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)

Managing petty cash

Petty cash is a small amount of money that's used to cover incidentals such as postage, lunch for the office, or other items. Petty cash is generally no more than $500 and is kept under lock and key and managed by the business owner or someone designated by the owner to manage petty cash. Like all business expenses, you need to keep track of all your receipts so that you can record the expenses in QuickBooks. In this section, we will discuss how to track petty cash, record petty cash expenses, and reconcile the petty cash account. Let's get started by creating a petty cash account.

Adding a petty cash account in QuickBooks

In order to track petty cash in QuickBooks, we need to add a petty cash...