Book Image

Mastering Quickbooks® 2023, Fourth Edition - Fourth Edition

By : Crystalynn Shelton
Book Image

Mastering Quickbooks® 2023, Fourth Edition - Fourth Edition

By: Crystalynn Shelton

Overview of this book

Mastering QuickBooks® 2023 is a comprehensive guide that covers everything you need to know to master QuickBooks, from setting up your accounts and managing your transactions to generating reports and integrating with other software. With step-by-step instructions, real-world examples, and practical tips and tricks, this book is designed to help small business owners, independent contractors, and bookkeepers optimize their financial management and streamline their business operations.

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Table of Contents (28 chapters)
Preface
Preface
Who this book is for
What this book covers
To get the most out of this book
Get in touch
1
Section I: Setting Up Your Company File
Section I: Setting Up Your Company File
Free Chapter
2
Getting Started with QuickBooks Online
Getting Started with QuickBooks Online
What is QuickBooks?
Exploring QBO editions
Choosing the right QBO edition
Creating a QBO account
Navigating in QBO
QBO home page and left navigation bar
Small business bookkeeping 101
Summary
3
Company File Setup
Company File Setup
Key information and documents required to complete the company file setup in QuickBooks Online
Setting up company preferences in QuickBooks Online
Summary
4
Migrating to QuickBooks Online
Migrating to QuickBooks Online
Deciding if QuickBooks Online is right for your business
Questions to ask yourself in preparation for data conversion
Converting QuickBooks Desktop data to QBO
Alternatives to converting a QuickBooks Desktop file to QBO
Converting from Excel spreadsheets or pen & paper to QBO
Summary
5
Customizing QuickBooks for Your Business
Customizing QuickBooks for Your Business
Customizing the chart of accounts list
Connecting bank accounts to QBO
Connecting credit card accounts to QBO
Giving other users access to your QuickBooks data
Summary
6
Managing Customer, Vendor, and Products and Services Lists
Managing Customer, Vendor, and Products and Services Lists
Managing customer lists in QuickBooks Online
Managing vendor lists in QuickBooks Online
Managing products and services lists in QuickBooks Online
Summary
7
Section II: Recording Transactions in QuickBooks Online
Section II: Recording Transactions in QuickBooks Online
8
Managing Sales Tax
Managing Sales Tax
Setting up sales tax in QuickBooks Online
Creating an invoice that includes sales tax
Sales tax reports
Paying sales tax when it comes due
Summary
9
Recording Sales Transactions in QuickBooks Online
Recording Sales Transactions in QuickBooks Online
Entering sales forms
Recording customer payments
Recording payments to the payments to deposit account
Issuing credit memos and refunds to customers
Applying a credit memo to an open invoice
Summary
10
Recording Expenses in QuickBooks Online
Recording Expenses in QuickBooks Online
Entering and paying bills
Managing recurring expenses
Writing checks
Printing checks
Editing, voiding, and deleting expenses
Capturing and categorizing receipts and bills
Summary
11
Reconciling Uploaded Bank and Credit Card Transactions
Reconciling Uploaded Bank and Credit Card Transactions
Overview of the Banking Center
Matching transactions
Editing banking transactions
Understanding bank rules
Reconciling accounts
Summary
12
Section III: Generating Reports in QuickBooks Online
Section III: Generating Reports in QuickBooks Online
13
Report Center Overview
Report Center Overview
Navigating the Report Center
Reports available in the Report Center
Customizing reports
Exporting reports
Sending reports via email
Summary
14
Business Overview Reports
Business Overview Reports
Understanding profit and loss statements
Generating balance sheet reports
Understanding the statement of cash flows
Creating a budget
Using the cash flow planner
Generating the audit log report
Summary
15
Customer Sales Reports in QuickBooks Online
Customer Sales Reports in QuickBooks Online
Generating an accounts receivable aging report
Generating an open invoices report
Generating a sales by client report
Generating a sales by product/service report
Summary
16
Vendor and Expenses Reports
Vendor and Expenses Reports
Generating an accounts payable (A/P) aging report
Generating an unpaid bills report
Generating an expenses by vendor summary report
Generating a bill payments report
Summary
17
Section IV: Managing Employees and Contractors
Section IV: Managing Employees and Contractors
18
Managing Employees and 1099 Contractors in QuickBooks Online
Managing Employees and 1099 Contractors in QuickBooks Online
Setting up payroll
Generating payroll reports
Filing payroll tax forms and payments
Managing 1099 contractors in QuickBooks Online
Setting up 1099 contractors
Tracking and paying 1099 contractors
1099 year-end reporting
Summary
19
Section V: Closing the Books and Handling Special Transactions
Section V: Closing the Books and Handling Special Transactions
20
Closing the Books in QuickBooks Online
Closing the Books in QuickBooks Online
Reviewing a checklist for closing your books
1. Reconciling all bank and credit card accounts
2. Making year-end accrual adjustments
3. Reviewing new fixed asset purchases and adding them to the chart of accounts
4. Making depreciation journal entries
5. Taking physical inventory and recording inventory adjustments
6. Adjusting retained earnings for owner/partner distributions
Recording journal entries
7. Setting a closing date and password
8. Preparing key financial reports
Giving your accountant access to your data
Summary
21
Finding Apps and Handling Special Transactions in QuickBooks Online
Finding Apps and Handling Special Transactions in QuickBooks Online
Using apps in QuickBooks Online
Managing credit card payments
Customizing sales templates
Setting up business loans and lines of credit
Managing petty cash
Recording bad debt expense
Tracking delayed charges and credits
Summary
22
QuickBooks Online Advanced
QuickBooks Online Advanced
Accessing the QBO Advanced test drive account
Setting up customized fields
Managing customized user permissions
Using workflow automation
Importing invoices and budgets into QuickBooks Online
Batch-creating invoices in QuickBooks Online
Reclassify transactions
DocuSign integration
Using online backup and restore
Utilizing the Performance Center and custom charts
Business analytics with Excel
Priority Circle membership
Summary
23
Shortcuts and Test Drive
QuickBooks Online keyboard shortcuts
QuickBooks Online test drive
Discount on a QuickBooks Online account
24
QuickBooks Certified User Exam Objectives
QuickBooks Certified User Exam Objectives
25
Other Books You May Enjoy
Other Books You May Enjoy
26
Index
Index
Appendix
Appendix

DocuSign integration

One of the newest features in QBO Advanced is the integration of DocuSign. You can now easily sign, send, and manage digital documents directly from your QuickBooks Online Advanced account. eSignatures allow signees to receive and sign documents from any computer or mobile device with an internet connection.

Please note that the DocuSign feature is disabled for the test drive account, so you will not be able to follow along if you are using it. Screenshots in this section have been taken using a non-test drive account.

Below is a screenshot of what this feature looks like when the DocuSign app is downloaded and implemented:

Graphical user interface, application Description automatically generated

Figure 17.43: DocuSign notification

In the bottom-right corner of the preceding screenshot, there is a notification that alerts the user that they can send estimates to their customers with DocuSign.

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