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)

Matching transactions

One of the benefits of having transactions automatically download into QuickBooks from your financial institution is that the software will check to see if the transaction was previously recorded, or if there is a related transaction.

In the following screenshot, QuickBooks has attempted to match three transactions:

The following is a brief explanation of the preceding three transactions:

  • Deposit for $868.15: QuickBooks has found a deposit in the file for $868.15 (dated 08/05/19), which matches a deposit the bank has downloaded to the banking center for $868.15. If these transactions are one and the same, you would simply click Match in the far-right column. 
  • Check for $228.75: QuickBooks has identified Check#75 for $228.75, which matches a withdrawal downloaded from the bank for the same amount ($228.75). If these transactions...