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

Utilizing the performance center and custom charts

The performance center and custom charting is another feature that is only available in QBO Advanced. It allows you to visualize your financial data in chart format, which can be easier to understand than just plain numbers. You can create a chart that allows you to include up to 10 groups of values on a single chart. For example, revenue can be tracked by products and services, classes, locations, projects, and employees. You can also micro-filter specific customers, classes, locations, and more.

The following datasets can be used to create custom charts:

  • Expenses
  • Revenue
  • Gross profit
  • Net profit
  • Accounts receivable
  • Accounts payable
  • COGS
  • Current ratio
  • Quick ratio

QBO uses real-time data for custom charts. which means report visualization is 100% accurate. Currently, existing reports are updated every 4 hours.

Follow these steps to access the performance center:

  1. Click on Reports and select Performance center as indicated in the following...