QuickBooks Online Tutorial: What’s Covered
In 45 QuickBooks QuickStart?
This quickstart gives you the chance to learn QuickBooks Online, one of the two online versions of QuickBooks, in just 45 minutes. It also introduces online recordkeeping, accounting and bookkeeping basics. Once you’re done, you can advance to using QuickBooks in your business.
QuickBooks is built on Microsoft’s online platform, so you get support from a technology-savvy team. The chart of accounts lists the company names and other information for your business. This is the basis for adding transactions.
AutoPay takes transactions from your register and fills them into the bank and check registers automatically. This cuts down on your day-to-day bookkeeping. You’ll also receive a bank statement showing all transactions processed through QuickBooks.
QuickBooks has received several awards for security and reliability, and also has connections with many local and national service providers.
How to Get the Most From Our Free QuickBooks Tutorials
This tutorial section alone contains more than 20,000 words of quality content! And we’re adding new tutorials every week!
If you’re just starting out with QuickBooks, you’ll want to check out our QuickBooks tutorials. They are designed to guide you through learning every aspect of QuickBooks in the most productive, time-savings, and easy-follow manner possible.
(And be sure to check out our Top 100 QuickBooks tutorials!)
Each QuickBooks tutorial covers a particular topic. Some of the topics covered in this tutorial section include:
- How to Quickly Import Accounting Data into QuickBooks
- Quickest Way to Track Inventory in QuickBooks
- QuickBooks Online vs QuickBooks Desktop
- How to Create Accountant Templates in QuickBooks
- QuickBooks File Splitting Tutorials
- Detailed Tutorial on Troubleshooting Error Messages on QuickBooks Desktop
- Detailed Tutorial on Troubleshooting Error Messages on QuickBooks Online
- Detailed QuickBooks Project Tutorial
- Detailed Intuit Online Tutorial
- Detailed QuickBooks Desktop Tutorial
- Detailed QuickBooks Online Tutorial
- Detailed Intuit QuickBooks Desktop Tutorial
- Detailed QuickBooks Online Tutorial 2
- Detailed QuickBooks Online Tutorial 3
- Detailed QuickBooks Desktop Tutorial 2
- Detailed QuickBooks Online Tutorial 4
- Detailed QuickBooks Online Tutorial 5
Lesson 1: Setting Up QuickBooks
Setting up QuickBooks online can be done in just a few minutes.
And it�s very easy to do … I couldn?t resist just clicking on the Yes, I Want to Create an Account button, and didn?t even bother entering in any personal information.
After you?ve signed up for and created an online account, you can access it any time from your own QuickBooks desktop software or your mobile device.
Many businesses set up their QuickBooks online business accounts for the sole purpose of making it easier to view their financial transactions.
If you’re a sole proprietor who doesn’t need to pay any payroll deductions or sales tax on business revenue, you can file your sales and expense transactions online and create trial bank accounts.
Online bank accounts can save you countless hours of work because you don’t need to request paper checks or find the time to fill out paper forms to request payroll deductions, refund checks, or vouchers.
The direct debit or credit card deduction options are more convenient and time-saving than mailing out paper checks. You can also make bank deposits and transfers as well as authorize electronic payment debits to payroll, cash advances from your bank accounts, and other transactions.
Lesson 2: Managing Sales and Income
As a business owner, you need QuickBooks Pro because it will let you keep track of all of your key business data. QuickBooks Pro includes reports, statements, contacts, invoices, and payments that you need to run your business. QuickBooks will also help you network your business with hundreds of vendors, and it’ll help you collect money from your customers and clients too.
When you’ve chosen QuickBooks, be sure to adjust your file settings so you can record sales throughout your business. You will also need to track income in QuickBooks to make sure you have the information you need to continue to run your business.
Lesson 3: Managing Bills and Expenses
Chapter 2: Setting Up the Accountants.
Step One: Determine the Accounting Method
Your accountant will choose whether she wants to use the accrual or cash method of accounting. This is the method used most frequently in the United States, but it may not be the method that you choose.
Budgeting by the accrual method is a better way to track your assets and liabilities, especially if your business shows a profit. When the accrual method is used, the business still accumulates expenses, even if the bill doesn’t come in to the business – that’s why when you do a charge card (credit card) sale, you’re still responsible for the cost of a product even if the cost is only coming to you at a later date. In the accrual method, the expenses are recorded, regardless of the timing.
The cash method is used when the business does not want to record a profit, but instead wants to get the most accurate information. The cash method is used mainly when recording purchases for inventory. It’s safer for your business, and it’s a less costly method because you don’t have to have an accountant make any adjustments to the information.
Lesson 4: Managing Banking Transactions
Lesson 5: Managing Business Credit Card Transactions
Japan and Europe are typically the first countries that credit card companies target when expanding to a foreign market. The reason for this goes back to the costs of ongoing credit card processing fees. In order to cover those costs, the fees usually undergo a percentage increase with each new market.
When they initially target Japan and later Europe, credit card companies calculate the business credit card acceptance rates and choose the markets with the lowest acceptance rates. Since costs are cheaper in a smaller market, the card companies are able to charge the same rates. Because Japan and Europe have lower acceptance rates, merchants pay lower card processing fees.
Because the fees are lower in these markets, some businesses do not offer credit card processing to their customers. Whereas this might be a money saver for the customer, the merchant suffers from a loss of potential sales.
This is where the Credit Card Minimum Handling Fees (MMH fees) come into play. In order to try to even the score, at least a bit, credit card companies impose a higher minimum handling fee on accepting credit cards. Only accept credit card transactions that performed by a merchant who also accepts business credit cards. So if you have a business account, get the better rates.
Lesson 6: Managing Credit Card Sales
Using credit cards to manage sales can be a great way to manage your business finances. Here’s what you need to know.
Be careful with Card Declines
When you consider how many times a new customer might need to be upsold before the sale is complete, the idea of accepting all kinds of credit cards starts to look more attractive. However, credit card declines are responsible for 22% of lost customers, with 2/3 of those declines happening on the web. As a result, it is important that online sales offices have a plan in place to manage customer card declines.
Use Contact Information To Make Cash Withdrawals Automatically
Making automatic deposits of money to savings or checking accounts is the simplest way to prevent declined credit cards from impacting your company. However, this is not necessarily correct. It is important to focus on the source of payments, and manually withdrawing money from credit cards could mean that you’re adding an inaccurate amount to the registry. At the same time, you’ll need to track and report this cash receipt to the IRS. So instead of adding the money to your registry, simply make a withdrawal from the customer’s account. If payment is made, the credit card transaction will automatically be completed for you.
Understand How Credit Card Fees Affect Your Bottom Line
Lesson 7: Set Up and Manage Payroll
In this lesson, you’ll learn how QuickBooks manages payroll. Once you know that, you’ll be ready to learn exactly what’s involved in the payroll process. Let’s take a look.
·The Setup Process for Payroll
Setting up payroll involves setting up Your Payroll Department, and creating payroll rates. You can also set up payroll deductions, which is how much an employee has to pay back to the business for expenses such as insurance, taxes or a 401(k).
When employees who have an employment agreement with the business have a paycheck, they’ll be charged the amount in your payroll rates, plus the amount in your payroll deductions.
An employee’s checks will also reflect their hours worked, the employee’s pay rate and any overtime they did. This is known as applying your payroll.
You’ll also pay the employee’s final paycheck. You may be able to apply your payroll to your payroll account, or you may have to withdraw it at the end of the month.
Lesson 8: Reporting in QuickBooks Online
Tip: The default view for reports in QuickBooks Online is the List view. To switch to a single report or table, go to the Reports tab and select a different report.
Each report in QuickBooks lets you view one single report or table, which might have multiple fields. The individual fields are the parts of the report. For example, a list report has a column called Date, and a table report has many rows. To view additional reports in the List view, on the right side of the Reports tab, select QuickReport’s by category. Click Advanced.
QuickReport’s Many reports are grouped into categories. For example, if you select Reports choosing Business Services, you have options such as payroll, employee management, and profits/losses. To see more QuickReport’s by category, on the right side of the Reports tab, select QuickReport’s by category. Click Advanced.
Consolidating Your QuickReport’s A report in QuickBooks allows you to view a handful of different elements in the same report, which makes it easy to find the information you’re looking for. Though you can easily view a single report by selecting a single report or table, you likely have many similar reports. If so, you can consolidate all these reports into a single one and view all the reports at once.
I have a few more articles to list but I will do it after more of these. By the end of October Im going to start doing a more condensed monthly QuickBooks article that will be a more in-depth article, giving more information than this and give it a more specific title.
But for the next month or two I will be posting some more basic common sense and QuickBooks tutorial features, just like these in this article.