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)

Converting from another accounting software or Excel to QuickBooks Online

There are four primary steps for converting from another accounting software or Excel spreadsheet into QuickBooks Online:

  1. Complete the initial company file setup.
  2. Import all of your list information for customers, vendors, and products and services.
  3. Import your chart of accounts list, or update the default listing in QuickBooks to match your current list.
  4. Verify the accuracy of the data that has been converted.

In Chapter 2, Company File Setup, we covered in detail how to complete the initial company file setup. 

In this chapter, we will cover the other two options you have for entering data into QuickBooks: recording details of historical data, and recording a summary journal entry of historical data. We will look at the correct order in which to enter historical transactions, and how to verify the...