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.
Table of contents
- Title Page
- Copyright and Credits
- Dedication
- About Packt
- Contributors
-
Preface
- Who this book is for
- What this book covers
- Section 1: Setting Up Your Company File
- Section 2: Recording Transactions in QuickBooks Online
- Section 3: Generating Reports in QuickBooks Online
- Section 4: Managing Employees and Contractors
- Section 5: Closing the Books and Handling Special Transactions
- To get the most out of this book
- Download the Support files
- Conventions used
- Get in touch
- Reviews
- Section 1: Setting Up Your Company File
-
Getting Started with QuickBooks Online
- What is QuickBooks?
- Exploring QuickBooks Online editions
- Choosing the right QuickBooks Online edition
- QBO Simple Start
- QBO Essentials
- QBO Plus
- QBO Advanced
- Introducing the QuickBooks Desktop product line
- Choosing the right QuickBooks Desktop version
- QuickBooks Mac
- QuickBooks Pro
- QuickBooks Premier
- QuickBooks Enterprise
- Introducing new features and improvements in QuickBooks Desktop 2021
- New features in QBD 2021
- Small business bookkeeping 101
- Recording sales
- Recording expenses
- Recording inventory and fixed asset purchases
- Recording liabilities
- Understanding the chart of accounts
- Choosing an accounting method
- Understanding how double-entry bookkeeping works
- Summary
-
QuickBooks Online Advanced
- Accessing the QuickBooks Online Advanced test drive account
- Setting up customized fields
- Managing customized user permissions
- Using workflow automation
- Importing invoices and budgets into QuickBooks Online
- Importing budgets into QuickBooks Online
- Batch-creating invoices in QuickBooks Online
- Priority Circle membership
- Using online backup and restore
- Utilizing the performance center and custom charts
- Fathom reporting app
- Summary
-
Company File Setup
- Creating a QuickBooks Online account
- Navigating in QuickBooks Online
- QuickBooks Online dashboard and left navigation bar
- QuickBooks Online icons
- QuickBooks Online menus
- Setting up company preferences in QuickBooks Online
- Company settings
- Billing and subscription settings
- Usage settings
- Sales settings
- Expenses settings
- Payment settings
- Advanced settings
- Summary
-
Migrating to QuickBooks Online
- Key information and documents required to convert to QuickBooks Online
- Questions to ask yourself in preparation for data conversion
- Choosing your QuickBooks start date
- Converting from another accounting software or Excel to QuickBooks Online
- Recording details of historical data in QuickBooks Online
- Recording a summary journal entry of historical data in QuickBooks Online
- Reasons Not to Convert from QuickBooks Desktop to QBO
- Functionality not available in QuickBooks Online
- QuickBooks Desktop data that will not convert to QuickBooks Online
- Converting QuickBooks Desktop data to QuickBooks Online
- Checking the target count
- Creating a QuickBooks Online account
- Backing up your QuickBooks Desktop file
- Checking for updates
- Running the QuickBooks Desktop conversion to the QuickBooks Online tool
- Logging in to QuickBooks Online
- Verifying that all of your data was converted
- Summary
-
Customizing QuickBooks for Your Business
- Customizing the chart of accounts
- How to add a new account to the chart of accounts list
- How to import a chart of accounts list
- How to edit accounts on the chart of accounts list
- How to inactivate an account on the chart of accounts list
- Connecting bank accounts to QuickBooks Online
- Importing banking transactions automatically
- Uploading banking transactions from an Excel CSV file
- Connecting credit card accounts to QuickBooks Online
- Importing credit card transactions automatically
- Uploading credit card transactions from an Excel CSV file
- Giving other users access to your QuickBooks data
- Standard user
- Company administrator
- Reports-only user
- Time-tracking user
- Accountant user
- Summary
-
Managing Customers, Vendors, Products, and Services
- Managing customers in QuickBooks Online
- Manually adding customers in QuickBooks Online
- Importing customers into QuickBooks Online
- Making changes to existing customers in QuickBooks Online
- Inactivating customers in QuickBooks Online
- Managing vendors in QuickBooks Online
- Manually adding vendors in QuickBooks Online
- Importing vendors into QuickBooks Online
- Making changes to existing vendors in QuickBooks Online
- Inactivating vendors in QuickBooks Online
- Managing products and services in QuickBooks Online
- How to manually add products and services in QuickBooks Online
- How to import products and services in QuickBooks Online
- Making changes to existing products and services in QuickBooks Online
- Inactivating products and services in QuickBooks Online
- Summary
- Section 2: Recording Transactions in QuickBooks Online
- Managing Sales Tax
- Recording Sales Transactions in QuickBooks Online
- Recording Expenses in QuickBooks Online
- Reconciling Downloaded Bank and Credit Card Transactions
- Section 3: Generating Reports in QuickBooks Online
-
Report Center Overview
- Navigating the report center
- Reports available in the report center
- Customizing reports
- General report customizations
- Rows and columns report customization
- Using filters to customize reports
- Header and footer report customization
- Exporting reports
- Exporting reports to Excel
- Exporting reports to PDF
- Sending reports via email
- Summary
- Business Overview Reports
- Customer Sales Reports in QuickBooks Online
- Vendor and Expenses Reports
- Section 4: Managing Employees and Contractors
- Managing Payroll in QuickBooks Online
- Managing 1099 Contractors in QuickBooks Online
- Section 5: Closing the Books and Handling Special Transactions
-
Closing the Books in QuickBooks Online
- Reviewing a checklist for closing your books
- Reconciling all bank and credit card accounts
- Making year-end accrual adjustments
- Reviewing new fixed asset purchases and adding them to the chart of accounts
- Making depreciation journal entries
- Taking physical inventory and reconciling this with your books
- Adjusting retained earnings for owner/partner distributions
- Setting a closing date and password
- Preparing key financial reports
- Giving your accountant access to your data
- Recording journal entries
- Summary
-
Handling Special Transactions in QuickBooks Online
- Using apps in QuickBooks Online
- Overview of the QuickBooks app center
- Finding apps for your business
- Managing credit card payments
- Customizing sales templates
- Setting up business loans and lines of credit
- Adding a business loan or line of credit to the chart of accounts
- Making payments on a loan or line of credit
- Managing petty cash
- Adding a petty cash account in QuickBooks
- Recording petty cash transactions
- Replenishing petty cash
- Reconciling petty cash
- Recording bad debt expense
- Creating a bad debt item
- Creating a credit memo
- Applying a credit memo to an outstanding customer invoice
- Tracking delayed charges and credits
- Summary
- Shortcuts and Test Drive
- Other Books You May Enjoy
Product information
- Title: Mastering QuickBooks 2021 - Second Edition
- Author(s):
- Release date: January 2021
- Publisher(s): Packt Publishing
- ISBN: 9781800204041
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