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
▶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
▶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
▶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.
▶What this book covers
▷Section 1: Setting Up Your Company File
⦁Chapter 1, Getting Started with QuickBooks Online, starts off with a brief description of QuickBooks Online, then it gives you more information about the different editions, different versions, and finally how to decide which version is suitable for your business.
⦁Chapter 2, QuickBooks Online Advanced, includes a deep dive into the features included in this top-tier QuickBooks Online subscription. We show you how to access the QuickBooks Online Advanced test drive account, how to add custom fields, how to manage customized user permissions, what workflow automation is and how to use it, how to import invoices and budgets, and much more.
⦁Chapter 3, Company File Setup, shows how you can set up a QuickBooks Online account for your company and takes you through different options available on the dashboard, followed by a look at what information needs to be added for your company.
⦁Chapter 4, Migrating to QuickBooks Online, gives you all the information required to migrate to QuickBooks Online from platforms such as Excel, QuickBooks Desktop, or the data stored on your desktop.
⦁Chapter 5, Customizing QuickBooks for Your Business, introduces customization for the chart of accounts and then dives into the different ways of connecting bank accounts and credit cards to your QuickBooks Online account, followed by granting users access to your QuickBooks data.
⦁Chapter 6, Managing Customers, Vendors, Products, and Services, gives you a detailed insight into how to manage your customers, vendors, products, and services.
▷Section 2: Recording Transactions in QuickBooks Online
⦁Chapter 7, Managing Sales Tax, covers how to set up sales tax for the various tax jurisdictions you are required to collect sales tax for, how to create an invoice with sales tax, and what reports will help you to report and pay the appropriate sales tax amount when it becomes due.
⦁Chapter 8, Recording Sales Transactions in QuickBooks Online, starts by giving detailed information on different forms of sales, followed by information on how the customer can record payments using different methods, and finally teaches you how to initiate refunds for your customers.
⦁Chapter 9, Recording Expenses in QuickBooks Online, teaches you how to enter and pay bills for your QuickBooks Online account. Then, we'll start exploring how to manage recurring expenses, followed by writing and printing checks.
⦁Chapter 10, Reconciling Downloaded Bank and Credit Card Transactions, gives you a brief overview of the banking center in QuickBooks Online and gives you a deep understanding of how the bank rules work, followed by how to edit QuickBooks Online transactions, and finally how to reconcile bank accounts.
▷Section 3: Generating Reports in QuickBooks Online
⦁Chapter 11, Report Center Overview, takes you through the report center, followed by the different reports available, how to customize and export reports, and finally how to send reports via email.
⦁Chapter 12, Business Overview Reports, discusses the three primary reports that provide a good overview of your business: the profit and loss statement, balance sheet report, and statement of cash flows.
⦁Chapter 13, Customer Sales Reports in QuickBooks Online, focuses on reports that will give you insight into your customers and sales. We will discuss what information you will find on each report, how to customize the reports, and how to generate each report.
⦁Chapter 14, Vendor and Expenses Reports, dives into what information you can expect to find in each report, how to customize the report, and how to generate it. This chapter also discusses ways that you can use the report to help you manage your expenses and cash flow.
▷Section 4: Managing Employees and Contractors
⦁Chapter 15, Managing Payroll in QuickBooks Online, shows you how to set up your payroll system, how to generate payroll, and how to fill payroll tax forms and payments.
⦁Chapter 16, Managing 1099 Contractors in QuickBooks Online, talks about how to set up 1099 contractors, tracking and paying 1099 contractors, and how to generate the 1099 year-end report.
▷Section 5: Closing the Books and Handling Special Transactions
⦁Chapter 17, Closing the Books in QuickBooks Online, covers reconciling all bank and credit card accounts, making year-end accrual adjustments (if applicable), recording fixed asset purchases made throughout the year, recording depreciation, taking a physical inventory, adjusting retained earnings, and preparing financial statements.
⦁Chapter 18, Handling Special Transactions in QuickBooks Online, starts by using apps in QuickBooks Online. Apps are a great way to help you streamline day-to-day business tasks that can be time-consuming. Next, we will show you how to record credit card payments from customers. We will also show you how to keep track of petty cash. Finally, we will show you how to record delayed charges.
