Qbo intuit com redir testdrive

Accounting Project

Display this page as attendees enter the room. Sample opening:

“Good Morning, my name is _____________ and I am your instructor for the duration of the class. (A quick introduction of your background and qualifications to teach the course.) My goal is to help you learn to efficiently and effectively use QuickBooks Accounting Software and I believe this training will serve you well. Approximately 86% of U.S. small businesses use QuickBooks related software, and for those of you pursuing accounting degrees, business and finance degrees, etc. there is a strong likelihood you will encounter this software in industry. Technological advances in the past decade allow for the automation of a good part of the accounting function, great news for business owners. Increased efficiencies translates in higher profit margins.

You have received a manual, which is yours to keep. Please make notes in it as you see fit.

Let’s get started with our training.

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QuickBooks Online

(Your Name)

(University Name)

(Address)

(Website)

(Email)

(Phone)

presented by

© 2018

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This training material is presented without warranty of any kind, either express or implied respecting the contents of this book, including but not limited to implied warranties for the book’s quality, performance, merchantability, or fitness for any particular purpose.

Disclaimer

Copyright

Presentation and workbook Copyright 2018 by QBExpress, LLC. All rights reserved. Printed in the United States of America. No part of this book may be used or reproduced in any form or by any means without prior written permission of QBExpress, LLC. Material remains the property of QBExpress, LLC.

Trademark Acknowledgments

All product names and services mentioned in this workbook are trademarks or registered trademarks of their respective companies. QBExpress, LLC is not affiliated with any of these companies.

QuickBooks® Online Training

©2018

Standard Legal Notices

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QuickBooks® Online Training

About Your Teacher

(Your Name)

<>

(Your Name)

(University)

(Email)

(Website)

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QuickBooks® Online Training

Important Information About the Structure of this Training.

Our QuickBooks Online course is intended as the foundation for using QuickBooks® as a bookkeeping, business management and cash flow building tool. The material provides a critical basis for establishing bookkeeping best practices and ensuring accurate financial information.

Please ask questions throughout the presentation.

Your Instructor is also available for one-on-one consultations.

In addition to what you will learn today these manuals are for use as a

post-class reference guide.

We are happy you are here and look forward

to helping you master QuickBooks!

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Accounting and bookkeeping best practices are the foundation of this course and a key component of business success. There are no “stupid” questions and the more interaction we get in the classroom, the more we all will learn. The group will collaborate on case studies and participate in both individual and group activities with the goal of providing practical working knowledge to all participants.

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QuickBooks® Online Training

The most important reason to advance our knowledge of QuickBooks® and basic bookkeeping principles, whether you are a business owner or employee, is to improve business performance.

While we identify specific learning objectives at the beginning of each section,

3 Overall Objectives include:

Introduction to basic features in QuickBooks and how they apply to best practice bookkeeping principles.

How to effectively and efficiently use QuickBooks to manage daily bookkeeping tasks and develop an understanding of how the data is entered, processed and reviewed.

How to customize QuickBooks to meet the specific needs of a business.

Why we teach Cash Flow with QuickBooks®:

Business owners typically identify Cash Flow as their number one area of concern. QuickBooks Accounting Software, when utilized correctly, allows users to run Cash Flow projections and develop a Cash Flow management strategy to prevent shortfalls. This training will help participants develop a strong knowledge base of how to use QuickBooks reports to manage a business and build cash flow.

The foundation of business success is in the daily use of accurate, real-time financial data. What we measure, we manage; what we manage, we improve.

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Let’s quickly review the overall learning objectives of this course. (Review above)

You will see a reference to Cash Flow. The reason we have integrated this topic throughout the course, is that business owners consistently identify Cash Flow as their biggest area of concern. Inclusion in this training will help you gain perspective on both the bookkeeper and business owner point of view.

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QuickBooks® Online Training

It is important to focus on the areas of our business that contribute most to profitability. QuickBooks helps us easily identify areas of focus if we know where to look.

The 80/20 rule, or the ‘Pareto Principle’, is a powerful concept that consistently rings true.

In most cases, 20% of our customers generate 80% of our net profit. At the same time, 20% of the goods or services we sell contribute 80% of our revenue, etc. You get the idea.

The most important value good bookkeeping brings to a business is an understanding of where to focus.

By generating daily reports that uncover the best customers, jobs, services, or products, you will soon see how you can refocus internal efforts on doing highly valuable work.

Accurate real-time data with one click access to reports, is an enormous benefit of using QuickBooks® the ‘right-way’.

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20%

80%

Before we get started, let’s discuss the 80/20 rule, a foundational business concept that is applied throughout this training. This will help you understand how to focus efforts on high value work.

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Table of Contents

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Section 1 – Getting Started………………………………………………………………..pg. 11

Objectives

Choose the Right Subscription

quickbooks.intuit.com/online/compare

http://qbo.intuit.com/redir/testdrive

Import Your Data

Dashboard

Practice Test

Section 2 – Setup Your New QuickBooks® Online Company……………….pg. 25

Objectives

Account and Settings

Company, Sales, Expenses, Advanced

Manage Users

Chart of Accounts

Add, Edit, Delete, Make Inactive, Merge and Sub Accounts

Sales Tax Center

Products and Services

Beginning Balances and Historical Transactions

Bank Balances

Outstanding Invoices

Unpaid Bills and More…

Practice Test

Section 3 – Custom Reports……………………………………………………………...pg. 75

Objectives

Balance Sheet

Profit and Loss

Audit Log

Ask My Accountant

Company Snapshot

Practice Test

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Here are the areas we will cover.

Keep in mind that this is a web-based application and Intuit is constantly improving the software. They push the updates to all users each month.

If you notice changes, or buttons disappearing and reappearing, you are not losing your mind. Even though graphical images and their locations move around, the foundation remains consistent.

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Table of Contents

QuickBooks® Online Training

Section 4 – Accounts Receivable (A/R)………………………………………………pg. 92

Objectives

Customer Center

Add, Edit, Delete, Make Inactive and Merge

Sales Receipts and Invoices

Receive Payments

Bank Deposits

Merchant Fees

Vendor Refunds

Credit Memos

Apply Credits

Refund Receipts

Sales and A/R Reports

Practice Test

Section 5 – Accounts Payable (A/P)……………………………………………………pg. 118

Objectives

Vendor Center

Add, Edit, Delete, Make Inactive and Merge

Create Expense

Create Checks

Create Bills

Pay Bills

Vendor Credits

Apply Vendor Credits

Print Checks

A/P Reports

Practice Test

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Table of Contents

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Appendices

Appendix A - Lists

Appendix B - Attachments

Appendix C - Helpful Tips

Appendix D – Glossary of Terms & Keyboard Shortcuts

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Section 6 – Bank & Credit Card Accounts………………………………………….pg. 136

Objectives

Connect Bank and Credit Card Accounts

Bank Transactions

Transfer Funds

Reconcile

Bank Reports

Practice Test

We may not have time to review the Appendices and recommend you review these sections on your own.

There are great tips such as: Using multiple windows in your company data file, sending a photo of a receipt from your mobile app and the QuickBooks® Labs.

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Section 1: Getting Started

Choose the Right Subscription

Import Your Data

Dashboard

Online Training

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Section 1 is all about choosing the right subscription, importing data and moving around the dashboard.

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Section 1 Objectives

Upon completion of Section 1 each participant will become familiar with the following objectives:

How to choose the right subscription.

How to import company data.

How to view and utilize the Dashboard.

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Let’s discuss the objectives for section 1:

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Choose the Right Subscription

QuickBooks® Online Training

To determine the right QuickBooks® Online subscription for your business, open a new browser tab and enter this url:

Use the table to verify the subscription you have signed up for is the best for your business.

Note: The pricing will change periodically.

If you wish to try out QuickBooks® Online without using your own data, you can access a sample company at: http://qbo.intuit.com/redir/testdrive

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It is important to select the correct version to best meet a company’s specific needs. Use this link quickbooks.intuit.com/online/compare to simplify the process and review features available in each subscription. Self-Employed, Simple Start, , and Plus.

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Import Your Data

To import data from Enterprise or QB Desktop

Click the Gear icon

Under the Tools options , click “Import Data”

You have the option to import Customers, Vendors, Accounts, Products, or services using a .csv or excel file. Click the option and follow the step by step instructions.

Note: Click “You can also import QuickBooks Desktop data”. To import a current company data file from QuickBooks desktop to QuickBooks® Online.

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I will walk you through a new company setup using the sample company provided, but once you are employed or running your own business, you may find yourselves in the position of needing to import data from existing accounting software. Let’s quickly address this topic first. If using a desktop version of QuickBooks®, you can import data automatically into QuickBooks® Online. Caution, read the step by step instructions carefully. Review the list of transaction types that do not automatically convert, how to check the data integrity, and what to do if the conversion does not work.

Once we create a new company from scratch, some additional setup will be necessary.

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Import Your Data

Choose to import a QB Desktop, Mac or Enterprise data file. Watch the video on “How to migrate your data”.

Follow this 3 step process

to import from QuickBooks Desktop.

You can download a free trial of QuickBooks®

Desktop if needed.

Step 1:

Update QuickBooks® Desktop and switch to

Single–User Mode.

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Let’s watch the short video, it should address any questions you may have about importing data from an existing QuickBooks Desktop file.

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Import Your Data

Step 2:

Click “What’s not imported?” to view

all transactions that did not migrate.

Step 3:

Click “Read how” and “Watch tutorials”

to learn more about the import process

and avoid costly mistakes.

Click “Print Instructions”.

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Importing data can be a seamless process, however problems may occur. It is essential that data integrity is confirmed. Compare the Balance Sheet and Profit & Loss using the accrual method and select all dates. Remember to follow the instructions carefully.

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Dashboard

QuickBooks® Online Training

Welcome to the QuickBooks® Online Dashboard.

Monitor the activity and status of your company at a glance.

Access and drill down to detailed information with a simple click.

You have the ability to access Customers, Vendors, Transactions and Reports. You can also organize and monitor Bank and Credit Card accounts, review Income and Expenses, and watch Sales trends.

All at a glance

Tip: Click anywhere there is a word (in bolded color), an icon, a drop down arrow etc..

Feel free to explore without worry!

Let’s Begin!

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Let’s learn to move around the Dashboard. The left navigation bar and create menu are accessible from all windows.

There is also a quick financial snapshot. Note: You can hide or show the setup guide.

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Dashboard

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The links on the left side act as your menu bar and will take you to frequently used areas in QuickBooks® Online .

Use the Left Navigation Bar to post Bank and Credit Card transactions in the Banking Center.

View Sales and Expense history.

Access and maintain your Customers, Vendors, and Workers.

Access the Chart of Accounts or Reconcile your Bank and Credit Card Accounts.

View and Customize Reports.

Review and Maintain the Sales Tax Center

Invite an Accountant or Find a ProAdvisor

Left Navigation Bar

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Note: Your version of QBO will have an Apps Center at the bottom of the navigation bar where you can view and integrate third party applications that have been approved by Intuit, the maker of QuickBooks.

The left navigation bar is used to access centers and reports. You are only one click away from accessing real-time financial data neatly organized in reports. This is powerful. Let’s review the different centers.

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Dashboard

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Click the Plus (+) icon.

The Plus and Search icons at the top of the Dashboard will allow you to easily search, create new, and view recent transactions.

Click the Search icon (magnifying glass) and enter an amount, date, transaction number etc.. for a simple search.

Click Advanced Search to filter specific transaction types etc…

Click the Plus (+) icon to create manual transactions.

Create Invoices, Estimates, Expenses, Checks and more…

Click Show More to view all of the Create Menu options.

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The Plus (+) and Search icons are used to create new, search historical and access recently entered transactions.

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Dashboard

QuickBooks® Online Training

Once you click Show More you can select Create Options for Customers, Vendors, Employees and Other.

Click the Search icon to view a list of recent transactions.

Click View More… to search and access recent transactions.

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Note: Always enter data from left to right, top to bottom to avoid missing fields that require information.

The create menu is organized by customers, vendors, employees and other. This is where you go to enter manual transactions. Let’s review the options.

Searching or accessing recently entered transactions is a very helpful feature. Let’s say you entered an expense and realized you made a mistake. Use the search icon to locate the recent transaction, click and edit.

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Dashboard

Click the Gear icon at the top right of your dashboard to access settings, lists, tools and manage your company settings.

Logo

Click the Logo icon to add your custom company logo from your desktop or hard drive.

QuickBooks® Online Training

Turn on Privacy to hide bank balances.

Bank Accounts

Organize and view bank and credit card balances and activity.

Click the Edit to change the order your accounts are displayed on the Dashboard and in the Banking Center.

Click Connect accounts to add a bank and credit card accounts.

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The gear provides access to settings, lists, tools and other areas needed to manage your business.

Add your logo here.

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Dashboard

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Expenses

The Expense section of the dashboard allows you to

view a graph of expenses broken down by amounts based on the last 30 days.

Scroll your mouse over the graph to create a pop up of expenses related to specific categories.

Click the drop down arrow next to Last Month to change the period in which the data is displayed.

Income

The income section of the dashboard allows you to view invoices that are open, overdue, and paid in the last 30 days.

Click Invoices color bars to view and manage a detailed list of open invoices currently owed to you by your Customers.

The income and expense sections of the dashboard provide a snapshot of total unpaid invoices, payments that have not been deposited and deposits for the last 30 days. Here you can see total expenses for a period of time. I encourage you to click on the graphs to see more detailed information.

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Dashboard

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Sales

The sales section of the dashboard displays a graphical view of sales for the prior month.

Click the drop down arrow next to Last Month to change the period in which the data is displayed.

Profit and Loss

This section of the dashboard provides a graphical view of your net income, income, and expenses for the last 30 days.

Click the drop down arrow next to Last Month to change the period in which the data is displayed.

You can change the period in which you view the graphics of the Profit & Loss.

Track sales by period and monitor sales trends.

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Section 1 Practice Test

You have a small service business and want to track income, expenses, and mileage. Which QuickBooks® Online subscription would you choose?

Self-Employed

Simple Start

Plus

What would you click to connect bank and credit card accounts to QuickBooks® Online?

Dashboard->Go to registers

Accounting->Chart of Accounts

Dashboard->Connect Accounts

Gear->All Lists

Which of the following does not import when converting from QuickBooks® Desktop to QuickBooks® Online?

Reconciliation Reports

Recurring Credit Card Charges

Audit Trail

All of the above

Where on the Dashboard would you click to manage users?

Search Icon

Gear Icon

Plus Icon

None of the above

You have a Plumbing company. You often hire subcontractors and need to track inventory, which QuickBooks® Online subscription would you choose?

Plus

Simple Start

Self-Employed

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Section 1 Practice Test Answers: 1. A 2. C 3. D 4. B 5. A

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Section 2: Set Up Your New QuickBooks® Online Company

Account and Settings

Manage Users

Chart of Accounts

Sales Tax Center

Products and Services

Beginning Balances and Historical Transactions

Online Training

QuickBooks® Online Training

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Section 2 – Let’s review default settings and all the areas that will help to create a more efficient company file.

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Section 2 Objectives

Upon completion of section 2 each participant will become familiar with the following objectives:

How to manage account and settings default preferences.

How to set up and manage users.

How to set up and utilize the Chart of Accounts and how it connects to all transactions.

How to use the Sales Tax Center and where to turn on the feature.

How to set up and maintain Products and Services.

How to address beginning balances and historical data when setting up a new company file.

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Let’s discuss the objectives for section 2:

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Company Set-up is Vital

An accurate QuickBooks configuration is essential to effectively using the accounting system. The initial set up will affect all future reports in QuickBooks. This is why we recommend you practice a company set-up from scratch.

QuickBooks is a very forgiving program. Most mistakes can be fixed as you have the ability to go back and make historical changes, however a correct setup will prevent the need in most cases.

Here are some questions for you to consider:

Do you need all historical transactions entered or can you use correct opening balances for all accounts to date and enter new transactions going forward?

Do you trust the accuracy of all information you currently have in your QuickBooks® file?

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Ask for help if questions arise when setting up a company file for the first time. If you make errors and use QuickBooks® improperly for a whole year, considerable extra work (expense) would be required at year-end to determine how the company stands financially.

Carefully consider the questions on this slide, as the answers will significantly impact the setup process.

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Account and Settings

Use Account and Settings to turn on/off QuickBooks® Online features. Change default settings to create a more efficient and productive user experience.

Although it is simple to turn settings on and off, it is important to setup your company settings and data correctly. Seek help from Instructor if you find you are “guessing”.

Click the Gear icon to review, edit,

and turn on/off settings.

Click Account and Settings.

Click the Company tab in the left menu bar

then click the setting you choose to edit or

click the Pencil on the right side of the screen.

Company Name

Add a Customized logo, verify Company Name, add a Legal Name and EIN to match the information filed on the company tax return. Click Save anytime you change settings.

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Let’s begin with how to turn default settings on or off.

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Account and Settings

QuickBooks® Online Training

Company Type

Select your legal entity and industry type. Click Save.

Contact Info

Verify or edit Contact Info. Click Save.

Address

Verify or edit your company Address. Click Save.

Communications with Intuit

Click Marketing Preferences to add or remove promotional offers from Intuit.

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Add or change your company type, address and marketing preferences.

Your company type should match the type used to file state and federal tax returns.

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Account and Settings

Sales Settings

Click the Sales tab in the left menu bar.

Click the setting you choose to edit or

click the pencil on the right side of the screen.

Customize

Click Customize Look and Feel to customize Invoices, Estimates, and Sales Receipts.

Click New Style.

Select Style and choose the type of sales form you would like to customize. Select a template, add a title and logo, choose color scheme and preview the form.

Let’s choose Invoice for this example.

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Review the sales settings and customize sales forms. Let’s play around and create a custom Invoice.

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Account and Settings

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Select the Design tab to change invoice template, add a logo, modify color schemes, change font sizes or print a sample.

Select the Content tab then click on the Invoice Form to change the header, form name and numbers, displayed information, or add a customer field.

Select the Emails tab to change outgoing email subject and default message. Note: Do not overlook the Reminder Email feature.

Select the Payments tab to add ACH and Credit Card payment options to your sales forms. Note: This will require you to sign up for Intuit merchant services.

Click Preview PDF to review the sales form, or click Done.

Consistent branding is important for all companies. Play with the design tab to create an invoice template that contains company logo, tag lines, etc. consistent with company branding.

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Account and Settings

QuickBooks® Online Training

Sales Form Content

Click Sales Form Content to select and turn on/off settings for sales forms.

Preferred Invoice Terms sets the default payment date. "Net 30" means payment is due 30 days from the date used to create the invoice.

Preferred Delivery Method will allow you to set a preferred default to print or send sales forms at a later time.

Shipping adds shipping field to sales forms.

Custom Fields adds extra fields to sales forms, such as sales reps. Select Internal to show the custom field in QuickBooks® Online; select Public to print custom field on sales forms.

Note: When you turn on the Shipping feature, be sure to add the default shipping account category in the Advanced->Chart of Accounts Settings.

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Customize your sales form content and delivery method.

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Account and Settings

QuickBooks® Online Training

Custom Transaction Numbers allows you to choose your own numbering system.

Service Date creates a service date field. This tracks dates service was performed when different from invoice date.

Discount will add a discount field to invoices.

Deposit adds a deposit field to invoices and allows you to offset balance owed with amounts paid before service was completed.

Note: Once you turn on Discounts, you will need to add a discount account in the Advanced->Chart of Accounts Settings.

Click Products and Services to turn on/off desired settings.

Show Product/Service Column on sales forms adds a column so you can choose from the list of products or services.

Turn on Price Rules allows you to provide discounts for specific products to certain customers for a specified amount of time.

Show SKU Column allows you to track products and services by SKU number.

Track Quantity and Price/Rate adds a field to show quantity and pricing on sales forms.

Track Quantity on Hand allows the tracking of products you buy, store and sell.

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Let’s review the Product and Service settings.

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Account and Settings

Messages

Click Messages to add a default email message sent with Sales Forms, Invoices, Estimates, Credit Memos, Sales Receipts, Statements, and Refund Receipts.

Click Email Me a Copy to receive a copy of emailed sales forms. You can include a Cc or Bcc email as well.

Default Message Sent with Sales Forms can be changed when creating Estimates, Invoices and Other Sales Forms.

Note: Default email message sent with reminders is also available. Click Reminders to change the default subject and email message.

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Default email information for sales receipts and invoices can be an efficient way to deliver and speed up the process of collecting funds from your customers.

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Account and Settings

Online Delivery

Click Online Delivery to attach sales forms as a PDF, show summary or detail, and e-mail text preference.

Statements

Click Statements to change settings to display all your customers’ unpaid transactions by a single line item or include detail. Show aging table displays outstanding balances by days delinquent at the bottom of the statement. Send a courtesy statement when customers are no longer current. Click Save->Done in the bottom right corner.

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Advances in technology have streamlined invoice delivery. The invoicing system built into QuickBooks means less human involvement, a faster business cycle, and better cash flow. Electronically delivering invoices reduces mailing costs and decreases the time it takes to invoice a customer.

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Account and Settings

Expenses

Click the Expenses tab in the Account and Settings

menu bar then click the setting you choose to edit

or click the pencil on the right side of the screen.

Bills and Expenses

Click Bills and Expenses to turn on/off settings, add columns on forms and track expenses.

Show Items table on Expense and Purchase Forms adds products column to forms.

Track Expenses and Items by Customer adds a column to track transactions by customers.

Make Expenses and Items Billable adds a column to track expenses billable to the customer, as well as % of mark up.

Track Billable Expenses and Items as Income Use one or more income accounts to track billable expenses. Note: Go to Advanced > Chart of accounts > Billable expenses income account.

Charge Sales Tax requires sales tax to be turned on and tracks tax on billable expenses.

Default Bill Payment Terms is used to set default terms for bills such as Net 30.

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Expense settings are specific to tracking billable expenses, markup percentages and products/services by customer.

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Account and Settings

Purchase Orders

Click Purchase Orders to turn on/off Use Purchase Orders and create custom fields.

Purchase Orders are used to track product purchased from vendors. This is helpful when tracking open orders for Inventory and to compare costs to actual bills.

Custom fields add extra fields to purchase orders that allow you to track information using custom reports.

Custom Transaction Numbers allows you the option to use your own numbering system. If turned off, QuickBooks® Online will automatically assign a number.

Default Message on Purchase Orders adds a default message to all purchase orders. This can be changed when adding new purchase orders in QuickBooks® Online .

Copy Estimates to Purchase Orders provides the ability to copy an estimate to a purchase order to track product purchased from vendors. Note: Click Messages to change outgoing email messages specifically for Purchase Orders. Click Save->Done.

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Review the purchase order settings if you use them to track inventory or merchandise ordered from vendors.

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Account and Settings

Advanced

Accounting

Click Accounting to turn on/off and change settings.

First Month of Fiscal Year is usually based on the calendar year and starts with January. Some companies use a different month to start their fiscal year.

First Month of Income Tax Year click the drop down arrow to select January or same as fiscal year.

Accounting Method

There are two Accounting Methods for running reports: Accrual and Cash.

If you use Accounts Receivable and/or Accounts Payable in QuickBooks® Online , then you would choose the Accrual Basis. If not, then use the Cash Basis.

Close the Books is a great feature that allows you to close a period and assign a password. Turning on this setting triggers a warning box that prevents users from changing historical data, especially when sales, payroll and tax returns have been filed.

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Click Advanced in the Account and Settings menu bar then click the setting you choose to edit or click the pencil on the right side of the screen.

Choose a default accounting method and state why it is important to close the books. You can always switch between cash and accrual methods in your custom financial reports. What is the difference between the cash and accrual method?

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Account and Settings

Company Type

Tax Form

Click the Tax Form drop down list to select the entity used to file your company’s tax return. If unsure contact your Accountant.

Chart of Accounts

Click Chart of Accounts to turn on/off Account Numbers and assign default income accounts.

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Choose the tax form based on the type of forms the company will file with the IRS.

It is up to you whether to use account numbers in your chart of accounts. Accountants love financials with account numbers.

If you are tracking shipping costs, discounts and/or billable expenses, this is where to assign default accounts.

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Account and Settings

Categories: Classes and Locations

Classes allow you to tag transactions in order to gather data and review reports by a specific class or tag.

For example: ABC company is a non-profit and needs to track data by event or fundraiser. This will allow you to review a Profit & Loss by class.

Click the appropriate box to turn on Track Classes. Once the track classes is turned on click “warn me when a transaction isn’t assigned a class”. This will create an alert when the class entry is missed during the data entry process.

Assign Classes gives you the option to assign classes to a transaction or individual line items.

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Let’s discuss the benefits of class and location tracking and how to use these feature in QuickBooks®

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Account and Settings

Locations

Locations are used to tag transactions and gather data for a specific Location, Department, Property etc. For example: Rags to Riches, LLC has multiple stores and would like to review a Profit & Loss for each store.

Automation

Click Automation to turn on/off settings for pre-filled forms, apply credits and more.

Pre-Fill Forms with Previously Entered Content fills form fields with memorized content from prior vendor, customer, and employee transactions.

Automatically Apply Credits posts outstanding credits to newly created invoices.

Automatically Invoice Unbilled Activity creates invoice for tagged transactions waiting to be billed to a customer. When the invoice is generated an alert is sent to the activities section of the Dashboard.

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Class tracking can be used in conjunction with locations.

Locations are similar to class tracking and used primarily for multiple locations and territories. Automation settings are recommended and can be very useful when used properly.

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Account and Settings

Copy Estimates to Invoices creates an invoice from an estimate. Select copy accepted estimates only or copy pending and accepted estimates.

Automatically Apply Bill Payments will apply bill payments to the oldest bill first.

Projects

Turning on Projects allows you to organize all job-related activity in one place. It allows you to review all Sales, Expenses, and Timesheets by project.

Note: The Projects setting is permanent. You will be able to turn it on and off in the future.

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Projects is a new feature as of December 2017. It allows you to review all Sales, Expenses, and Timesheets by project.

Be aware! This is a permanent setting and you will have the ability to turn it on and off in the future.

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Account and Settings

Time Tracking

Click Time Tracking to turn on/off and edit settings.

Add Service Field to Timesheets is a field used to enter specific services performed.

Add Customer Field to Timesheets is a field that tracks billable time by customer.

Show Billing Rate to Users Entering Time is used when you bill your customers at the same rate you pay your employees or subcontractors.

First Day of Work Week sets the starting day of a work week on timecard entry form.

Currency

Multicurrency lets you track transactions in foreign currencies. Use it only if you have bank accounts, customers, or vendors that don’t use your home currency. Select the default Home Currency. Warning! Once you select a Home Currency, you will not be able to change it.

Select Multicurrency

Note: Once you turn this feature on, you cannot turn it off or change your home currency.

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“Currency” allows for multicurrency tracking. This feature should be reviewed carefully as it cannot be turned off.

It is very important to choose the correct Home Currency when you turn it on.

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Account and Settings

Other Preferences

Click Other Preferences to turn on/off and edit settings that trigger warnings and formatting preferences.

Date Format is a preference with several options.

Number Format is a personal preference.

Customer Label reflects the type of customers you service or sell to. The label you choose will appear on the Navigation Menu Bar and transactions related to customers. Such as Invoices, Sales Orders, Credit Memos, etc.

Example: Non-Profits might choose Donors or Members, medical companies would select Patients and realtors with rentals would select Tenants.

Warn if duplicate check number is used populates a warning box when a duplicate check is entered.

Warn if duplicate bill number is used populates a warning box when a duplicate number is used.

Sign me out if inactive for a period of time. Choose between 1-3 hours. Click Save->Done.

QuickBooks® Online Training

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Other Preferences are a personal choice for time, date and number format as well as for reminders when entering a duplicate check or bill number. The customer label can be changed to represent your client base.

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The Big Picture of Why this Training is Important

The bookkeeping function is a critical component of a firm’s success.

The majority of businesses do not recognize the importance of good numbers or how to put them to work to improve company performance. Accurate, real-time financial data and the knowledge of how to put it to work for a company is a powerful component of business success.