After you have entered all of your business transactions into QuickBooks for the year, you will need to finalize your financial statements so that you can hand them off to your accountant to file your taxes. To ensure you have recorded all business transactions for the financial period, we have included a checklist that you can follow to close your books. Closing your books will ensure that no additional transactions are entered into QuickBooks once you have finalized your financial statements. If you have a bookkeeper or an accountant that manages your books, they should ensure all of the steps have been completed. In this chapter, we will cover each item on the checklist. This includes reconciling all bank and credit card accounts, making year-end accrual adjustments (if applicable), recording fixed asset purchases made throughout the year...
Mastering QuickBooks 2020
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Mastering QuickBooks 2020
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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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Current Title:
Mastering QuickBooks 2020
Table of Contents (19 chapters)
Preface
Free Chapter
Getting Started with QuickBooks Online
Company File Setup
Migrating to QuickBooks Online
Customizing QuickBooks for Your Business
Managing Customers, Vendors, Products, and Services
Recording Sales Transactions in QuickBooks Online
Recording Expenses in QuickBooks Online
Managing Downloaded Bank and Credit Card Transactions
Report Center Overview
Business Overview Reports
Customer Sales Reports in QuickBooks Online
Vendor and Expenses Reports
Managing Payroll in QuickBooks Online
Managing 1099 Contractors in QuickBooks Online
Closing the Books in QuickBooks Online
Handling Special Transactions in QuickBooks Online
Shortcuts and Test Drive
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