Course: QuickBooks Online for Business: From Setup to Tax Reporting

QuickBooks Online for Business: From Setup to Tax Reporting

  • Life Time Access
  • Certificate on Completion
  • Access on Android and iOS App
  • Self-Paced
About this Course

Learn QuickBooks Online! In this 9-hour course, business owners and bookkeepers will learn the correct way to enter their company’s financial transactions in QuickBooks Online.

I’ll show you how to set up your QBO so that you can run reports to understand your business’s growth. We’ll talk about the correct way to enter your sales income from Customers. We’ll explore all your options for recording your company’s Expenses. And I’ll walk you all the most common errors I see people make, so that you don’t make them, too.

Whether you’re new to QuickBooks Online – or suspect you’re not using it correctly – I’ll teach you all the basics (and a lot of tips & tricks) that will allow you to get the most out of your software, and watch your company grow.

As a QuickBooks ProAdvisor and member of the Intuit Trainer/Writer Network, I’ve assisted hundreds of small businesses to set up and troubleshoot their QuickBooks files, saving them time and money.

Complete this course and earn 9 CPE Credits! Over 90 lessons and 11 quizzes.

Who this course is for:

  • Business owners and employees who maintain their company’s financial records
  • Entrepreneurs and new business owners who are just getting started, and want to make sure they have solid business knowledge so that they can succeed
  • Bookkeepers and Accountants who wish to brush up on their skills
  • Students and job-seekers will boost their employment marketability
  • Seasoned users looking to glean essential nuggets of information to make using QuickBooks easier and faster than before
Basic knowledge
  • You will need a subscription to QuickBooks Online. Note that if you want the Essentials or Plus versions, we can help you get a 20% discount!
What you will learn
  • Set up QuickBooks Online
  • Create a Chart of Accounts
  • Add Products and Services
  • Customize settings
  • Create Customers and Vendors
  • Create Estimates
  • Send Invoices
  • Receive Payments
  • Take Deposits
  • Pay Bills
  • Charge and remit Sales Tax
  • Use Classes to track transactions
  • Manage Multiple Locations
  • Track Inventory
  • Use Keyboard Shortcuts
  • Make Bank Deposits
  • Use the Bank Feed
  • Make Bank Transfers
  • Reconcile Bank Accounts
  • Track Barter trades
  • Take Credit Cards
  • Print Checks
  • Run Reports including P&L and Balance Sheet
Number of Lectures: 91
Total Duration: 08:46:33
  • Getting Started  

    An overview of QuickBooks Online, and this course.

Setting Up QuickBooks Online
  • Choosing Your Version of QuickBooks Online  

    What version of QBO is right for you? Should you select Simple Start, Essentials, or the Plus version?

  • Choosing a Start Date  

    Should you start your file as of today? The beginning of the year? Last year? Once you decide, how do you enter historic transactions?

  • Creating a New Company  

    Start at the very beginning by creating a new account on Intuit's website.

  • Starting from Scratch  

    Start from scratch with a QBO template and customize it for your own use.

  • Importing from Desktop  

    Take your existing QuickBooks data and import it into QBO.

  • Welcome Screen & Company Settings  

    Pour through the company settings and customize them for your specific workplace needs.

  • User Accounts  

    Add multiple users to your account, and choose what they can and can't do. Set up your accountants, too.

  • Sales Tax  

    Set up Sales Tax for each county in which you do business.

  • Customizing Invoices & Sales Receipts  

    Change the appearance of your Sales Forms including Invoices and Sales Receipts. Change the style, font, color, and which fields show up.

  • Merchant Services  

    Set up Intuit's Merchant Processing to accept credit cards. Clients can click a Pay Now button on their invoices, or pay you in person using your smartphone.

  • Payroll and Timesheets  

    Set up Intuit Payroll for your employees. It's easy to use, and cheaper than most 3rd party services.

Creating a Chart of Accounts
  • What is the Chart of Accounts?  

    Your Chart of Accounts is the backbone and foundation of your QBO. What is it, and how do you use it?

  • Bank Accounts  

    Set up your checking and savings accounts.

  • Credit Card Accounts  

    Add all your credits cards so you get a real look at your expenses.

  • AR & AP  

    Let's take a look at QBO's Accounts Payable and Accounts Receivable accounts.

  • Assets  

    What are Asset accounts? We'll discuss Fixed Assets, Other Current Assets, and more.

  • Liabilities & Undeposited Funds  

    Learn the difference between Long Term Liabilities and Other Current Liabilities.

  • Owner's Equity  

    Set up your Equity accounts track the Owner's investment in the company, and money drawn back out for personal expenses.

  • Income Accounts  

    Set up your Income accounts to track your company's revenue streams.

  • Cost of Goods  

    What costs do you incur while providing your services? Track them in these Cost of Goods Sold accounts.

  • Expense Accounts  

    Expense accounts track your business's overhead expenses so that you know how much it costs to deliver your products and services.

  • Other Income and Other Expense  

    Sometimes a company has other income and expenses besides the way you make your money. Use Other Income and Other Expenses so that they have a place to be tracked.

  • Creating Accounts on the Fly  

    Sometimes an expense comes up that's outside the norm. Here's how to add new ones on the fly without having to back out of a transaction and start over.

  • Deleting and Merging Accounts  

    QuickBooks Online comes with a default Chart of Accounts, and you won't need all of them - delete the ones you don't need. And sometimes you overlook an existing account and make a new one when you need it. If you discover after the fact that two categories are really the same, you can merge them.

  • Account Numbering  

    Large companies use a standard Chart of Accounts numbering system. Here's how to implement and manage it.

Working with Lists
  • Payment Methods  

    Set up the payment methods your company accepts.

  • Terms  

    If your clients are on payment terms, set them up here. It can be as simple as Net 15, or as complex as "If you pay within 10 days we'll give you a 5% discount."

  • Attachments  

    QuickBooks Online allows you to attach images of receipts to transactions, along with contracts and notes.

  • Classes  

    Classes are used to tag transactions so that you can analyze your businesses in all new ways.

  • Locations  

    If your business runs from more than one location, you can tag each transaction to identify where it happened.

Defining Products and Services
  • Overview  

    The Products and Services list is where you create all the items that will appear on Estimates, Invoices, Sales Receipts, Checks and Bills.

  • Services  

    Services are the problems you solve for your customers. Set up your lists of Services with pricing and default descriptions.

  • Products  

    If you sell tangible goods, add these Products to the lists so that you can track how much you buy and sell them for.

  • Setting Up Inventory  

    If you need to know how many Products you have in stock so that you don't run out, here's how to manage your Inventory.

Using the Interface
  • Tour  

    Now that your QuickBooks Online is set up and ready to use, let's take a tour of the interface and where to find all the features.

  • Transactions Screen  

    The Transactions area is a one-stop shop for seeing your Sales and Expenses all in one place.

  • Dynamic Buttons  

    QuickBooks has a neat feature allowing you to change buttons from "Save and Close" to "Save and New" so they behave as you need them to.

  • Keyboard Shortcuts  

    Even though QuickBooks Online is web-based, there are still dozens of keyboard shortcuts to make navigation and data entry faster.

  • QuickBooks Labs  

    Intuit is always experimenting with new features. Turn on the ones that would be helpful in the QB Labs, and help test whether they should be released to the public.

Working with Customers
  • Working with the Customer Center  

    See all your Customers in one place, along with quick lists of who owes you money...and how long they've been overdue.

  • Sales Settings  

    QuickBooks Online has specific Sales settings that can be turned on and off depending on how your company makes its money.

  • Adding New Customers  

    Add your Customers and their projects to your master list.

  • Generic Customers  

    Sometimes you don't want to save every customers by name. Create role-based Customer groups like "Website" and "Walk-in."

  • Inactivating/Deleting Customers  

    If you haven't seen a client for several years and you don't need their name on your list anymore, here's how to inactivate them. They're not gone, just hidden.

  • Merging Customers  

    Occasionally a Customer is entered twice. Maybe there was a typo, two different employees entered them differently, or you have both the company name and contact entered separately. Here is how to merge two Customer records into one.

  • Sales Receipts  

    If you take payment immediately, enter the entire transaction in one step.

  • Invoices  

    If you provide a service and the client pays later, here's how to make Invoices and track what's owed to you.

  • Receive Payments  

    When a customer pays, apply that money to one or more outstanding invoices.

  • Overpayment  

    Occasionally a client overpays. Here's how to manage the extra money.

  • Refunds  

    Not every customer is a happy customer. If you have to refund their money, use these steps and do it correctly.

  • Credit Memos  

    If you give store credit, here's how to keep track of that money on behalf of the customer.

  • Estimates  

    If you put in bids for projects, create an Estimate so that the customer knows what to expect. Once it's been accepted, you can turn it into an Invoice in just a click!

  • Taking Deposits  

    If you take Deposits on work to be performed, or work on retainer, here's the right way to manage the money.

  • Bank Deposits  

    One of the most confusing steps is grouping your customer's payments so that they match your bank statement. There's an easy way to do it, which will save hours of time when you reconcile your bank account.

  • Bartering  

    Do you barter and trade services with Customers and Vendors? If so, there are distinct benefits to reporting the income and expense, instead of working under the table. Here's how to manage Bartering on the up-and-up so that the IRS doesn't red flag you.

Working with Vendors
  • Working with the Vendor Center  

    Vendors are the people you buy items and services from. Use the Vendor Center to know who you owe, and how much.

  • Accounts Payable Settings  

    There are many settings you can turn on and off depending on how your business operates. Know which ones will help you analyze your spending.

  • Adding New Vendors  

    New Vendors can be added through the Vendor Center or on the fly.

  • Cleaning Up the Vendor List  

    If you use Bank Feeds, sometimes you'll get several entries all for the same company. Combine all your Office Depot entries into one.

  • Creating and Paying Bills  

    When you owe money, here's how to keep track of who you owe, how much you owe, and when you're supposed to pay it by.

  • Writing Checks  

    Whether you write checks by hand or print them out, here's how to enter them in your system.

  • Printing Checks  

    It's a lot easier to print out a batch of checks than it is to write them by hand. Here's how to set up your printer for both 3-up and voucher checks.

  • Using Credit Cards  

    Many businesses rely on credit cards either for cash flow or frequent flier miles. Manage them in QuickBooks Online so that you don't pay too much in interest.

  • Vendor Credits  

    When you return a product or receive a credit with a Vendor, it's important to track that refund so you get what's coming to you.

  • Marking Expenses as Billable  

    If you incur expenses on behalf of a client and then they reimburse you, mark them as Billable so that they appear on your next invoice.

Running Reports
  • Which Reports are Available in Each QuickBooks Online Version  

    Each version of QBO has a different set of report. Your choice of which version you need may depend on what kind of business analysis you want to do.

  • Reports Center  

    The Reports Center is divided up into groups of similar documents. Pour through all the options - you'll be amazed at all the ways you can slice and dice your data, to learn all kinds of new things about the business you do.

  • Your Profit & Loss Report  

    The Profit & Loss (P&L) report is the most essential report you can run to analyze your income and expenses.

  • The Balance Sheet Report  

    The Balance Sheet shows your company value - what money does it have, what money does it owe, and what's its net worth?

  • Company Snapshot  

    The Company Snapshot shows you essential information through graphs.

  • The Scorecard  

    Intuit's Scorecard compares your company's income and expenses to others in a similar industry, regionally or around the country.

  • Sales Reports  

    Run reports to analyze your sales by Customer and by Product or Service. Who are your best customers? What are your best sellers?

  • Review Expenses Reports  

    What ARE you spending your money on? These reports will help you figure out why you make a lot of money, but your bank account is still low.

  • Accounts Receivable Reports  

    Keep track of your Customers and the money they owe you with this set of reports.

  • Accounts Payable Reports  

    Keep track of your Vendors and the money you owe them.

  • Customized Reports  

    While there are over 60 reports available, you can customize them and filter them to learn even more about your business and its trends.

Doing Your Banking
  • Journal Entries  

    Sometimes you have to make adjustments to your accounts in ways that the forms don't allow. Journal entries are used by bookkeepers and accountants to move money around from account to account.

  • Transfers  

    Move money from Checking to Savings and back again. You can also use Transfers to easily pay off your credit card bill.

  • Reconciling  

    It's crucial to Reconcile your bank accounts every month to make sure your records match what the bank sees. It can be hard to do, but use these tips and tricks to shave the time down to nothing.

  • Bank Feed - Importing Transactions  

    QuickBooks Online has amazing integration with most banks. Instead of entering all your transactions in by hand, you can automate the process.

  • Bank Feed - Tips and Troubleshooting  

    Even though QBO's Bank Feed can save you hours of time, it has a few quirks that make it confusing. Here's what to look out for and how to do it correctly.

  • Bank Feed - Matching Deposits, Loans, and Transfers  

    You can't really import your deposits through the Bank Feed. Here's why...and what you SHOULD do.

  • Recurring Transactions  

    Once you've done a transaction correctly, you don't need to repeat it manually. Most transactions can be memorized and set to run automatically.

Special Topics
  • Providing Feedback to Intuit  

    One of my favorite things about QBO is that it's ever-improving. If there are features you'd like to see or changes you'd like them to make, just let them know!

  • Apps to Extend QuickBooks Online Abilities  

    There are hundreds of third-party Apps that extend the abilities of QBO. If it is missing features you need, look to the Apps to make it do everything you need.

  • Backing Up & Exporting Data  

    Even though QuickBooks Online is hosted on their servers and is backed up all day long, I still recommend exporting your own backup. Here's how to do it.

  • Using on a Smartphone or Tablet  

    Because QBO is web-based, you can access your data through your smartphone. Whether you use the native apps or use your phone's browser, all your company data is at your fingertips wherever you go.

  • Customer Workflow Summary  

    Now that you've watched over 90 videos, we don't want you to get lost in all the details. Watch this overview of a typical business workflow to see how to work with a customer from providing the service to putting the money in the bank.

  • Daily Bookkeeping  

    It's best to use QuickBooks Online if you do a little bit every day, instead of waiting until the end of the week or the month. It's much faster and easier.

  • Top 10 Mistakes People Make  

    I see QuickBooks clients all day, every day. Here are the most common mistakes I see them make, so that you don't make them, too!

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