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 looked at how income can be recorded in QuickBooks Online for a retail-based business, the following areas have been covered:

  • Using Sales Receipts, Bank Deposits, Journal Entries
  • Recurring templates
  • Using Undeposited Funds
  • Use of Customer names
  • Use of Product/Service Items
  • Updating price-lists
  • Revaluation of stock

QuickBooks Online offers a lot of flexibility when it comes to choosing how income is recorded. The level of complexity depends largely on the reporting requirements and the necessity to monitor inventory.

The next chapter looks at how a business might need to monitor how money that is not strictly theirs is handled – client money. Lawyers, realtors, and trusts often handle money on behalf of others. But how can we use QuickBooks to handle that? Read on to find out!