{"id":58629,"date":"2023-09-14T09:06:00","date_gmt":"2023-09-14T09:06:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=58629"},"modified":"2023-09-28T04:15:06","modified_gmt":"2023-09-28T04:15:06","slug":"how-to-use-quickbooks-online","status":"publish","type":"post","link":"https:\/\/businessyield.com\/business-strategies\/how-to-use-quickbooks-online\/","title":{"rendered":"STEP-BY-STEP GUIDE ON HOW TO USE QUICKBOOKS ONLINE","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
As a small business owner, you should know about the QuickBooks Online platform and how it can help manage everything from taxes to payroll. With the QuickBooks Online Training Guide, you can also learn how to use QuickBooks Online to manage your personal finances as well as rental properties. Let\u2019s see how you can get started.<\/p>\n
The first step in learning how to use QuickBooks Online for business is to become acquainted with the dashboard.<\/p>\n
When you log into your QuickBooks account online, this is the first thing you\u2019ll see, and it\u2019s from here that you can navigate to everything you\u2019ll ever need as a QuickBooks user. Spend some time exploring the dashboard\u2019s various menus and determining where you can find everything.<\/p>\n
Set up your company information and preferences after your first QuickBooks login. Click the gear icon on your dashboard, then select “account and settings,” then the “company” tab. You can enter information about your company here, such as:<\/p>\n
While updating your company information, you can also change your financial preferences in this section of your QuickBooks Online account by using the sales, expenses, and advanced tabs. Update your credit card payments, invoice automation, VAT details, and your company\u2019s year-end date so that all of the information in your reports is correct.<\/p>\n
It\u2019s quick and simple to import your business data into your QuickBooks Online app, saving you from having to start from scratch. You can import data such as bank transactions, charts of accounts, supplier bills, employees, budgets, and customer or vendor information.<\/p>\n
QuickBooks Online provides several options for importing business data, allowing you to select the one that works best for you and your company. Among the various methods available are:<\/p>\n
The list of different categories used in QuickBooks to categorize money for your company\u2019s financial statements is known as your chart of accounts. QuickBooks Online has five default categories: income, expenses, assets, liabilities, and equity. Many people who use QuickBooks for business will leave the default settings alone, but you may want to tweak the categories to meet your specific requirements. You might want to rename the categories, or perhaps you\u2019ll find that you need to set up an additional category that doesn\u2019t fall under the five already listed.<\/p>\n
Simply navigate to “Accounting” in the dashboard and then click on “Chart of Accounts.\u2019 Choose “New,” then “Expense” or “Other Expense” as the “Account Type.” Select a “detail type,” then enter the name and description of your new expense category.<\/p>\n
At this point, you can sync your QuickBooks Online account with your bank accounts and credit cards. This means that QuickBooks will automatically download and categorize previous transactions from your accounts, saving you time and effort by eliminating the need to manually enter any details.<\/p>\n
Go to your dashboard\u2019s \u2018Bank Accounts\u2019 section and click \u2018Connect account,\u2019 then search for your bank and sign in with the same username and password you use for online banking. Once connected, you\u2019ll be able to see all of the accounts you have with this bank, so choose your business account and then the transactions you want to transfer to your QuickBooks account. Most banks will only show transactions from the last 90 days, but some will go back as far as 24 months.<\/p>\n
QuickBooks will automatically download the relevant transactions once you\u2019ve selected them. After your transactions have been downloaded, you will only need to approve how they have been classified.<\/p>\n
You can add additional users to QuickBooks for a small business, ranging from your sales manager to your bookkeeper.<\/p>\n
You can change the settings for each user to allow them to do specific tasks, but your subscription level will determine how many users you\u2019re allowed to have, so if you\u2019re seeing a user limit, you should consider upgrading to the next level.<\/p>\n
To invite a new user, go to your dashboard\u2019s “Settings” and then “Manage users.” Select “Add user” and the user type you want to create.<\/p>\n
Go to “Payroll Settings,” then “Setup Overview.” You can enter important information for your QuickBooks payroll here, such as:<\/p>\n
After you\u2019ve entered this information, go to the setup overview screen and select \u2018Accounting,\u2019 then “Company and Account.” Select the account that will be used to track payroll expenses.<\/p>\n
To add employees to your payroll, go to your dashboard and select “Employees.” You can enter your employees\u2019 information here. It\u2019s worth noting that all employees will have the standard pay policies and deductions you\u2019ve already established, but you can choose to add them when you add employees instead. You\u2019ll be guided through the process of entering their tax information, salary details, and other information such as their pay schedule, as shown in the video below.<\/p>\n
QuickBooks Online allows you to access your accounts from any location and at any time. However, it also integrates with thousands of compatible apps available in the QuickBooks App Store, all of which are guaranteed to make your life easier, with 86% of QuickBooks customers agreeing that apps save them time. From expense management to cash flow forecasting, there are a variety of apps available to help you streamline your processes and stay on top of your business finances.<\/p>\n
You can browse the app store\u2019s various categories, or if you know what you\u2019re looking for, simply search for the app\u2019s name. The Float app is QuickBooks\u2019 most popular operational cash flow forecasting add-on, so if you want to know what your future bank balance will be, join the thousands of users who are already saving hours every week by using Float.<\/p>\n
QuickBooks Online will save you time and effort, but it will only work properly if you keep it up to date. You should reconcile your accounts on a regular basis (QuickBooks recommends once a month) so that your accounts match what\u2019s on your bank and credit card statements. Regular reconciliation ensures that your cash flow forecast is always accurate because Float pulls real-time information from QuickBooks Online.<\/p>\n
Spending a few minutes each day, week, or month reconciling your accounts will save you headaches later. Here\u2019s how to go about it:<\/p>\n
Having seen how you can use QuickBooks Online for your small business, here are some resources to get you started on QuickBooks Online training:<\/p>\n
QuickBooks Online Certification training and exams are available in QuickBooks Online Accountant for free to accounting professionals.<\/p>\n
Learning to use QuickBooks is simple for those who are familiar with accounting concepts and how accounting software works, but it can be difficult for those who are technologically challenged or have no bookkeeping knowledge.<\/p>\n
In one place, you can easily keep track of your expenses, income, and budget. Not only that, but Quickbooks Online for Personal Finances also allows you to pay your bills on time, estimate taxes, and automatically update your finances. With the mobile app, you can run payroll while on the go, receive automated email reminders, download your bank transactions into QuickBooks, and more.<\/p>\n
Let\u2019s go over the key features of QuickBooks Online for Personal Finances listed below:<\/p>\n
By connecting your bank accounts and credit cards to Quickbooks, you can easily keep track of your expenses. You can further categorize your expenses and eventually generate financial reports to better understand your spending.<\/p>\n
As previously stated, Quickbooks automatically categorizes and organizes expenses, allowing you to easily track expenses throughout the year. As a result, you don\u2019t have to be concerned about tax filing and tax deductions.<\/p>\n
You can upload receipts to the Quickbooks mobile app and match the information on the receipt with an existing transaction.<\/p>\n
Cash flow management is one of the most important aspects of using QuickBooks Online to manage personal finances. By entering your financial data into QuickBooks on a regular basis, you can gain a better understanding of and control over your cash flow. You can enter past transaction information as well as anticipated future transactions such as systematic investment plans (SIPs), lease payments, and more, allowing QuickBooks to easily forecast your spending in future months.<\/p>\n
QuickBooks allows you to accept all types of payments, including bank transfers, credit\/debit cards, and so on, resulting in faster payments. QuickBooks retrieves your transactions automatically, saving you time and money.<\/p>\n
QuickBooks Personal allows you to manage and pay your bills in one place. You can set up automatic payments for your bills to ensure that you never miss a payment. If not, you can opt for automated bill payment reminders. Using the \u201cMemorized Transactions\u201d feature, you can save your payment credentials for faster checkout. You can also pay multiple vendors at once and specify a payment method for each of them. Furthermore, because receipts and invoices are automatically saved in the cloud, they cannot be overlooked.<\/p>\n
Spreadsheets, software designed specifically for real estate, and general-purpose accounting software such as QuickBooks Online are all options for keeping track of rental properties.<\/p>\n
Many investors are confused about how to set up rental properties in QuickBooks Online because the software is well-known. We\u2019ll show you a step-by-step process of setting up rental properties in QuickBooks, as well as discuss a free alternative to QuickBooks Online.<\/p>\n
Because QuickBooks Online is general accounting software designed for all types of businesses, there are several hoops a landlord must jump through in order to use it for a rental property business.<\/p>\n
Here are some steps for setting up rental properties in QuickBooks Online:<\/p>\n
The process for setting up multiple rental properties in QuickBooks Online is similar to the one described above, with a few additional steps.<\/p>\n
Assume an investor owns a single-family rental (SFR) home and a two-unit multifamily duplex. One approach to using QBO for multiple rental properties is to create one company with multiple classes, while the other is to create two separate companies.<\/p>\n
QuickBooks Online can be used to manage rental properties. However, an investor should plan on spending time or paying a professional to set up the software.<\/p>\n
You can take video tutorials, participate in webinars, or find QuickBooks tutorials online.<\/p>\n
It takes about 2\u20133 weeks to learn QuickBooks online.<\/p>\n
To add a new customer, go to the “Customers” menu and click on “New Customer.” Enter the customer’s information and save. To manage existing customers, go to the “Customers” menu and select “Customers” to see a list of all your customers. You can edit or delete customers from this list.<\/p>\n
To create a new invoice, go to the “Sales” menu and click on “New Invoice.” Enter the customer’s information, add line items for the products or services being billed, and save. To send the invoice, click on “Send” and select the email address to send it to.<\/p>\n
To track expenses, go to the “Expenses” menu and click on “New Expense.” Enter the vendor’s information, add line items for the products or services being purchased, and save. You can also connect your bank account to QuickBooks Online to automatically import and categorize expenses.<\/p>\n
To run financial reports, go to the “Reports” menu and select the report you want to run. You can customize the date range and other options for the report before running it. You can also save report settings for future use.<\/p>\n
QuickBooks is the most widely used accounting software for small businesses. It is available in a variety of editions, both online and on your desktop computer. With the steps outlined in this article, you can use QuickBooks Online to manage your personal finances as well as your small business and rental properties. We have also listed some QuickBooks Online training resources available for you.<\/p>\n
QuickBooks Online has a training manual that serves as a resource for all SWCDs using QuickBooks.<\/p>\n<\/div>\n<\/div>\n<\/section>\n Choose Settings, then Reconcile. If this is your first time reconciling, click “Get started” to proceed. Select the account to reconcile from the Account selection. Check that it matches the one on your statement.<\/p>\n<\/div>\n<\/div>\n<\/section>\n In QuickBooks Online, C means Cleared,<\/p>\n<\/div>\n<\/div>\n<\/section>\n \n\t{ QuickBooks online has a training manual that serves as a resource for all SWCDs using QuickBooks.<\/p>\n “ Choose Settings, then Reconcile. If this is your first time reconciling, click Get started to proceed. Select the account to reconcile from the Account selection. Check that it matches the one on your statement.<\/p>\n “ In QuickBooks Online, C means Cleared,<\/p>\n “How do I reconcile in QuickBooks?<\/h2>\n
What does C mean in QuickBooks Online?<\/h2>\n
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