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

Reclassify transactions

The Reclassify transactions feature is not new. However, in the past, it was only available for accountant users; now it is available to Admin users who have a QBO Advanced subscription. Reclassify transactions allows you to modify a batch of transactions all at once. For example, if you find that the expense account for checks written to a vendor has been categorized incorrectly, you can use the Reclassify transactions feature to make the correction for a batch of checks at once.

Follow the steps below to access the Reclassify transactions feature:

  1. Click on the gear icon and select Reclassify transactions, as shown below:

    Figure 2.43: Selecting Reclassify transactions

  2. The following screen will appear:

    Figure 2.44: The Reclassify Transactions screen

    A brief explanation of the information required in this screen is as follows:

    • Account types: From the drop-down, you can select profit and loss...