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)

Running payroll

After setting up your employees, you are ready to run your first payroll. It's important to run payroll so that your employees are paid on time and to ensure you meet all of your payroll deadlines to the state and local tax authorities. Running payroll in QuickBooks Online can be done in five easy steps. From the Workers tab, you will select the Let's go button to start entering payroll information for the pay period. Next, you should double-check that the bank account, pay period, and pay date that appear in the header are correct. If so, proceed to enter hours worked for all hourly employees. The pay amount for salary employees will automatically populate so just review for accuracy. Review the payroll details and submit them for processing. 

Follow these steps to run payroll in QuickBooks Online:

  1. Click on Workers on the left menu bar to...