If you are on the accrual basis of accounting, you need to make sure that all income and expenses that have been incurred for the period are recorded. As discussed in Chapter 1, Getting Started with QuickBooks Online, accrual basis accounting means that you recognize income when services have been rendered, regardless of when payment is received. The same concept is applied to expenses. For example, if you made a purchase in December but have not yet received the bill for it, you will need to record an adjusting journal entry before you close the books in order to record the purchase. We will discuss journal entries in more detail later in this chapter.
Mastering QuickBooks 2021 - Second Edition
By :
Mastering QuickBooks 2021 - Second Edition
By:
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.
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Current Title:
Mastering QuickBooks 2021 - Second Edition
Table of Contents (26 chapters)
Preface
Section 1: Setting Up Your Company File
Free Chapter
Getting Started with QuickBooks Online
QuickBooks Online Advanced
Company File Setup
Migrating to QuickBooks Online
Customizing QuickBooks for Your Business
Managing Customers, Vendors, Products, and Services
Section 2: Recording Transactions in QuickBooks Online
Managing Sales Tax
Recording Sales Transactions in QuickBooks Online
Recording Expenses in QuickBooks Online
Reconciling Downloaded Bank and Credit Card Transactions
Section 3: Generating Reports in QuickBooks Online
Report Center Overview
Business Overview Reports
Customer Sales Reports in QuickBooks Online
Vendor and Expenses Reports
Section 4: Managing Employees and Contractors
Managing Payroll in QuickBooks Online
Managing 1099 Contractors in QuickBooks Online
Section 5: Closing the Books and Handling Special Transactions
Closing the Books in QuickBooks Online
Handling Special Transactions in QuickBooks Online
Shortcuts and Test Drive
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