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

Recording customer payments

QBCU
2.4.3

If you record income using a sales invoice, you will receive payment based on the terms you have agreed with your customer. When customer payments are received, you must apply payments to an outstanding sales invoice in order to reduce the accounts receivable balance. You can accept multiple payment methods in QuickBooks, including check, cash, and credit card. To learn more about managing credit card payments, refer to Chapter 18, Handling Special Transactions in QuickBooks Online.

Follow these steps to receive payment from a customer:

  1. Click on the + New button.
  2. Navigate to Receive payment, located below CUSTOMERS, as indicated in Figure 8.10:

    Figure 8.10: Navigating to Receive payment

  3. Complete the fields, as indicated in the following screenshot, to record the customer payment:

    Figure 8.11: The Receive Payment window

    The following are brief descriptions of the key fields...