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

Sub-Customers versus Projects

Projects provide great visibility when checking the profitability of work done for a customer without the need to customize any reports. Figure 5.6 in the previous chapter, Chapter 5, Handling Client Money, shows how sub-customers can be created.

There are no limits on how many sub-customers you can create, but nesting is restricted to five levels: the main customer and up to four sub-levels.

Figure 6.38 – Maximum nesting of customers

This sort of nesting that will associate the lowest level with those above is not available when using a project. Add-ons or revisions of projects need to be treated separately, or just contained within the one project.

Also, when using sub-customers, it is possible to use a different address for each sub-customer by changing the option from Bill with parent to Bill this customer.

Figure 6.39 – Using a different address with a sub-customer

This option can...