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

Summary

In this chapter, we've shown that although at first glance QuickBooks may appear up to date and even have the bank reconciled, it's important that all areas should be checked fully before we start preparing accounts of any kind.

You should now have a good understanding of the following:

  • Basic accounting principles and concepts
  • How often QuickBooks should be checked
  • Basic reports to check and how these can be adapted
  • Common errors that occur and how to fix them

When it comes to preparing our end-of-year accounts, we've made a start by checking for inconsistencies and have been able to make some corrections.

In our next chapter, we'll be looking more at how we can improve the consistency in our financial reporting; this will focus mainly on our profit and loss. As we progress further, Chapter 10, Reconciling the Balance Sheet, will look more closely at the balance sheet to ensure all areas have been fully agreed upon and reconciled...