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.

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Table of Contents (19 chapters)
Preface
Preface
Who this book is for
What this book covers
To get the most out of this book
Get in touch
Free Chapter
1
Getting Started with QuickBooks Online
Getting Started with QuickBooks Online
What is QuickBooks?
QBO editions
Choosing the right QBO edition
QBD product line
Choosing the right QBD version
New features in QBD 2019 and 2020
Introduction to small business bookkeeping
Summary
2
Company File Setup
Company File Setup
Creating a QuickBooks Online account
Navigating in QuickBooks Online
Setting up company preferences in QuickBooks Online
Summary
3
Migrating to QuickBooks Online
Migrating to QuickBooks Online
Key information and documents required to convert to QuickBooks Online
Questions to ask yourself in preparation for data conversion
Choosing your QuickBooks start date
Converting from another accounting software or Excel to QuickBooks Online
Converting from QuickBooks Desktop to QuickBooks Online
Converting from QuickBooks Desktop data to QuickBooks Online
Summary
4
Customizing QuickBooks for Your Business
Customizing QuickBooks for Your Business
Customizing the chart of accounts
Connecting bank accounts to QuickBooks Online
Connecting credit card accounts to QuickBooks Online
Giving other users access to your QuickBooks data
Summary
5
Managing Customers, Vendors, Products, and Services
Managing Customers, Vendors, Products, and Services
Managing customers in QuickBooks Online
Managing vendors in QuickBooks Online
Managing products and services in QuickBooks Online
Summary
6
Recording Sales Transactions in QuickBooks Online
Recording Sales Transactions in QuickBooks Online
Understanding sales forms 
Recording customer payments
Issuing credit memos and refunds to customers
Summary
7
Recording Expenses in QuickBooks Online
Recording Expenses in QuickBooks Online
Entering and paying bills
Managing recurring expenses
Writing checks
Printing checks
Summary
8
Managing Downloaded Bank and Credit Card Transactions
Managing Downloaded Bank and Credit Card Transactions
Overview of the banking center 
Matching transactions
Editing banking transactions
Understanding bank rules
Reconciling accounts
Summary
9
Report Center Overview
Report Center Overview
Navigating the report center
Reports available in the Report Center
Customizing reports
Exporting reports
Sending reports via email
Summary
10
Business Overview Reports
Business Overview Reports
Understanding profit and loss statements
Generating balance sheet reports
Understanding the statement of cash flows
Creating a budget
Summary
11
Customer Sales Reports in QuickBooks Online
Customer Sales Reports in QuickBooks Online
Accounts receivable aging report
Generating an open invoices report
Generating a sales by customer report
Generating a sales by product/service report
Summary
12
Vendor and Expenses Reports
Vendor and Expenses Reports
Generating an accounts payable (A/P) aging report
Generating an unpaid bills report
Generating an expenses by vendor summary report
Generating a bill payments report
Summary
13
Managing Payroll in QuickBooks Online
Managing Payroll in QuickBooks Online
Setting up payroll
Running payroll
Generating payroll reports
Filing payroll tax forms and payments 
Summary
14
Managing 1099 Contractors in QuickBooks Online
Managing 1099 Contractors in QuickBooks Online
Setting up 1099 contractors
Tracking and paying 1099 contractors
1099 year-end reporting
Summary
15
Closing the Books in QuickBooks Online
Closing the Books in QuickBooks Online
Reviewing a checklist for closing your books
Giving your accountant access to your data
Recording journal entries
Summary
16
Handling Special Transactions in QuickBooks Online
Handling Special Transactions in QuickBooks Online
Using apps in QuickBooks Online
Managing credit card payments
Customizing sales templates
Setting up business loans and lines of credit
Managing petty cash
Recording bad debt expense
Understanding delayed charges and credits
Summary
17
Shortcuts and Test Drive
Shortcuts and Test Drive
QBO keyboard shortcuts
QuickBooks Online test drive
18
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Creating a QuickBooks Online account

The first step to setting up your business in QuickBooks Online is to create a QuickBooks Online account. To create a QuickBooks Online account, you need to go to the Intuit website and select a QBO subscription plan.

Follow these steps to create a QuickBooks Online account: 

  1. Open your web browser and go to the Intuit website: www.intuit.com.
  2. Click on Products and select QuickBooks, as shown in the following screenshot:

  1. Click on Plans & pricing, as indicated in the following screenshot:

  1. Choose from one of the four pricing plans: Simple Start, Essentials, Plus, and Advanced, as indicated in the following screenshot:

  1. Create an Intuit account by providing your business email address, mobile number, and password, as indicated in the following screenshot: 

  1. Provide your business name, the number of years you&apos...
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