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)

Managing products and services in QuickBooks Online

The products and services that you sell are referred to as items in QuickBooks. You can track all of the products and services that you sell in QuickBooks Online. This includes product name, product (item) number, product description, cost, selling price, and quantity on-hand. In this section, we will cover how to manually add items, how to import items, how to modify existing items, and how to inactivate items in QuickBooks Online.

How to manually add products and services in QuickBooks Online

In order to add products and services in QuickBooks, you need to have a list of the products or services you plan to sell, along with the cost, sales price, and a brief description...