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)

Connecting bank accounts to QuickBooks Online

One of the best features of using cloud accounting software such as QBO is the ability to connect your bank account to the software, so that your books are always up to date with the most recent deposits and withdrawals that have been made to your bank accounts.

There are two ways in which you can update QuickBooks with your banking activity. You can connect your bank account to QuickBooks so that transactions import automatically into QuickBooks, or you can upload transactions from an Excel spreadsheet. We will walk you through each of these processes in more detail now.

Importing banking transactions automatically

There are several benefits to importing your banking transactions...