Mastering QuickBooks® 2022

Crystalynn Shelton

• Publisher: Packt Publishing
• Year: 2022
• eBook ISBN: 9781803241265
• Edition: 3
• Topic: Computer Science
• Subtopic: Bookkeeping & Budgets
• Index: Computer Science

We continue to provide you with a book suited to the most updated content and find the most updated and relevant content with the new version of 2023. The new edition helps you master QuickBooks® with ease! This book covers company file setup, A/R and A/P reports, payroll setup, bank transactions, and more. Optimize your bookkeeping today!Purchase of the print or Kindle book includes a free eBook in the PDF format.Key Features• Learn QuickBooks Online (QBO) from scratch and get confident with best practices• Fully revised to include the latest updates to QuickBooks Online• Brush up on everything you need to prepare for the QBCU examBook DescriptionWhether 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.What you will learn• Tackle bookkeeping concepts and the typical bookkeeping and financial accounting cycle• Discover QBO's new features and what the whole line-up offers• 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 processWho this book is forSmall business owners, bookkeepers, and accounting students who want to start using QuickBooks more effectively will all get plenty of practical know-how from this book.While this guide is appropriate for beginners, it can also serve as an exhaustive resource for those with some bookkeeping experience and those studying to become a QuickBooks Certified User.

Section 1: Setting Up Your Company File

1

Getting Started with QuickBooks Online

QuickBooks is the most popular accounting software for small businesses. The desktop version has been around for more than 25 years and the online version more than 10 years. It is affordable, easily accessible, and ideal for non-accountants. Many competitors have great software but you need accounting or bookkeeping knowledge to use it whereas someone without this knowledge can set up and use QuickBooks. Before diving into the nuts and bolts of setting up QuickBooks for your business, you should understand what QuickBooks is, and what your options are when it comes to using it. Once you know what your options are, you will be in a better position to choose the version of QuickBooks that will best suit your business needs. We will then show you how to create a QuickBooks Online (QBO) account, and how to navigate in QBO.

If you don’t have previous experience as a bookkeeper, then you will need to know a few bookkeeping basics before you get started. In the Small business bookkeeping 101 section, we cover five key areas in terms of recording transactions in your business: money coming in, money going out, inventory purchases, fixed asset purchases, and liabilities. In this section, we will also cover the importance of the chart of accounts, accounting methods, and what double-entry bookkeeping is.

We will cover the following key concepts in this chapter:

• What is QuickBooks?
• Exploring QuickBooks Online editions
• Choosing the right QuickBooks Online edition
• Creating a QuickBooks Online account
• Navigating in QuickBooks Online
• Small business bookkeeping 101

Once you’ve got these key concepts under your belt, you will be ready to dive into setting up your business in QBO.

The US edition of QBO was used to create this book. If you are using a version that is outside of the United States, results may differ.

What is QuickBooks?

QuickBooks is an accounting software program that allows you to track your business’ income and expenses. One of the benefits of using QuickBooks is having access to key financial reports (such as profit and loss) so that you can see the overall health of your business at any time. Having access to these reports makes filing your taxes a lot easier. QuickBooks has been around for almost three decades, and it is the accounting software used by millions of small businesses around the globe.

QuickBooks comes in two formats: software that you can install or download on a desktop computer, and a cloud-based program that is accessible from any mobile device or desktop computer with an internet connection.

The cloud-based version, QuickBooks Online (QBO), is available in four editions: Simple Start, Essentials, Plus, and Advanced. The desktop version, QuickBooks Desktop (QBD), also comes in four editions: QuickBooks Mac, Pro, Premier, and Enterprise. In this book, we will focus on QuickBooks Online, discussing each of its editions in detail next. However, if you need additional information regarding QuickBooks Desktop, visit https://quickbooks.intuit.com/.

Exploring QuickBooks Online editions

QuickBooks Online comes in four editions:

• Simple Start
• Essentials
• Plus
• Advanced

Each edition varies in terms of the price, the number of users to which you can give access, and the features included.

The following figure gives a summary of QBO pricing and features for each edition of QBO at the time of writing:

QBCU
1.1.1

...

	Simple Start	Essentials	Plus	Advanced
Cost	$25	$50	$80	$180
Maximum number of users	1	3	5	25
Track income and expenses
Invoice and payments
Tax deductions
Reports	General	Enhanced	Comprehensive	Powerful
Receipt capture
Mileage tracking
Cash flow
Track sales and sales tax
Time tracking
Estimates
Pay 1099 contractors
Bill management (accounts payable)
Time tracking
Inventory tracking

Table of contents

• Preface
• Section 1: Setting Up Your Company File
• Getting Started with QuickBooks Online
• QuickBooks Online Advanced
• Company File Setup
• Migrating to QuickBooks Online
• Customizing QuickBooks for Your Business
• Managing Customer, Vendor, and Products and Services Lists
• Section 2: Recording Transactions in QuickBooks Online
• Managing Sales Tax
• Recording Sales Transactions in QuickBooks Online
• Recording Expenses in QuickBooks Online
• Reconciling Downloaded Bank and Credit Card Transactions
• Section 3: Generating Reports in QuickBooks Online
• Report Center Overview
• Business Overview Reports
• Customer Sales Reports in QuickBooks Online
• Vendor and Expenses Reports
• Section 4: Managing Employees and Contractors
• Managing Payroll in QuickBooks Online
• Managing 1099 Contractors in QuickBooks Online
• Section 5: Closing the Books and Handling Special Transactions
• Closing the Books in QuickBooks Online
• Handling Special Transactions in QuickBooks Online
• Appendix
• Other Books You May Enjoy
• Index