Book Image

Mastering QuickBooks 2020

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2020

By: Crystalynn Shelton

Overview of this book

Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks. Its complete range of accounting capabilities, such as tracking income and expenses, managing payroll, simplifying taxes, and accepting online payments, makes QuickBooks software a must-have for business owners and aspiring bookkeepers. This book is a handy guide to using QuickBooks Online to manage accounting tasks and drawing business insights by generating reports easily. Using a fictitious company, the book demonstrates how to create a QuickBooks Online account; customize key settings for a business; manage customers, vendors, and products and services; generate reports; and close the books at the end of the period. QuickBooks records your debits and credits, so you don't need to learn accounting. However, you will find out what happens under the hood and understand how your financial statements are impacted by what you do in QuickBooks. You'll also discover tips, shortcuts, and best practices that will help you save time and become a QuickBooks pro. By the end of this book, you'll have become well-versed with the features of QuickBooks and be able to set up your business and manage all bookkeeping tasks with ease.
Table of Contents (19 chapters)

Summary

We have met our goal for this chapter of showing you how to manage your payroll from start to finish. To recap, you now know what information is required to set up employees and how to set them up. We covered how to enter the hours for each pay period and submit payroll for processing. You know what payroll reports are available so that you can gain insight into your total payroll costs, and finally, we discussed the importance of filing payroll tax forms and submitting payroll tax payments on time. You are now equipped to add employees, run your payroll, run payroll reports, and use this information to file your payroll tax returns.

In the next chapter, we will cover how to manage 1099 contractors. While these folks are not employees, you will need to set them up in QuickBooks to properly track payments for reporting purposes.

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