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Mastering QuickBooks 2020
Mastering QuickBooks 2020

Mastering QuickBooks 2020: The ultimate guide to bookkeeping and QuickBooks Online

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Mastering QuickBooks 2020

Company File Setup

In this chapter, we will show you how to create a QuickBooks Online account. We will also show you how to navigate in QuickBooks Online. Using the key information and documents we covered in Chapter 1Getting Started with QuickBooks Online, we will walk through the company settings that allow you to establish how you want to record sales, expenses, payments, and other advanced settings such as a fiscal year and which accounting method to use. It's important to include as much information as possible when performing the initial company file setup before you start entering transactions into QuickBooks. Otherwise, you will be missing key information that should appear on customer invoices, documents, and forms that can be produced in QuickBooks.

In this chapter, we'll cover the following topics:

  • Creating a QuickBooks Online account
  • Navigating in...

Creating a QuickBooks Online account

The first step to setting up your business in QuickBooks Online is to create a QuickBooks Online account. To create a QuickBooks Online account, you need to go to the Intuit website and select a QBO subscription plan.

Follow these steps to create a QuickBooks Online account: 

  1. Open your web browser and go to the Intuit website: www.intuit.com.
  2. Click on Products and select QuickBooks, as shown in the following screenshot:

  1. Click on Plans & pricing, as indicated in the following screenshot:

  1. Choose from one of the four pricing plans: Simple Start, Essentials, Plus, and Advanced, as indicated in the following screenshot:

  1. Create an Intuit account by providing your business email address, mobile number, and password, as indicated in the following screenshot

  1. Provide your business name, the number of years you&apos...

Navigating in QuickBooks Online

QuickBooks Online is a very intuitive piece of software. The initial home page is customizable so that you can see key data such as invoices, expenses, profit and loss, bank accounts, and sales. There are a variety of ways you can navigate within the program, including the following:

  • Dashboards
  • Icons
  • Menus (including within the gear icon and the quick create menu).

Let's look at the QuickBooks Online Dashboard first.

The dashboard includes tiles that you can click on to navigate to invoices, expenses, or bank accounts. There are also three menus: the left menu bar, the Quick Create menu, and the menu located behind the gear icon. 

QuickBooks Online dashboard

To explore what...

Setting up company preferences in QuickBooks Online

Before you start entering data into QuickBooks, you should spend some time going through company preferences, which allow you to turn on features that you would like to use and deactivate features that you don't plan on using. Click on the gear icon and select account and settings (the following list is the Your Company column) to navigate to company preferences.

Company preferences is made up of seven key areas:

  • Company
  • Billing and subscription
  • Usage
  • Sales
  • Expenses
  • Payments
  • Advanced

Let's look at each one of these in more detail.

Company

In company preferences, you will provide basic information about your business, such as the contact email and telephone number...

Summary

In this chapter, we have covered setting up our QuickBooks Online account and basic navigation using dashboards, icons, and online menus in QuickBooks Online. We have also shown you how to customize the company settings, which includes billing and subscription, usage limits, sales, expenses, payments, and advanced options. Taking the time to set up your company file will help you save time in the long run because you won't have to do it later on. Plus, you won't have to worry about customer invoices or vendor bills missing key information because your company file wasn't set up properly.

In the next chapter, we will pick up where this one left off by continuing to customize QuickBooks for our business. We will also cover customizing the chart of accounts, show you how to connect your bank and credit card accounts to QuickBooks, and walk you through giving...

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Key benefits

  • Create a dashboard that highlights your company’s financial activity and status upon login
  • Manage customers, vendors, and products and services seamlessly with QuickBooks
  • Explore special transactions such as recurring transactions, managing fixed assets, setting up loans, and recording bad debts

Description

Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks. Its complete range of accounting capabilities, such as tracking income and expenses, managing payroll, simplifying taxes, and accepting online payments, makes QuickBooks software a must-have for business owners and aspiring bookkeepers. This book is a handy guide to using QuickBooks Online to manage accounting tasks and drawing business insights by generating reports easily. Using a fictitious company, the book demonstrates how to create a QuickBooks Online account; customize key settings for a business; manage customers, vendors, and products and services; generate reports; and close the books at the end of the period. QuickBooks records your debits and credits, so you don't need to learn accounting. However, you will find out what happens under the hood and understand how your financial statements are impacted by what you do in QuickBooks. You'll also discover tips, shortcuts, and best practices that will help you save time and become a QuickBooks pro. By the end of this book, you'll have become well-versed with the features of QuickBooks and be able to set up your business and manage all bookkeeping tasks with ease.

Who is this book for?

If you’re a small business owner, bookkeeper, or accounting student who wants to learn how to make the most of QuickBooks Online, this book is for you. Business analysts, data analysts, managers, and professionals working in bookkeeping, and QuickBooks accountants will also find this guide useful. No experience with QuickBooks Online is required to get started; however, some bookkeeping knowledge will be helpful.

What you will learn

  • Get to grips with bookkeeping concepts and the typical bookkeeping and accounting cycle
  • Set up QuickBooks for both product-based and service-based businesses
  • 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 payroll process and track payments made to 1099 contractors
  • Manage various bank and credit accounts linked to your business

Product Details

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Publication date, Length, Edition, Language, ISBN-13
Publication date : Dec 27, 2019
Length: 332 pages
Edition : 1st
Language : English
ISBN-13 : 9781789955453
Vendor :
Intuit
Tools :

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Product Details

Publication date : Dec 27, 2019
Length: 332 pages
Edition : 1st
Language : English
ISBN-13 : 9781789955453
Vendor :
Intuit
Tools :

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Table of Contents

18 Chapters
Getting Started with QuickBooks Online Chevron down icon Chevron up icon
Company File Setup Chevron down icon Chevron up icon
Migrating to QuickBooks Online Chevron down icon Chevron up icon
Customizing QuickBooks for Your Business Chevron down icon Chevron up icon
Managing Customers, Vendors, Products, and Services Chevron down icon Chevron up icon
Recording Sales Transactions in QuickBooks Online Chevron down icon Chevron up icon
Recording Expenses in QuickBooks Online Chevron down icon Chevron up icon
Managing Downloaded Bank and Credit Card Transactions Chevron down icon Chevron up icon
Report Center Overview Chevron down icon Chevron up icon
Business Overview Reports Chevron down icon Chevron up icon
Customer Sales Reports in QuickBooks Online Chevron down icon Chevron up icon
Vendor and Expenses Reports Chevron down icon Chevron up icon
Managing Payroll in QuickBooks Online Chevron down icon Chevron up icon
Managing 1099 Contractors in QuickBooks Online Chevron down icon Chevron up icon
Closing the Books in QuickBooks Online Chevron down icon Chevron up icon
Handling Special Transactions in QuickBooks Online Chevron down icon Chevron up icon
Shortcuts and Test Drive Chevron down icon Chevron up icon
Other Books You May Enjoy Chevron down icon Chevron up icon

Customer reviews

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Kaye1434 Jul 14, 2020
Full star icon Full star icon Full star icon Full star icon Full star icon 5
This book is very well done. I'm not a newbie in QB so I was fairly familiar with the concepts being discussed. I would say it is a great refresher. I managed to recall actions and steps without any confusion. Tip: look through the table of contents and give yourself a chance to get acquainted with QB. It isn't hard at all and I think any novice will benefit from this book for sure.
Amazon Verified review Amazon
happy customer Jul 01, 2020
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Although I've used QuickBooks for years I never found a reliable guide for the ins and outs of daily use. It is very difficult to find quick help for minor questions! This book gives us access to all sorts of things and helps me quickly solve little problems.
Amazon Verified review Amazon
GB Feb 26, 2020
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Comprehensive and written straight forward. This book is better than all the dummies. Dummies are cramped and the illustrations are poor with writing so small you can not read it without a glass of some kind. In contrast, the illustrations in this book are great. No hunt and pick. It is right there. Highly recommended if you are studying for certification in QBO. Thanks to the author, you are the best.RETHINK: After working with this book through to the end, I find it is NOT comprehensive. There is much omitted, ignored. Some of the latest features of QBO are glanced over. Intuit is ignored. I sill think some of the instructions of navigating the pages is very good. Same for the screenshots, they are clear and readable. I think dummies includes more and should not be discarded for this book. The two seem to cover QBO quite well. I don't think you can depend on this book to cover it all. Next time, I'll think a little while before commenting.
Amazon Verified review Amazon
Era of ERA Aug 14, 2020
Full star icon Full star icon Full star icon Full star icon Full star icon 5
My husband just started his own construction business and I am doing his books. I had never used quickbooks before and wanted to learn how, and this book is great! Easy to read and very informative. Fast shipping too. Thanks!
Amazon Verified review Amazon
kvd Dec 11, 2023
Full star icon Full star icon Full star icon Full star icon Full star icon 5
Just what i needed
Amazon Verified review Amazon
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