Book Image

Professional Tips and Workarounds for QuickBooks Online

By : Ashley Beetson
Book Image

Professional Tips and Workarounds for QuickBooks Online

By: Ashley Beetson

Overview of this book

Accountants and bookkeepers can sometimes face challenges while coming up with solutions to help their clients. QuickBooks Online, a popular cloud accounting software, comes with a wide range of tools that can take time to learn. This book will show you how to properly combine the tools available in QuickBooks to get the most out of this software. Complete with step-by-step explanations of essential concepts and practical examples, the book will begin by helping you understand how to create opening balances for a new company. You'll then discover essential bookkeeping and accountancy tips and tricks, and find guidance to help make QuickBooks as easy to use as possible. As you advance, you'll explore different scenarios in which QuickBooks Online can be used for various business types. This will help you understand that not every business is the same, but using the wide range of functionalities QuickBooks Online offers, you can customize solutions to really make it work for you. By the end of this QuickBooks book, you'll have gained deep insights into how you can use QuickBooks Online to work for different business types, and you'll have a complete checklist of the different things you should be doing when you start reviewing accounts ahead of tax season.
Table of Contents (16 chapters)
1
Section 1 – General Tips and Shortcuts
4
Section 2 – Adapting QuickBooks Online to Suit Different Business Types
10
Section 3 – Reviewing and Reporting Data in QuickBooks Online

Chapter 8: Best Practices When Reviewing Financial Records

The first two chapters of this book covered topics that could be useful to all business types. These included checking that opening balances had been set up correctly, and a few small tips that can be useful when using QuickBooks day to day.

In chapters 3-7, we looked at specific business types and provided some detailed advice on the use of the Projects and Multicurrency features.

The last four chapters of this book are useful for all business types. Entering information into QuickBooks can be pretty easy, and if we are using any automated tools such as Bank Rules, it is really important to check that entries are being made exactly as expected.

In this chapter, we are going to start reviewing the data held in our QuickBooks Online company file. You will learn the following:

  • How frequently, and when is the best time, to review financial records
  • Standard accounting principles and concepts
  • What reports...