Description: The article is about quickbooks online login. The author teaches us step by step on how to create quickbooks online account. He also mentions some important and unique features that we may want to use in the Quickbooks Online.
I’m Hector Garcia. I’m a CPA advanced QuickBooks ProAdvisor. I love QuickBooks Online. I want to show you everything I can. First we’re going to go to www.QuickBooks50.com. That will take you to a page where you can choose the three versions of QuickBooks that you want.
QuickBooks essentials is the most common version that people get into. It has accounts payable,accounts receivable. It lets you have up to three users using it. It’s perfect. If you need inventory you’re going to have to move up to QuickBooks Online. I’m going to show you how to upgrade from essentials to online.
I will start by clicking on start a free trial. This will give you 50% discount for the first year and then it will go back up to its regular price. You can set up account then it’s going to ask you for your business name. I am going to type in Hector store. How long have you been in business? I am going to type in two years. It lets you know whether you need to upgrade from QuickBooks desktop or not and it will take you to the process of doing if you are coming from QuickBooks desktop.
For example I’m starting a brand new business in QuickBooks Online,so I’m going to click next. They’ll ask you for the area of focus. Will it be invoices,bills,tracking inventory,paying employees etc. You can choose what matters to you. I am going to click all set and move forward from there.
This is what QuickBooks Online looks like when you first set it up. On the left side of the screen,navigation bar,you can click on banking sales expenses and that’s going to take you to different areas within the software. We’re going to get there. On the top of the screen,you’re going to see the QuickBooks logo.
As you click on that,that would not do anything. But if you click on the little icon next to it with the three lines,it will allow you to do close and open the navigation bar. Only useful if you need more real estate. So you need to get acquainted with that little button there. Opens and closes navigation bar that comes in handy. Let’s go over to the right side of the screen. We’re going to have that create button. It’s a little circle with a plus sign.
When you click on it,window pops up or a drop-down menu pops up. It is divided into four categories,customers,vendors, employees and other. For every transaction or most of the transactions,you can create within that group no matter you are vendors customers employees and other. They will be in the screen. Everybody uses a business with that pays so you can invoice it. You can receive payments from them. You can do estimates. You can do a credit memo if you’re going to refund something from an invoice.
You can do a sales receipt if you want to combine an invoice with a payment. You can do a refund receipt if you want to give them cash back from a credit memo. You can do a delayed credit or delayed charge if you plan to add items to an invoice later on in the future. Then we got expenses.
This is what we’re going to record all of our credit card charges and debit card charges from the bank. It’s for you to record the checks and you write through the bank. Bills is your accounts payable. If I’m going to create an expense and I’m going to pay later in the future,pay bills is to pay the bill that I created previously. I can either pay a bill with a check with a bank debit or with a credit card. It allows you to do all those.
Purchase orders are for you to order inventory. There’s a little arrow there letting you know that you need to upgrade to the next version of QuickBooks to be able to do inventory. That’s going to be the plus version. I’ll show you how to do that. There are the vendor credit and credit card credit.
Vendor credit is to give a vendor or get a credit from a vendor that you had a bill from previously. Credit card credit would be a refund back to your credit card and print checks would be when you want to print checks and badge. On the employee side we have payroll which notices as a little up arrow letting you know that you have to upgrade to payroll.
Payroll is a separate subscription normally between 30 and 50 dollars extra a month depending on the number of employees you have. You can track your timesheets in a single time entry or in a weekly time entry. We have other transactions such as bank deposits,transfers,journal entries and creating statements for your customers.
They’re all in that category. If you click on show less,it will significantly reduce the amount of transactions there. I’ll focus on the four most common ones which are invoice,estimates,expenses and checks. I usually click on show more because I like to see all my options there. The magnifying glass is a search button. You can search within names,transactions,vendors by date or recent transactions.
Their gear button or the Settings button is what you’re going to find all the settings or company file configurations. Let’s start with your company. This is the accountant settings. When you click on that,that will take you to all your company preferences. What can you do here? You can set up your company’s legal name and add your logo if you want the logo show up on invoices.
For example I am on a corporation so I’ll choose that. I will click on save. I can change my email and my company address. This is building a subscription. This is where I put in my credit card information to pay QuickBooks for the monthly subscription as I mentioned earlier at the beginning of the article. If you go to QuickBooks 50.com,you will get a 50% discount for the first year and that will show up by there in your billing. You don’t need a credit card to get this started so you can start completely free.
You will have to put the credit card within 30 days unless you’re going to lose your data. If you need to upgrade from essentials to plus,you can click on the upgrade button. It will ask you to agree with the upgrade terms and conditions. You can click on upgrade or let me know what the monthly fee is. The fee of QuickBooks plus should be about fifty dollars a month.
You can click on submit. I don’t have a credit card on file so this is not going to charge me yet. It’s very simple. You can upgrade from a lower version to a higher version. But you cannot go backwards. You cannot go down. Let’s go to the sales menu. This is where I can customize the look and feel of my invoices. This is what most people start with. I’m going to click on the template so we can see what that looks like. I can change up the template and choose from four or five different template options that you see there on the screen.
We can change the overall color scheme depending on what the company logo is. We can change the font although there are not too many choices. We can change the general fund settings. Under the content menu I can edit specific items within my invoice,if I want to change something in the header,in the body of the email or if I want to not show my rate or not show my amount. I can also choose to show my SKU number or show my quantity.
I can choose to not show my quantity and show description or show date. All those things are available for configuration. You can also move them up and down as your preference. When you’re done,you can preview the PDF to see what English looks like. The invoice looks perfect. We’re going to move on and click on done. That’s where you can do to setup the look and feel of your invoices.
We will go back into our settings again. We’re going to click on the gear menu, accountant settings or go back to sales. You can also change things such as your default customer terms,custom fields for unique things. This is where you can turn off or on based on you’re going to manage inventory or not. In the messages side,you can set up default messages. You can choose what those invoices look like or at least a messaging within the email.
On the expensive side we can pick and choose whether we want to show items in our expenses or not. You have to watch some other advanced videos to understand that. There are default billing terms from vendors,turning off and on purchase orders. At this summer of 2017,you can now do partial purchase orders which are huge. It is very big. We’ve been asking for that feature forever. Now you can do partial purchase orders.
Payments is where you can click on learn more. You can fill out your personal and corporate information. You will set up a payment account. You’re going to be able to have your customers pay you through credit card when you invoice them. It is amazing. Advanced seems like fiscal year. You can close the password-protected books. This is where you can turn off and on classes that allows you to create divisions,cost centers. You can do some deeper level accounting such as one dimension accounting. You can do accounting through multiple dimensions of your business with this concept of classes and locations.
In automation we can set it. It automatically applies credits to invoices. If you create a credit memo,you want the credit automatically go to the oldest invoice,we can pre-fill the forms with previously entered content. That means if I wrote a check to Barnes & Nobles for $50.00 last month and they wrote it again, it’s going to try to copy the same information from the old one assuming that stuff will be consistent.
That’s an option. You can turn it off or on. You can copy estimates to invoices. You can turn that on and then you can create an estimate. Once the customer approves,you can turn that into an invoice. You can turn time tracking off and on in that way you can have people in the field tracking time or somebody in the office tracking time. Then you can process payroll. You can turn on multi currency.
You can see other preferences such as what the numbers look like and all those things. You can click cancel and click done. We’re done with the settings. That’s a good and quick introduction on the general configuration. I am going to talk about day to day stuff. The first thing you need to do is that you need to connect your bank. That should be the first thing. We may click on banking. Then I’m going to click on the Bank done using.
There may be options for Chase,Capital One,Bank of America,Wells Fargo etc. I’ll click on that and I’ll enter all my credentials. Once all your online banking credentials are entered,it will ask you which accounts from your bank would you like to connect into QuickBooks.
You can choose to connect. You probably only choose to connect your business accounts but not your personal accounts. I’m going to move on and connect my checking account and my credit card account. For all the accounts that I have here,those are business accounts. I’m going to click on connect. You need to wait a few minutes and I’m going to see all the transactions come in from the bank into QuickBooks.
Now this is limited to 90 days worth of transactions. So if you need to bring a year’s worth or more than 90 days,I suggest you explore other videos that talked about that. There’s a specific process to download those or convert a PDF bank statement. This is a very specific process. For now by doing this,you’re only going to get the first 90 days. We’re connected. I’m going to move on and click on review transactions.
It’s going to ask me would you like to use the lately version of this. We like to use the perfect the professional version of this. I’m going to skip this and go straight to the professional version of online banking. Why? Because it’s much faster. How does this work? There’s another another tutorial that goes into it. There are heavy details about how online banking works.
I’m going to go through it quickly. I will click on the transaction. I will type in my vendors name. I’m going to add the vendor into my database. That means in the future when this shows up again,that’s going to be in my database. I’m going to put in the category and entertainment. If I have different divisions,I would select the class. I have it there under the add button. That means I am going to add it into my bank register. Then I will click add. I am done with the transaction. I will give it a category. It’s in my bank register. I am going to take a look at iTunes. I need to type iTunes. I need to click on add create the new vendor.
Now that’s in my database. This is not meals and entertainment. This is office supplies and software. I don’t have to do anything else. I need to click on that. Those are the things that came in through my credit card. I am going to click on my business banking. We got some deposits. I don’t want to do deposits through online banking. I want to use an entire workflow. For example,I got two thousand two hundred and fifty dollars. It’s from an invoice. Let’s move on and create invoice.
When I click on the create button at the top right,I will go to invoice. On the left side of the screen,I’m going to select my customers name. If my customer is already in my database that would be part of my list. I can search it. If it’s a brand new customer,I will click the drop down menu and click add new. I’m going to click on save. My customer is in my database. I gave my customer 15 days to pay. I will put that in terms.
The invoice was back from July 1st. You can create all sorts of products and services and we’ll talk about that briefly for your database including inventory items. I will click on ours. For example,I paid $100 an hour for 6 hours,I’m charging $100,000 for 5 hours for whatever service that I’m doing. I can add description I want. I can put installation. Then I can click on save. My invoice is done. Usually you don’t get paid immediately when you invoice.
We can click on the new transaction button or the create button. Now we are going to click on receive payment. This will happen probably a different day than the day you invoiced and also in a different day that they do deposit in the bank. This may happen a couple of times couple days before. I’m going to select my customers. I’m going to select the date in which we receive the check. I want to move on and say I already get a check for my customer. I’ll put the check number as a reference.
Then I’m going to put the deposit here. I will put it into the bank and then I’m going to move on and select invoice. Then I am going to click on save. Before I do that,I am going to say a very important thing. That’s 500 bucks. That’s going to go straight to the bank. That may not match the information that came in to the bank if you notice earlier.
We had a payment for two thousand two hundred and fifty. So we probably got a combination of payments. That’s true. I don’t want to take this straight to the bank. What I want to do is that I want to send this to undeposited funds account. It is a temporary place where all my customer payments go into before I make the bank deposit. In that way I can match multiple checks into a single bank deposit.
It will make a lot of sense when you see the example. I’m going to click on add new,account type,other current asset,detail type. I am going to scroll all the way down to the positive funds. For the name I’ll leave it the same. I don’t have to change the name. I am going to save and close. I’m putting 500 bucks in undeposited funds. I’m going to click save and close. For example,there were two checks adding up to $2,200. There’s another invoice for 1750. I’m going to go to create new invoice. We need to make sure it’s correct because that would be useful. I am going to click add new and save.
There is employ states. What is it? How much is it? 1750. I will put my customers email up here and I’m going to click Save and send. So my customer will get an email. If I enable my payments to click on the fill check box,my customer will have the capacity to pay me online which is amazing.
We’ll do save and close. Now the next step is that we’re going to receive that payment. This happened back in the past. I’m going to go to receive payment,select my other customer. It didn’t painted with a check they pay me in cash. There is no reference number needed because they pay me in cash. But if you happen to have a cash receipt,you can use a code. That’s fine. You can click save and close.
We got two customer payments that add up to 2250. Now on the online banking,I am going to click on the transaction. I am going to click on find match. That will take me into a screen where I can select the two payments that match up that deposit. Now I can make everything. I don’t have to create a new transaction from the bank. I have to match it because the posters have to follow a very specific workflow. There are all sorts of details on bank or downloaded transactions. We’re done with banking. We are going to go into sales.
That is going to show me a history of all of my customers transactions. There is payment invoice. If I click on invoices then I can only see my invoices. I can see the status. In Customers,I get to see my database of customers. I can click on any of these customers and click on the edit button at the top. I can change their address contact information. In Expenses,here’s the database of all the expenses that I had. They could have been credit card expenses. They could have been bank expenses. They could have been bills.
All these things are going to be here whether they came from the bank or we added them manually. For example I’m going to create an accounts payable,I’m going to click on the create button and click on bills. I received a bill from Comcast. But I’m going to pay them later on the future.
So I’m going to create the lender and click add. You have to add your vendors to the database. For example this is our utilities. This was two hundred and nineteen dollars. The build date is today’s date. I will click on save a new so I can clean another bill. For example I am going to have a bill from my landlord because I got to pay my rent,there is landlord. I will do one receipt.
My landlord doesn’t give me any slack. I got a pay right on the spot. The amount is 2500. I will click save and close. Both of my bills are there. Now I can add a build number. For example I want to go back and edit a bill,I will click on the magnifying glass and see the history of my recent transactions. I will click on my Comcast bill and put my bill number because I forgot to put a bill number in there.
I can scroll down. This is attachment. I can grab anything from my desktop. I cna click and drag and then I will have an attachment. I can add any attachment I want. I can add an image or PDF to any transaction on the 25 megabytes. It is a great thing to do. I will click save. I got two bills called accounts payable.
When I click on my expenses tab,I’m going to see my expense and my two bills. I can pay those bills by clicking on the click create button and click on pay bills. I can click individually on the bill. I want to pay and on the right side of the screen of this expenses area I can click on bill payment. That will take me to the bill payment screen. At that point I can choose I’m going to pay with my credit card or my bank. This should all match up. Then I will click on save and close and that bill is paid.
I am going to go to employees. This is the place you can setup your payroll. Reports is great. I can click on report. I can click on profit and loss and within seconds I will see my financial statement. I got my sales that I’ve sold through my invoices and I got my expenses. I can choose their range dates so I can do all dates. I can see my rent bill for the future. That will show up there.
I can click on any of these and get a detailed report. I can also click on that. I can go straight to the transaction. It is great. Taxes is where you can set up your sales tax,pay your payroll taxes all at once. Accounting is what I can set up my chart of accounts. I will click on see chart of accounts. Then I’m going to create a new category. I’m going to go into the category expense and detail type. This is a cheat sheet. It doesn’t matter.
I can pick anything from here to help me figure out what I’m doing. I will click in there and I’m going to have software expenses. I can do whatever I want to do. Now if you don’t have an accountant you need to get one. Your accountant will help you make sure your chart of accounts. This is awesome. If you’re not an accountant or you don’t have an accountant,you can completely destroy this thing.
But you should hire an accountant someone like me or anyone that has the title price next to it. They can help you set this up correctly. I got all the tutorials that talks about chart of accounts. You can be self-taught from that perspective. These are how we create new accounts.
We will click Save and close. From here we can delete accounts and create new one. We can even do sub accounts. Sub accounts is cool. For example I got advertising and marketing but I want to attract detail things about advertising and marketing,so I’m going to scroll up and click new. I’m going to create an expense account and I will click down to expenses. I’m going to call this Google Ads.
I’m going to make this a sub-account of advertising and marketing. I’m going to come down here and click Save and new. I also want to track my yellow pages. I’m going to click up here and type yellow pages. Your subcategories are for marketing. You can put them in there and click a new. For example we’re going to do conferences. You can click sub account and do advertising. I am going to click save and close.
This is awesome because now when I go back into my banking and click on my credit card,I will find a transaction here. That was part of my marketing. Now I’m going to type here my vendors name and add it to my database. Now I can type advertising and I can see all my conferences. I can click on add. For example the Starbucks was also part of a conference that I went to. So I’ll copy and paste the vender’s names. I don’t have to type. I can click on add and then select.
There are a whole bunch of other things you can do. You can add inventory items. You can track your inventory. You can reconcile your bank accounts. They are very important. I want to show you as much of QuickBooks Online in under 25 minutes. The idea is to get you started,get you excited about it and then set up a free account.