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

Creating a budget

After you’ve been in business for a year or two, you may want to take advantage of tools that will help you strategize and plan for the future. You can create a budget in QuickBooks Online from scratch or use existing data from the previous year. When you create a budget, you can keep track of your actual income and expenses to see whether you are coming in over or under budget.

QuickBooks allows you to create budgets for all income and expense accounts. You can also create a budget for specific customers. We will show you how to create a budget from scratch in this section.

Follow these steps to create a budget:

  1. Click on the gear icon and select Budgeting, as shown in the following screenshot:

    Figure 12.13: Navigating to Budgeting from the TOOLS menu

  2. The following screen will appear:

    Figure 12.14: The Add budget button

    Click on the Add budget button.

  3. On the next screen, you will need to...