What this book covers
Chapter 1, Creating and Reviewing Opening Balances in QuickBooks Online, looks at how, when it's not possible to automatically convert data to QuickBooks Online, manual adjustments may be required to ensure the balance sheet is reporting the correct figures. This chapter explains the entries required.
Chapter 2, Useful Tips and Tricks Every QuickBooks User Should Know, with QuickBooks ready to use, provides some guidance to help keep things simple, together with some quick tips that can generally save time.
Chapter 3, QuickBooks Online for Manufacturing Business, is the first specialist chapter, which details specific settings and workflows for businesses that manufacture products. This includes the handling of the bill of materials and adjustments for stock.
Chapter 4, Recording Income for Retail Businesses, looks at different methods of recording income when invoices are not raised. This includes options to update price lists and revalue stock.
Chapter 5, Handling Client Money, provides a detailed suggestion on how QuickBooks can be used for lawyers, investment brokers, and property agents, who often handle money on behalf of others – client money.
Chapter 6, The Secret to Success with Projects in QuickBooks Online, provides one of the most detailed guides you will find to using the Projects feature in QuickBooks.
Chapter 7, Handling Foreign Currencies in QuickBooks Online, explains, as multicurrency can sometimes be a little confusing, exactly how the feature works, and what to look out for when things are not always straightforward.
Chapter 8, Best Practices When Reviewing Financial Records, is not simply about using tools in QuickBooks. It also includes guidance on generally accepted accounting principles and concepts and how they can be applied when reviewing data in QuickBooks Online.
Chapter 9, Enhancing the Consistency of Your Financial Statements, following on from Chapter 8, Best Practices When Reviewing Financial Records, looks at how adjustments can be made to ensure the profit and loss is reporting the correct values.
Chapter 10, Reconciling the Balance Sheet, includes tips that will make the process of getting ready to prepare annual financial statements for a business from year to year, including checking the balance sheet thoroughly, easier.
Chapter 11, Closing the Year-End, the Audit Log, and More, looks at how, with the accounts of the business complete, the year should be closed. This chapter includes some basic steps to take, and how to investigate any balances changed, that should not have.
