Book Image

Mastering QuickBooks 2022 - Third Edition

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2022 - Third Edition

By: Crystalynn Shelton

Overview of this book

Whether you have bookkeeping experience or not, handling the financial side of your growing business requires expertise. With Mastering QuickBooks® 2022, Third Edition, you’ll learn how to use QuickBooks® to build the perfect budget, simplify tax return preparation, manage inventory, track job costs, generate income statements and financial reports, and perform all accounting-related tasks with ease. Throughout the book, you’ll be guided by an experienced Certified Public Accountant and Advanced Certified QuickBooks ProAdvisor – from setup to core features and beyond. This new edition has every chapter revised to cover a range of new features and updates available, including smart invoicing and cash flow projections. You'll learn how to create multilingual invoices, track mileage, work with a cash flow dashboard that helps you with cash forecasting and planning reports, and upload batches of bills and checks. This book will also teach you how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. In addition to this, you’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, and perform smart reporting. By the end of this book, you'll be well-versed with QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.
Table of Contents (27 chapters)
Free Chapter
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
24
Other Books You May Enjoy
25
Index

Smart Invoicing

A new feature now available in QBO Advanced is called Smart Invoicing. Smart Invoicing uses artificial intelligence to identify and highlight invoice irregularities so you can spot potential problems quickly. For example, invoices are flagged whenever a quantity or price detail falls outside the expected range for a given customer. The irregular values are highlighted and explained so the person creating the invoice or the approver can take a look at them.

Below is an example of an invoice with the Smart Invoicing feature turned on:

Figure 2.42: Smart Invoicing in action

Notice that both the quantity and the unit cost are highlighted with a comment right above that indicates the expected value for these fields. If you don’t want to see the comments, you can turn off Smart Invoicing in company preferences (click on the gear icon and select Account and settings), or you can turn off suggestions at the user level.

Next, we will cover an existing...