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

Making changes to existing products and services in QuickBooks Online

You can change any fields in existing products and services except the item type. If you have already used an item in a transaction, QuickBooks will not allow you to change the item type. Instead, you will need to inactivate the old item and add a brand-new item with the correct item type.

Follow these steps to make changes to existing products and services in QBO:

  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. Select the product or service you would like to make changes to by clicking on the name and making the necessary changes, as shown in the following screenshot:

As we mentioned previously, you can change an item type if you haven't used it in a transaction in QuickBooks. However, if you have used an item in a transaction and the item type is incorrect, you will need to create a new item with the correct...