Summary of "How to use QUICKBOOKS ONLINE"
Summary of "How to use QuickBooks Online"
Main Ideas and Concepts:
- Introduction to QuickBooks Online (QBO):
- QuickBooks Online is a cloud-based accounting software by Intuit, designed primarily for small businesses.
- It allows users to record, sort, and store all business transactions in one place.
- The software is accessible via browser on both Mac and PC, with flexible subscription plans.
- QuickBooks Online Versions:
- Simple Start: Cheapest, basic version for small businesses selling services or digital products; supports only one user.
- Essentials: Allows up to three users, includes time tracking, and bill management.
- Plus: Adds inventory management, project profitability tracking; suitable for businesses selling physical products.
- Advanced: For medium-sized businesses, up to 25 users, customizable user roles, batch invoicing, automated workflows, and Advanced analytics.
- Users can upgrade or downgrade plans anytime.
- QuickBooks Online Interface Overview:
- Dashboard shows company name/logo, business overview (invoices, expenses, profit/loss, sales, bank balances).
- Navbar contains key navigation including the “New” button for creating transactions, reports, banking, sales, expenses, Payroll, time tracking, and more.
- Privacy button to hide sensitive data on screen.
- Top right includes access to help, notifications, settings, and account management.
- Key Functionalities and How to Use Them:
- My Experts Button: Invite or find an accountant.
- Help Button: Access QuickBooks assistant bot, FAQs, or human support.
- Search Button: Search recent and past transactions.
- Settings:
- Set up company info (name, logo, tax IDs).
- Customize sales, expenses, and Advanced settings (e.g., multi-currency, account numbers).
- Manage users with different access levels.
- Chart of Accounts: List of all business accounts; should be customized carefully, ideally with accountant help.
- QuickBooks Labs: Enable experimental features like Dark Mode and themes.
- Lists: Manage products, services, and recurring transactions.
- Tools:
- Order Business checks, import data from Excel/Google Sheets or QuickBooks Desktop.
- Reconcile accounts, add budgets, view audit logs.
- Smartlook for screen sharing with accountants.
- Using the New Button:
- Create invoices, customers, vendors, bills, expenses, Payroll entries, journal entries.
- Example: Creating an invoice involves selecting customer, product/service, quantity, rate, tax/discount, then saving and sending.
- Recording Purchases:
- Expenses: For already paid items (e.g., gas), attach receipts, enter payment method.
- Bills: For unpaid purchases, enter terms, due date, attach bill copies.
- Receipts can be scanned via phone to auto-upload.
- Payroll and Timesheets: Manage Payroll if added, fill timesheets (available on Essentials and higher).
- Banking Tab:
- Link business bank accounts and credit cards.
- Transactions auto-import daily and try to match invoices, bills, expenses.
- Confirm matches or categorize uncategorized transactions.
- Create bank rules to automate recurring categorizations.
- Sales Tab:
- View income graphs, invoice summaries (paid, unpaid, overdue).
- Email overdue invoice reminders.
- Manage customer and product/service lists.
- Expenses Tab:
- Payroll and Time Tabs: Manage employees, contractors, and timesheets.
- Reports Tab:
- Run financial statements: Income Statement (Profit & Loss), Balance Sheet, Cash Flow Statement.
- Add frequently used reports to favorites.
- Understand business performance and financial position through these reports.
- Taxes Tab: Manage sales tax if registered.
- Mileage Tab: Track mileage via QuickBooks Online App.
- Accounting Tab:
- Access chart of accounts and perform bank reconciliations.
- Monthly reconciliation recommended for accuracy.
- My Accountant: Connect and share books with your accountant.
- Additional Notes:
- The video encourages beginners to seek accountant help for complex tasks like chart of accounts and journal entries.
- Affiliate link provided for signing up, which supports the channel.
- The presenter encourages viewers to subscribe for more accounting tutorials.
Category
Educational