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)

Navigating the report center

The report center includes several pre-built reports that will give you both a summary and detailed information about various aspects of your business. It is organized into three main sections: standard reports, custom reports, and management reports. The majority of the reports are located in the standard reports section.

Standard reports are categorized into the following nine reporting groups:

  • Favorites: You can mark your most frequently used reports as a favorite and they will be listed in the favorites group.
  • Business overview: The business overview group includes reports that provide insight into the overall health of your business. You will find both a detailed and summarized overview of profit and loss, the balance sheet, and a statement of cash flow reports in this group.
  • Who owes you: Money owed to you by your customers is also known as...