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:
  - View bills and expenses, vendor summaries, overdue payments.
  - Plus/Advanced users can track expenses and profitability by project.
- 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.