Course
What You Will Learn
This course takes commerce-background students through the complete bookkeeping cycle in QuickBooks Online — from initial company setup to producing auditable financial statements, using real UAE business scenarios throughout.
🏗️
Foundation Setup
Configure QBO from scratch — company file, Chart of Accounts, and account types aligned to financial statements.
📒
Transaction Recording
Post 15 real-world transactions covering sales, purchases, expenses, fixed assets, and equity using QBO's native forms.
📊
Financial Statements
Generate and interpret the Trial Balance and Profit & Loss Account from QBO — understanding every figure.
Course Learning Objectives
1
Navigate QBO confidently — Dashboard, +New, Chart of Accounts, Reports
2
Set up a Chart of Accounts aligned to balance sheet and P&L structure
3
Apply double-entry bookkeeping to 15 real-world transactions in a UAE trading company
4
Record transactions using the correct QBO form — Invoice, Bill, Expense, Sales Receipt, Journal Entry
5
Post month-end adjusting entries including depreciation via Journal Entry
6
Extract and verify a balanced Trial Balance from QBO Reports
7
Prepare and analyse a Profit & Loss Account, including gross profit and net result
Module 1
QBO Overview & Interface
QuickBooks Online (QBO) is a cloud-based accounting platform used by millions of SMEs worldwide. This module introduces the core navigation areas you will use throughout the course.
🖥️ Key Navigation Areas
- 📊 Dashboard — Business overview & quick shortcuts
- ⚡ +New — Create invoices, bills, journal entries
- 📂 Chart of Accounts — Accounting menu
- 📒 Journal Entry — +New → Journal Entry
- 📈 Reports — Trial Balance, P&L, Balance Sheet
- ⚙️ Settings — Company setup & preferences
🏢 Company Setup — First Steps
1
Sign up at quickbooks.intuit.comSelect QuickBooks Online and choose your plan
2
Enter Company DetailsBusiness name, industry, financial year start
3
Set Base CurrencySettings → Advanced → Currency (AED for UAE)
4
Review Chart of AccountsQBO auto-generates accounts — customise as required
Illustrative QBO screen — the + New menu is where every transaction form is created, grouped by Customers, Vendors and Other
Illustrative QBO screen — the Dashboard with the left navigation menu and auto-calculated summary cards
💡
Accounting Basis: QBO supports Cash Basis and Accrual Basis. This course uses Accrual Basis throughout, consistent with IFRS and standard double-entry bookkeeping.
Module 2
Chart of Accounts Setup
The Chart of Accounts (COA) is the backbone of your bookkeeping system. Every transaction maps to an account in this list. QBO organises accounts by type, which drives financial statements automatically.
📋 Accounts Used in This Course
| Account Name | QBO Account Type | Detail Type | Statement |
|---|---|---|---|
| Bank / Cash | Bank | Checking | Balance Sheet |
| Accounts Receivable | Accounts Receivable | Accounts Receivable | Balance Sheet |
| Purchases / COGS | Cost of Goods Sold | Supplies & Materials | P&L |
| Office Equipment | Fixed Asset | Machinery & Equipment | Balance Sheet |
| Furniture & Fixtures | Fixed Asset | Furniture | Balance Sheet |
| Accumulated Depreciation | Fixed Asset | Accumulated Depreciation | Balance Sheet |
| Accounts Payable | Accounts Payable | Accounts Payable | Balance Sheet |
| Owner's Capital | Equity | Owner's Equity | Balance Sheet |
| Owner's Drawings | Equity | Owner's Draw | Balance Sheet |
| Sales Revenue | Income | Sales of Product Income | P&L |
| Rent Expense | Expense | Rent or Lease | P&L |
| Salary Expense | Expense | Payroll Expenses | P&L |
| Utility Expense | Expense | Utilities | P&L |
| Depreciation Expense | Expense | Depreciation | P&L |
| Bank Charges | Expense | Bank Charges | P&L |
QBO Path: Accounting › Chart of Accounts › New › Select Account Type & Detail Type › Name the Account › Save and Close
Illustrative QBO screen — the Chart of Accounts list — every account, its type, detail type and running balance
Illustrative QBO screen — the New Account form — choose Account Type and Detail Type, then name it
Module 3
Recording Transactions
Below are 15 real-world business transactions for Saqr Trading LLC — a UAE trading company. Each entry shows the journal, the accounting logic, and the exact QBO path. All amounts in AED.
📌
Company: Saqr Trading LLC | Period: January 2025 | Currency: AED | Basis: Accrual
01
Owner Invests Capital into the Business
AED 200,000
01 Jan 2025 — Nadeem deposits AED 200,000 from personal funds into the business bank account as initial capital.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Bank / Cash | 200,000 | — | Asset increases — cash received |
| Owner's Capital | — | 200,000 | Equity increases — owner funds business |
| TOTALS | 200,000 | 200,000 |
⚡ +New › Journal Entry › Date: 01/01/2025 › Dr Bank 200,000 | Cr Owner's Capital 200,000 › Save
Illustrative QBO screen — the Journal Entry form records owner capital with equal debits and credits
02
Purchase Office Equipment — Cash
AED 15,000
03 Jan 2025 — Laptop and printer purchased for AED 15,000 paid by bank transfer.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Office Equipment | 15,000 | — | Fixed asset increases |
| Bank / Cash | — | 15,000 | Asset decreases — cash paid |
| TOTALS | 15,000 | 15,000 |
⚡ +New › Expense › Category: Office Equipment (Fixed Asset) › Amount: 15,000 › Payment: Bank
Illustrative QBO screen — the Expense form posts the equipment purchase against the bank account
03
Purchase Furniture — On Credit
AED 8,000
05 Jan 2025 — Office furniture purchased from Al Noor Furniture on 30-day credit terms.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Furniture & Fixtures | 8,000 | — | Fixed asset increases |
| Accounts Payable | — | 8,000 | Liability increases — owed to supplier |
| TOTALS | 8,000 | 8,000 |
⚡ +New › Bill › Vendor: Al Noor Furniture › Category: Furniture & Fixtures › Amount: 8,000 › Save
Illustrative QBO screen — the Bill form creates an Accounts Payable balance for the credit purchase
💡
Bills vs Expenses: Use Bill for credit purchases (creates Accounts Payable). Use Expense for immediate cash payments.
04
Cash Sales Revenue
AED 45,000
08 Jan 2025 — Goods sold for AED 45,000 cash received immediately from a walk-in customer.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Bank / Cash | 45,000 | — | Asset increases — cash received |
| Sales Revenue | — | 45,000 | Income increases — earned revenue |
| TOTALS | 45,000 | 45,000 |
⚡ +New › Sales Receipt › Product/Service: Sales › Amount: 45,000 › Payment Method: Bank › Save
Illustrative QBO screen — the Sales Receipt records an immediate cash sale and bank deposit
05
Credit Sales Revenue
AED 30,000
10 Jan 2025 — Goods sold to Emirates Solutions LLC on 30-day credit. Tax invoice issued.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Accounts Receivable | 30,000 | — | Asset increases — debtor created |
| Sales Revenue | — | 30,000 | Income recognised at point of sale |
| TOTALS | 30,000 | 30,000 |
⚡ +New › Invoice › Customer: Emirates Solutions LLC › Amount: 30,000 › Save and Send
Illustrative QBO screen — the Invoice form records a credit sale and creates the receivable
06
Receipt from Debtor
AED 30,000
20 Jan 2025 — Emirates Solutions LLC pays their outstanding invoice in full by bank transfer.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Bank / Cash | 30,000 | — | Asset increases — cash received |
| Accounts Receivable | — | 30,000 | Asset decreases — debt cleared |
| TOTALS | 30,000 | 30,000 |
⚡ +New › Receive Payment › Customer: Emirates Solutions LLC › Select Invoice › Amount: 30,000 › Save
Illustrative QBO screen — the Receive Payment screen clears the open invoice against the bank
07
Purchase Inventory — Cash
AED 25,000
12 Jan 2025 — Trading goods purchased for AED 25,000 cash to restock inventory.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Purchases (COGS) | 25,000 | — | Cost of goods purchased |
| Bank / Cash | — | 25,000 | Asset decreases — cash paid |
| TOTALS | 25,000 | 25,000 |
⚡ +New › Expense › Category: Purchases / COGS › Amount: 25,000 › Payment: Bank
Illustrative QBO screen — the Expense form records a cash inventory purchase to COGS
08
Purchase Inventory — On Credit
AED 18,000
14 Jan 2025 — Additional stock purchased on credit from Gulf Suppliers LLC. Payment due in 30 days.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Purchases (COGS) | 18,000 | — | Goods received, cost recognised |
| Accounts Payable | — | 18,000 | Liability increases — owed to supplier |
| TOTALS | 18,000 | 18,000 |
⚡ +New › Bill › Vendor: Gulf Suppliers LLC › Category: Purchases/COGS › Amount: 18,000 › Save
Illustrative QBO screen — the Bill form records the credit inventory purchase as a payable
09
Payment to Suppliers (Creditors)
AED 26,000
25 Jan 2025 — Pays AED 26,000 to clear outstanding payables: Al Noor Furniture (8,000) + Gulf Suppliers (18,000).
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Accounts Payable | 26,000 | — | Liability decreases — debt settled |
| Bank / Cash | — | 26,000 | Asset decreases — cash paid |
| TOTALS | 26,000 | 26,000 |
⚡ +New › Pay Bills › Select both bills › Payment Account: Bank › Date: 25/01/2025 › Save
Illustrative QBO screen — the Pay Bills screen settles both supplier balances in one payment run
10
Rent Expense Paid
AED 12,000
01 Jan 2025 — Office rent for January paid by bank transfer. Monthly rent is AED 12,000.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Rent Expense | 12,000 | — | Expense increases — period cost incurred |
| Bank / Cash | — | 12,000 | Asset decreases — cash paid |
| TOTALS | 12,000 | 12,000 |
⚡ +New › Expense › Category: Rent or Lease › Amount: 12,000 › Payment: Bank
Illustrative QBO screen — the Expense form posts monthly office rent
11
Salary Expense Paid
AED 22,000
31 Jan 2025 — January salaries paid to two employees totalling AED 22,000 by bank transfer.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Salary Expense | 22,000 | — | Expense increases — employee cost |
| Bank / Cash | — | 22,000 | Asset decreases — wages paid |
| TOTALS | 22,000 | 22,000 |
⚡ +New › Expense › Category: Payroll Expenses › Amount: 22,000 › Payment: Bank
Illustrative QBO screen — the Expense form posts the monthly salary payment
12
Utility Bill Paid
AED 3,500
28 Jan 2025 — DEWA electricity & water bill for January paid by bank transfer.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Utility Expense | 3,500 | — | Expense increases — operating cost |
| Bank / Cash | — | 3,500 | Asset decreases — cash paid |
| TOTALS | 3,500 | 3,500 |
⚡ +New › Expense › Category: Utilities › Amount: 3,500 › Payment: Bank
Illustrative QBO screen — the Expense form posts the DEWA utility bill
13
Depreciation — Office Equipment
AED 250
31 Jan 2025 — Monthly depreciation on office equipment: AED 15,000 ÷ 5 years ÷ 12 months = AED 250 (Straight-Line Method).
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Depreciation Expense | 250 | — | Non-cash expense — asset wearing out |
| Accumulated Depreciation | — | 250 | Contra-asset increases — reduces book value |
| TOTALS | 250 | 250 |
⚡ +New › Journal Entry › Dr Depreciation Expense 250 | Cr Accumulated Depreciation 250 › Memo: "Jan 2025 Depreciation" › Save
Illustrative QBO screen — depreciation is posted via Journal Entry — the only correct route for non-cash entries
⚠️
Depreciation is a non-cash adjusting entry — always recorded via Journal Entry in QBO. Never use the Expense form for this. This is a key month-end closing step.
14
Owner's Drawings (Withdrawal)
AED 10,000
29 Jan 2025 — Owner withdraws AED 10,000 from the business bank account for personal use.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Owner's Drawings | 10,000 | — | Equity decreases — owner takes funds out |
| Bank / Cash | — | 10,000 | Asset decreases — cash withdrawn |
| TOTALS | 10,000 | 10,000 |
⚡ +New › Expense › Category: Owner's Drawings (Equity) › Amount: 10,000 › Payment: Bank
Illustrative QBO screen — owner withdrawal posted to the equity Drawings account, not an expense
📌
Drawings are not an expense — they reduce Owner's Equity directly and do not appear on the Profit & Loss statement.
15
Bank Charges
AED 150
31 Jan 2025 — Bank deducts monthly service charges of AED 150 directly from the current account.
| Account | Debit (AED) | Credit (AED) | Reason |
|---|---|---|---|
| Bank Charges | 150 | — | Expense increases |
| Bank / Cash | — | 150 | Asset decreases — bank deducted directly |
| TOTALS | 150 | 150 |
⚡ +New › Expense › Category: Bank Charges › Amount: 150 › Payment: Bank
Illustrative QBO screen — monthly bank service charges posted as an expense
Module 4
Trial Balance
After posting all 15 transactions, we extract the Trial Balance. All ledger balances are listed — debits must equal credits. Below is the Trial Balance for Saqr Trading LLC as at 31 January 2025.
💡
QBO Path: Reports → Trial Balance → Date: 01/01/2025 to 31/01/2025 → Run Report
SAQR TRADING LLC
Trial Balance as at 31 January 2025
Currency: AED | Basis: Accrual
| Account Name | Debit (AED) | Credit (AED) |
|---|---|---|
| ASSETS | ||
| Bank / Cash 200,000+45,000+30,000−15,000−25,000−26,000−12,000−22,000−3,500−10,000−150 | 161,350 | — |
| Accounts Receivable 30,000 invoiced − 30,000 received = nil | — | — |
| Office Equipment | 15,000 | — |
| Accumulated Depreciation — Equipment | — | 250 |
| Furniture & Fixtures | 8,000 | — |
| LIABILITIES | ||
| Accounts Payable 8,000+18,000−26,000 paid = nil | — | — |
| EQUITY | ||
| Owner's Capital | — | 200,000 |
| Owner's Drawings | 10,000 | — |
| INCOME | ||
| Sales Revenue 45,000 cash + 30,000 credit | — | 75,000 |
| COST OF SALES | ||
| Purchases / COGS 25,000 cash + 18,000 credit | 43,000 | — |
| OPERATING EXPENSES | ||
| Rent Expense | 12,000 | — |
| Salary Expense | 22,000 | — |
| Utility Expense | 3,500 | — |
| Depreciation Expense | 250 | — |
| Bank Charges | 150 | — |
| TOTAL | 275,250 | 275,250 |
✅
Trial Balance agrees: Debits = Credits = AED 275,250. The books are mathematically balanced. QBO displays these same totals in the Trial Balance report.
Module 5
Profit & Loss Account
The P&L statement shows income and expenses for a period. It is prepared from the income and expense accounts in the Trial Balance. QBO generates this automatically.
💡
QBO Path: Reports → Profit and Loss → Date: 01/01/2025 to 31/01/2025 → Run Report
SAQR TRADING LLC
Profit & Loss Account for the Month Ended 31 January 2025
Currency: AED | Basis: Accrual
| INCOME | |
| Sales Revenue | 75,000 |
| Total Income | 75,000 |
| COST OF GOODS SOLD | |
| Purchases / Cost of Sales | (43,000) |
| Gross Profit | 32,000 |
| OPERATING EXPENSES | |
| Rent Expense | (12,000) |
| Salary Expense | (22,000) |
| Utility Expense | (3,500) |
| Depreciation Expense | (250) |
| Bank Charges | (150) |
| Total Operating Expenses | (37,900) |
| NET LOSS FOR THE PERIOD | (5,900) |
📊
Result Analysis: Saqr Trading LLC incurred a net loss of AED 5,900 in January 2025. High fixed costs (rent + salaries = AED 34,000) exceeded gross profit of AED 32,000. This is common in a first operating month — revenue growth or cost management is required to reach breakeven.
📊 Key Metrics
| Revenue | AED 75,000 |
| Gross Profit | AED 32,000 |
| Gross Profit Margin | 42.7% |
| Total Expenses | AED 80,900 |
| Net Profit Margin | (7.9%) |
💡 P&L vs Balance Sheet
- 📈 P&L shows performance over a period
- 📋 Balance Sheet shows position at a point in time
- 🔗 Net profit/loss flows into equity on the Balance Sheet
- 🚫 Drawings do not appear on P&L — equity section only
- ✅ QBO generates both reports automatically
Module 6
QBO Reports & Export
QBO generates all financial reports automatically once transactions are entered correctly. These are the four core reports every bookkeeper must know.
📋 Core Financial Reports
📊
Trial BalanceReports → Trial Balance → Set date range → Run Report
Illustrative QBO screen — the Profit and Loss report view showing income down to the net result
Illustrative QBO screen — the Trial Balance report view in QBO with the date selector and Export button
📈
Profit & LossReports → Profit and Loss → Set period → Run Report
📋
Balance SheetReports → Balance Sheet → As of date → Run Report
📒
General LedgerReports → General Ledger → Filter by account & date
💾 Exporting Reports
1
Run the report in QBOSet the correct date range and click Run Report
2
Click Export / Print iconTop-right corner of the report screen
3
Choose formatExport to Excel (.xlsx) or PDF
4
Save or emailDownload or send directly from QBO
Illustrative QBO screen — the Reports centre — favourite reports starred for one-click access
🎓 Course Summary
- ✅ QBO interface & navigation
- ✅ Chart of Accounts setup
- ✅ 15 business transactions recorded
- ✅ Journal entries with debit/credit logic
- ✅ QBO data entry path for each transaction
- ✅ Trial Balance extracted & balanced
- ✅ Profit & Loss Account prepared
- ✅ Key financial ratios analysed
- ✅ QBO reports generated & exported
- ✅ Month-end adjusting entries covered