Book Image

Mastering QuickBooks 2021 - Second Edition

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2021 - Second Edition

By: Crystalynn Shelton

Overview of this book

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.
Table of Contents (26 chapters)
1
Section 1: Setting Up Your Company File
8
Section 2: Recording Transactions in QuickBooks Online
13
Section 3: Generating Reports in QuickBooks Online
18
Section 4: Managing Employees and Contractors
21
Section 5: Closing the Books and Handling Special Transactions

Setting up payroll in QBO

Setting up payroll in QBO can be done in seven easy steps. First, you will navigate to the Payroll tab and select the Get started button. Next, you will select the payroll plan you wish to subscribe to. After selecting a plan, you will enter basic information for each employee, including their name, email, and hire date. The next step requires you to select a payment schedule and enter the employee's pay rate, deductions, and withholdings from their W-4 form. If the employee chooses direct deposit, you will need to have them complete a direct deposit authorization form. Repeat these steps for each employee and setup will be complete.

Follow these steps to set up payroll in QBO:

  1. Click on Payroll on the left menu bar to navigate to the Employee Center, as shown in the following screenshot:

  1. Activate the payroll by clicking on the Get started button, as indicated in the following screenshot:

  1. On the next screen, you will have the...