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

Generating an accounts payable (A/P) aging report

An accounts payable aging report, also known as an A/P aging report, groups unpaid bills based on the number of days they are outstanding or due. Similar to the A/R aging report that we saw in the previous chapter, there are five main groups: current, 1-30 days, 31-60 days, 61-90 days, and 91 days and over. QuickBooks calculates the age of a bill by using the bill date. To stay on top of bills, business owners should review this report on a weekly basis, and take the necessary steps to pay bills that are nearly due. For bills coming due, you should go ahead and process the payment online with your financial institution or write a check directly from QuickBooks.

Follow these steps to generate an A/P aging report:

  1. Navigate to Reports from the left menu bar, as indicated in Figure 14.1:

    Figure 14.1: Navigating to the Report Center

  2. Scroll down to the What you owe section and select Accounts payable aging...