Small Business Accounting Guide to QuickBooks Online: A QuickBooks Online Cheat Sheet for Small Businesses, Churches, and Nonprofits

By Robert H. Beadle

Learning to master the most popular cloud-based accounting and bookkeeping software in the world is made easy! 
 
Suitable for the manager, accounting expert and small business owner who wants to learn all there is to know about QuickBooks Online. This Book introduces you to the QuickBooks Online software, giving you simple step-by-step yet professional instructions on how to fully use and exploit this amazing accounting and bookkeeping software. A total package for nonprofits, churches, small business owners, managers, employees, etc. You will get value for your time and money with the up-to-the-minute information on the current version of QuickBooks Online that is in this book.  

A perfect book for beginners and experts alike; you will find the following: 

• Learning to get started with QuickBooks Online. 
• The major features of QuickBooks online.
• Important differences between the Desktop and Online versions of QuickBooks, and why you should consider any of them for your business needs. 
• A guide to selecting a QuickBooks package, plus a robust insight into QuickBooks Online and Payroll subscriptions. 
• Internet Speed, Operating System, and Web Browser requirement for the best performance of your software. 
• A robust guide into the fundamentals of accounting, principles of accounting, accounting categories, accounting ledgers and journals, fields of accounting and more to help you get started even without prior knowledge of accounting. 
• Everything you need to know about the QuickBooks Online layout, the dashboard, important tools, and other important setups.  
• How to get your QuickBooks account started. 
• Everything you need to know about chart of accounts, a detailed overview of primary account types, how to setup your chart of accounts, organizing your chart of accounts and more. 
• Learning about products and services, how to set it up, setting up vendors and customer list.  
• Transactions, how to add transactions manually, finding and editing a transaction and more.
• How to pay for business expense, entering and paying bills in QuickBooks, using discounts and credits for payment and more. 
• A QuickStart guide on how to create and send your first invoice. 
• All you need to know about QuickBooks Payroll, how to setup payroll and get it running.  
• And so much more!

Working with QuickBooks Online is made simple with detailed cheat sheet and guide. That said, you will get to track the financial health of your business without stress, ushering your business into better financial seasons with better managerial oversight. 

For the best accounting and bookkeeping experience, scroll up and get this comprehensive guide now to begin your journey today!

 

• Language: English
• Publisher: James Carpenter
• Release date: Jan 24, 2022
• ISBN: 9791220890571

Book preview

Chapter 1 - Getting Started with QuickBooks Online

QuickBooks is an accounting package with a large volume of acceptance among small to midsized businesses. It is the most common accounting software used to organize income and expenses, while keeping up to date with the operating efficiency, profitability, solvency and liquidity of a business. Essentially, it can be used to measure the financial health of the business, at the same time using it to prepare taxes, generate reports, pay bills and invoice customers. The product offering from QuickBooks is an all-inclusive package for everyone, from a non-staff business to a medium-sized business. 

QuickBooks Online is an efficient tool and most often the first choice for most businesses that are just starting out. Hence, learning to use the QuickBooks Online software could be useful for job positions that demand a technical understanding of this kind of software, such as administrative, managerial, or accounting jobs.

In this chapter, we will consider the fundamentals of using QuickBooks.

Main Features of QuickBooks

QuickBooks is an accounting software program which is obtainable in both desktop and online versions. It comes with a number of functions which includes: 

Keeping Track of Expenses and Bills

The QuickBooks program will routinely keep track of expenditures once the credit card and bank accounts of the business has been connected. Your bills with a time frame for payment will also be shown in the Accounts Payable Report.

Sales Management and Invoicing

Income and sales can be managed by generating invoices and keeping up to date with sales per client. You will find a client list with their respective generated-invoices in the Accounts Receivable Aging Report.

Managing Payroll

The QuickBooks program lets you pay employees with direct deposit or by check, without human intervention, routinely handling payroll and federal taxes, and filling in payroll tax forms on your behalf.

Reporting

The stability and productivity of your business can be monitored through QuickBooks in the in-built reports. These reports can be generated in a couple of minutes. A Balance Sheet Report, for instance, presents a comparison of equity, liabilities, and assets, while a Profit and Loss Report provides an impression of the profitability of the company or business.

Managing Inventory

Without human intervention, the QuickBooks programs updates inventory information as transactions are entered and makes multiple reports available to keep you up-to-date with your product’s status.

QuickBooks-Related Skills

The following related skills will be useful if you plan to learn QuickBooks:

Accounting Knowledge

The degree of knowhow needed in accounting varies with the job position you are vying for. A payroll clerk or a general manager, for instance, will need a lower degree of proficiency in the accounting field when compared to an accountant. In spite of this, a foundational understanding of accounting is necessary or should be gotten via QuickBooks training since the QuickBooks program is an accounting-based package.

Computer Knowledge

Having a knowledge of computers will be helpful when using the QuickBooks software program. It will be useful in efficiently learning all you need to know about the QuickBooks software. Even though you will not be expected to troubleshoot technical aspects of the QuickBooks program, it is still useful to learn how your computer operates. For instance, you may have to search for important files in the hard drive of your computer.   

QuickBooks Online vs. Desktop

Both the Desktop and Online QuickBooks products have a lot of amazing features, but with some significant distinctions. You need to determine which product meets the needs, type, size, and budget of your