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

Adding a petty cash account in QuickBooks

In order to track petty cash in QuickBooks, we need to add a petty cash account to the chart of accounts.

Follow these steps to add a petty cash account:

  1. Navigate to the Accounting section, as shown in the following screenshot:

  1. Select the chart of accounts and then click the New button, as shown in the following screenshot:

  1. Fill in the new account setup window, as shown in the following screenshot:

The following is a brief explanation of the information you will need to fill in:

  • Account Type: From the drop-down menu, select Bank as the account type. All petty cash accounts should be categorized as a bank account.
  • Detail Type: From the drop-down menu, select Cash on hand as the detail type. All petty cash accounts should be categorized as cash on hand.
  • Name: In this field, you can put Petty Cash as the name of the account and any additional details required.
  • Description: If there is additional information...