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Mastering QuickBooks 2022
Mastering QuickBooks 2022

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

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Mastering QuickBooks 2022

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...

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...

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

...

Choosing the right QuickBooks Online edition

QuickBooks Online is ideal for solopreneurs, freelancers, and mid-to-large-sized businesses with employees and 1099 contractors. 1099 contractors are also known as independent contractors, who you may hire to provide services for your business. Since they are not employees of the business, you must provide a 1099 form at the end of the year to any contractor you have paid $600 or more to in the calendar year.

The needs of your business will determine which edition of QBO is ideal for you. The following provides some additional insight into the ideal businesses for each edition of QBO.

QBCU
1.1.2

When you purchase a QBO subscription, you can track business finances for one business. If you need to track more than one business, you will need to purchase a QBO subscription for each business entity that you have.

QBO Simple Start

QBO Simple Start is ideal for a freelancer or sole...

Creating a QuickBooks Online account

The first step to setting up your business in QBO is to create a QBO account.

In this section, we will create a QBO account for Photos by Design, a fictitious business we will use to demonstrate features and explain concepts taught throughout this book. Photos by Design is owned by a sole proprietor who provides photography services for special occasions such as weddings, graduations, and baby showers. Photos by Design is in its first year of business with no employees. However, the owner does hire a few contractors to help meet the demand during the peak months of the year.

To create a QBO account, you need to go to the Intuit website and select a QBO subscription plan.

Follow these steps to create a QBO 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 Figure 1.1:

    Figure 1.1: Navigating to QuickBooks

  3. Click...

Navigating in QuickBooks Online

QBO is a very intuitive software. The initial home page is customizable so 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 via these:

  • Dashboards
  • Left navigation bar
  • Icons
  • Menus (including within the gear icon and the Quick Create menu)

Let’s look at the QBO dashboard and left navigation bar first.

QBCU
5.3.2

QuickBooks Online dashboard and left navigation bar

To explore what a QuickBooks dashboard looks like, we will use our sample company, Photos By Design:

Figure 1.18: QuickBooks dashboard

The dashboard includes two views, Get things done and Business overview, as indicated by the two tabs at the top of the screen.

The Get things done view includes a workspace broken down into Money in, Money out, and Accounting and reports...

Small business bookkeeping 101

If you are an aspiring accountant, the concepts that we will cover in this section will be familiar to you. However, if you are brand new to bookkeeping, make sure you grab a notepad to take notes, and a cup of coffee to stay alert.

One of the benefits of using QuickBooks to manage your books is that you don’t need an accounting degree to learn how to use the software. However, you should have a basic understanding of how bookkeeping works and what’s happening behind the scenes in QuickBooks when you record transactions.

The main areas of your business include the following:

  • Money coming into your business (sales)
  • Money going out of your business (expenses)
  • Inventory and fixed asset purchases
  • Tracking the money you owe (liabilities)
  • Using the chart of accounts to properly track everything
  • Accounting methods: cash versus accrual
  • Double-entry bookkeeping

Let’s discuss...

Summary

In this chapter, we explained what QuickBooks is and introduced you to the QBO product line. We covered setting up your QBO account and basic navigation using dashboards, icons, and online menus in QBO. We also provided tips on how to choose the right software for your business, and we provided you with some bookkeeping basics. Having a good understanding of the QuickBooks product line will help you to choose the best product for your business. In addition, having a basic knowledge of bookkeeping helps you understand the accounting that is taking place behind the scenes in QuickBooks when you enter an invoice or pay a bill.

In the next chapter, we will take an in-depth look at all of the features and benefits included in QuickBooks Online Advanced, including but not limited to customized fields, custom user permissions, workflow automation, importing invoices, creating budgets, batch-creating invoices, and much more.

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Key benefits

  • 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 exam

Description

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.

Who is this book for?

Small 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.

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 process
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Publication date, Length, Edition, Language, ISBN-13
Publication date : Jan 31, 2022
Length: 482 pages
Edition : 3rd
Language : English
ISBN-13 : 9781803244280
Vendor :
Intuit
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Publication date : Jan 31, 2022
Length: 482 pages
Edition : 3rd
Language : English
ISBN-13 : 9781803244280
Vendor :
Intuit
Tools :

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Table of Contents

25 Chapters
Section 1: Setting Up Your Company File Chevron down icon Chevron up icon
Getting Started with QuickBooks Online Chevron down icon Chevron up icon
QuickBooks Online Advanced 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 Customer, Vendor, and Products and Services Lists Chevron down icon Chevron up icon
Section 2: Recording Transactions in QuickBooks Online Chevron down icon Chevron up icon
Managing Sales Tax 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
Reconciling Downloaded Bank and Credit Card Transactions Chevron down icon Chevron up icon
Section 3: Generating Reports in QuickBooks Online 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
Section 4: Managing Employees and Contractors 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
Section 5: Closing the Books and Handling Special Transactions 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
Other Books You May Enjoy Chevron down icon Chevron up icon
Index Chevron down icon Chevron up icon

Customer reviews

Top Reviews
Rating distribution
Full star icon Full star icon Full star icon Half star icon Empty star icon 3.6
(21 Ratings)
5 star 47.6%
4 star 14.3%
3 star 4.8%
2 star 19%
1 star 14.3%
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Megan Hanna Mar 03, 2022
Full star icon Full star icon Full star icon Full star icon Full star icon 5
I was excited to receive an advanced copy of this book from the publisher to read, as the other books written by Crystalynn Shelton are staples on my bookshelves. Whether you're already a QuickBooks user or you might become one in the future, do yourself a favor and buy this excellent book. Not only is Crystalynn a QuickBooks expert but she's also a wonderful teacher and writer. I particularly like how she gives easy-to-follow, step-by-step instructions in the book. Plus, the screenshots included in the book make it easy to follow along in the software program. This is my go-to QuickBooks guide!
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Lover of books Oct 12, 2022
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This book is excellent for anyone who uses QuickBooks Online. I keep a copy on my desk as reference manual.
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michelle Jul 15, 2022
Full star icon Full star icon Full star icon Full star icon Full star icon 5
This book is great for anyone who wants to learn QB. I'm new to QB and this has been an invaluable resource. I'm so glad to have found it. It is straightforward and easy to understand while giving detailed in depth information. Worth every penny definitely recommend it!!
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Candice Langston Apr 06, 2022
Full star icon Full star icon Full star icon Full star icon Full star icon 5
This book masters explaining complex bookkeeping and accounting notions in a simplistic way. As a marketing professional working with a primarily young team, the concepts the author expound on were so easy to grasp without feeling frustrating. Shelton uses clear, effective and efficient language that is sure to ameliorate that skillset of any non-accounting folks and help advance the trajectory of their overall career.I absolutely LOVE it. And I hate numbers.
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Ebony McDaniel Feb 03, 2022
Full star icon Full star icon Full star icon Full star icon Full star icon 5
I am definitely not a math girl. I actually loathed math, so when it comes to doing my taxes and handling the payroll for my small business I knew I had to get my act together. QuickBooks always intimated me. Luckily, the author, Crystalynn Shelton explained QuickBooks in a way that I could understand. The examples, the language, and the diagrams were so helpful and this book walked me through how to properly manage my company on a financial level. I definitely will be passing this book to my nieces that are currently in school for accounting.
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All orders received before 5 PM U.K time would start printing from the next business day. So the estimated delivery times start from the next day as well. Orders received after 5 PM U.K time (in our internal systems) on a business day or anytime on the weekend will begin printing the second to next business day. For example, an order placed at 11 AM today will begin printing tomorrow, whereas an order placed at 9 PM tonight will begin printing the day after tomorrow.


Unfortunately, due to several restrictions, we are unable to ship to the following countries:

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  2. American Samoa
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