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Mastering QuickBooks 2024

You're reading from   Mastering QuickBooks 2024 Bookkeeping with US QuickBooks Online for small businesses

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Product type Paperback
Published in Dec 2023
Publisher Packt
ISBN-13 9781835469958
Length 570 pages
Edition 5th Edition
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Author (1):
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Crystalynn Shelton Crystalynn Shelton
Author Profile Icon Crystalynn Shelton
Crystalynn Shelton
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Table of Contents (27) Chapters Close

Preface 1. Section 1: Setting Up Your Company File
2. Getting Started with QuickBooks Online FREE CHAPTER 3. Company File Setup 4. Migrating to QuickBooks Online 5. Customizing QuickBooks for Your Business 6. Managing Customer, Vendor, and Products and Services Lists 7. Section 2: Recording Transactions in QuickBooks Online
8. Managing Sales Tax 9. Recording Sales Transactions in QuickBooks Online 10. Recording Expenses in QuickBooks Online 11. Reconciling Uploaded Bank and Credit Card Transactions 12. Section 3: Generating Reports in QuickBooks Online
13. Reports Center Overview 14. Business Overview and Cash Flow Reports 15. Customer Sales Reports in QuickBooks Online 16. Vendor and Expenses Reports 17. Section 4: Managing Employees and Contractors
18. Managing Employees and 1099 Contractors in QuickBooks Online 19. Section 5: Closing the Books and Handling Special Transactions
20. Closing the Books in QuickBooks Online 21. Handling Special Transactions in QuickBooks Online 22. QuickBooks Online Advanced 23. Shortcuts and Test Drive 24. Intuit QuickBooks Online Certified User Exam Objectives
25. Other Books You May Enjoy
26. Index

3. Reviewing new fixed asset purchases and adding them to the chart of accounts

If you purchased any fixed assets during the year, you should add these to QuickBooks. As mentioned in Chapter 1, Getting Started with QuickBooks Online, fixed assets can be equipment purchased for your business such as computers or printers. Furniture such as a desk or chair are also considered fixed assets. Fixed assets are subject to depreciation, which is a tax-deductible expense. Depreciation is the reduction of the value of a fixed asset due to wear and tear. Tax-deductible expenses can reduce your tax bill, so you want to make sure that you take all of the deductions to which you are entitled. If you have not recorded new fixed asset purchases, then you will not have depreciation expenses recorded, which means you will miss out on what could be a significant tax deduction. It’s also important to conduct a physical check to ensure that all of the assets on the books still exist and have not...

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