Mastering QuickBooks® 2022: The bestselling guide to bookkeeping and the QuickBooks Online accounting software, 3rd Edition

Length: 478 pages
Edition: 3
Language: English
Publisher: Packt Publishing
Publication Date: 2022-01-31
ISBN-10: 1803244283
ISBN-13: 9781803244280
Sales Rank: #128578 (See Top 100 Books)

This third edition of the bestselling Mastering QuickBooks® is updated for 2022 and now goes above and beyond the topics covered on the QuickBooks Certified User (QBCU) exam

Key Features

Learn QuickBooks Online (QBO) from scratch and get confident with best practices
Fully revised with the latest updates to QuickBooks Online
Brush up with everything you need to prepare for the QBCU exam

Book Description

Handling the financial side of your growing business requires expertise. What if there’s an easier path to manage accounting and track profits? With Mastering QuickBooks® 2022, Third Edition, you can 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.

Crystalynn Shelton is an experienced Certified Public Accountant and Advanced Certified QuickBooks ProAdvisor who will guide you through using QuickBooks Online, 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.

You’ll also learn 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.

What you will learn

Get to grips with bookkeeping concepts and the typical bookkeeping and financial accounting cycle
Set up QuickBooks for both product-based and service-based businesses
Discover the new features of QBO and find out what the QBO line-up offers
Track everything from billable and non-billable time and expenses to profit
Generate key financial reports for accounts, customers, jobs, and invoice items
Understand the complete QuickBooks payroll process and track payments made to 1099 contractors
Manage various bank and credit card accounts linked to your business

Who this book is for

This QuickBooks book is for small business owners, bookkeepers, and accounting students who want to learn QuickBooks Online and understand how to use it effectively.

Whether you’re a bookkeeping beginner, have some experience already, or are studying to become a QuickBooks Certified User, this book will help you learn to use Intuit QuickBooks Online confidently.

Preface
    Who this book is for
    What this book covers
    To get the most out of this book
    Get in touch
Section 1: Setting Up Your Company File
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
    Creating a QuickBooks Online account
    Navigating in QuickBooks Online
        QuickBooks Online dashboard and left navigation bar
        QuickBooks Online icons
        QuickBooks Online menus
    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
QuickBooks Online Advanced
    Accessing the QBO 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
    Smart Invoicing
    Reclassify transactions
    Custom reminders
    DocuSign integration
    Using online backup and restore
    Utilizing the performance center and custom charts
    Fathom reporting app
    Priority Circle membership
    Summary
Company File Setup
    Key information and documents required to complete the company file setup in QuickBooks Online
    Setting up company preferences in QuickBooks Online
        Company settings
        Billing & Subscription settings
        Usage settings
        Sales settings
        Expenses settings
        Payment settings
        Advanced settings
    Summary
Migrating 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 QBO
        Recording details of historical data in QBO
        Importing data into QBO
        Recording a summary journal entry of historical data in QBO
    Reasons not to convert from QuickBooks Desktop to QBO
        Functionality not available in QBO
        QuickBooks Desktop data that will not convert to QBO
    Converting QuickBooks Desktop data to QBO
        Checking the target count
        Creating a QBO account
        Backing up your QuickBooks Desktop file
        Checking for updates
        Running the QuickBooks Desktop conversion to QuickBooks Online tool
        Logging in to QBO
        Verifying that all of your data was converted
    Summary
Customizing QuickBooks for Your Business
    Customizing the chart of accounts list
        Adding a new account to the chart of accounts list
        Importing a chart of accounts list
        Editing accounts on the chart of accounts list
        Inactivating an account on the chart of accounts list
        Reactivating an account on the chart of accounts list
        Merging accounts in QuickBooks Online
    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
Managing Customer, Vendor, and Products and Services Lists
    Managing customer lists 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
        Merging customers in QuickBooks Online
    Managing vendor lists 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
        Merging vendors in QuickBooks Online
    Managing products and services lists in QuickBooks Online
        Manually adding products and services in QuickBooks Online
        Importing products and services in QuickBooks Online
        Making changes to existing products and services in QuickBooks Online
        Inactivating products and services in QuickBooks Online
        Merging products and services in QuickBooks Online
    Summary
Section 2: Recording Transactions in QuickBooks Online
Managing Sales Tax
    Setting up sales tax in QuickBooks Online
    Creating an invoice that includes sales tax
    Sales tax reports
    Paying sales tax when it comes due
    Summary
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
    Recording payments to the undeposited funds account
    Issuing credit memos and refunds to customers
    Summary
Recording Expenses in QuickBooks Online
    Entering and paying bills
        Entering bills into QuickBooks Online
        Entering vendor credits into QuickBooks Online
        Paying bills in QuickBooks Online
    Managing recurring expenses
    Writing checks
    Printing checks
    Editing, voiding, and deleting expenses
    Capturing and categorizing receipts and bills
    Summary
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
Section 3: Generating Reports in QuickBooks Online
Report Center Overview
    Navigating the report center
    Reports available in the report center
    Customizing reports
        General report customizations
        Row and column report customization
        Using filters to customize reports
        Header and footer report customization
        Saving a customized report
    Exporting reports
        Exporting reports to Excel
        Exporting reports to PDF
    Sending reports via email
    Summary
Business Overview Reports
    Understanding profit and loss statements
    Generating balance sheet reports
    Understanding the statement of cash flows
    Creating a budget
    Using the Cash Flow planner
    Generating the Audit Log report
    Summary
Customer Sales Reports in QuickBooks Online
    Generating an accounts receivable aging report
    Generating an open invoices report
    Generating a sales by client report
    Generating a sales by product/service report
    Summary
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
Section 4: Managing Employees and Contractors
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
Managing 1099 Contractors in QuickBooks Online
    Setting up 1099 contractors
    Tracking and paying 1099 contractors
    1099 year-end reporting
    Summary
Section 5: Closing the Books and Handling Special Transactions
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
            Recording journal entries
        Setting a closing date and password
    Preparing key financial reports
    Giving your accountant access to your data
    Summary
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
Appendix
    Shortcuts and Test Drive
        QuickBooks Online keyboard shortcuts
        QuickBooks Online test drive
        Discount on a QuickBooks Online account
    QuickBooks Certified User Exam Objectives
Other Books You May Enjoy
Index

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