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Professional Tips and Workarounds for QuickBooks Online

You're reading from   Professional Tips and Workarounds for QuickBooks Online Improve your QuickBooks Online and bookkeeping skills using advanced techniques and best practices

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Product type Paperback
Published in Dec 2021
Publisher Packt
ISBN-13 9781801810371
Length 344 pages
Edition 1st Edition
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Author (1):
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Ashley Beetson Ashley Beetson
Author Profile Icon Ashley Beetson
Ashley Beetson
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Table of Contents (16) Chapters Close

Preface 1. Section 1 – General Tips and Shortcuts
2. Chapter 1: Creating and Reviewing Opening Balances in QuickBooks Online FREE CHAPTER 3. Chapter 2: Useful Tips and Tricks Every QuickBooks User Should Know 4. Section 2 – Adapting QuickBooks Online to Suit Different Business Types
5. Chapter 3: QuickBooks Online for Manufacturing Businesses 6. Chapter 4: Recording Income for Retail Businesses 7. Chapter 5: Handling Client Money 8. Chapter 6: The Secret to Success with Projects in QuickBooks Online 9. Chapter 7: Handling Foreign Currencies in QuickBooks Online 10. Section 3 – Reviewing and Reporting Data in QuickBooks Online
11. Chapter 8: Best Practices When Reviewing Financial Records 12. Chapter 9: Enhancing the Consistency of Your Financial Statements 13. Chapter 10: Reconciling the Balance Sheet 14. Chapter 11: Closing the Year-End, the Audit Log, and More 15. Other Books You May Enjoy

Chapter 9: Enhancing the Consistency of Your Financial Statements

In Chapter 8, Best Practices when Reviewing Financial Records, we started by looking at some best practices for reviewing financial records, uncovering some common errors, and making corrections and adjustments where necessary.

Continuing with our theme of reviewing our accounting entries, we may need to make some enhancements. At this stage, we've just covered the basics, and that means making sure that the bank accounts have been fully reconciled and that the customer and supplier balances have been checked and are up to date.

In this chapter, we will cover the following topics:

  • Common errors associated with chart of accounts
  • Common errors associated with products and services
  • Using journals to adjust for accruals and prepayments
  • Using other options – Classes, Locations, and Tags

Now that we have some understanding of accounting principles and concepts, we can check our...

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