QuickBooks Online for New Business Owners

Master the cash method and tax-basis accounting used in this course, including income recognition, expense timing, depreciation rules, and tax-return preparation.

Open the balance sheet from reports to view a one-day snapshot of assets, liabilities, equity, and key items like retained earnings and net income.

Explore categorizing bank feed transactions in QuickBooks Online, review dozens of common transactions, and learn to verify Cowpokes' recommended categories against the actual accounts, refining as you provide feedback.

Set up a telephone expense account in QuickBooks Online to track Verizon's monthly business phone line payments and improve the profit and loss report with the detail type utilities.

Create a rent rule to categorize office rent payments under the rent and lease expense account, converting uncategorized expenses into monthly recurring transactions in QuickBooks Online.

Classify a GoDaddy payment as website expenses for domain names and web hosting, and set up a recurring rule to auto-assign future GoDaddy transactions to the website expenses account.

Record payments to Blue Cross Blue Shield for health insurance in an insurance expense account for tax returns, and set up a recurring transaction with insurance as the details type.

Track recurring software payments by creating an expense account called software subscriptions, record Google G Suite and cowpokes online subscriptions, and set bank rules with auto add for all accounts.

Record credit card payments by transferring from checking to the Chase credit card, use find match and create rule to auto-match future payments despite date delays.

Record speeding and parking tickets as non-deductible expenses in QuickBooks, noting they are not tax deductible, create a non-deductible expense account, and add 'speeding ticket' in the memo for clarity.

Record a loan payment by splitting it into principal and interest, posting the principal to the Carlyn account and interest to interest expense, keeping the liability in balance.

Create a new expense account for charitable contributions, then select charitable contributions from the detail type dropdown when recording a charitable donation.

Record a capital contribution by transferring funds from the owner's personal account to the business account, selecting the owner's investment account as the transfer destination.

Identify a check payment in QuickBooks, verify the payee via online banking, and classify it as an owner draw or distribution using an owner's drawer or distribution account.

Learn to reconcile bank and credit card accounts in QuickBooks Online by matching transactions with bank statements, verify ending balances, and avoid missing or duplicate entries using the reconciliation features.

Learn to reconcile a business checking account in QuickBooks by matching bank statements, handling timing differences, and finishing monthly reconciliations from December 2019 to January 2020.

Reconcile the credit card by selecting the account from the dropdown, matching transactions to zero difference, and confirming January 25, 2020 balance of $2,912.50; repeat monthly to ensure accurate books.

Change the accounting method from accrual to cash basis in QuickBooks Online via account settings, advanced tab, so balance sheet and profit and loss reports default to cash.