Learn QuickBooks Online! In this 9-hour course, business owners and bookkeepers will learn the correct way to enter their company’s financial transactions in QuickBooks Online.
I’ll show you how to set up your QBO so that you can run reports to understand your business’s growth. We’ll talk about the correct way to enter your sales income from Customers. We’ll explore all your options for recording your company’s Expenses. And I’ll walk you all the most common errors I see people make, so that you don’t make them, too.
Whether you’re new to QuickBooks Online – or suspect you’re not using it correctly – I’ll teach you all the basics (and a lot of tips & tricks) that will allow you to get the most out of your software, and watch your company grow.
As a QuickBooks ProAdvisor and member of the Intuit Trainer/Writer Network, I’ve assisted hundreds of small businesses to set up and troubleshoot their QuickBooks files, saving them time and money.
Complete this course and earn 9 CPE Credits! Over 90 lessons and 11 quizzes.
What version of QBO is right for you? Should you select Simple Start, Essentials, or the Plus version?
Should you start your file as of today? The beginning of the year? Last year? Once you decide, how do you enter historic transactions?
Start at the very beginning by creating a new account on Intuit's website.
Start from scratch with a QBO template and customize it for your own use.
Take your existing QuickBooks data and import it into QBO.
Pour through the company settings and customize them for your specific workplace needs.
Add multiple users to your account, and choose what they can and can't do. Set up your accountants, too.
Set up Sales Tax for each county in which you do business.
Change the appearance of your Sales Forms including Invoices and Sales Receipts. Change the style, font, color, and which fields show up.
Set up Intuit's Merchant Processing to accept credit cards. Clients can click a Pay Now button on their invoices, or pay you in person using your smartphone.
Set up Intuit Payroll for your employees. It's easy to use, and cheaper than most 3rd party services.
Your Chart of Accounts is the backbone and foundation of your QBO. What is it, and how do you use it?
Set up your checking and savings accounts.
Add all your credits cards so you get a real look at your expenses.
Let's take a look at QBO's Accounts Payable and Accounts Receivable accounts.
What are Asset accounts? We'll discuss Fixed Assets, Other Current Assets, and more.
Learn the difference between Long Term Liabilities and Other Current Liabilities.
Set up your Equity accounts track the Owner's investment in the company, and money drawn back out for personal expenses.
Set up your Income accounts to track your company's revenue streams.
What costs do you incur while providing your services? Track them in these Cost of Goods Sold accounts.
Expense accounts track your business's overhead expenses so that you know how much it costs to deliver your products and services.
Sometimes a company has other income and expenses besides the way you make your money. Use Other Income and Other Expenses so that they have a place to be tracked.
Sometimes an expense comes up that's outside the norm. Here's how to add new ones on the fly without having to back out of a transaction and start over.
QuickBooks Online comes with a default Chart of Accounts, and you won't need all of them - delete the ones you don't need. And sometimes you overlook an existing account and make a new one when you need it. If you discover after the fact that two categories are really the same, you can merge them.
Large companies use a standard Chart of Accounts numbering system. Here's how to implement and manage it.
Set up the payment methods your company accepts.
If your clients are on payment terms, set them up here. It can be as simple as Net 15, or as complex as "If you pay within 10 days we'll give you a 5% discount."
QuickBooks Online allows you to attach images of receipts to transactions, along with contracts and notes.
Classes are used to tag transactions so that you can analyze your businesses in all new ways.
If your business runs from more than one location, you can tag each transaction to identify where it happened.
The Products and Services list is where you create all the items that will appear on Estimates, Invoices, Sales Receipts, Checks and Bills.
Services are the problems you solve for your customers. Set up your lists of Services with pricing and default descriptions.
If you sell tangible goods, add these Products to the lists so that you can track how much you buy and sell them for.
If you need to know how many Products you have in stock so that you don't run out, here's how to manage your Inventory.
Now that your QuickBooks Online is set up and ready to use, let's take a tour of the interface and where to find all the features.
The Transactions area is a one-stop shop for seeing your Sales and Expenses all in one place.
QuickBooks has a neat feature allowing you to change buttons from "Save and Close" to "Save and New" so they behave as you need them to.
Even though QuickBooks Online is web-based, there are still dozens of keyboard shortcuts to make navigation and data entry faster.
Intuit is always experimenting with new features. Turn on the ones that would be helpful in the QB Labs, and help test whether they should be released to the public.
See all your Customers in one place, along with quick lists of who owes you money...and how long they've been overdue.
QuickBooks Online has specific Sales settings that can be turned on and off depending on how your company makes its money.
Add your Customers and their projects to your master list.
Sometimes you don't want to save every customers by name. Create role-based Customer groups like "Website" and "Walk-in."
If you haven't seen a client for several years and you don't need their name on your list anymore, here's how to inactivate them. They're not gone, just hidden.
Occasionally a Customer is entered twice. Maybe there was a typo, two different employees entered them differently, or you have both the company name and contact entered separately. Here is how to merge two Customer records into one.
If you take payment immediately, enter the entire transaction in one step.
If you provide a service and the client pays later, here's how to make Invoices and track what's owed to you.
When a customer pays, apply that money to one or more outstanding invoices.
Occasionally a client overpays. Here's how to manage the extra money.
Not every customer is a happy customer. If you have to refund their money, use these steps and do it correctly.
If you give store credit, here's how to keep track of that money on behalf of the customer.
If you put in bids for projects, create an Estimate so that the customer knows what to expect. Once it's been accepted, you can turn it into an Invoice in just a click!
If you take Deposits on work to be performed, or work on retainer, here's the right way to manage the money.
One of the most confusing steps is grouping your customer's payments so that they match your bank statement. There's an easy way to do it, which will save hours of time when you reconcile your bank account.
Do you barter and trade services with Customers and Vendors? If so, there are distinct benefits to reporting the income and expense, instead of working under the table. Here's how to manage Bartering on the up-and-up so that the IRS doesn't red flag you.
Vendors are the people you buy items and services from. Use the Vendor Center to know who you owe, and how much.
There are many settings you can turn on and off depending on how your business operates. Know which ones will help you analyze your spending.
New Vendors can be added through the Vendor Center or on the fly.
If you use Bank Feeds, sometimes you'll get several entries all for the same company. Combine all your Office Depot entries into one.
When you owe money, here's how to keep track of who you owe, how much you owe, and when you're supposed to pay it by.
Whether you write checks by hand or print them out, here's how to enter them in your system.
It's a lot easier to print out a batch of checks than it is to write them by hand. Here's how to set up your printer for both 3-up and voucher checks.
Many businesses rely on credit cards either for cash flow or frequent flier miles. Manage them in QuickBooks Online so that you don't pay too much in interest.
When you return a product or receive a credit with a Vendor, it's important to track that refund so you get what's coming to you.
If you incur expenses on behalf of a client and then they reimburse you, mark them as Billable so that they appear on your next invoice.
Each version of QBO has a different set of report. Your choice of which version you need may depend on what kind of business analysis you want to do.
The Reports Center is divided up into groups of similar documents. Pour through all the options - you'll be amazed at all the ways you can slice and dice your data, to learn all kinds of new things about the business you do.
The Profit & Loss (P&L) report is the most essential report you can run to analyze your income and expenses.
The Balance Sheet shows your company value - what money does it have, what money does it owe, and what's its net worth?
The Company Snapshot shows you essential information through graphs.
Intuit's Scorecard compares your company's income and expenses to others in a similar industry, regionally or around the country.
Run reports to analyze your sales by Customer and by Product or Service. Who are your best customers? What are your best sellers?
What ARE you spending your money on? These reports will help you figure out why you make a lot of money, but your bank account is still low.
Keep track of your Customers and the money they owe you with this set of reports.
Keep track of your Vendors and the money you owe them.
While there are over 60 reports available, you can customize them and filter them to learn even more about your business and its trends.
Sometimes you have to make adjustments to your accounts in ways that the forms don't allow. Journal entries are used by bookkeepers and accountants to move money around from account to account.
Move money from Checking to Savings and back again. You can also use Transfers to easily pay off your credit card bill.
It's crucial to Reconcile your bank accounts every month to make sure your records match what the bank sees. It can be hard to do, but use these tips and tricks to shave the time down to nothing.
QuickBooks Online has amazing integration with most banks. Instead of entering all your transactions in by hand, you can automate the process.
Even though QBO's Bank Feed can save you hours of time, it has a few quirks that make it confusing. Here's what to look out for and how to do it correctly.
You can't really import your deposits through the Bank Feed. Here's why...and what you SHOULD do.
Once you've done a transaction correctly, you don't need to repeat it manually. Most transactions can be memorized and set to run automatically.
Over 30 years ago, when she was 13, Alicia Katz Pollock received her first computer, an Apple IIc. She immediately designed a database for her father’s dental practice to automatically send postcards to his patients every 6 months to come in for a checkup and cleaning. Her passion for computers grew as she did.
A natural teacher, Alicia earned her Master of Arts in Teaching, but instead of turning to the public schools, she developed computer curricula.
She blends the skills of technology, the art of communication, the patience of a trainer, the wisdom of a business consultant, and the detailed eye of an obsessive-compulsive to bring you the finest in business solutions.