Can you explain in detail the Testing process in QTP?

There are seven important phases in QTP testing process.
First creating a test plan:
Creating test plan is an important step before you do automation. Prepare a clear procedure of what you are planning to test and the detailed steps that involve testing activities, what type of data you are going to input to the test including test data if possible.

Record the Application under test:
Now record the application by navigating through the application. Before recording the script, it is important to familiarize the application, navigation procedures etc.. When you navigate through the application while recording, QTP records each step that you navigate. QTP captures each event ex: click on a link, mouse over, click a button etc..

Script Enhancing:
Once after recording the script, now you have to enhance the script by editing the generated script. You can insert a piece of code in the script according to your need.

Also can insert existing functions from QTP functions list or can write a custom function to achieve the goal.

Enhancing also includes inserting check points, break points, using parameters to replace the constants.

Debugging the script:
Debugging is required only when any changes are made to the script, and you need to check the functionality whether it meets the requirements.

Running the test:
Once after script generation is finished, then runt he script and check if all the transactions are passed, and all the iterations are passed.

Analyze the results:

Clearly verify the results and find out if there are any defects or errors noticed.

Defect tracking (reporting):
If you find any defects then report the defects through a defect tracking system( test director etc..) and assign the defects to the developer who is responsible to this error. If the defects are network related, then assign to network personnel, if it is a database error then assign to database admin panel etc..