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)

Setting up company preferences in QuickBooks Online

Before you start entering data into QuickBooks, you should spend some time going through company preferences, which allow you to turn on features that you would like to use and deactivate features that you don't plan on using. Click on the gear icon and select account and settings (the following list is the Your Company column) to navigate to company preferences.

Company preferences is made up of seven key areas:

  • Company
  • Billing and subscription
  • Usage
  • Sales
  • Expenses
  • Payments
  • Advanced

Let's look at each one of these in more detail.

Company

In company preferences, you will provide basic information about your business, such as the contact email and telephone number...