QuickBooks Online: Setting Up a New Company

Everything you need to know to get your accounting up and running with QuickBooks Online
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  • Lectures 37
  • Length 3.5 hours
  • Skill Level Beginner Level
  • Languages English
  • Includes Lifetime access
    30 day money back guarantee!
    Available on iOS and Android
    Certificate of Completion
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About This Course

Published 3/2016 English

Course Description

Learn QuickBooks Online! In this 3-hour course, business owners and bookkeepers will learn the correct way to create a new company file in QuickBooks Online.

Should you import your existing records, or start from scratch? Should you start at the beginning of the year, or partway through? I'll explore your considerations for getting started.

Then I’ll show you how to set up your QBO by exploring the Company Settings and source Lists so that you have the correct features for your needs. 

We'll also cover the Chart of Accounts in detail, as well as the Products and Service Items you provide to customers.

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 3 CPE Credits! 

This stand-alone course is one part of a series, including additional courses on setting up QBO, working with customers, managing expenses, and running reports.

What are the requirements?

  • You will need a subscription to QuickBooks Online. Note that if you want the Essentials or Plus versions, we can help you get a 20% discount!

What am I going to get from this course?

  • Choose the right version of QBO for you
  • Import an existing file from Desktop, or start over from scratch?
  • Choosing a Start Date
  • Creating the new QBO file
  • Setting up the Chart of Accounts
  • Creating User Accounts
  • Set up the Sales Tax Center
  • Customize settings
  • Design your Invoices and Sales Receipts
  • Set up Merchant Services to accept credit cards
  • Set up Payroll and Timesheets
  • Create your list of Payment Terms
  • Add attachments to transactions, from POs to paper receipts
  • Using Classes to divide your transactions into groups
  • Using Locations when you have multiple offices or stores

Who is the target audience?

  • Business owners and employees who maintain their company’s financial records
  • Entrepreneurs and new business owners who are just getting started, and want to make sure they have solid business knowledge so that they can succeed
  • Bookkeepers and Accountants who wish to brush up on their skills
  • Students and job-seekers will boost their employment marketability
  • Seasoned users looking to glean essential nuggets of information to make using QuickBooks easier and faster than before

What you get with this course?

Not for you? No problem.
30 day money back guarantee.

Forever yours.
Lifetime access.

Learn on the go.
Desktop, iOS and Android.

Get rewarded.
Certificate of completion.


Section 1: Introduction

An overview of QuickBooks Online, and this course.

Section 2: Setting Up QBO

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.

Section 3: Creating a Chart of Accounts

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.

Section 4: Working with Lists

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.

Section 5: Defining Products and Services

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.

Section 6: Settings

QuickBooks Online has specific Sales settings that can be turned on and off depending on how your company makes its money.


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.

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Instructor Biography

Alicia Katz Pollock, QuickBooks ProAdvisor with a Masters Degree in Teaching

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.

Alicia’s certifications include:

  • QuickBooks Certified User
  • Intuit ProAdvisor
  • Microsoft Certified Trainer
  • Apple Consultants Network
  • Apple Certified Support Professional, 10.5
  • Apple Certified Support Professional, 10.7
  • Apple Certified Support Professional, 10.10
  • Microsoft Certified Application Specialist in Word, Excel, Access, PowerPoint, and Outlook
  • Microsoft Office Specialist, Master Level

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