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

Replenishing petty cash

Eventually, you will get to a point where you've run out of petty cash or you don't have enough to pay for an item. Before replenishing petty cash, make sure you have entered all of the receipts for petty cash purchases that have been made thus far. Similar to a bank account, you can record a transfer in QuickBooks so that you can transfer money from a checking account to the petty cash account. Of course, to get the actual cash, you will need to make a withdrawal from your business checking account to replenish the actual funds.

To record a transfer from the business checking account to petty cash, follow these steps:

  1. Navigate to the petty cash register, as you did in the previous section.
  2. Click on the drop-down arrow next to Add transfer and select Transfer, as shown in the following screenshot:

  1. Fill in the fields shown in the following screenshot to record the transfer:

Brief explanations of the fields you need to fill in to complete the...