Professional Tips and Workarounds for QuickBooks Online: Improve your QuickBooks Online and Bookkeeping skills using advanced techniques and best practices

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
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