Professional Tips and Workarounds for QuickBooks Online by Beetson, Ashley -- Read -- Imperial Library of Trantor

Index

Professional Tips and Workarounds for QuickBooks Online Contributors About the author About the reviewer Preface

Who this book is for What this book covers To get the most out of this book Download the color images Conventions used Get in touch Share Your Thoughts

Section 1 – General Tips and Shortcuts Chapter 1: Creating and Reviewing Opening Balances in QuickBooks Online

Should opening balances be in place before using QuickBooks?

What dates are used for opening balances?

Opening balances – Customers

Which Product/Service Item to use Opening customer balances – Summary

Opening balances – Suppliers Opening balances – Bank

What if no opening balance is created? What about uncleared checks and deposits?

Opening balances – VAT/GST/sales tax Inventory (stock) Opening Balances – Other

Other business taxes Fixed assets (Plant and Machinery) Loans and Hire Purchase Agreements Shareholdings Director's loans Provisions for prepayments and accruals

Summary

Chapter 2: Useful Tips and Tricks Every QuickBooks User Should Know

Purging a QuickBooks company

Using the Purge Company option

Using the KISS principle

How can you make QuickBooks easier to use?

General tips for daily use

Merging accounts Date shortcuts The calculator function The advanced search function Duplicating a tab in the browser Other shortcuts

Summary

Section 2 – Adapting QuickBooks Online to Suit Different Business Types Chapter 3: QuickBooks Online for Manufacturing Businesses

Chart of Accounts for manufacturing Products and services – Raw materials Bill of Materials (BOM) Workflow of a manufacturing company

Purchase order for raw materials (Step 1 of 7) Goods delivered and supplier bill created (step 2 of 7) Sales order from a customer (Step 3 of 7) Picking materials to build the product (step 4 of 7) Accounting for work-in-progress (step 5 of 7) Updating stock with finished goods (Step 6 of 7) Goods delivered and an invoice raised for the customer (Step 7 of 7) Simplified Option

Other Considerations

Stocktakes and adjusting stock quantities

Summary

Chapter 4: Recording Income for Retail Businesses

Using Inventory The Sales Environment and the different methods of Payment accepted

Sales receipts versus Bank deposits Undeposited funds Using journal entries to record sales Recurring entries Using Customers

Considerations for Inventory

Updating Sales Prices Revaluating inventory (Stock)

Summary

Chapter 5: Handling Client Money

Setting up QuickBooks for Client Funds

Settings for expenses Setting up the Chart of Accounts Setting up Products and Services Settings for Customers

Recording Client Account Transactions

Managing fees deducted from client funds

Paying Suppliers on behalf of clients Reporting Against Client Funds

Reporting Client Balances within the Office Company File

Summary

Chapter 6: The Secret to Success with Projects in QuickBooks Online

Settings for Projects

Enabling Projects Settings to track expenses by customer Progress Invoicing

Creating a Project Recording Income and Expenditure against a Project

Creating an Estimate Allocating Bills and Expenses to a Project Creating invoices against a Project

Recording Time against a Project

Who can record time? TimeSheet Entries

Creating a Budget against a Project Managing Unbilled Expenses

Using the manage billable expense tool

Useful reports for Projects

Default Project Reports

Allocating other costs to a Project

Using journals to adjust a project Using a zero-total Bill to adjust a project

Sub-Customers versus Projects Summary

Chapter 7: Handling Foreign Currencies in QuickBooks Online

Enabling Multicurrency settings Settings for Customers, Suppliers (Vendors), and Banks

Setting up Bank Accounts

Editing Foreign currency Exchange Rates Recording Transactions in Foreign Currencies

Matching Foreign Currency Transactions in the feed of the Home Currency Bank Account Matching foreign currency transactions with a foreign currency bank account Matching a single payment for multiple foreign invoices Receiving a foreign payment in a different foreign currency bank account Making further adjustments when working with Foreign Currencies

Revaluation of Foreign Currency Balances in QuickBooks Editing reports to display Foreign Currency values Summary

Section 3 – Reviewing and Reporting Data in QuickBooks Online Chapter 8: Best Practices When Reviewing Financial Records

How frequently should we review our financial records in QuickBooks Online?

Checking Financial Reports The Matching Concept The Accruals Concept Income Recognition The Going Concern Concept Materiality Prudence Consistency

Reviewing the Profit and Loss Report

Report dates Changing the way that Columns are Displayed Changing the order in which a Profit and Loss Report is sorted Comparing Values to Previous Financial Periods

Looking Out for Errors and Inconsistencies

Reviewing Income values in the Profit and Loss Report Reviewing the Balance Sheet (Undeposited Funds)

Reviewing Accounts Receivable

Business Owner Paid by Customer Crediting Customer Invoices no Longer Payable

Reviewing Accounts Payable

Supplier bills already paid by the business owner Supplier Bills settled by Hire Purchase Agreements

Summary

Chapter 9: Enhancing the Consistency of Your Financial Statements

Common Errors Associated with Chart of Accounts

Unnecessary use of Chart of Account Categories

Common Errors associated with Products and Services Prepayments, Accruals, and Deferred Income

Adjusting prepayments

Using Classes, Locations, and Tags

Classes and locations Tags

Summary

Chapter 10: Reconciling the Balance Sheet

Different Balance Sheet Categories Agreeing Values on the Balance Sheet (Basics)

Reconciling Debtors/Accounts Receivable (Current Assets – Trade Debtors) Creditors/Accounts Payable (Current Liabilities – Trade Creditors) Reconciling Bank Accounts and Credit Cards Loans and Mortgages Reconciling Stock (Inventory) Director's loans or drawings

Advanced Balance Sheet Reconciliations

Reconciling Fixed Assets Reconciling Accruals, Prepayments, and Deferred Income Reconciling undeposited funds Reconciling VAT

Summary

Chapter 11: Closing the Year-End, the Audit Log, and More

Bookkeeping Checklists Closing The Financial Year/period Retained Earnings

What if the business is a sole proprietor or partnership? What happens if the financial year-end is changed?

The Audit Log feature

Customizing reports to investigate changes to previous periods

Using Management Reports at Year-End

Including reports in a management report Finishing touches to the Management Report

Summary Why subscribe?

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