Professional tips and workarounds for QuickBooks online : improve your QuickBooks online and bookkeeping skills using advanced techniques and best practices / Ashley Beetson.

Format:

Book

Author/Creator:

Beetson, Ashley, author.

Language:

English

Subjects (All):

QuickBooks.

Small business--Accounting--Computer programs.

Small business.

Small business--Finance--Computer programs.

Physical Description:

1 online resource (344 pages)

Place of Publication:

Birmingham, England ; Mumbai : Packt, [2021]

Biography/History:

Beetson Ashley: Ashley Beetson has worked in various bookkeeping and accounting roles over a career spanning 30 years. This has included working in law firms, manufacturing, and an accounting practice, as well as operating his own bookkeeping business for 10 years. In 2014, Ash was invited to join the UK Trainer Writer Network, assisting Intuit in creating training materials for QuickBooks ProAdvisors. In 2021, Ash was included in the Top 100 list of ProAdvisors as compiled by The Insightful Accountant. In 2019, Ash co-created nettTracker, a third-party software application that integrates with QuickBooks Online.

Summary:

Save hours of guesswork and Internet browsing by enhancing your QuickBooks Online skills and leveraging Ash Beetson's extensive QuickBooks knowledgeKey FeaturesBroaden your knowledge of QuickBooks Online and accounting conceptsUnderstand how QuickBooks can be adapted to suit different business types using professional techniquesLearn best practices for preparing annual accounts before closing the books for the yearBook DescriptionAccountants 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.What you will learnDiscover how to correctly set up QuickBooks Online with opening balancesAdapt QuickBooks Online to meet specific industry needs, from manufacturing and retail using inventory to helping lawyers and property agents handle client fundsGet the most out of features such as Projects and MulticurrencyReview reports within QuickBooks Online, understand why errors occur, and learn how to resolve themGet to grips with key accounting principles and concepts tailored for bookkeeping and accounting beginnersFind out how the audit trail works and explore all of the information it holdsWho this book is forBusiness owners, company directors, accountants, bookkeepers, certified public accountants (CPAs), and anyone studying accounting and bookkeeping will find this book useful. The book contains general bookkeeping and accountancy tips and is designed to help you get the most out of the tools available in QuickBooks Online. Prior QuickBooks knowledge is necessary.

Contents:

Cover

Title page

Copyright and Credits

Dedication

Contributors

Table of Contents

Preface

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

Director's 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

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

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)

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

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

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

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

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

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

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

About Packt

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Index.

Notes:

Includes index.

Description based on print version record.

ISBN:

9781801815604

1801815607

OCLC:

1285168173