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

Recording Time against a Project

Having employees or sub-contractors record time in QuickBooks has a few benefits. Not only will it help produce a more realistic profit figure for a project but it can also help a business owner decide how much should be charged for future similar projects. In addition, if a fixed charge hasn't been agreed against a project, time can be marked as billable and charged to the customer when it's time to raise an invoice.

Who can record time?

Anybody with access to QuickBooks can record time against a project. It's possible to create a user that can access Time tracking only features. New users are added from within the gear icon, selecting the Manage users option:

Figure 6.16 – Adding a Time tracking only user

Time tracking only users don't count toward user limits, which is a great bonus.

Before we look at how time is recorded, first we need to ensure employees and sub-contractors have been...