Mastering QuickBooks 2021

Book description

This second edition of the bestselling Mastering QuickBooks 2020 is updated and improved to focus on advanced QBO features, techniques for managing sales taxes, and budgeting and reporting best practices

Key Features

  • Understand how to manage sales taxes and transactions
  • Explore advanced bookkeeping techniques such as using the custom chart builder, importing budgets, and performing smart reporting with Fathom
  • Become proficient in using QuickBooks Online and implement best practices to avoid costly errors

Book Description

Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks independently.

This latest edition of Mastering QuickBooks takes you through the range of new features and updates available in QuickBooks Online (QBO). Creating multilingual invoices, tracking mileage, working with a cash flow dashboard that helps you with cash forecasting and planning reports, and uploading a batch of bills and checks are just a few of the new features covered in this edition. As you progress, you'll learn how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. Dedicated sections will also take you through new content focused on the latest features in the QBO line-up, while also showing you the different types of businesses that can benefit from QBO Advanced. In addition to this, you'll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, perform smart reporting with Fathom, and much more.

By the end of this QuickBooks book, you'll be well-versed with the features of QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.

What you will learn

  • Discover the new features of QBO and find out what the QBO line-up offers
  • Get to grips with bookkeeping concepts and the typical bookkeeping and financial accounting cycle
  • Set up QuickBooks for both product-based and service-based businesses
  • Track everything from billable and non-billable time and expenses to profit
  • Generate key financial reports for accounts, customers, jobs, and invoice items
  • Understand the complete QuickBooks payroll process and track payments made to 1099 contractors
  • Manage various bank and credit accounts linked to your business

Who this book is for

The book is for small business owners and bookkeepers or accounting students who want to learn QuickBooks Online and understand how to implement and use it effectively. Whether you're a bookkeeping beginner or have some experience already, this book will help you learn to use Intuit QuickBooks Online confidently.

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Table of contents

  1. Title Page
  2. Copyright and Credits
    1. Mastering QuickBooks 2021 Second Edition
  3. Dedication
  4. About Packt
    1. Why subscribe?
  5. Contributors
    1. About the author
    2. About the reviewer
    3. Packt is searching for authors like you
  6. Preface
    1. Who this book is for
    2. What this book covers
    3. Section 1: Setting Up Your Company File
    4. Section 2: Recording Transactions in QuickBooks Online
    5. Section 3: Generating Reports in QuickBooks Online
    6. Section 4: Managing Employees and Contractors
    7. Section 5: Closing the Books and Handling Special Transactions
    8. To get the most out of this book
    9. Download the Support files
    10. Conventions used
    11. Get in touch
    12. Reviews
  7. Section 1: Setting Up Your Company File
  8. Getting Started with QuickBooks Online
    1. What is QuickBooks?
    2. Exploring QuickBooks Online editions
    3. Choosing the right QuickBooks Online edition
    4. QBO Simple Start
    5. QBO Essentials
    6. QBO Plus
    7. QBO Advanced
    8. Introducing the QuickBooks Desktop product line
    9. Choosing the right QuickBooks Desktop version
    10. QuickBooks Mac
    11. QuickBooks Pro
    12. QuickBooks Premier
    13. QuickBooks Enterprise
    14. Introducing new features and improvements in QuickBooks Desktop 2021
    15. New features in QBD 2021
    16. Small business bookkeeping 101
    17. Recording sales
    18. Recording expenses
    19. Recording inventory and fixed asset purchases
    20. Recording liabilities
    21. Understanding the chart of accounts
    22. Choosing an accounting method
    23. Understanding how double-entry bookkeeping works
    24. Summary
  9. QuickBooks Online Advanced
    1. Accessing the QuickBooks Online Advanced test drive account
    2. Setting up customized fields
    3. Managing customized user permissions
    4. Using workflow automation
    5. Importing invoices and budgets into QuickBooks Online
    6. Importing budgets into QuickBooks Online
    7. Batch-creating invoices in QuickBooks Online
    8. Priority Circle membership
    9. Using online backup and restore
    10. Utilizing the performance center and custom charts
    11. Fathom reporting app
    12. Summary
  10. Company File Setup
    1. Creating a QuickBooks Online account
    2. Navigating in QuickBooks Online
    3. QuickBooks Online dashboard and left navigation bar
    4. QuickBooks Online icons
    5. QuickBooks Online menus
    6. Setting up company preferences in QuickBooks Online
    7. Company settings
    8. Billing and subscription settings
    9. Usage settings
    10. Sales settings
    11. Expenses settings
    12. Payment settings
    13. Advanced settings
    14. Summary
  11. Migrating to QuickBooks Online
    1. Key information and documents required to convert to QuickBooks Online
    2. Questions to ask yourself in preparation for data conversion
    3. Choosing your QuickBooks start date
    4. Converting from another accounting software or Excel to QuickBooks Online
    5. Recording details of historical data in QuickBooks Online
    6. Recording a summary journal entry of historical data in QuickBooks Online
    7. Reasons Not to Convert from QuickBooks Desktop to QBO
    8. Functionality not available in QuickBooks Online
    9. QuickBooks Desktop data that will not convert to QuickBooks Online
    10. Converting QuickBooks Desktop data to QuickBooks Online
    11. Checking the target count
    12. Creating a QuickBooks Online account
    13. Backing up your QuickBooks Desktop file
    14. Checking for updates
    15. Running the QuickBooks Desktop conversion to the QuickBooks Online tool
    16. Logging in to QuickBooks Online
    17. Verifying that all of your data was converted
    18. Summary
  12. Customizing QuickBooks for Your Business
    1. Customizing the chart of accounts
    2. How to add a new account to the chart of accounts list
    3. How to import a chart of accounts list
    4. How to edit accounts on the chart of accounts list
    5. How to inactivate an account on the chart of accounts list
    6. Connecting bank accounts to QuickBooks Online
    7. Importing banking transactions automatically
    8. Uploading banking transactions from an Excel CSV file
    9. Connecting credit card accounts to QuickBooks Online
    10. Importing credit card transactions automatically
    11. Uploading credit card transactions from an Excel CSV file
    12. Giving other users access to your QuickBooks data
    13. Standard user
    14. Company administrator
    15. Reports-only user
    16. Time-tracking user
    17. Accountant user 
    18. Summary
  13. Managing Customers, Vendors, Products, and Services
    1. Managing customers in QuickBooks Online
    2. Manually adding customers in QuickBooks Online
    3. Importing customers into QuickBooks Online
    4. Making changes to existing customers in QuickBooks Online
    5. Inactivating customers in QuickBooks Online
    6. Managing vendors in QuickBooks Online
    7. Manually adding vendors in QuickBooks Online
    8. Importing vendors into QuickBooks Online
    9. Making changes to existing vendors in QuickBooks Online
    10. Inactivating vendors in QuickBooks Online
    11. Managing products and services in QuickBooks Online
    12. How to manually add products and services in QuickBooks Online
    13. How to import products and services in QuickBooks Online
    14. Making changes to existing products and services in QuickBooks Online
    15. Inactivating products and services in QuickBooks Online
    16. Summary
  14. Section 2: Recording Transactions in QuickBooks Online
  15. Managing Sales Tax
    1. Setting up sales tax in QuickBooks Online
    2. Creating an invoice that includes sales tax
    3. Sales tax reports
    4. Summary
  16. Recording Sales Transactions in QuickBooks Online
    1. Understanding sales forms 
    2. Recording income using a sales receipt
    3. Recording income using a deposit
    4. Recording income using a sales invoice
    5. Recording customer payments
    6. Issuing credit memos and refunds to customers
    7. Summary
  17. Recording Expenses in QuickBooks Online
    1. Entering and paying bills
    2. Entering bills into QuickBooks Online
    3. Paying bills in QuickBooks Online
    4. Managing recurring expenses
    5. Writing checks
    6. Printing checks
    7. Capturing and categorizing receipts and bills
    8. Summary
  18. Reconciling Downloaded Bank and Credit Card Transactions
    1. Overview of the Banking Center 
    2. Matching transactions
    3. Editing banking transactions
    4. Understanding bank rules
    5. How do you want to apply this rule?
    6. Reconciling accounts
    7. Summary
  19. Section 3: Generating Reports in QuickBooks Online
  20. Report Center Overview
    1. Navigating the report center
    2. Reports available in the report center
    3. Customizing reports
    4. General report customizations
    5. Rows and columns report customization
    6. Using filters to customize reports
    7. Header and footer report customization
    8. Exporting reports
    9. Exporting reports to Excel
    10. Exporting reports to PDF
    11. Sending reports via email
    12. Summary
  21. Business Overview Reports
    1. Understanding profit and loss statements
    2. Generating balance sheet reports
    3. Understanding the statement of cash flows
    4. Creating a budget
    5. Summary
  22. Customer Sales Reports in QuickBooks Online
    1. Generating an accounts receivable aging report
    2. Generating an open invoices report
    3. Generating a sales by customer report
    4. Generating a sales by product/service report
    5. Summary
  23. Vendor and Expenses Reports
    1. Generating an accounts payable (A/P) aging report
    2. Generating an unpaid bills report
    3. Generating an expenses by vendor summary report
    4. Generating a bill payments report
    5. Summary
  24. Section 4: Managing Employees and Contractors
  25. Managing Payroll in QuickBooks Online
    1. Setting up payroll
    2. Payroll setup checklist and key documents
    3. Setting up payroll in QBO
    4. Running payroll
    5. Generating payroll reports
    6. Filing payroll tax forms and payments 
    7. Summary
  26. Managing 1099 Contractors in QuickBooks Online
    1. Setting up 1099 contractors
    2. Tracking and paying 1099 contractors
    3. 1099 year-end reporting
    4. Summary
  27. Section 5: Closing the Books and Handling Special Transactions
  28. Closing the Books in QuickBooks Online
    1. Reviewing a checklist for closing your books
    2. Reconciling all bank and credit card accounts
    3. Making year-end accrual adjustments
    4. Reviewing new fixed asset purchases and adding them to the chart of accounts
    5. Making depreciation journal entries 
    6. Taking physical inventory and reconciling this with your books
    7. Adjusting retained earnings for owner/partner distributions
    8. Setting a closing date and password
    9. Preparing key financial reports 
    10. Giving your accountant access to your data
    11. Recording journal entries
    12. Summary
  29. Handling Special Transactions in QuickBooks Online
    1. Using apps in QuickBooks Online
    2. Overview of the QuickBooks app center
    3. Finding apps for your business
    4. Managing credit card payments
    5. Customizing sales templates
    6. Setting up business loans and lines of credit
    7. Adding a business loan or line of credit to the chart of accounts
    8. Making payments on a loan or line of credit
    9. Managing petty cash
    10. Adding a petty cash account in QuickBooks
    11. Recording petty cash transactions
    12. Replenishing petty cash
    13. Reconciling petty cash
    14. Recording bad debt expense
    15. Creating a bad debt item
    16. Creating a credit memo
    17. Applying a credit memo to an outstanding customer invoice
    18. Tracking delayed charges and credits
    19. Summary
  30. Shortcuts and Test Drive
    1. QBO keyboard shortcuts
    2. QuickBooks Online test drive
    3. Discount on a QBO account
  31. Other Books You May Enjoy
    1. Leave a review - let other readers know what you think

Product information

  • Title: Mastering QuickBooks 2021
  • Author(s): Crystalynn Shelton
  • Release date: January 2021
  • Publisher(s): Packt Publishing
  • ISBN: 9781800204041