Transcription

AN INTRODUCTION TO QUICKBOOKS ONLINEGetting Started Guide

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Getting Started GuideTable of ContentsTABLE OF CONTENTSIntroduction to QuickBooks Online . 3Case Study . 4Setting up QuickBooks Online . 5Navigating QuickBooks Online . 11Take the QuickBooks Online Tour . 11Take the QuickBooks Online ipad/iphone Tour. 14Company Setup . 18Company Settings . 18Manage Users . 19Multiple Currencies . 22Importing Your Data . 23Customers . 24Suppliers . 26Chart of Accounts . 26Products/Services. 26Downloading Transactions: Linking your Bank Accounts . 28Linking your Bank Accounts or Credit Cards for Automatic Bank Feeds . 29Importing your Bank Transactions . 31Setting up Bank Rules. 32Creating and managing Quotes . 34Creating Quotes . 34Creating and Sending Quotes on a ipad/iphone . 35Creating and Managing Invoices . 37Creating Invoices . 37Managing Invoices. 38Creating Invoices on a ipad/iphone . 39Customising Invoices . 401

Getting Started GuideTable of ContentsReceiving Payment . 42Accept payments with PayPal app . 44Before installing the PayPal App you need to . 44Install the PayPal App . 45Configure the PayPal App . 47Manage the PayPal App settings . 51Sending an invoice and receiving payment . 51What your Customer sees . 54Expense and Transfer entries . 56Reconciling the PayPal Bank account . 57Organise and Track Expenses . 59Expense Transactions . 59Bills . 61Other Types of Supplier Related Transactions . 61Capturing Expenses on a ipad/iphone . 62Managing Bills . 63Running Reports . 65Profit & Loss / Balance Sheet . 65Automated Reports. 65Customising Reports . 67Run reports on a ipad/iphone. 69Audit Log . 70QuickBooks Online Payroll . 71Getting Support . 81Providing Feedback . 822

Getting Started GuideCompany SetupINTRODUCTION TO QUICKBOOKS ONLINEQuickBooks Online is easy to use software designed for small business accounting. It lets yourbusiness track all of your income, expenses, and inventory. It automatically tracks your GSTand lets you manage your business payroll.QuickBooks Online Accountant offers a new way of supporting and managing your business andmay change the way that you run your consulting, bookkeeping or accounting practice.QuickBooks Online Accountant lets you easily work with and manage your business usingQuickBooks Online.QuickBooks Online is cloud-based software. Secure - hosted securely by Intuit using bank level securityAccessibility - anywhere, anytime access using an internet connection.Data entry automation – get data into QuickBooks automatically using awesomefeaturesUnlimited Accountant Access – easy to connect with your accountantMobile – businesses can access QuickBooks Online using their iOS or Android devices.No more being tied to the desktop, enter data when and where you areNo Desktop files – no desktop files are required so no backups are requiredOther training resources can be found here:Videos: Qs: http://www.intuit.com.au/quickbooks-online/faq/3

Getting Started GuideCompany SetupCASE STUDYIntroductionThis story is about a new small business called North Shore LocksmithJack Gordon, owner of North Shore Locksmith is aLocksmith by trade. Jack has been working as anapprentice contractor for 5 years and loves his job as alocksmith.He has always dreamed of starting his own business. Hismates and family have given him lots of encouragement toget out on his own and start their new business.After months of planning, Jack has decided that now is theright time to start his new business. Jack has done hisresearch and there aren’t many locksmiths providingservices in the North Shore. It is a great place to start abusiness.Jack is going to purchase a few assets like a professionalRyobi drilling machine, drill sets, padlock tools, key blanks,etc.After a reference from his bookkeeper Jack decided to sign-up to QuickBooks Online to keep ontop of his books. To keep costs low, Jack will run the company on his own until he feelscomfortable hiring his first subcontractor.To get started Jack is visiting his bookkeeper to help him get setup to manage his own books.4

Getting Started GuideCompany SetupSETTING UP QUICKBOOKS ONLINEQuickBooks Online is easy to setup and get going. It is so simple that you can have a businessfile setup in less than 20 minutes.There are several important steps to follow to make sure that you are setting up business filesefficiently and accurately.ObjectivesAfter completing this chapter you should be able to: Setup a business fileSetup basic settingsSetup basic accountsImport list informationCompany File SetupThere are several important steps to setup your company file. Getting setup correctly will alsohelp you and your Bookkeeper or Accountant stay compliant with GST and payroll taxes.The day has finally arrived for Jack to start his new business, North Shore Locksmith. There is alot to do, like setting up his business, leasing equipment and getting his systems setup tohandle his new customers.Subscribing to QuickBooks OnlineIn order to use QuickBooks Online your business or you must subscribe to the software. Yourbusiness can subscribe by visiting intuit.com.au and signing up for a free trial. Your accountantcan setup a business file from the QuickBooks Online Accountant.Setup your Business FileYou can setup QuickBooks Online for your business with the free trial.1. Visit intuit.com.au2. Click Free Trial option3. Enter your details and click Sign-up5

Getting Started GuideCompany Setup4. Enter your business information as listed below.o Enter the company information including Company Name, Address and contactinformationo Click Save and Next.6

Getting Started GuideCompany Setup5. In the Set Up QuickBooks step, QuickBooks Online asks for more information about yourbusiness company. It compares your business’s business type with other companiesusing QuickBooks Online and optimizes the setup for you.Jack is a locksmith so you can enter Locksmith In the Your Industry field, enter Locksmith. A long list of industry types appearChoose Locksmith Services7

Getting Started GuideCompany Setup6. The next field lets you tell QuickBooks Online what your business sells. QuickBooksOnline can track the sale of products, services and other types of sales. Jack plans to sellproducts and services so select “products and services” option.7. The next step is to choose the Company Type. North Shore Locksmith will be setup as asole trader. This is not a required field, but you can choose the type of organization thatyou are setting up.8. The next step is a question that asks; Do you want to import from QuickBooks forWindows or MYOB? North Shore Locksmith is a start-up business so they do not need toimport data from another source.8

Getting Started GuideCompany Setup9. The last step is to tell QuickBooks Online about your business’s preferred payment methods.Select all the methods that apply. North Shore Locksmith will accept several different paymentmethods. Select Cash, Cheque, Credit card/debit card, Bank Transfer and PayPal.10. Click Save and Next.9

Getting Started GuideCompany SetupQuickBooks Online completes the basic setup of your business’s QuickBooks Online companyfile. The results of the setup are displayed in a graph. The graph displays information aboutbusinesses like yours using QuickBooks Online. In the right hand column of the Set UpQuickBooks window, you see a list of features and transactions that QuickBooks Online hasenabled for your business.North Shore Locksmith is now setup! This completes the basic setup.11. Click Save and next to complete the setup and go to the Home window.10

Getting Started GuideCompany SetupNAVIGATING QUICKBOOKS ONLINEQuickBooks Online (QBO) has been designed to be intuitive, fast and simple to use. The ‘clickand go’ navigation makes it easy for you to find what you need quickly so you spend less timedoing your books and more time doing what you love. The user interface is simple and unifiedacross all products and contains fewer secondary menus, which results in fewer clicks to findthe desired information or functions.NOTE: QuickBooks Online works best in a Chrome browser, but it also works withInternet Explorer 10, Safari 6 or Firefox. It’s useful to bookmark your login page andmemorize your login username so it’s easy to login anytime on your same computer, tabletor laptop device.TAKE THE QUICKBOOKS ONLINE TOURSign into QuickBooks Online at intuit.com.au.Enter your QuickBooks Online User ID and password and select Sign In.11

Getting Started GuideCompany SetupThe Home Page displays a summary of key information and provides links to quick tips tohelp you get the most out of QuickBooks Online.The Company setting is located in the top right corner of your QuickBooks Online screen,and is accessed by clicking on the gears icon.To access the Help function, click on the question mark next to the company menu in thetop right corner.12

Getting Started GuideCompany SetupThe Global Navigation in the center of the screen gives you quick access to: Search – Use this feature to quickly look up QuickBooks Online transactions bytransaction number, date, or dollar amount. The Advanced Search feature allows youto combine your search terms. Quick Create – Use this feature to quickly access the four key transaction types.Clicking on Show More expands the list to include all the available transactions. Recent Transactions – Use this feature to display a list of your recently recordedtransactions, each of which can be opened by clicking on the selection.13

Getting Started GuideCompany SetupThe left-hand navigation bar provides access to your lists and all primary transactions.Home – Home PageCustomers – Use this to create, import, edit and deletecustomers, Customer Money Bar shows the flow of money into thebusinessSuppliers – Use this to create, import, edit and delete Suppliers,Supplier Money Bar shows you flow of money out of the business.Employees – Use this to create, edit and delete employees. Youcan also activate payroll from hereTransactions – This is a shortcut to the following: banking, sales,expenses and Chat of AccountsReports – This menu has four options: Recommended, FrequentlyRun, My Custom Reports and All ReportsGST – From the GST Centre, you can activate your GST tracking,create new taxes and tax groups, complete a BAS, view relatedreports, tax rates and record GST paymentsApps – Access featured applications and add-ons to QuickBooksOnline from this page.TAKE THE QUICKBOOKS ONLINE IPAD/IPHONE TOURQuickBooks Online works with iPhone, iPad, and Android devices; you can have access to yourbusiness information, customers or suppliers wherever you have mobile access.MANAGE YOUR BUSINESS ANYWHERE Create and send professional invoices and quotes.Snap photos of your receipts and organise daily expenses as you go.Convert a quote to an invoice in seconds.Attach photos and notes to quotes, invoices, customers, and transactions.Receive overdue invoice notifications so you always know who owes you money.Track payments and record sales.Profit & Loss and Balance Sheet reports show how your business is doing.Customise tax rates for your business14

Getting Started GuideCompany Setup1. You can download the free QuickBooks Online mobile app (specific to iPhone, iPad, orAndroid) from the iTunes store or Google Play. You can then simply login using yourQuickBooks Online username and password.2. Use your QuickBooks Online login credentials to sign-in to the app3. The navigation on the iPad app is similar to QBO on the browser. There is a left and righthand side panel of options available by selecting the menu and plus buttons on the topleft and right hand side of the screens respectively. For the iPhone the plus sign is at thebottom of the screen.15

Getting Started GuideCompany SetupLeft hand side panel on iPad:Right hand side panel on iPad:16

Getting Started GuideLeft hand side panel on iPhoneCompany SetupRight hand side panel on iPhone17

Getting Started GuideCompany SetupCOMPANY SETUPThe Company Settings feature is designed to allow you to customize QuickBooks Online to yourspecific business requirements and uses.It’s important to define your Company Settings before you enter or upload transactions, so thatyour entries are uniform. Your settings can always be modified or changed based on your needsafter the initial setup is completed.NOTE: The features and screen captures shown here are those available in QuickBooksOnline Plus. Some features are not available in QuickBooks Online Simple Start orEssentials.COMPANY SETTINGSCompany Settings are accessed by selecting the gear icon or company name in the top rightcorner of the screen.18

Getting Started GuideCompany SetupYou can edit any of the company settings by clicking on the option and making your change.Once complete, click Done to update your information.MANAGE USERSYou can give other users access to QuickBooks Online by selecting Manage Users in the YourCompany section of the Company menu.19

Getting Started GuideCompany SetupTo set up new users, select New in the upper right side of the screen. You will be asked toenter the name and email address. When you create a new user, you can restrict or expandaccess as follows:An email invitation with a link to your company file is sent automatically to anyone who youinvite. New users must accept the invitation to gain access to your company file.20

Getting Started GuideCompany SetupQuickBooks Online users can invite up to two accounting professionals (for example, abookkeeper and an accountant) to access their QuickBooks Online data for free, in all versionsof QBO (SimpleStart, Essentials or Plus).To invite your accountant and/or bookkeeper to have access to your QBO data:Select Manage Users in the Company menu.Select Invite Accountant at the bottom of the screen.Enter the accounting professional’s name and email address. This action will generate anemail invitation, which includes a unique link to accept and gain access to your QuickBooksOnline data using QBO Accountant.21

Getting Started GuideCompany SetupMULTIPLE CURRENCIESIf you do business with foreign suppliers and/or customers, QuickBooks Online can be set up formultiple currencies. Simply select Currency Centre from the Settings section of theCompany menu.This will open the Currency Centre. If you would like to activate multi-currency, click the Set upcurrencies button. When