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

How to manually add products and services in QuickBooks Online

In order to add products and services in QuickBooks, you need to have a list of the products or services you plan to sell, along with the cost, sales price, and a brief description that you want to appear on invoices.

Follow these steps to add a new item in QuickBooks Online:

  1. Navigate to the Products and Services list by clicking on the gear icon and selecting Products and Services, as shown in the following screenshot:

  1. Click on the New button, as indicated here:

3. On the next screen, you will select the appropriate item type, as shown in the following screenshot:

There are four item types to choose from. A brief description of each item type follows:

  • Non-inventory: The non-inventory type is used to track items you sell but don't keep in inventory. For example, a photographer may purchase photo paper to print pictures, but does not keep track of the quantity of photo paper they've purchased.
  • Service...