Book Image

Mastering QuickBooks 2021 - Second Edition

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2021 - Second Edition

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 independently. This latest edition of Mastering QuickBooks takes you through the range of new features and updates available in QuickBooks Online (QBO). Creating multilingual invoices, tracking mileage, working with a cash flow dashboard that helps you with cash forecasting and planning reports, and uploading a batch of bills and checks are just a few of the new features covered in this edition. As you progress, you’ll learn how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. Dedicated sections will also take you through new content focused on the latest features in the QBO line-up, while also showing you the different types of businesses that can benefit from QBO Advanced. In addition to this, you’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, perform smart reporting with Fathom, and much more. By the end of this QuickBooks book, you'll be well-versed with the features of QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.
Table of Contents (26 chapters)
1
Section 1: Setting Up Your Company File
8
Section 2: Recording Transactions in QuickBooks Online
13
Section 3: Generating Reports in QuickBooks Online
18
Section 4: Managing Employees and Contractors
21
Section 5: Closing the Books and Handling Special Transactions

Recording expenses

The majority of the money that flows out of a business is used to pay for business expenses. Business expenses can be categorized as recurring or non-recurring. A recurring expense is one that repeats, such as rent, utilities, and insurance.

A non-recurring expense is one that is unexpected or takes place less frequently. For example, if a photographer's camera stops working and they need to spend money to get it repaired or buy a new one, this would be considered a non-recurring expense because it was unexpected.

QuickBooks is designed to help you easily track both recurring and non-recurring expenses. In this book, we will cover how to create recurring transactions in QuickBooks so that you don't have to manually enter them each time they occur. Plus, you will learn how to pay non-recurring transactions by writing a check, making online payments, or paying with a credit or debit card.

Now that you know how to keep track of money coming into your business and money going out of your business, let's see how you should handle inventory and fixed asset purchases next.