Scriptwriter | Content Strategist | Producer
Abir CPA, YouTube Channel
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Bora Ömeroğlu
Creating a YouTube channel from scratch on e-commerce, agency, and accounting.
Producing two long-form videos per month and five YT shorts per week.
Designing the thumbnails and all the art work of the Channel.
Writing episode scripts based on Web & YouTube SEO.
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If you run a small business, you’ve likely heard of Quickbooks Online, the most recognized accounting software that helps you keep on top of everything in your business from taxes to payroll.
But if you’re new to Quickbooks you might be wondering just how to use it. But don’t worry – here you’ll find all the help a new Quickbooks user needs in this Beginner’s Guide to How to Set Up Quickbooks Online.
So, ready to find out how Quickbooks Online works? Then, let’s get started!
First of all, what is Quickbooks Online?
Quickbooks Online is a cloud-based accounting solution that helps small businesses manage their accounting, income, expenses, payroll, and more.
Using Quickbooks Online, all of your accounts are viewed via an online login portal with custom feeds and charts, custom invoice creation, ‘Pay Now’ buttons, and mobile websites, and all with auto-synchronization.
The key benefits of Quickbooks Online are Accounts Management, Interface and Dashboard, Security and Backups and Multi-Platform Accessibility.
Accounts Management.
Quickbooks Online allows its users to access their complete accounting data as well as editing, creating, duplicating and sharing this information with employees, consultants, associates and partners.
Interface and Dashboard.
Quickbooks is a cloud-based software, so its users can login to their Quickbooks Online backend from anywhere in the world with a simple internet access, with no downloadable software required and can create customizable feeds and charts.
Security and Backups.
All data inputted in Quickbooks Online is securely backed-up to the cloud and the same data can then be exported to Excel spreadsheets. Quickbooks Online will also track customer payments and send you notifications of any errors in processing.
Multi-Platform Accessibility.
Quickbooks Online will auto-sync with all connected devices and the multiple users connected to each package. Also, as an administrator of your Quickbooks account, you can create restrictions for each user to enforce in-house hierarchy.
Before we go any further, it’s important to note that this video tutorial is not sponsored by Quickbooks.
This is just a Beginner’s Guide on How to Set Up Quickbooks Online and How to get Started doing your own Accounting to help your small business.
Well – that being said! Let’s just dive into Quickbooks Online Interface!
In this video, I will show you how to set up Quickbooks Online and that starts with creating a new Account.
Overview.
1. Select the Type of QBO Account you’d like to Subscribe to.
Look through the options for each account type and pick which one fits your business.
2. Intuit Account Creation.
Before you pay for your new Quickbooks account you’ll first create an Intuit account. Enter your email address, phone number, and create a password.
3. Get Started with Quickbooks Online.
Next Quickbooks will walk you step-by-step through a setup process. A lot of it can be skipped and set up later as needed.
4. Follow the Step-by-Step Setup Process.
The process starts with your business name. Next, they want to know how you’ve been managing your finances. Whether you’ve been using different software, spreadsheets, etc. Select whatever methods you’ve been using and click Next.
How long has your business been in business? Select the number of years from the drop-down and click Next.
What kind of business is this? If you’re an LLC select Yes and click Next. If you’re not sure select I’m not sure and you’ll be presented with different options. Select the option that best fits our business and click Next.
It’s okay if you select “I’m not sure” this isn’t going to make or break anything, it just sets things up a little differently in the equity section of Quickbooks. Any of those things can be set up later if needed.
Next, you’ll enter the industry your business is in. You can start typing and you’ll get suggestions, select whatever works best for your business.
Selecting an industry and the next step, your main role, gives the software an idea of what types of income you’ll have and what your business might need.
Next, it wants to know who else works at your business. Is it just you? Do you have employees or contractors? Select your situation and click Next.
If you have someone doing your bookkeeping select Yes for Does a bookkeeper help with your books? Select No if you do it yourself. Then click Next.
In the next question, you can select various apps that you use that Quickbooks integrates with and click Next.
You can click “Skip for now” if you don’t use any of these apps or if you want to do those integrations later.
You can now link bank and credit card accounts. You can click Link Accounts or skip and do this later.
For the how do you track your receipts question it will give you different options on the next screen depending on what you select. Once again, you can skip this step if you’d like and set this up later.
I’m going to show you what happens when you select “I save paper receipts”.
When you say you use paper receipts you get links to download the Quickbooks mobile app. The app lets you take pictures of your receipts to easily enter them into Quickbooks. Click Next to continue.
If you get paid with invoices you can set this up now or skip it.
You’ll see the mobile app download screen again. This is because the app lets you see payments, but only if you invoice through Quickbooks. Click Next to continue.
We’re now on our way to actually using Quickbooks Online!
And this is it! Welcome to Quickbooks!
End of Setting Up.
The first step of learning how to use Quickbooks Online for a business is familiarizing yourself with the dashboard.
This is the first thing you’ll see when you log into your Quickbooks account online, and it’s from the dashboard that you can navigate to everything you’ll ever need as a Quickbooks user.
Spend some time looking at the different menus in the dashboard, getting to understand where you can find everything.
After your first Quickbooks login, you should first set up your company information and preferences.
From your dashboard, click on the gear icon and select ‘account and settings’ then select the ‘company’ tab. From here, you can add information about your company like:
Here, from the sales, expenses and advanced tabs, you can adjust your financial preferences of your Quickbooks Online account.
You can also update things like your credit card payments, invoice automation, VAT details and your company’s year-end date so all the information is accurate and up-to-date for your financial reports.
It’s quick and easy to automatically import your business data to your Quickbooks Online app. You can import information such as your bank transactions, your Chart of Accounts, supplier bills, employees, budgets and customer or vendor data.
Quickbooks Online offers multiple options for importing data, so you can choose the one that works best for you and your business. Different methods you can go for include:
Your Chart of Accounts is the list of different categories used in Quickbooks to categorize money for your company’s financial statements.
There are five categories set up in Quickbooks Online by Default: Assets, Liabilities, Equity, Revenue (or Income) and Expenses.
Many people who use Quickbooks for business will leave these default settings, but you may want to customize the categories to suit your specific needs.
You might want to rename the categories, or perhaps you’ll find that you need to set up an additional category that doesn’t fall under the five already listed.
To do this, simply head to ‘Accounting’ in the dashboard, then click on ‘Chart of Accounts’. Select ‘New’, then ‘Expense’ or ‘Other Expense’ for ‘Account Type’. Choose a ‘Detail Type’ and then add the name of your new expense category, including a description.
Also, you might want to know how to export your Chart of Accounts in Quickbooks Online?
To do that, from your Chart of Accounts screen, choose the ‘Run Report’ button. You’ll see four options: print, email, export and settings. Simply select the relevant one to export it to an Excel sheet or PDF.
You can easily sync your Quickbooks Online account with your Bank Accounts and Credit cards at this stage.
This means that Quickbooks will automatically download and categorize your previous transactions from your accounts, saving you time and effort as you won’t have to enter any details manually.
To do this, 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.
Once you’ve selected the relevant transactions, Quickbooks will download them automatically. Then, after your transactions have been downloaded, you’ll just need to approve how they’ve been categorized.
For small business owners, easy invoice creation and management is important. But what if you have no idea how to write an invoice?
No worries, since invoice creation in QuickBooks Online is a simple process, where you can easily enter a customer, product, or service on the fly, add an online payment option, and email the invoice to your customer all from one entry screen.
The Invoice feature in QuickBooks Online lets you quickly create an invoice for any of your customers.
To do this, Click New on the menu bar, then Invoice. Select a customer from your customer list. If you haven’t set up any customers or products, you can add them during the invoice creation process.
Complete the information requested on the screen. If you haven’t entered a product or service yet, you can do so at this point. Check one of the online payment options if you wish to allow your customers to pay using a credit card or ACH bank transfer.
Add a message for your customer on the invoice. Click on the Save and Send option to save the newly created invoice in QuickBooks Online and also email it to your customer.
And there you have it!
Want to add more users to your account so you don’t have to do it all yourself?
With Quickbooks Online for a small business, you can add additional users from your sales manager to your bookkeeper. Plus, you can adjust the settings for each user, allowing them to do specific tasks.
But remember that your subscription level at this stage, will also determine how many users that is allowed on your plan. So, if you’re seeing a user limit, you may want to consider upgrading to the next level.
To invite a new user, simply head to ‘Settings’ from your dashboard, then ‘Manage users’. Choose ‘Add user’ and select the user type you want to create. You can choose from:
Adding your payroll to Quickbooks keeps everything in one place.
You can categorize your payroll expenses so you can easily see exactly what proportion of your monthly spending is on staff wages, and you don’t need to worry about keeping another system updated.
To set this up, Head to ‘Payroll Settings’ and then ‘Setup Overview’. Here you can add vital information for your Quickbooks Payroll, including:
Once you’ve added this information, head to ‘Accounting’ from the setup overview screen, then choose ‘Company and Account’. Decide which account will be used to track payroll expenses.
To add employees to your payroll, Head to ‘Employees’ from your dashboard. From here you can add your employees’ details.
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.
The Bill feature in QuickBooks Online lets you manage your bills for future payment.
To do this, you can add your vendor details when entering a bill. Here are the steps for entering a bill in QuickBooks Online:
Go to the Bill feature and Select the appropriate vendor, or add new vendor information. Enter bill payment terms such as Net 10, Net 30, or whatever the vendor has provided.
Enter the bill date and the due date. Enter the expense category to which the bill should be posted. When finished, click on Save and Close at the bottom of the screen.
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.
It is a guarantee that Quickbooks Online will save your business a ton of time and effort – but it works best when you keep it up to date.
That’s why you should reconcile your accounts regularly, so that your accounts reflect what’s on your bank and credit card statements. Spending a few minutes every day, week, or month reconciling your accounts will save you from headaches further down the line. Here’s how to do it:
Quickbooks comes with thousands of compatible apps available in the Quickbooks App Store, and they are guaranteed to make your life easier, with 86% of Quickbooks customers agreeing that apps save them time.
From expense management to cash flow forecasting, you can choose a selection of apps that will streamline your processes and make it easier to stay on top of your business finances.
You can browse the different categories in the app store, or if you know what you’re looking for, simply search for the app’s name.
So, how much does Quickbooks Online cost?
QuickBooks Online offers three versions at monthly or annual pricing. Cost is different from country to country for the latest pricing for each product and it can be reviewed under the QuickBooks Online pricing section on each country and price may differ during the offer period (sometimes these offers may be up to even 70% off)
Becoming comfortable with these common QuickBooks Online features might take a little bit of time but in time it will allow you to get started invoicing and managing your expenses quickly, while also ensuring that your income and expenses are being tracked and managed properly.
And if you do get stuck, QuickBooks Online offers help that is easily accessible from within the application, and you can check out the various QuickBooks Online training options offered by Intuit itself.
So, thank you for watching.
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For the rest of the script and for more of my script work, please click HERE.
| Client: | Upcounting Ltd., Canada |
| Date: | December 31, 2022 |