Working with Downloaded Transactions in QuickBooks Online

December 1, 2017 · Posted in Uncategorized · Comment 

Downloading transactions into QBO is the easy part. You still have work to do once they’re on board.

 

Its ability to download financial transactions is one of the five best things about QuickBooks Online. Without it, you’d spend a lot of time on tedious data entry, verifying which checks and deposits had cleared and entering new ones.

 

Instead, you can easily connect to your bank and bring in all your activity from the previous hours or day. QuickBooks Online stores this neatly in a register and provides tools for you to further describe and classify each transaction.

 

Setting Up the Connection

 

Haven’t connected your financial institution to QuickBooks Online yet? It’s easy. Click the Banking link in the toolbar, then Add Account in the upper right. The Find your bank window opens. Start entering the name of your bank, credit card company, or service like PayPal in the blank field. A list of potential matches will drop down; you simply select the one you want. A window like this will open:
All you need to do to start downloading transactions into QuickBooks Online is select your financial institution and enter the User ID and Password you use to connect directly to the site.
You will have to go through some security procedures, and then QuickBooks Online will download 90 days of transactions (you can shorten this if you’d like). You’ll also be asked which QBO account should receive the transactions. After a few minutes, the register for that account will appear, displaying the transactions you just downloaded.

 

Warning: The mechanics of connecting to your bank and downloading your first batch of transactions may sound easy, but if everything is not absolutely clear to you as you’re going through the process, please contact us sooner rather than later.

 

Working with Transactions

 

Once you’ve downloaded a set of transactions, you’ll want to look at them. Again, click the Banking link in the navigation toolbar. Your accounts will appear in small boxes at the top of the page, along with two balances: the one that came from the financial institution and the one in QuickBooks Online. Select the one you want by clicking on it, and its register will open.

 

Tip: QuickBooks Online generally updates your accounts once daily. If you want to launch a manual update at any time, click on Update in the upper right corner.

 

Let’s look at one downloaded transaction to see what you can do with it. Make sure the For Review column is highlighted above the register. Select a transaction by clicking on it. A window like this will open below it:
QuickBooks Online does more than simply download financial transactions: It lets you define them in greater detail.
There are several options here, including:
  • Add to register. If you’re satisfied with the information as is, just click the Add button to the right (not pictured here).
  • Split. If you want to split the amount/category (Supplies, Tools, etc.)/class of a transaction, click Split (also off to the right and not pictured). A window will open to let you specify that.
  • Assign categories. QuickBooks Online may automatically make assignments to obvious categories, which you can change if incorrect. You can also click the down arrow to the right of that field and select your own from the list.
  • Bill an expense to a customer. Did you purchase something that needs to be billed to a customer? Click in the box under Billable and select the correct one from the drop-down list that opens.
  • Find matches. This can get complicated, and we recommend you let us work with you on it. Let’s say you entered an invoice in QuickBooks Online, and an income item for that exact amount gets downloaded from your bank. QBO will assume that those two “match,” and display them in the In QuickBooks column. You can click Undo if this is incorrect. But you can also click Find match in the transaction window, and QBO will open a list of possibilities.
As you can see from browsing the lists of downloaded transactions, there’s a lot to learn here. We’d be happy to get together and walk you through your first explorations of these powerful features.

 

Are You Using QuickBooks Online’s Mobile App?

October 1, 2017 · Posted in Uncategorized · Comment 

Are You Using QuickBooks Online’s Mobile App?

 

Even if you don’t travel for work (but especially if you do), you should explore what QuickBooks Online’s mobile app has to offer.

 

You already know how convenient it is to be able to access your company’s financial data from any desktop or laptop computer that has an internet connection. Still, there are times when you’d like to be able to complete some of your accounting tasks without firing up a full-blown browser and logging on to QuickBooks Online.

 

If you haven’t yet tried out the site’s companion mobile app, you might be surprised at how much you can actually accomplish on your smartphone. Take a look at the app’s main menu (with a partial view of the Activity screen to the right):

 

You can’t do everything on QuickBooks Online’s smartphone app that you can do in the browser-based version, but there’s a surprising amount of functionality here.

 

Once you’ve downloaded the app and signed in with your QuickBooks Online user name and password, you’ll see a home page divided into two vertical sections; you can toggle back and forth between them. One is your Dashboard, which displays current account balances and a graph showing an abbreviated version of your Profit and Loss report, as well as a graphical summary of paid and unpaid invoices. Click on Activity to see a list of your most recent actions and transactions.

 

Click on the three horizontal lines in the upper left of the screen, and the app’s main menu slides out. As pictured in the image above, this interactive list also serves as the app’s primary navigation tool. Any data that you’ve entered in the browser-based version (as well as anything you add here) will appear in list form when you click on an entry here. To add customers, invoices, sales receipts, etc., click on the + (plus) sign. You can also enter new transactions from each individual list screen.

 

Adding Transactions

 

If you’ve worked with mobile apps at all, you know that the user interface is different from what you see in full versions of applications accessed through a browser. QuickBooks Online’s app, though, is exceptionally easy to understand and use – perhaps even easier than the browser-based QBO.

 

Take the app’s New Expense screen, for example. At the top of the page is a camera icon. Click it to take a picture of a receipt. You can also enter the total manually in a field to the right. Below that are three buttons representing Credit, Check, and Other, so you can indicate how you paid for the purchase.
You’ll describe the expense by clicking on links that contain labels like:
  • Who did you pay?
  • What kind of expense is this?
  • Who was it for?
When you click on one, the app opens your list of related data. So, Who did you pay? opens your list of Payees. You can select one or add a new one. Click on the Billable button if the expense can be charged to a customer, and click Add a Split if you need to separate some of the items. There’s also room to add a Ref # and Memo. When you’re done, click Save to add it to your main QuickBooks Online file.

 

Viewing Existing Information

 

 Besides entering data in the QuickBooks Online app, you can look up 
existing information.

 

You can just as easily find records and transactions you’ve entered either in the browser-based version of QuickBooks Online or on the app. You can follow the journey of an invoice as pictured in the screen shot above. QBO even prompts you to complete steps you haven’t taken. Click on the pencil icon in the upper right, and you can edit the data that appears on that screen.

 

Warning! Editing transactions that have been processed is risky. If you’re making errors that need correcting, we can help you determine when this is safe.

 

The QuickBooks Online app can also provide quick overviews of customer activity, with links to actions.
You may never need to access your QuickBooks Online data remotely on your smartphone. If you do, though, we can help you get set up with the site’s companion app so you’ll learn how they work together.

 

What Is a Vendor Credit, and How Do You Record One?

September 1, 2017 · Posted in Uncategorized · Comment 
What Is a Vendor Credit, and How Do You Record One?
Whether you’re getting a vendor credit for a refund or a return, you can record it in QuickBooks Online.
 
When you’re dealing with your company’s vendors, you’re probably accustomed to money flowing in one direction: theirs. Maybe you send them purchase orders and they send you invoices. Or they send you bills and you pay them. Or you walk into a store and buy something your business needs.

Sometimes, though, vendors owe you money. Probably the most common scenario is a return of merchandise, products that you’ve sent back to the supplier for any of a variety of reasons. You may be issued a credit of some kind simply because you’ve been a loyal customer, and a vendor wants to reward you. You might also get a rebate for an item you bought.

In these cases, you’ll enter a Vendor Credit in QuickBooks Online, which you can apply the next time you buy something from that supplier. Usually, the process is pretty straightforward, but sometimes situations arise that may make it hard for you to know how to record a vendor credit accurately. We can help if this happens.

Simple Steps
Let’s start with a simple example. Let’s say you received a shipment of pens that you’d planned to use as promotional items for your salespeople. The ink on some of the pens had gotten smudged, so your company email address printed on them was illegible. The supplier issued you a credit of $50.00 for future purchases, and sent you a reference number to use.

 

 

It’s easy to complete a

Vendor Credit  form in QuickBooks Online for a simple credit. But other situations are more complicated.

 

 

Here’s how it would work. Click the + (plus) sign in the upper right corner of the screen and select Vendors | Vendor Credit. A screen like the partial one pictured above would appear. These are the fields you would need to complete:

Vendor – Click the down arrow in the field in the upper left corner and select the correct vendor, or + Add New.

Payment date – Change the default date if it’s not correct.
Ref no. – Enter a reference number if applicable.

Under Account details, click in the field under Account, and open the drop-down list by clicking the down arrow on the right. Select the account you used when you created the original expense. Enter a Description and the Amount of the credit.

You can add a Memo in the box at the bottom of the screen if you’d like, and select any Attachments to include from your file directories. Otherwise, click Save and close or Save and new.

Additional Input
There’s much more to the Vendor Credit screen that you didn’t need to consider for this example. The row where you entered Account, Description, and Amount contains several additional fields that you may need to complete in some cases. They are Billable,    Markup %, Tax, Customer, and Class. If you’re not sure when these fields are required, ask us to go over these concepts with you.

There’s also another section under Account Details you may need to address: Item Details (click the arrow to open if necessary). You would only enter information here if you’re returning items to a vendor. Fields displayed there include Product/Service, Qty (quantity), Rate, and Sales Amt (amount). We don’t recommend that you do this the first time on your own; let us help.

Using Your Credit
How do you redeem this credit? QuickBooks Online reminds you to use it.

 

 

QuickBooks Online records your
Vendor Credits and reminds you that they’re there when you go to pay that vendor again.

 

The next time you enter a transaction that involves-or will involve-sending that vendor some money, you’ll see a record of that credit to the right of the Check or Expense screen, for example. In the image above, a small box has opened as soon as the vendor’s name was selected. You can Add that credit to the current transaction or Open it if you want to see the original screen.

Not everyone uses Vendor Credits. Some businesses find workarounds. But we recommend you at least understand when and how they’re used so your bookkeeping is accurate and precise. We’d be happy to spend some time with you going over your financial relationship with vendors, and how QuickBooks Online helps you document it.

7 Best Practices for QuickBooks Online

July 26, 2017 · Posted in Uncategorized · Comment 
7 Best Practices for QuickBooks Online
Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions.
 
“Best practices” aren’t enforceable rules. They’re simply guidelines businesses commonly follow in one area or another. If you’re in retail, for example, one best practice might be to always ask customers checking out if they found everything they were looking for. This serves two purposes: It conveys a feeling of concern for the customer’s shopping experience, and it may also lead to increased sales.
QuickBooks Online has many best practices, some of which may serve multiple purposes, including these:
  • They keep your company data safe and clean.
  • They provide insight on your financial status.
  • They save time.
  • They can lead you to better relationships with customers and vendors.
Are any or all the following common practices for your business?
Reconcile accounts regularly.
 

One of QuickBooks Online’s most useful features is its ability to connect to your financial institution’s websites and download cleared transactions. QuickBooks Online also offers tools to help you keep your accounts reconciled online, like you used to do every month when your paper statement came. Reconciling accounts can help you uncover errors. It gives you a truer picture of your cash flow, and it improves the accuracy and timeliness of some reports.

It’s not a particularly pleasant process, but you should be reconciling your accounts regularly in QuickBooks Online. 
We can help.
Clean up your lists.
 
Some lists in QuickBooks Online aren’t overly lengthy. You don’t have to worry about, for example, Payment Methods, Terms, or Classes. Your lists of customers and vendors, products and services, on the other hand, can grow unwieldy over the years. This means it can take more time than it should to scroll through lists when you’re using those entities in transactions. It also puts unnecessary stress on your company file. If you can’t delete any, at least make them inactive.
Never leave QuickBooks Online open when you leave your work area.
This goes for everyone, even people who work alone and don’t access their company files away from their work areas. The obvious reason is to keep someone else from getting in and authorizing payments, for example, or otherwise compromising your financial information. It also protects the integrity of your data file in case your internet connection suffers some kind of outage.
Keep track of 1099 vendors.
 
Whether your company uses 10 vendors or a hundred or more, you may have to supply at least some of them with an IRS Form 1099 at about the same time you’re preparing W-2s for employees. Your 1099-related tasks will be much easier if those individuals and/or companies are earmarked. If you think vendors might need 1099s when you create their records in QuickBooks Online, click in the box to the left of Track payments for 1099 in the lower right corner. Not sure? Ask us.
Classify everything with care. Every time you have to create a record or transaction where categories are involved (i.e., Classes, Customers and Vendors, Territories), check and double-check that you’ve assigned them the correct classification. Errors here can result not only in problems with daily workflow, but your reports will not be accurate. A related best practice: Create a meaningful group of Classes, and use them faithfully. They’ll help you make better business decisions.

 

To create your list of Classes, click the gear icon in the upper right and select All Lists | Classes | New.
View reports on a regular basis.
There are some advanced financial reports in QuickBooks Online that we should be creating for you on a regular basis, either monthly or quarterly. These include Profit and Loss, Balance Sheet, and Statement of Cash Flows. The mechanics of creating them aren’t difficult, but analyzing them is. You should be running reports on your own at frequencies that you think would be helpful, like A/R Aging Detail, Unpaid Bills, and Sales by Class Detail.
 
If you’ve been using QuickBooks Online for a while, you could probably come up with your own list of best practices. If you’re new to the site, consider scheduling some time with us to go over more of them. Develop good habits from the start, and there won’t be nearly as much need for troubleshooting down the road. 

Receiving Payments in QuickBooks Online

July 1, 2017 · Posted in Uncategorized · Comment 

Receiving Payments in QuickBooks Online

It’s perhaps one of your favorite activities in QuickBooks Online: recording money that comes in. Are you doing it right?

Your days of matching paper checks to paper invoices are over. QuickBooks Online excels at keeping your accounts receivable organized. No more digging through piles of forms and hand-stamping PAID on your customer bills and statements. No more trying to write small enough in your register so you can identify the origins of deposits.

You do, though, need to know how to get to payment screens—there are multiple ways—and which form to complete for each remittance. Here are the three types you’ll deal with most often.

Receive payment on an invoice

When payment comes in on an invoice, you can get to the right screens in any of several ways.

Click the + (plus) sign in the upper right corner. Under Customers, select Receive Payment. In the upper left of the window that opens, select the correct customer by clicking the down arrow at the end of that field to open the list

Make sure the Payment date is correct. Open the Payment method list and select from Cash, Check, Credit card, etc. If there’s a Reference no., like a check number, enter it in that field. The default value for Deposit to is Undeposited Funds. Leave that active, and enter the Amount received in that field.

 

QBO June 17When you select a customer’s name in the Receive Payment window, a list of unpaid invoices will appear at the bottom.

If the customer has multiple outstanding invoices, QuickBooks Online will put a check mark in front of the oldest one(s). You can change this if you need to by clicking to uncheck the box and clicking in the box in front of the correct one.

Tip: If you want to isolate invoices from a specific date range, click the arrow next to Filter.

When you’ve specified where the payment(s) will go, add a memo and/or attachment if you’d like and select either Save and close or Save and new in the lower right corner.

You can also record payments on invoices from other screens in QuickBooks Online. For example, click Transactions in the left vertical navigation bar and select Sales to open the list of sales transactions. At the far right end of every line that contains an unpaid invoice, you’ll see a link to Receive payment. Click it, and the payment screen will open with the name and amount already filled in. Another option: With an invoice open, click Receive payment in the upper right corner.

Receive payment at the time of the sale

When a customer pays you immediately for products and/or services, there’s no need to create an invoice. You’d instead use a sales receipt. Click the + sign in the upper right and select Sales Receipt under Customers.

Tip: If you click the small diagonal arrow when it appears next to an option, the site will open the screen in a separate window.

Fill in the fields at the top like you did on the Receive Payments screen.

 

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Complete the lower half of the sales receipt by selecting the products and/or services sold from the drop-down lists. Then click the links at the bottom of the screen to print or email the receipt.

Receive a down payment or retainer

If a customer gives you money as part of a down payment or a retainer for work to be done or products to be delivered, you can enter it on the Receive Payment screen without connecting it to an invoice. If you’re prepared to create a record of the specific charges, though, you can use an invoice form and categorize the payment as a deposit.

There are other ways to receive payments from customers in QuickBooks Online, like creating credit memos or using a mobile payment device. However you do it, your bookkeeping needs to be precise, or you’ll run into problems down the road. If this is a topic that creates some uncertainty, we can go over the whole concept with you and outline your options. You work too hard for your money to risk applying it incorrectly –or worse, losing it to an accounting error.

Recording Simple Expense in QuickBooks Online

May 22, 2017 · Posted in Uncategorized · Comment 

Recording Simple Expenses in QuickBooks Online

Tracking even the little expenses is important.

How does most of the money you owe individuals and companies get disbursed? Do you print checks, or write them by hand? Use credit cards? Pay online through your bank’s website?

Keeping track of your outgoing funds can be challenging, since there are so many ways to complete those transactions. But it’s important that all expenses are recorded correctly and consistently, to keep your company file accurate. In addition, so many of your expenses are tax- deductible. You don’t want to miss any of them.

But when do you enter and pay bills using QuickBooks Online bill-paying screens? In what situations would you use a purchase order? Why would you record a purchase on the dedicated expense screen? These are all questions we can answer for you. If you’re new to QuickBooks Online or simply puzzled by your options here, we’d be happy to schedule some time to go over these purchase issues.

 

Setting Up the Site

QBO 0617 image 1How you set up these preferences depends on your company’s individual structure and needs.

We can help you determine the answers that are right for you.

 

Before you start recording expenses, you’ll need to make sure that your site settings match what you need. Click on the gear icon in the upper right, then Your Company |Account and Settings| Expenses to see what we mean. Most of these options will turn columns on the Expense screen off or on (though you can change them for individual transactions). As for the Track billable expenses and items as income preference, that’s something we can discuss when we go over this topic.

Billable or Not?

Let’s say you need to buy some landscaping tools for your business that you’ll use with multiple customers. One of your customers has asked you to purchase some additional tools for her own use. This is how you could record your purchases on that trip. You’d click the + sign in the upper right, then select Expense. Click the down arrow in the payee field and select the name of the store (or add it if it’s not there by clicking + Add new).

In the field to the right, you’ll select the source of the money you’ll be paying. Choose the name of the Checking account from the drop-down list.

Note: Even if you’re using a credit card for this purchase, the money will ultimately come out of your checking account. So be sure to choose the correct option here.

Make sure the date is correct, and choose the Payment method that you’re using to complete the purchase at the store.

 

QBO 0617 image 2This is the portion of the Expense screen where you’ll enter the actual details of your purchase

 

Click in the field under ACCOUNT to display a list of categories and click the correct one. In the DESCRIPTION field, enter descriptive text about the item – enough that it will be recognizable when you see it later. Type in the AMOUNT of the item. Since you’re buying these tools for company use, you can’t bill them to an individual customer. Click in the TAX field if necessary.

However, you’re buying the second item for a specific customer. You’ll click in the BILLABLE field to create a checkmark and add your company’s MARKUP PERCENTAGE in that field. Open the drop-down list in the CUSTOMER column and select the correct one. Choose a CLASS if you use them and save the transaction.

When you look at that customer’s transaction list, you’ll see an entry for a Billable Expense Charge. You can click Start invoice if you want to bill for this one item. If not, you’ll see this charge in the vertical column to the right the next time you create an invoice for that customer.

QuickBooks online mobile app

QuickBooks online mobile app

Mobile Expenses App

QuickBooks Online has a companion mobile app that lets you—among other things—track expenses when you’re away from your computer.

As you can see in the image above, you’ll be able to enter the details of your expenses manually. Click on the camera icon in the upper left, and you can take a picture of a receipt and attach it to the transaction. The next time you log into QuickBooks Online, you’ll see the expense with the photo file attached.

QuickBooks Online can simplify the entry and tracking of expense data, but as we said, it’s important to enter purchases in the right places – and to categorize them correctly. We’re ready to work with you on expenses when you are.

Need to Set Up Users in QuickBooks Online?

April 1, 2017 · Posted in Uncategorized · Comment 

Your employees probably don’t need access to every corner of QuickBooks Online. Here’s how to set limits.

One of the best attributes of QuickBooks Online is that multiple users can access it without having software installed on their PCs. No more paying up front for a boxed copy that you’ll store on your hard drive. You just pay a monthly subscription fee.

Unless you assign specific access rights to your users, though, they’ll be able to see and do everything that you see and do on the site. You undoubtedly trust your employees or you wouldn’t have hired them, but it’s just good business practice to restrict individuals to their specific work areas. You probably did the same thing if you ever ran a manual accounting system.

QuickBooks Online makes this easy. Once you’ve set up individuals for a specific set of screen permissions, that’s all they’ll see when they log in with their user names and passwords. Here’s how it works.

Several Levels

Click the gear icon in the upper right of the QuickBooks Online screen, then select Manage Users under Your Company, then click New. This mini-interview will open.

QBO 0417 image 1

QuickBooks Online’s mini-interview will walk you through the steps required to assign access rights to employees.

As you can see, four access levels are supported. You’ll probably select Regular or custom user most often because you can drill down and set permissions at the screen level. The Company administrator is you, of course, unless you’ve assigned this role to someone else. The user at this level has access to everything.

You can also let someone see Reports only, with the exception of payroll reports and those that contain contact information about customers, vendors, and employees. If you have employees who submit time sheets but don’t otherwise work in QuickBooks Online, you can let them in to do Time Tracking only.

Tip: There’s a fifth option here. You can grant us access to your QuickBooks Online company data, making it easier for us to monitor and troubleshoot your accounting information. Let us know if you want to take advantage of this.

Paring Down Access

Click the button in front of Regular or custom user if it’s not already highlighted, and then click Next. This third screen in the mini-interview deals with Customers and Sales and Vendors and Purchases Access Rights. Click All or None if appropriate.

QBO 0417 image 2

This screen in the mini-interview helps you restrict user access in Sales and Purchase areas.

If you’re allowing Limited access in these two areas, be sure to read the fine print explaining what is and isn’t allowed. When you’re satisfied with your selection, click Next. On the next screen, you’ll set administrative rights for that user by indicating whether he or she can manage other users’ access rights and work with your subscription status and other company information.

You’ll supply the individual’s email address and name on the following screen. This will be used to send an email inviting the user to sign in using an existing Intuit Business Services user name or one he or she creates. Click through the next screen and click Finish when you’re done. The mini-interview will close, and you’ll be back at the Manage Users page.

Your User Overview

The Manage Users page displays a list of all users who have been invited or are active.

QBO 0417 image 3

The Manage Users screen

The table here lists all users’ names, email addresses, access rights, billable standing, and status. If you haven’t received a response to an invitation (Invited), you can click the Resend button to issue another email. When he or she responds, Invited changes to Active. Click on a row to highlight an individual, and you can Edit or Delete him or her, and see an audit log of Activity.

You or your appointed Master Administrator should set up access rights before any new employee is admitted to QuickBooks Online. Let us know if you’re having trouble with this element of the site, and if you’d like us to join your list of active users. It’s a lot easier for you and us if we can get in there and see what problems you’re having — and resolve them.

Your First Hour with QuickBooks Online

March 15, 2017 · Posted in Uncategorized · Comment 

Whether you’re just launching a business or you’re going online with an existing company, take some time to get acquainted with QuickBooks Online.

Your first hour with any web-based application is probably spent exploring and clicking buttons, links, and other navigation tools to get the lay of the land.

QuickBooks Online should be no different. In fact, it’s even more important to take it slow when you’re using an accounting solution. If you start entering data without understanding how everything works together, you may make mistakes early on that will be difficult to undo down the road.

Simple Setup

If you’re not absolutely certain you’re going to stick with QuickBooks Online, you can sign up for a 30-day free trial (no credit card required). You’ll first create an account by entering a user name, password, etc., then be asked a few simple questions about your business and the features you plan to use (invoicing, inventory, bills, etc.).

If you have data in a desktop QuickBooks file, you can start the import process here, but we strongly recommend that you let us help with setup if you’re planning to do this.

QBO 0317 image 1

Once you start entering data, your QuickBooks Online Dashboard will give you an overview of your finances.

When you’ve completed your account setup, the main QuickBooks Online screen opens. You’ll see your Dashboard, a collection of data and charts that provides critical information like your bank balances, your outstanding invoices, and your current profit and loss.

You’ll eventually be using the vertical pane on the left for navigation. But you don’t need to click the links there yet – you have other setup tasks to do first.

Specifying Options

If you’ve used a desktop version of QuickBooks, you know about its many menus and its Preferences window. QuickBooks Online uses a different convention for choosing options and entering the information that will serve as the backbone for your company file. To get there, click the small gear icon in the upper right corner.

Tip: There are two other links next to the gear icon. You’ll be able to search for transactions by clicking the magnifying glass link. The plus (+) sign opens a window with links to screens where you can create transactions and initiate other activities.

QBO 0317 image 2

You’ll spend a lot of time working with the links in the Your Company window when you’re setting up QuickBooks Online. You can always refer back to it later on.

As you can see, you have access to a lot of data and activity in the Your Company window. You don’t have to go through absolutely every link before you start using QuickBooks Online, but two you should look at early are Account and Settings and Manage Users.

The Account and Settings page is divided into multiple areas that you can access from a navigation bar on the left. They include:

  • Company. Fill in contact details and upload your company logo for use on sales forms.
  • Sales. Customize sales form content (preferred terms, custom fields, discount field, etc.). Would you like to turn on inventory tracking?
  • Expenses. Do you use purchase orders? Track expenses and items by customer? Make expenses and items billable?
  • Payments. Do you want to subscribe to QuickBooks Payments so you can accept credit cards and/or bank payments through QuickBooks Online?
  • Advanced. You’ll have numerous decisions to make here. For example, what tax form will you use? Will you want to automate some activities, like applying bill payments? Do you need to support multiple currencies?

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The Advanced page of QuickBooks Online’s Account and Settings presents you with numerous options. You may want our help with this.

Multi-User Access

Will more than one person at your company be using QuickBooks Online? If so, you’ll most likely want to specify what areas they’re allowed to visit and what activities they can do. Click the gear icon in the upper right and then select Manage Users. QuickBooks Online displays a mini-interview in a window here that walks you through the process of assigning access rights to individuals (Custom User, Time Tracking Only, etc.).

We’ve probably taken up more than your first hour by now, but we wanted to stress the importance of thoroughly setting up QuickBooks Online before you start entering contact records and creating transactions. If this is your first experience with an accounting application, we highly recommend that you engage us in your first hours of using QuickBooks Online. We can come in at any time and troubleshoot problems, but it’ll be more economical and less time-consuming if we work with you from the start.

Using Custom Fields and Classes in QuickBooks Online

February 15, 2017 · Posted in Uncategorized · Comment 

QBO’s tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs.

Small business accounting is not a one-size-fits-all proposition. Your company is unique in that sense; you have your own customers and products, vendors and services. Your requirements for your accounting application—what it must do and how it does that—is unlike anyone else’s.

QuickBooks Online contains a standard set of features that can accommodate a broad cross-section of the millions of small businesses in the U.S. It also offers customization options that you can use to make it your own. Two of these are custom fields and classes.

Start from the Beginning with Custom Fields

You can start working with custom fields and classes at any time. They’re most effective, though, when you build them in as you’re just starting to use QuickBooks Online.

Let’s look at custom fields first. When we refer to “fields,” we simply mean the rectangular boxes in records and forms that either already contain data or that can be filled in by you, either by entering the correct word or phrase, or by selecting from drop-down lists. Most of these are already named. On an invoice, for example, there are fields for information like Invoice date and Due date.

But you can add up to three additional fields to sales forms. To do so, click the gear icon in the upper right corner of the screen and select Account and Settings, then click Sales in the vertical navigation bar on the left. The second block here contains Sales form content. Click Custom fields, and you’ll see something like this:

QBO 0217 image 1

You can define up to three custom fields on sales forms and make them visible internally and/or to your customers.

Click the word Off if it appears, and it will change to On and display three blank fields. Think carefully about what you would like to appear here, as this isn’t something you’ll want to change. If you haven’t yet met with us about how to set up QuickBooks Online, let’s schedule some sessions to go over all your setup procedures, including custom fields.

Enter the words or phrases you want displayed on sales forms in the three fields. Then decide whether you want them to be visible only to you and your accounting staff or to your customers, too. Click within the Internal and Public to create checkmarks. When you’re done, click Save.

Additional Categorization with Classes

QuickBooks Online’s classes provide another way to categorize transactions. You can use them to differentiate between, for example, departments or divisions. If you’re a construction company, you might have different classes for New Construction and Remodel. Unlike custom fields, you’re not limited to three classes.

You can filter many reports by class. QuickBooks Online contains report templates designed specifically for reporting by class, like Sales by Class Detail, Purchases by Class Detail, and Profit and Loss by Class.

Here’s how you create your own list. Click the gear icon in the upper right of the screen and select Account and Settings. Then click Advanced in the left vertical navigation toolbar. Under the fourth heading, Categories, you’ll see Track classes. If the word “Off” appears to the right, click in the box to turn this feature on. A box like this will appear:

QBO 0217 image 2

Class-tracking in QuickBooks Online helps you create more targeted reports.

Even if you’ve defined a number of classes, they’re not required on transactions. If you want to be reminded should you forget to classify one, click in the box in front of Warn me when a transaction isn’t assigned a class. You can also choose to assign one class to an entire transaction or to each individual row. Click the arrow to the right of One to entire transaction to drop the option box down and make your choice. When you’re done, click Save.

You can create classes as you’re entering transactions by clicking the arrow next to Class over to the right of the screen and selecting +Add new. We recommend, though, that you think this through ahead of time and make at least an initial list by clicking the gear icon in the upper right and choosing All Lists, then Classes, then New.

Great Flexibility

These are two of the customization tools that are built into QuickBooks Online. Whether you’re just getting started or you’ve been using the site for a while, we can introduce you to all the ways that you can make QuickBooks Online your own.

 

Use Recurring Transactions in QuickBooks Online

January 15, 2017 · Posted in Uncategorized · Comment 

Save time and ensure that repeating transactions are processed as scheduled.

You know how much time QuickBooks Online already saves you. Customer, vendor, and item records need never be entered again once they’re created for the first time. Pre-built forms use your record data to complete transactions quickly and accurately. Customizable report templates provide real-time overviews of your financial status in every area.

There’s another way QuickBooks Online can reduce the time you spend on accounting chores: recurring transactions. If you have invoices, bills, and other transactions that occur on a regular basis, you can save all or part of their data to use again. You can even choose to have them dispatched automatically.

Here’s how it works. You need to create a template, a type of model, for each recurring transaction. To do this, simply create the transaction you want to repeat. Say it’s an invoice for a service you provide monthly to a company or individual. You’d fill in all the required fields, then click Make recurring in the horizontal toolbar at the bottom of the screen. This window will open:

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When you click Make recurring at the bottom of a transaction, this window of options will display.

Select the Customer first by clicking the arrows to the right of the blank field. QuickBooks Online will fill in contact information and automatically display name that as the Template name. You can leave it there, or you can try to think of a phrase that describes the transaction, so you’ll remember it. Next, you need to decide how QuickBooks Online will handle the transaction. There are three options:

  • Scheduled. Be very careful with this one, since QuickBooks Online will automatically create and dispatch it. This only works if the information in the transaction—minus the date—is always exactly the same.
  • Reminder. This is safer. QuickBooks Online will display a reminder in time for you to complete and process the transaction.
  • Unscheduled. QuickBooks Online will do neither of the above, but the template will be available to use as you need it. This is good for infrequent transactions that share some common information.

Next, taking into account variables like delivery methods and due dates, enter a number in the field in front of days in advance. Then skip down to Options and click the box in front of all the statements that apply to that transaction. The bottom line in this window contains the fields that will let you specify the transaction’s Interval. Click the arrows next to each field to open its menu.

In the example above, we’ve indicated that the invoice occurs monthly on the first day of the month, starting on January 1, 2017. You don’t know how long this will recur, so we’ve left End set to None. When you’re satisfied with everything in the window, click Save template in the lower right corner.

To see a list of the repeating transactions you’ve defined, click the gear icon in the upper right corner of the screen and select Recurring Transactions. A table displaying them will open and display columns including Type, Interval, and Previous Date. Look toward the end of one of these lines. To modify the template, click Edit.

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The Recurring Transactions screen gives you an overview of the templates you’ve created and provides links to action options.

There are other options here that vary depending on the type of transaction. In the screen shot above, the template is a bill. You can:

  • Use it to create a new transaction,
  • Duplicate it and modify it, to make a new template,
  • Pause it, to temporarily suspend its recurrence,
  • Skip next date and resume after the next interval, or
  • Delete

QuickBooks Online also includes a report that will display all the templates you’ve created. Click Reports in the left vertical pane, then All Reports (unless this list is already active), then Accountant Reports. You’ll find the Recurring Template List in the lower right corner.

Recurring transaction templates can save you a lot of time and increase accuracy. Conversely, they can result in unbilled revenue and past-due bills—or even duplicate transactions—if they’re not created with precision. We’d be happy to step in and guide you through the process for the first time.

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