Mastering QuickBooks 2024 - Fifth Edition

Mastering QuickBooks 2024 - Fifth Edition

by Crystalynn Shelton
Released December 2023
Publisher(s): Packt Publishing
ISBN: 9781835469958

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Book description

Take control of your business finance by using QuickBooks Online for US for your accounting, budgeting, and reporting.

Key Features

  • Learn to use QBO from scratch following professional CPA advice, accompanied with fully-updated instructions and screenshots
  • Tailor QBO to your specific business needs with customization and integration
  • Streamline your billing, expense tracking, and financial reporting

Book Description

In today's competitive business landscape, efficient financial management is crucial for success. QuickBooks Online has emerged as the go-to accounting software for small businesses, offering a user-friendly platform to manage finances, track expenses, and gain valuable insights. This new edition will help you use QuickBooks Online from scratch and customize it to suit your small business needs. Written by accounting expert Crystalynn Shelton, it takes you on an in-depth journey, from setting up your account to mastering advanced features and customizations.

This book empowers you to conquer the latest features of QuickBooks Online 2024,;overcome challenges encountered during migration from desktop to online; plan cash flow, profits, revenue with precision; and streamline billing, expense tracking, and financial reporting. As you progress, you’ll learn to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. You’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, and perform smart reporting with with using data sync with Excel.. You'll learn how to tailor QuickBooks Online to your specific business needs. By the end of the book, you’ll master the art of QuickBooks Online and take control of your business finances

What you will learn

  • A crash course on basic accounting concepts
  • Overcome challenges encountered during migration from QBD to QBO
  • Record income and expenses, pay vendors, and manage payroll
  • Streamline client billing with invoicing and quoting templates
  • Use QuickBooks Online for tax filing and deadline management
  • Plan cash flow, profits, and revenue with the Report Center
  • Customize financial reports and sales forms for your requirements
  • Calculate depreciation and automate workflows with QBO Advanced

Who this book is for

The book is for small business owners, bookkeepers, and accounting students who want to learn QuickBooks Online and understand how to implement 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

  1. Preface
    1. Who this book is for
    2. What this book covers
    3. To get the most out of this book
    4. Get in touch
  2. Section 1: Setting Up Your Company File
  3. Getting Started with QuickBooks Online
    1. What is QuickBooks?
    2. Exploring QBO editions
    3. Choosing the right QBO edition
      1. QBO Simple Start
      2. QBO Essentials
      3. QBO Plus
      4. QBO Advanced
    4. Creating a QBO account
    5. Navigating in QBO
      1. QBO dashboards and left navigation menu
      2. QuickBooks Online icons
      3. QuickBooks Online menus
    6. Small-business bookkeeping 101
      1. Recording sales
      2. Recording expenses
      3. Recording inventory and fixed asset purchases
      4. Recording liabilities
      5. The chart of accounts
      6. Choosing an accounting method
      7. Double-entry bookkeeping
    7. Summary
  4. Company File Setup
    1. Key information and documents
    2. Setting up company preferences in QBO
      1. Company settings
      2. Billing & subscription settings
      3. Usage settings
      4. Sales settings
      5. Expense settings
      6. Payments settings
      7. Time settings
      8. Advanced settings
    3. Summary
  5. Migrating to QuickBooks Online
    1. Deciding whether QuickBooks Online is right for your business
      1. Functionality not available in QBO
      2. QuickBooks Desktop data that will not convert to QBO
    2. Questions to ask yourself in preparation for data conversion
    3. Converting QuickBooks Desktop data to QBO
      1. Checking the target count
      2. Creating a QBO account
      3. Backing up your QuickBooks Desktop file
      4. Checking for updates
      5. Running the QBD conversion-to-QBO tool
      6. Logging in to QBO
      7. Verifying that all of your data was converted
    4. Alternatives to converting a QuickBooks Desktop file to QBO
      1. Importing list data into QBO
      2. Recording a summary journal entry of historical data in QBO
      3. Recording details of historical data in QBO
    5. Converting from Excel spreadsheets or pen and paper to QBO
    6. Summary
  6. Customizing QuickBooks for Your Business
    1. Customizing the chart of accounts list
      1. Adding a new account to the chart of accounts list
      2. Importing a chart of accounts list
      3. Editing accounts on the chart of accounts list
      4. Inactivating an account on the chart of accounts list
      5. Reactivating an account on the chart of accounts list
      6. Merging accounts in QBO
    2. Connecting bank accounts to QBO
      1. Importing banking transactions automatically
      2. Uploading banking transactions from an Excel or CSV file
    3. Connecting credit card accounts to QBO
      1. Importing credit card transactions automatically
      2. Uploading credit card transactions from an Excel or CSV file
    4. Giving other users access to your QuickBooks data
      1. Company administrator
      2. Standard all access user
      3. Reports-only user
      4. Time tracking user
      5. Accountant user
      6. Editing user privileges
    5. Using apps in QuickBooks Online
      1. Overview of the QuickBooks App Center
      2. Finding apps for your business
    6. Summary
  7. Managing Customer, Vendor, and Products and Services Lists
    1. Managing customer lists in QuickBooks Online
      1. Manually adding customers in QuickBooks Online
      2. Importing customers into QuickBooks Online
      3. Making changes to existing customers in QuickBooks Online
      4. Inactivating customers in QuickBooks Online
      5. Merging customers in QuickBooks Online
    2. Managing vendor lists in QuickBooks Online
      1. Manually adding vendors in QuickBooks Online
      2. Importing vendors into QuickBooks Online
      3. Making changes to existing vendors in QuickBooks Online
      4. Inactivating vendors in QuickBooks Online
      5. Merging vendors in QuickBooks Online
    3. Managing products and services lists in QuickBooks Online
      1. Manually adding products and services in QuickBooks Online
      2. Importing products and services in QuickBooks Online
      3. Making changes to existing products and services in QuickBooks Online
      4. Inactivating products and services in QuickBooks Online
      5. Merging products and services in QuickBooks Online
    4. Summary
  8. Section 2: Recording Transactions in QuickBooks Online
  9. Managing Sales Tax
    1. Do you need to charge sales tax?
    2. Setting up sales tax in QuickBooks Online
    3. Creating an invoice that includes sales tax
    4. Sales tax reports
    5. Paying sales tax when it comes due
    6. Summary
  10. Recording Sales Transactions in QuickBooks Online
    1. Entering sales forms
      1. Recording income using a sales receipt
      2. Recording income using a deposit
      3. Recording income using a sales invoice
    2. Customizing sales templates
    3. Recording customer payments
    4. Managing credit card payments
    5. Recording payments to the payments to deposit account
    6. Issuing credit memos and refunds to customers
    7. Applying a credit memo to an open invoice
    8. Summary
  11. Recording Expenses in QuickBooks Online
    1. Entering and paying bills
      1. Entering bills into QuickBooks Online
      2. Paying bills in QuickBooks Online
      3. Entering vendor credits into QuickBooks Online
    2. Managing recurring expenses
    3. Writing checks
    4. Printing checks
    5. Editing, voiding, and deleting expenses
    6. Capturing and categorizing receipts and bills
    7. Summary
  12. Reconciling Uploaded Bank and Credit Card Transactions
    1. Overview of the Banking Center
    2. Matching transactions
    3. Editing banking transactions
    4. Understanding bank rules
      1. How do you want to apply this rule?
    5. Reconciling accounts
    6. Troubleshooting tips for reconciling bank and credit card accounts
    7. Summary
  13. Section 3: Generating Reports in QuickBooks Online
  14. Reports Center Overview
    1. Navigating the Reports Center
    2. Reports available in the Reports Center
    3. Customizing reports
      1. General report customizations
      2. Row/Columns report customization
      3. Using filters to customize reports
      4. Header and footer report customization
      5. Saving a customized report
      6. Customizing management reports
    4. Exporting reports
      1. Exporting reports to Excel
      2. Exporting reports to PDF
    5. Sending reports via email
    6. Summary
  15. Business Overview and Cash Flow Reports
    1. Understanding profit and loss statements
    2. Generating balance sheet reports
    3. Understanding the statement of cash flows
    4. Creating a budget
    5. Using the Cash Flow Center
      1. Cash Flow Planner
    6. Generating the audit log report
    7. Summary
  16. 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/client report
    4. Generating a sales-by-product/service report
    5. Summary
  17. Vendor and Expenses Reports
    1. Understanding the accounts payable (A/P) aging report
    2. Utilizing the unpaid bills report
    3. Understanding the expenses-by-vendor summary report
    4. Utilizing the bill payments report
    5. Summary
  18. Section 4: Managing Employees and Contractors
  19. Managing Employees and 1099 Contractors in QuickBooks Online
    1. Setting up payroll
      1. Payroll setup checklist and key documents
      2. Signing up for an Intuit payroll subscription
    2. Generating payroll reports
    3. Filing payroll tax forms and payments
    4. Managing 1099 contractors in QuickBooks Online
    5. Setting up 1099 contractors
    6. Tracking and paying 1099 contractors
    7. 1099 year-end reporting
    8. Summary
  20. Section 5: Closing the Books and Handling Special Transactions
  21. Closing the Books in QuickBooks Online
    1. Reviewing a checklist for closing your books
    2. 1. Reconciling all bank and credit card accounts
    3. 2. Making year-end accrual adjustments
    4. 3. Reviewing new fixed asset purchases and adding them to the chart of accounts
    5. 4. Making depreciation journal entries
    6. 5. Taking a physical inventory and recording inventory adjustments
    7. 6. Adjusting retained earnings for owner/partner distributions
    8. Recording journal entries
    9. 7. Setting a closing date and password
    10. 8. Preparing key financial reports
    11. Giving your accountant access to your data
    12. Summary
  22. Handling Special Transactions in QuickBooks Online
    1. Setting up business loans and lines of credit
      1. Adding a business loan or line of credit to the chart of accounts
      2. Making payments on a loan or line of credit
    2. Managing petty cash
      1. Adding a petty cash account in QuickBooks
      2. Recording petty cash transactions
      3. Replenishing petty cash
      4. Reconciling petty cash
    3. Recording bad debt expenses
      1. Creating a bad debt item
      2. Creating a credit memo
      3. Applying a credit memo to an outstanding customer invoice
    4. Tracking delayed charges and credits
    5. Summary
  23. QuickBooks Online Advanced
    1. Accessing the QBO Advanced test drive account
    2. Managing fixed assets
    3. Setting up customized fields
    4. Managing customized user permissions
    5. Using workflow automation
    6. Importing invoices and budgets into QBO
      1. Importing budgets into QBO
    7. Batch-creating invoices in QBO
    8. Reclassify transactions
    9. DocuSign integration
    10. Using online backup and restore
    11. Utilizing the Performance Center and custom charts
    12. Business analytics with Excel
    13. Email scheduling for standard and custom reports
    14. Priority Circle membership
    15. Summary
  24. Shortcuts and Test Drive
    1. QuickBooks Online keyboard shortcuts
    2. QBO test drive
    3. Discount on a QBO asccount
  25. Intuit QuickBooks Online Certified User Exam Objectives
  26. Other Books You May Enjoy
  27. Index

Product information

  • Title: Mastering QuickBooks 2024 - Fifth Edition
  • Author(s): Crystalynn Shelton
  • Release date: December 2023
  • Publisher(s): Packt Publishing
  • ISBN: 9781835469958