Helion


Szczegóły ebooka

Professional Tips and Workarounds for QuickBooks Online

Professional Tips and Workarounds for QuickBooks Online

Ashley Beetson

Kup pozycję na ebookpoint.pl

Accountants and bookkeepers can sometimes face challenges while coming up with solutions to help their clients. QuickBooks Online, a popular cloud accounting software, comes with a wide range of tools that can take time to learn. This book will show you how to properly combine the tools available in QuickBooks to get the most out of this software.

Complete with step-by-step explanations of essential concepts and practical examples, the book will begin by helping you understand how to create opening balances for a new company. You'll then discover essential bookkeeping and accountancy tips and tricks, and find guidance to help make QuickBooks as easy to use as possible. As you advance, you'll explore different scenarios in which QuickBooks Online can be used for various business types. This will help you understand that not every business is the same, but using the wide range of functionalities QuickBooks Online offers, you can customize solutions to really make it work for you.

By the end of this QuickBooks book, you'll have gained deep insights into how you can use QuickBooks Online to work for different business types, and you'll have a complete checklist of the different things you should be doing when you start reviewing accounts ahead of tax season.

  • Professional Tips and Workarounds for QuickBooks Online
  • Contributors
  • About the author
  • About the reviewer
  • Preface
    • Who this book is for
    • What this book covers
    • To get the most out of this book
    • Download the color images
    • Conventions used
    • Get in touch
    • Share Your Thoughts
  • Section 1 General Tips and Shortcuts
  • Chapter 1: Creating and Reviewing Opening Balances in QuickBooks Online
    • Should opening balances be in place before using QuickBooks?
      • What dates are used for opening balances?
    • Opening balances Customers
      • Which Product/Service Item to use
      • Opening customer balances Summary
    • Opening balances Suppliers
    • Opening balances Bank
      • What if no opening balance is created?
      • What about uncleared checks and deposits?
    • Opening balances VAT/GST/sales tax
    • Inventory (stock)
    • Opening Balances Other
      • Other business taxes
      • Fixed assets (Plant and Machinery)
      • Loans and Hire Purchase Agreements
      • Shareholdings
      • Directors loans
      • Provisions for prepayments and accruals
    • Summary
  • Chapter 2: Useful Tips and Tricks Every QuickBooks User Should Know
    • Purging a QuickBooks company
      • Using the Purge Company option
    • Using the KISS principle
      • How can you make QuickBooks easier to use?
    • General tips for daily use
      • Merging accounts
      • Date shortcuts
      • The calculator function
      • The advanced search function
      • Duplicating a tab in the browser
      • Other shortcuts
    • Summary
  • Section 2 Adapting QuickBooks Online to Suit Different Business Types
  • Chapter 3: QuickBooks Online for Manufacturing Businesses
    • Chart of Accounts for manufacturing
    • Products and services Raw materials
    • Bill of Materials (BOM)
    • Workflow of a manufacturing company
      • Purchase order for raw materials (Step 1 of 7)
      • Goods delivered and supplier bill created (step 2 of 7)
      • Sales order from a customer (Step 3 of 7)
      • Picking materials to build the product (step 4 of 7)
      • Accounting for work-in-progress (step 5 of 7)
      • Updating stock with finished goods (Step 6 of 7)
      • Goods delivered and an invoice raised for the customer (Step 7 of 7)
      • Simplified Option
    • Other Considerations
      • Stocktakes and adjusting stock quantities
    • Summary
  • Chapter 4: Recording Income for Retail Businesses
    • Using Inventory
    • The Sales Environment and the different methods of Payment accepted
      • Sales receipts versus Bank deposits
      • Undeposited funds
      • Using journal entries to record sales
      • Recurring entries
      • Using Customers
    • Considerations for Inventory
      • Updating Sales Prices
      • Revaluating inventory (Stock)
    • Summary
  • Chapter 5: Handling Client Money
    • Setting up QuickBooks for Client Funds
      • Settings for expenses
      • Setting up the Chart of Accounts
      • Setting up Products and Services
      • Settings for Customers
    • Recording Client Account Transactions
      • Managing fees deducted from client funds
    • Paying Suppliers on behalf of clients
    • Reporting Against Client Funds
      • Reporting Client Balances within the Office Company File
    • Summary
  • Chapter 6: The Secret to Success with Projects in QuickBooks Online
    • Settings for Projects
      • Enabling Projects
      • Settings to track expenses by customer
      • Progress Invoicing
    • Creating a Project
    • Recording Income and Expenditure against a Project
      • Creating an Estimate
      • Allocating Bills and Expenses to a Project
      • Creating invoices against a Project
    • Recording Time against a Project
      • Who can record time?
      • TimeSheet Entries
    • Creating a Budget against a Project
    • Managing Unbilled Expenses
      • Using the manage billable expense tool
    • Useful reports for Projects
      • Default Project Reports
    • Allocating other costs to a Project
      • Using journals to adjust a project
      • Using a zero-total Bill to adjust a project
    • Sub-Customers versus Projects
    • Summary
  • Chapter 7: Handling Foreign Currencies in QuickBooks Online
    • Enabling Multicurrency settings
    • Settings for Customers, Suppliers (Vendors), and Banks
      • Setting up Bank Accounts
    • Editing Foreign currency Exchange Rates
    • Recording Transactions in Foreign Currencies
      • Matching Foreign Currency Transactions in the feed of the Home Currency Bank Account
      • Matching foreign currency transactions with a foreign currency bank account
      • Matching a single payment for multiple foreign invoices
      • Receiving a foreign payment in a different foreign currency bank account
      • Making further adjustments when working with Foreign Currencies
    • Revaluation of Foreign Currency Balances in QuickBooks
    • Editing reports to display Foreign Currency values
    • Summary
  • Section 3 Reviewing and Reporting Data in QuickBooks Online
  • Chapter 8: Best Practices When Reviewing Financial Records
    • How frequently should we review our financial records in QuickBooks Online?
      • Checking Financial Reports
      • The Matching Concept
      • The Accruals Concept
      • Income Recognition
      • The Going Concern Concept
      • Materiality
      • Prudence
      • Consistency
    • Reviewing the Profit and Loss Report
      • Report dates
      • Changing the way that Columns are Displayed
      • Changing the order in which a Profit and Loss Report is sorted
      • Comparing Values to Previous Financial Periods
    • Looking Out for Errors and Inconsistencies
      • Reviewing Income values in the Profit and Loss Report
      • Reviewing the Balance Sheet (Undeposited Funds)
    • Reviewing Accounts Receivable
      • Business Owner Paid by Customer
      • Crediting Customer Invoices no Longer Payable
    • Reviewing Accounts Payable
      • Supplier bills already paid by the business owner
      • Supplier Bills settled by Hire Purchase Agreements
    • Summary
  • Chapter 9: Enhancing the Consistency of Your Financial Statements
    • Common Errors Associated with Chart of Accounts
      • Unnecessary use of Chart of Account Categories
    • Common Errors associated with Products and Services
    • Prepayments, Accruals, and Deferred Income
      • Adjusting prepayments
    • Using Classes, Locations, and Tags
      • Classes and locations
      • Tags
    • Summary
  • Chapter 10: Reconciling the Balance Sheet
    • Different Balance Sheet Categories
    • Agreeing Values on the Balance Sheet (Basics)
      • Reconciling Debtors/Accounts Receivable (Current Assets Trade Debtors)
      • Creditors/Accounts Payable (Current Liabilities Trade Creditors)
      • Reconciling Bank Accounts and Credit Cards
      • Loans and Mortgages
      • Reconciling Stock (Inventory)
      • Director's loans or drawings
    • Advanced Balance Sheet Reconciliations
      • Reconciling Fixed Assets
      • Reconciling Accruals, Prepayments, and Deferred Income
      • Reconciling undeposited funds
      • Reconciling VAT
    • Summary
  • Chapter 11: Closing the Year-End, the Audit Log, and More
    • Bookkeeping Checklists
    • Closing The Financial Year/period
    • Retained Earnings
      • What if the business is a sole proprietor or partnership?
      • What happens if the financial year-end is changed?
    • The Audit Log feature
      • Customizing reports to investigate changes to previous periods
    • Using Management Reports at Year-End
      • Including reports in a management report
      • Finishing touches to the Management Report
    • Summary
    • Why subscribe?
  • Other Books You May Enjoy
    • Packt is searching for authors like you