Book Image

Mastering QuickBooks 2022 - Third Edition

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2022 - Third Edition

By: Crystalynn Shelton

Overview of this book

Whether you have bookkeeping experience or not, handling the financial side of your growing business requires expertise. With Mastering QuickBooks® 2022, Third Edition, you’ll learn how to use QuickBooks® to build the perfect budget, simplify tax return preparation, manage inventory, track job costs, generate income statements and financial reports, and perform all accounting-related tasks with ease. Throughout the book, you’ll be guided by an experienced Certified Public Accountant and Advanced Certified QuickBooks ProAdvisor – from setup to core features and beyond. This new edition has every chapter revised to cover a range of new features and updates available, including smart invoicing and cash flow projections. You'll learn how to create multilingual invoices, track mileage, work with a cash flow dashboard that helps you with cash forecasting and planning reports, and upload batches of bills and checks. This book will also teach you how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. In addition to this, you’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, and perform smart reporting. By the end of this book, you'll be well-versed with QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.
Table of Contents (27 chapters)
Free Chapter
1
Section 1: Setting Up Your Company File
8
Section 2: Recording Transactions in QuickBooks Online
13
Section 3: Generating Reports in QuickBooks Online
18
Section 4: Managing Employees and Contractors
21
Section 5: Closing the Books and Handling Special Transactions
24
Other Books You May Enjoy
25
Index

Understanding sales forms

Recording income for a business can be accomplished in a variety of ways. There are three primary ways to record income in QuickBooks Online. First, a sales receipt is used when you receive payment at the same time you provide products and/or services to your customers. Second, you can use a deposit to record income for a specific customer or to record income from multiple customers at any one time. Third, you can use a sales invoice, which allows you to bill a specific customer, who will pay you based on payment terms that are agreed upon upfront.

In the following sections, we will cover when and how to record income using a sales receipt, a deposit, and a sales invoice. We will also show you the accounting that takes place behind the scenes for each transaction. This will include the debits and credits recorded for each transaction.

Recording income using a sales receipt

QBCU
2.4.2

A sales receipt is used when the sale of a product...