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

Using the KISS principle

The KISS acronym means keep it simple, stupid. When it comes to setting up systems and procedures for businesses, both large and small, it is better to avoid complexity wherever possible.

When setting up a QuickBooks file, it is important to ask yourself the following:

  • Who is accessing the QuickBooks file regularly?
  • What are the regular reporting requirements of the business?
  • What are the statutory reporting requirements of the business?

Why are these considerations so important?

When we know who is going to access QuickBooks the most (for bookkeeping) and we fully understand the reporting requirements of the business, we will be able to follow our KISS principle.

It is important that QuickBooks has been set up so that the following is true:

  • It is easy to use – especially if the business owner will be doing the bookkeeping.
  • Reports are easy to understand – for the business owner and the accountant.
  • ...