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Mastering QuickBooks 2021
Mastering QuickBooks 2021

Mastering QuickBooks 2021: The ultimate guide to bookkeeping and QuickBooks Online , Second Edition

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Profile Icon Crystalynn Shelton
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Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3 (23 Ratings)
Paperback Jan 2021 414 pages 2nd Edition
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Arrow left icon
Profile Icon Crystalynn Shelton
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Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3 (23 Ratings)
Paperback Jan 2021 414 pages 2nd Edition
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€17.99 €20.99
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Mastering QuickBooks 2021

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 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. 

If you don't have previous experience as a bookkeeper, then you will need to know a few bookkeeping basics before you get started. In the introduction to the bookkeeping section, we cover five key areas in terms of recording transactions in your business: money coming in, money going out, inventory purchases, fixed asset purchases, and liabilities. In this section, we will also cover the importance of the chart of accounts, accounting methods, and what double-entry bookkeeping is. 

 We will cover the following key concepts in this chapter:

  • What is QuickBooks?
  • Exploring QuickBooks Online (QBO) editions
  • Choosing the right QuickBooks Online edition 
  • Introducing the QuickBooks Desktop (QBD) product line
  • Choosing the right QuickBooks Desktop version
  • Introducing new features in QuickBooks Desktop 2021
  • Small business bookkeeping 101

Once you've got these key concepts under your belt, you will be ready to dive into setting up your business in QBO.

The U.S. edition of QBO was used to create this book. If you are using a version that is outside of the United States, results may differ.

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 you can access 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. We will discuss each of these in detail next.

Exploring QuickBooks Online editions

QuickBooks Online (QBO) 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 table gives a summary of QBO pricing and features for each edition of QBO:

QBO Simple Start

QBO Essentials

QBO Plus

QBO Advanced

Monthly cost

$20

$25

$70

$150

Maximum number of users 

 

1

 

5

7

25

Accountant users

2

2

2

3

Track income and expenses

Connect bank and credit card accounts

Manage accounts receivable

Accept online payments

Send estimates

Track sales tax

Capture and organize receipts

Mileage tracking

Handle multiple currencies

Track time using TSheets

Manage accounts payable

Track payments to 1099 contractors

Inventory tracking

Categorize income and expenses using class tracking

Track sales and profitability by location

Dedicated account team

On-demand online training for staff

Smart Reporting with Fathom

Batch upload invoices and expenses

Custom user permissions

As you can see from the preceding table, all four editions of QBO include the following features:

  • Track income and expenses: Keep track of all sales to customers and expenses paid to vendors.
  • Connect bank and credit card accounts: Connect all business bank and credit cards to QBO so transactions automatically download into the software.
  • Manage accounts receivable: Invoice customers, enter payments, and stay on top of unpaid invoices.
  • Accept online payments: Allow customers to pay their invoices online with a debit/credit card or by wire transfer.
  • Send estimates: Create a quote or proposal and email it to prospective clients for approval.
  • Track sales tax: Keep track of sales tax collected from customers, submit electronic payments to state and local authorities, and complete required sales tax forms and filings.
  • Maximum number of users: With the exception of the Advanced plan, which includes three accountant users, each plan includes two accountant users, plus one or more additional users. For example, you can give a bookkeeper and your certified public accountant (CPA) access to your data.
  • Capture and organize receipts: Use your phone or mobile device to snap a photo of a receipt and upload it to QuickBooks. You can also link expense receipts to transactions.
  • Mileage tracking: Automatically track miles with your phone's GPS and categorize them as business or personal trips.

The Simple Start plan is the most economical, at $20 per month. It includes one user and two accountants.  The Essentials plan is the next tier and starts at $25 per month. It includes three users and two accountants. Unlike Simple Start, you can track accounts payable (A/P) with the Essentials plan. The Plus plan is $70 per month. It includes five users and two accountants. Unlike the Simple Start and Essentials plans, you can track your inventory with the Plus plan.  The Advanced plan is the top-tier QBO plan. It starts at $150 per month and includes up to 25 users and 3 accountant users.

We will discuss the features of each plan in more detail, and how to choose the right QuickBooks Online version for you, in the next section.

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Key benefits

  • Understand how to manage sales taxes and transactions
  • Explore advanced bookkeeping techniques such as using the custom chart builder, importing budgets, and performing smart reporting with Fathom
  • Become proficient in using QuickBooks Online and implement best practices to avoid costly errors

Description

Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks independently. This latest edition of Mastering QuickBooks takes you through the range of new features and updates available in QuickBooks Online (QBO). Creating multilingual invoices, tracking mileage, working with a cash flow dashboard that helps you with cash forecasting and planning reports, and uploading a batch of bills and checks are just a few of the new features covered in this edition. As you progress, you’ll learn how to manage sales tax, including how to set up, collect, track, pay, and report sales tax payments. Dedicated sections will also take you through new content focused on the latest features in the QBO line-up, while also showing you the different types of businesses that can benefit from QBO Advanced. In addition to this, you’ll explore how to export reports to Google Sheets, use the custom chart builder, import budgets, perform smart reporting with Fathom, and much more. By the end of this QuickBooks book, you'll be well-versed with the features of QuickBooks and have the confidence to manage all your bookkeeping tasks with ease.

Who is this book for?

The book is for small business owners and bookkeepers or accounting students who want to learn QuickBooks Online and understand how to implement and use it effectively. Whether you’re a bookkeeping beginner or have some experience already, this book will help you learn to use Intuit QuickBooks Online confidently.

What you will learn

  • Discover the new features of QBO and find out what the QBO line-up offers
  • Get to grips with bookkeeping concepts and the typical bookkeeping and financial accounting cycle
  • Set up QuickBooks for both product-based and service-based businesses
  • Track everything from billable and non-billable time and expenses to profit
  • Generate key financial reports for accounts, customers, jobs, and invoice items
  • Understand the complete QuickBooks payroll process and track payments made to 1099 contractors
  • Manage various bank and credit accounts linked to your business

Product Details

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Publication date, Length, Edition, Language, ISBN-13
Publication date : Jan 15, 2021
Length: 414 pages
Edition : 2nd
Language : English
ISBN-13 : 9781800204041
Vendor :
Intuit
Tools :

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Product Details

Publication date : Jan 15, 2021
Length: 414 pages
Edition : 2nd
Language : English
ISBN-13 : 9781800204041
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 Customers, Vendors, Products, and Services 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
Shortcuts and Test Drive Chevron down icon Chevron up icon
Other Books You May Enjoy Chevron down icon Chevron up icon

Customer reviews

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Rating distribution
Full star icon Full star icon Full star icon Half star icon Empty star icon 3.3
(23 Ratings)
5 star 43.5%
4 star 8.7%
3 star 8.7%
2 star 17.4%
1 star 21.7%
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Mainah65 Jul 14, 2021
Full star icon Full star icon Full star icon Full star icon Full star icon 5
This is QB desktop ONLY. DOES NOT COVER ONLINE VERSION!!
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Susan Winter Mar 21, 2021
Full star icon Full star icon Full star icon Full star icon Full star icon 5
I am taking the online Intuit course to hopefully be able to pass the QBO Pro Advisor certification exam. The self paced modules online are not conducive to studying or searching... I tried just taking notes, but it was too massive an undertaking. The book would be great even for a total novice.
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Kimberely Williams Mar 28, 2021
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Mastering QuickBooks 2021 is indeed a well-structured book that provides a great in-depth review detailing QuickBooks Online at its fullest potential. I use it as a reference guide to explore invoice customization, expense tracking, sales taxes, monthly reports, and much more in my day-to-day business operations. I highly recommend it to my fellow Accountants, Bookkeepers, Sole Proprietors, Independent Contractors, Freelancers, Self-Employed and Tax Professionals.
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D Wallis Apr 13, 2021
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I am a CPA with over 40 years of experience in all aspects of accounting. In retirement I am consulting with small businesses, many of whom need a simple but efficient way to keep track of their revenues and expenses and their assets and liabilities. QuickBooks is a great tool for small businesses that need a way to keep their accounting records without having to become accountants to do so and Mastering QuickBooks 2021 is a great tool for you to learn how to use QuickBooks.Accountants need an accounting system to recommend to their clients that is affordable and that they can train their clients to use with a minimum amount of accounting knowledge. A system that allows the business owner and his or her accountant to gather the financial information they need to make the client's business a financial success.In search of the best system for my small business clients, this past winter I took Crystalynn Shelton's extension class on how to use the Desktop version of QuickBooks. I found her class challenging but for someone willing to put in the time, very effective in teaching the user how to use QuickBooks. At the end of the class I was wishing I knew more about the Online version of QuickBooks and more about some of the aspects of the Desktop version that we did not have time to cover in class. I discovered there is a book for that. A book written by my instructor, Crystalynn Shelton. I have now read Crystalynn's Mastering QuickBooks 2021 and found it to have the information I need to become proficient in both the Desktop and the Online versions of QuickBooks. And the information to better understand which version of QuickBooks to recommend to each of my clients, based on each of their specific needs.I strongly recommend Mastering QuickBooks 2021 to you if you are trying to decide which accounting software package to buy and implement for your business or if you have already decided to use QuickBooks and need help in getting started on setting up your business on QuickBooks. To be successful in business you need financial information that you can use to make financial decisions. QuickBooks can provide you with that financial information as you use this book to learn how to make QuickBooks work for you.
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Candy Bellau Feb 19, 2021
Full star icon Full star icon Full star icon Full star icon Full star icon 5
As a Quick books Pro Advisor and a user of Quickbooks products for many years I can't say enough good thingsabout this book. I learned new things and I loved how clearly everything was presented. There are step-by-step directions as well as accounting terminology explained in a very straightforward manner that will resonate with the new business owner to the seasoned accountant. Crystalynn was very thorough with the material. This book is perfect for anyone interested in using Quick books or to gain a better understanding of the product if you are a current user. The material is written for anyone, it is great for me to give to clients and team members that already use the product. It also has all the latest updates for both desktop and online. It explains the differences between all QB products, how to test them to see what is right for you, and how to convert to different products. The book is filled with useful tips, tricks and links to get additional information.
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