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

Considerations for Inventory

At the beginning of this chapter, we discussed when tracking inventory might be appropriate for a retail-based business. If this feature is in use, at some point in time, the business will need to do the following:

  • Update price lists
  • Revalue inventory items
  • Adjust stock quantities

Adjusting stock quantities was covered in Chapter 3, QuickBooks Online for Manufacturing Businesses, so please refer to the appropriate section within that chapter if you need help with that.

Updating Sales Prices

If you only have a few items where the default sales price needs to be increased or decreased, you can simply edit the Product/Service item and amend the price accordingly. However, if you have a lot of items, the last thing you want to do is spend a lot of time editing them individually. Thankfully, there is a much more efficient way to change a lot of values very quickly.

Toward the right of the Products and Services center, above the...