How to Use QuickBooks Online: Step-By-Step Guide

You can import information such as your bank transactions, your Chart of Accounts, supplier bills, employees, budgets and customer or vendor data. QuickBooks Online stands as the best accounting software that our researchers have tested, due to a great feature catalog, reporting tools, a top-quality support team, and a customizable interface. QuickBooks Accounting supports integrations with other payroll services, but it offers its own software as well.

Figure out your dashboard

The nice part about this is that much of the transaction posting is completed automatically, making month-end reconciliation a breeze. After reading numerous accounting software reviews, you’ve made the decision to use QuickBooks Online software. To add employees to your payroll, head to ‘Employees’ from your dashboard. Note that all employees will have the standard pay policies and deductions you’ve already set up, but you can also choose to add them when you add employees instead. You’ll be guided through the process as in this video below to set up their tax information, salary details, and other information like their pay schedule. Once you’ve added this information, head to ‘Accounting’ from the setup overview screen, then choose ‘Company and Account’.

Connect your payroll software

Tax season arrives for everyone, and your business should be prepared ahead of time. Find out which tax deadlines are relevant, depending on the federal, state, and local regulations that may apply to your operation. If you’re using QuickBooks Payroll, it has the tax reporting functionality needed to walk you through this process, although you’ll still need your federal and state ID numbers. Learn how to create custom templates and add custom fields to your invoices in QuickBooks. Find out about how to update invoices and choose what information customers see on invoice. You can then set up your customers, vendors, items, and financial accounts.

We’d also highly recommend FreshBooks, a solution that has almost as many features and comes at a slightly lower price. It’s a particularly attractive pick for ecommerce businesses, since it has inventory management capital expenditures tools across all plans. Learn about how to connect a bank or credit card account to QuickBooks and choose how far back you want QuickBooks to pull your transaction history. A Live Bookkeeper cannot begin cleaning up your past books until they receive the required supporting documentation, which your bookkeeper will request from you after your first meeting. Once your bookkeeper receives all the necessary documentation, they’ll typically complete your cleanup within 30 days.

Add more users

1. As a small business owner, it’s likely that invoicing will be the most important feature you’ll use in QuickBooks Online.
2. However you work, no matter what your business does, QuickBooks has a plan for you.
3. When the bill becomes due, you can choose from a variety of payment options available in QuickBooks Online, including an option to pay electronically directly from the application.
4. Whether you’re a new user or a pro, get your questions answered with one of our free, live webinars.
5. Once it’s connected, you’ll be able to see all of the accounts you hold with this bank, so select your business account, and then select the transactions you want to transfer over to your QuickBooks account.

Head to ‘Bank Accounts’ on your dashboard and click ‘Connect account’, then search for your bank and sign in using the same username and password as you use for your online banking. Once it’s connected, you’ll be able to see all of the accounts you hold with this bank, so select your business account, and then select the transactions you want to transfer over to your QuickBooks account. Most banks will show transactions from the past 90 days, although some banks will let you go back as far as 24 months. Perhaps you’ve just received your electric bill, but it’s not due until the end of the month. If you want to enter the bill to be paid when it’s due, you’ll want to use QuickBooks Online’s accounts payable feature, which you can access by clicking on the Bill feature in the application. QuickBooks Online will save you time and effort – but it works best when you keep it up to date.

As a small business owner, it’s likely what is business turnover and how do you calculate it that invoicing will be the most important feature you’ll use in QuickBooks Online. No need to worry if you skip one; you can go back and add others later. Our QuickBooks Online introduction can help, guiding you through some of the common features found in the software as well as providing easy, step-by-step instructions for using those features. Don’t worry – we’ve got all the help a new QuickBooks user needs in this simple-to-understand guide. Once you’ve set everything up and learned how the process works, it’s just a matter of checking in on a daily or weekly basis to make sure it’s all running smoothly.

This allows them to undo the previous transaction without needing to manually edit individual transactions from within the register. Learn about the two ways on how to add customers in QuickBooks in order to easily invoice along with autofill information on sales forms. The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters. If you do get stuck, QuickBooks Online help is easily accessible from within the application, or you can check out the various QuickBooks Online training options offered by Intuit.

However, as a new user, you may be feeling a little overwhelmed right now. Even though QuickBooks Online is user friendly, it might help to get a little more acquainted with some of its bookkeeping features, which include double-entry accounting. Once you’ve selected the relevant transactions, QuickBooks will download them automatically.

The first step to learning how to use QuickBooks Online for a business accounts receivable procedures is familiarising yourself with the dashboard. If a reconciliation has too many discrepancies, reversing that reconciliation might be the best move. If you just need to start fresh from a previous reconciliation, you can get your accountant to reverse the current one. Your “Account and Settings” menu includes the “Sales” and “Expenses” tabs, and beginners will need to add data to both these pages in order to allow the QuickBooks software to correctly generate reports. Learn about how to add a new supplier to save time, edit supplier information and add columns and sort the Supplier List to get more insight. Learn about the different ways you can record your spending, how to record and categorize your spending and the difference between bills, bill payments, expenses, and checks in QuickBooks.