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.

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Table of Contents (26 chapters)
Preface
Preface
Who this book is for
Section 1: Setting Up Your Company File
Section 2: Recording Transactions in QuickBooks Online
Section 3: Generating Reports in QuickBooks Online
Section 4: Managing Employees and Contractors
Section 5: Closing the Books and Handling Special Transactions
To get the most out of this book
Download the Support files
Conventions used
Get in touch
Reviews
1
Section 1: Setting Up Your Company File
Section 1: Setting Up Your Company File
Free Chapter
2
Getting Started with QuickBooks Online
Getting Started with QuickBooks Online
What is QuickBooks?
Exploring QuickBooks Online editions
Choosing the right QuickBooks Online edition
QBO Simple Start
QBO Essentials
QBO Plus
QBO Advanced
Introducing the QuickBooks Desktop product line
Choosing the right QuickBooks Desktop version
QuickBooks Mac
QuickBooks Pro
QuickBooks Premier
QuickBooks Enterprise
Introducing new features and improvements in QuickBooks Desktop 2021
New features in QBD 2021
Small business bookkeeping 101
Recording sales
Recording expenses
Recording inventory and fixed asset purchases
Recording liabilities
Understanding the chart of accounts
Choosing an accounting method
Understanding how double-entry bookkeeping works
Summary
3
QuickBooks Online Advanced
QuickBooks Online Advanced
Accessing the QuickBooks Online Advanced test drive account
Setting up customized fields
Managing customized user permissions
Using workflow automation
Importing invoices and budgets into QuickBooks Online
Importing budgets into QuickBooks Online
Batch-creating invoices in QuickBooks Online
Priority Circle membership
Using online backup and restore
Utilizing the performance center and custom charts
Fathom reporting app
Summary
4
Company File Setup
Company File Setup
Creating a QuickBooks Online account
Navigating in QuickBooks Online
QuickBooks Online dashboard and left navigation bar
QuickBooks Online icons
QuickBooks Online menus
Setting up company preferences in QuickBooks Online
Company settings
Billing and subscription settings
Usage settings
Sales settings
Expenses settings
Payment settings
Advanced settings
Summary
5
Migrating to QuickBooks Online
Migrating to QuickBooks Online
Key information and documents required to convert to QuickBooks Online
Questions to ask yourself in preparation for data conversion
Choosing your QuickBooks start date
Converting from another accounting software or Excel to QuickBooks Online
Recording details of historical data in QuickBooks Online
Recording a summary journal entry of historical data in QuickBooks Online
Reasons Not to Convert from QuickBooks Desktop to QBO
Functionality not available in QuickBooks Online
QuickBooks Desktop data that will not convert to QuickBooks Online
Converting QuickBooks Desktop data to QuickBooks Online
Checking the target count
Creating a QuickBooks Online account
Backing up your QuickBooks Desktop file
Checking for updates
Running the QuickBooks Desktop conversion to the QuickBooks Online tool
Logging in to QuickBooks Online
Verifying that all of your data was converted
Summary
6
Customizing QuickBooks for Your Business
Customizing QuickBooks for Your Business
Customizing the chart of accounts
How to add a new account to the chart of accounts list
How to import a chart of accounts list
How to edit accounts on the chart of accounts list
How to inactivate an account on the chart of accounts list
Connecting bank accounts to QuickBooks Online
Importing banking transactions automatically
Uploading banking transactions from an Excel CSV file
Connecting credit card accounts to QuickBooks Online
Importing credit card transactions automatically
Uploading credit card transactions from an Excel CSV file
Giving other users access to your QuickBooks data
Standard user
Company administrator
Reports-only user
Time-tracking user
Accountant user
Summary
7
Managing Customers, Vendors, Products, and Services
Managing Customers, Vendors, Products, and Services
Managing customers in QuickBooks Online
Manually adding customers in QuickBooks Online
Importing customers into QuickBooks Online
Making changes to existing customers in QuickBooks Online
Inactivating customers in QuickBooks Online
Managing vendors in QuickBooks Online
Manually adding vendors in QuickBooks Online
Importing vendors into QuickBooks Online
Making changes to existing vendors in QuickBooks Online
Inactivating vendors in QuickBooks Online
Managing products and services in QuickBooks Online
How to manually add products and services in QuickBooks Online
How to import products and services in QuickBooks Online
Making changes to existing products and services in QuickBooks Online
Inactivating products and services in QuickBooks Online
Summary
8
Section 2: Recording Transactions in QuickBooks Online
Section 2: Recording Transactions in QuickBooks Online
9
Managing Sales Tax
Managing Sales Tax
Setting up sales tax in QuickBooks Online
Creating an invoice that includes sales tax
Sales tax reports
Summary
10
Recording Sales Transactions in QuickBooks Online
Recording Sales Transactions in QuickBooks Online
Understanding sales forms
Recording income using a sales receipt
Recording income using a deposit
Recording income using a sales invoice
Recording customer payments
Issuing credit memos and refunds to customers
Summary
11
Recording Expenses in QuickBooks Online
Recording Expenses in QuickBooks Online
Entering and paying bills
Entering bills into QuickBooks Online
Paying bills in QuickBooks Online
Managing recurring expenses
Writing checks
Printing checks
Capturing and categorizing receipts and bills
Summary
12
Reconciling Downloaded Bank and Credit Card Transactions
Reconciling Downloaded Bank and Credit Card Transactions
Overview of the Banking Center
Matching transactions
Editing banking transactions
Understanding bank rules
How do you want to apply this rule?
Reconciling accounts
Summary
13
Section 3: Generating Reports in QuickBooks Online
Section 3: Generating Reports in QuickBooks Online
14
Report Center Overview
Report Center Overview
Navigating the report center
Reports available in the report center
Customizing reports
General report customizations
Rows and columns report customization
Using filters to customize reports
Header and footer report customization
Exporting reports
Exporting reports to Excel
Exporting reports to PDF
Sending reports via email
Summary
15
Business Overview Reports
Business Overview Reports
Understanding profit and loss statements
Generating balance sheet reports
Understanding the statement of cash flows
Creating a budget
Summary
16
Customer Sales Reports in QuickBooks Online
Customer Sales Reports in QuickBooks Online
Generating an accounts receivable aging report
Generating an open invoices report
Generating a sales by customer report
Generating a sales by product/service report
Summary
17
Vendor and Expenses Reports
Vendor and Expenses Reports
Generating an accounts payable (A/P) aging report
Generating an unpaid bills report
Generating an expenses by vendor summary report
Generating a bill payments report
Summary
18
Section 4: Managing Employees and Contractors
Section 4: Managing Employees and Contractors
19
Managing Payroll in QuickBooks Online
Managing Payroll in QuickBooks Online
Setting up payroll
Payroll setup checklist and key documents
Setting up payroll in QBO
Running payroll
Generating payroll reports
Filing payroll tax forms and payments
Summary
20
Managing 1099 Contractors in QuickBooks Online
Managing 1099 Contractors in QuickBooks Online
Setting up 1099 contractors
Tracking and paying 1099 contractors
1099 year-end reporting
Summary
21
Section 5: Closing the Books and Handling Special Transactions
Section 5: Closing the Books and Handling Special Transactions
22
Closing the Books in QuickBooks Online
Closing the Books in QuickBooks Online
Reviewing a checklist for closing your books
Reconciling all bank and credit card accounts
Making year-end accrual adjustments
Reviewing new fixed asset purchases and adding them to the chart of accounts
Making depreciation journal entries
Taking physical inventory and reconciling this with your books
Adjusting retained earnings for owner/partner distributions
Setting a closing date and password
Preparing key financial reports
Giving your accountant access to your data
Recording journal entries
Summary
23
Handling Special Transactions in QuickBooks Online
Handling Special Transactions in QuickBooks Online
Using apps in QuickBooks Online
Overview of the QuickBooks app center
Finding apps for your business
Managing credit card payments
Customizing sales templates
Setting up business loans and lines of credit
Adding a business loan or line of credit to the chart of accounts
Making payments on a loan or line of credit
Managing petty cash
Adding a petty cash account in QuickBooks
Recording petty cash transactions
Replenishing petty cash
Reconciling petty cash
Recording bad debt expense
Creating a bad debt item
Creating a credit memo
Applying a credit memo to an outstanding customer invoice
Tracking delayed charges and credits
Summary
24
Shortcuts and Test Drive
QBO keyboard shortcuts
QuickBooks Online test drive
Discount on a QBO account
25
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Creating a QuickBooks Online account

The first step to setting up your business in QBO is to create a QBO account. To create a QBO account, you need to go to the Intuit website and select a QBO subscription plan.

Follow these steps to create a QBO account: 

  1. Open your web browser and go to the Intuit website: www.intuit.com.
  2. Click on Products and select QuickBooks, as shown in the following screenshot:

  1. Click on Plans & Pricing, as indicated in the following screenshot:

  1. Choose from one of three pricing plans: Essentials, Plus, and Advanced, as indicated in the following screenshot:

  1. Create an Intuit account by providing your business email address, mobile number, and password, as indicated in the following screenshot: 

  1. Provide your business name and the number of years you've been in business, and specify whether you are converting from QuickBooks Desktop, as indicated in the following screenshot. If you are not currently...
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