Mastering QuickBooks 2023: Bookkeeping with US QuickBooks Online for Small Businesses, 4th Edition
Confidently handle bookkeeping for your business with QuickBooks, learn how to use advanced QBO features, gain techniques for managing sales taxes and budgeting, and discover the best practices for reporting in this fourth, fully updated edition optimized for the US.
Purchase of the print or Kindle book includes a free eBook in PDF format.
- Become proficient from a beginner level using QuickBooks Online and implement the best practices to avoid costly errors
- Explore advanced bookkeeping techniques such as reconciling bank and credit card accounts, importing budgets, creating customized user permissions, and exporting business analytics with Excel
- Understand how to manage sales taxes and transactions
Handling the financial side of your growing business requires expertise ― but what if there’s an easier path to managing accounting and tracking profits without the expense of hiring trained professionals?
Mastering QuickBooks® 2023, Fourth Edition, helps you learn QuickBooks Online (QBO) from scratch. 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.
You’ll find out 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.
Every chapter in this new edition was revised to cover a wide range of new features and updates available, including smart invoicing and cash flow projections.
You’ll also learn how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments, before diving into the different types of businesses that can benefit from QBO Advanced. You’ll then explore how to export reports to Google Sheets, import budgets, and use workflows to create automatic custom reminders for internal staff and customers.
By the end of this book, you’ll be well-versed with QuickBooks Online and have the confidence to manage all your bookkeeping tasks with ease.
What you will learn
- Tackle bookkeeping concepts and the typical US bookkeeping and financial accounting cycle
- Discover QBO’s newest features, such as recording upfront deposits on estimates, the simplified business view navigation menu, and improvements to bank reconciliations
- Track everything from billable and non-billable time to expenses and profit
- Generate key financial reports for accounts, customers, jobs, and invoice items
- Understand the complete QuickBooks payroll process
Who this book is for
This book is for small business owners, bookkeepers, and accounting students who want to learn QuickBooks Online and understand how to implement and use it effectively.
This book is a great way for beginners to gain confidence and expertise using QuickBooks. That said, it is also an exhaustive resource for those with some bookkeeping experience
Cover Copyright Contributors Table of Contents Preface Chapter 1: Getting Started with QuickBooks Online What is QuickBooks? Exploring QBO editions Choosing the right QBO edition QBO Simple Start QBO Essentials QBO Plus QBO Advanced Creating a QBO account Navigating in QBO QBO home page and left navigation bar QuickBooks Online icons QuickBooks Online menus Small business bookkeeping 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 Chapter 2: 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 Payments settings Time settings Advanced settings Summary Chapter 3: Migrating to QuickBooks Online Deciding if QuickBooks Online is right for your business Functionality not available in QBO QuickBooks Desktop data that will not convert to QBO Questions to ask yourself in preparation for data conversion 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 QBD conversion-to-QBO tool Logging in to QBO Verifying that all of your data was converted Alternatives to converting a QuickBooks Desktop file to QBO Importing list data into QBO Recording a summary journal entry of historical data in QBO Recording details of historical data in QBO Converting from Excel spreadsheets or pen & paper to QBO Summary Chapter 4: 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 QBO Connecting bank accounts to QBO Importing banking transactions automatically Uploading banking transactions from an Excel or CSV file Connecting credit card accounts to QBO Importing credit card transactions automatically Uploading credit card transactions from an Excel or CSV file Giving other users access to your QuickBooks data Standard user Company administrator Reports-only user Time tracking user Accountant user Editing user privileges Summary Chapter 5: 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 Chapter 6: 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 Chapter 7: Recording Sales Transactions in QuickBooks Online Entering 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 payments to deposit account Issuing credit memos and refunds to customers Applying a credit memo to an open invoice Summary Chapter 8: 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 Chapter 9: Reconciling Uploaded 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 Chapter 10: 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 Chapter 11: 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 Chapter 12: 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 Chapter 13: 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 Chapter 14: Managing Employees and 1099 Contractors in QuickBooks Online Setting up payroll Payroll setup checklist and key documents Signing up for an Intuit payroll subscription Generating payroll reports Filing payroll tax forms and payments Managing 1099 contractors in QuickBooks Online Setting up 1099 contractors Tracking and paying 1099 contractors 1099 year-end reporting Summary Chapter 15: Closing the Books in QuickBooks Online Reviewing a checklist for closing your books 1. Reconciling all bank and credit card accounts 2. Making year-end accrual adjustments 3. Reviewing new fixed asset purchases and adding them to the chart of accounts 4. Making depreciation journal entries 5. Taking physical inventory and recording inventory adjustments 6. Adjusting retained earnings for owner/partner distributions Recording journal entries 7. Setting a closing date and password 8. Preparing key financial reports Giving your accountant access to your data Summary Chapter 16: Finding Apps and 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 Chapter 17: 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 Reclassify transactions DocuSign integration Using online backup and restore Utilizing the Performance Center and custom charts Business analytics with Excel Priority Circle membership 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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