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 payments to the undeposited funds account

In the previous examples, each of the payments that have been recorded from customers, whether on a sales receipt, deposit slip, or invoice, were all deposited to the business checking account. This is ideal if you don’t deposit more than one check (customer payment) at a time. However, like most businesses you will probably wait until you have multiple checks before you head to the bank to make a deposit. In that case, you will need to record all customer payments to an account called undeposited funds.

The undeposited funds account is an account that is automatically created by QuickBooks. It acts like a “cash drawer” where all customer payments are held until you record a deposit in QuickBooks.

After you make a deposit with the bank, you need to record that deposit in QuickBooks. Follow the steps below to record a deposit that includes multiple checks (customer payments):

  1. Click on the ...