Edited Module 1 for PAP Cert



QuickBooks Online 2013 Student GuideCourse 3:Setting Up QuickBooks Online3733800-852170Copyright? 2013 Intuit Inc. All rights reserved.????????????????????????????????????????????????????????????? Trademarks?2013 Intuit Inc. All rights reserved. Intuit, the Intuit logo, and QuickBooks, among others, are registered trademarks of Intuit Inc. Other parties’ marks are the property of their respective owners.Notice to ReadersThe publications distributed by Intuit Inc. are intended to assist accounting professionals in their practices by providing current and accurate information. However, no assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a client’s particular situation. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not render any accounting, legal, or other professional advice nor does it have any responsibility for updating or revising any information presented herein. Intuit Inc. cannot warrant that the material contained herein will continue to be accurate or that it is completely free of errors when published. Readers should verify statements before relying on them.Table of Contents TOC \o "1-3" \h \z \u About the Author PAGEREF _Toc340165189 \h 5Course Overview PAGEREF _Toc340165190 \h 6Course Opening PAGEREF _Toc340165191 \h 6Objectives PAGEREF _Toc340165192 \h 6Training at a Glance PAGEREF _Toc340165193 \h 7QBO Plus Test Drive PAGEREF _Toc340165194 \h 8Lesson 1: Setting Up a New Company in QBO PAGEREF _Toc340165195 \h 9Set Up Interviews PAGEREF _Toc340165196 \h 10Lesson 2: Import Data PAGEREF _Toc340165197 \h 11Import QuickBooks Desktop Data PAGEREF _Toc340165198 \h 11Importing Data from CSV or Excel PAGEREF _Toc340165199 \h 13Lesson 3: Preferences PAGEREF _Toc340165200 \h 14Company Contact Info PAGEREF _Toc340165201 \h 14Company PAGEREF _Toc340165202 \h 15Categories PAGEREF _Toc340165203 \h 16Product and Services PAGEREF _Toc340165204 \h 17Sales Form Entry PAGEREF _Toc340165205 \h 19Form Delivery PAGEREF _Toc340165206 \h 22Invoice and Payment Automation PAGEREF _Toc340165207 \h 23Vendors & Purchases PAGEREF _Toc340165208 \h 24Time Tracking PAGEREF _Toc340165209 \h 24Payroll PAGEREF _Toc340165210 \h 26Reports PAGEREF _Toc340165211 \h 26Lesson 4: Lists PAGEREF _Toc340165212 \h 27Lists PAGEREF _Toc340165213 \h 27Users PAGEREF _Toc340165214 \h 28Adding a User PAGEREF _Toc340165215 \h 28Unlimited Time Tracking PAGEREF _Toc340165216 \h 29Unlimited Reports only users PAGEREF _Toc340165217 \h 30Chart of Accounts PAGEREF _Toc340165218 \h 30Add / Edit / Delete PAGEREF _Toc340165219 \h 31Merge Accounts PAGEREF _Toc340165220 \h 33Register / Report PAGEREF _Toc340165221 \h 33Assign Account Numbers PAGEREF _Toc340165222 \h 34Lesson 5: Advanced Preferences PAGEREF _Toc340165223 \h 35Accept Credit Cards PAGEREF _Toc340165224 \h 35Accept Online Payments PAGEREF _Toc340165225 \h 35Text Messaging Notifications PAGEREF _Toc340165226 \h 36Changing Mobile Settings PAGEREF _Toc340165227 \h 37Push?Notifications PAGEREF _Toc340165228 \h 37Downloaded Transactions PAGEREF _Toc340165229 \h 38Add Bank Account PAGEREF _Toc340165230 \h 38Unaccepted Transactions PAGEREF _Toc340165231 \h 40Accepted Transactions PAGEREF _Toc340165232 \h 42Match to Existing Transaction PAGEREF _Toc340165233 \h 42Find Matching Transactions PAGEREF _Toc340165234 \h 42Assign Categories PAGEREF _Toc340165235 \h 43Course Conclusion PAGEREF _Toc340165236 \h 44About the AuthorLaura RedmondRedmond Accounting Inc.Laura is founder of Redmond Accounting Inc based in Menlo Park, CA deep in the country's tech-capital Silicon Valley. ?The firm provides web-based accounting solutions and controller services that are collaborative and mobile in nature to give growing companies the freedom to access their business intelligence from anywhere.?As a former Financial Controller and IT Manager, Laura's strength lies in creating efficient, feature-rich accounting processes harnessing today's technology. ?Laura and staff are Certified QuickBooks ProAdvisors. ?The firm uses QuickBooks Online as the central component to their client solutions, adding a mix of appropriate Apps from the Intuit Marketplace to provide clients with time & cost saving methods for running their businesses. ?Laura's twenty years of accounting experience include multi-department management, strong organizational methods and system administration. ?The development of a proprietary workflow practice manager and commitment to true SaaS based solutions adds to the firm's success. ?Laura is certified by the AIPB and an Advanced Certified Method application developer. ?Course OverviewCourse OpeningFrom the recorded session earlier, you learned about special considerations for the ProAdvisor, as well as how to prepare and import a QuickBooks Desktop company file into QuickBooks Online. You also viewed a demonstration when starting a new company file without importing data. In addition, you learned about QuickBooks Online Preference options and setting up online connections for bank account and credit card payments. This Set of lessons will guide you through activities and additional information to use QuickBooks Online.ObjectivesIn this module, you will complete the following hands-on activities:Prepare a QB desktop data file for conversion to QuickBooks OnlineUtilize the QuickBooks Online Import Process to upload a company file to QuickBooks OnlineUpdate and set PreferencesMerge accounts and manage UsersWork within the Chart of Accounts Training at a GlanceUse this as a guide to selecting specific training you want to cover.LessonsTopicsDescription Setting Up a New Companyquickbooksonline.Starting fresh with a new QuickBooks Online Company Import DataImport QuickBooks Desktop dataImport Data from CSV or ExcelThis lesson will guide you through the steps to import your QB Desktop company file or lists from a CSV or Excel file. PreferencesCompany Contact InfoCompanyCategoriesProducts and ServicesSales Form EntryForm DeliveryInvoice Payment AutomationVendors & PurchasesPayrollReportsHere you will explore basic QuickBooks Online settings. You will locate the various preferences that control much of the functionality of your QuickBooks Online account. ListListUsers Chart of AccountsThis section covers List functions, Users and Chart of Accounts. Advanced Set Up Accept Credit CardsAccept Online Payments Downloaded TransactionsHere you will explore more advanced QuickBooks Online settings. You will locate the various preferences that control more complex functionality of your QuickBooks Online account. Setting Up the Banking Download of transactions is also covered in his lesson.QBO Plus Test DriveLessons in the Activities Handbooks include hands-on exercises in a QuickBooks Online Plus “test drive”. The test drive uses a sample company file called Craig’s Design & Landscaping Services. It can be accessed through the following link: don’t have to create an account or sign in; just complete the security validation and click Continue. This test drive is designed for you to explore and try out new things without worrying that you will break something or make a mistake. It is not designed to retain any changes you make. Once you close the QBO Plus test drive, it is completely refreshed, so please remember to allow sufficient time to complete each activity. But don’t worry if you have to close the test drive before you are finished! You can always begin again. Note: The test drive uses the QuickBooks Online Plus plan. It contains some features that are not available in QuickBooks Online Simple Start or Essentials. In addition, some features, such as the Apps Center tab and in-product Help are not enabled at this time. However, this is subject to change.Lesson 1: Setting Up a New Company in QBO Starting a QuickBooks Online company is very easy. Here are the steps:Go to quickbooksonline. .Select the QuickBooks Online plan that is right for you. This will take you to a Sign In screen.No credit card is necessary if you want to try it for free for 30 days. If you already have an Intuit user ID, click the link to log in. One user can have access to multiple QuickBooks Online company accounts. Otherwise, create an Intuit user ID by entering your name, email address, user ID and password. Remember your log in information for later use.Click Get Started and your new QuickBooks Online company account is generated.In rare instances, you may be creating a new QuickBooks Online account for a brand new company and not have any data to import. For help getting started, you can use the resources on the Welcome to QuickBooks Online Plus page. From the Home page click the Getting Started link. Review this information to get familiar with QuickBooks Online functionality. Set Up InterviewsQuickBooks Online includes short interviews the first time you enter some forms. The interviews set preferences related to the form.If want to change any preferences after you’ve completed the set up interviews, you can do so from Company>Preferences.You can start individual interviews from each of the set up tasks sections on the following overview tabs:Customers Vendors?BankingLesson 2: Import DataImport QuickBooks Desktop DataNote: Not all data is the same between QuickBooks Desktop and QuickBooks Online. For more information on limitations and how your data is changed when you import, see the following Help article: these additional items in mind before you import from a QuickBooks Desktop Data file:You can import QuickBooks desktop data as many times as you need to within the first 60 days; it will overwrite any existing data you have. This means that you can have parallel systems until you’re ready to make the switch permanently to QuickBooks Online.You must use a supported version of Internet Explorer to import your QuickBooks desktop dataYou can import data from these QuickBooks Desktop products: Basic, Simple Start, Pro, Premier, and Enterprise Solutions (version 1999 or later)You can import data into these QuickBooks Online products: Essentials and PlusSince you cannot import data back and forth between QuickBooks Online and QuickBooks Desktop, maintain your QuickBooks desktop product until you have committed to using QuickBooks OnlineAt the time this course is written, the QuickBooks desktop data file to be imported must be smaller than 200 MB. To view the size of your file, open the company file in QuickBooks Desktop and hold down the F2 key. If your file is larger than 200 MB, you can still import list information (like customers, vendors, accounts, and products/services).QuickBooks Online does not support multi-currency. A QuickBooks Desktop file with the multi-currency preference turned on cannot be imported into QuickBooks OnlineInternational versions of QuickBooks Desktop cannot be importedTo import QuickBooks for Mac, you must create a Windows backup file of your QuickBooks for Mac data first. For more information, see data does not import from QuickBooks Desktop. You will need to sign up for a payroll option in QuickBooks Online and complete the payroll setup interview.You can export your QuickBooks Online data back to QuickBooks Desktop, with limitations. You cannot export back to QuickBooks for Windows Simple Start. For more information, see the following Help article: Here is another great resource: Import QuickBooks Desktop Data:The first step to importing your QuickBooks Desktop data to QuickBooks Online is to prepare your QuickBooks Desktop company data file for conversion (QuickBooks 2006 or later). Open the QuickBooks Desktop company data file as the administrator user.In QuickBooks Desktop, select File > Utilities (or Maintenance) > Rebuild data. This will prompt you to create a backup before QuickBooks Desktop runs the Rebuild action.In QuickBooks Desktop, select File > Utilities (or Maintenance) > Verify Data. If you find errors with your QuickBooks data, you will want to get these corrected before uploading to QB Online.In QuickBooks Desktop, select File > Utilities (or Maintenance) > Copy Company File for QB Online. Save this conversion data file to a location on your computer where you can find it again to upload to QB Online. QuickBooks creates a file ending with OE.qbw.The next step is to import your QuickBooks Desktop data to QuickBooks Online. QuickBooks Online will lead you step-by-step through the import process. To start the interview in QuickBooks Online, select Company > Import QuickBooks Desktop Data. Follow the onscreen steps to make sure you are using the best version of QuickBooks Online for your needs, install the ActiveX control, choose the desktop file you want to import, and upload the file.Once complete, wait for confirmation that your QuickBooks Desktop file has been successfully imported. You will receive email notification within 24 hours (however, oftentimes the conversion is very quick and email confirmation is received almost immediately). You will want to verify that your data was imported correctly. To do this, create a Balance Sheet and Profit & Loss report in both QB Online and Desktop, and compare the two for any inconsistencies. Customize the date range to All Dates. Set the accounting method to Accrual.Importing Data from CSV or ExcelYou may have list data in a CSV or Excel file to add to lists in your QuickBooks Online account. You may import this data at any time. The Lists you may import include: Customers, Vendors, Chart of Accounts and Products & Services. (Note: This is the process as of 10/11/2012.)The first step is to prepare your file for importing:Download a sample file to use as a template. This will make sure you are using the proper field names. In QuickBooks Online, go to Company > More > Import Data. Find the type of list you are importing. Click more in the description line. In the Help pop-up window, review the restrictions and then click download a sample file.Enter or Copy/Paste your data into the columns beneath the header line in this downloaded file. Be sure to replace all the sample data and delete the information text Do not import. Data is for sample purposes only.Save your file.The next step is to import your data to QuickBooks Online:QuickBooks Online will lead you step-by-step through the import process. To start the interview in QuickBooks Online, select Company > Import Data. Select the type of data you are importing by clicking on Customers, Vendors, Chart of Accounts or Products and Services.Browse for your saved file and click Continue.Match your fields to QuickBooks Online fields. If you used the downloaded sample file, this should be mapped correctly.Confirm your data on screen and click to Import it.Lesson 3: PreferencesNote: The following lessons for preferences set up, and their associated exercises, will apply to most simple small businesses.These settings control much of the functionality in your QuickBooks Online account. They are the foundation for a successful and efficient QuickBooks Online experience! Let’s check out how to setup and modify your preferences. Navigate to Company > Preferences. You can also access this screen from Your Account > Company Preferences. Any changes to this screen must be saved by the Save button in the lower right corner of the screen. Jump between the various sections of Preferences using the left-pane menu:Company Contact InfoThe Company Contact link allows you to set preferences for the following:Company name (DBA and legal)Company address: This has options for different addresses for communication with customers or with the government.Email address: This is where QuickBooks Online can contact you and is the default email address to appear on customer invoices (unless specified otherwise).Website: This URL will display on invoices and other sales formsPhone number356870101600 Company You can update the following fields from the Company link:Employer Identification NumberFinancial reporting periodTax form to specify entity typeClosing the books – helps prevent changes to transactions dated prior to the closing date. You can set this to only warn or require password.Sign out after inactivity security settingAccount numbers for the chart of accountsYou can use any numbering scheme you want by assigning them in the Chart of AccountsIf you clear this setting, the numbers previously used will be preservedYou can select whether to show account numbers in the account dropdown menus on transaction screens and on reportsThe preference to show account numbers applies just to you, not to everyone using this companyEnable QuickFill Autosuggest to filter lists based on what you typeSpecify your terminology for Customers, i.e. Clients, Customers, Donors, Guests, Members, Patients, TenantsSet email alerts from your home page so you won’t have to log into QuickBooks Online to know about important events related to your company. You can specify which types of alerts you want emailed: things to do, messages, and critical alertsEnable AutoRecall to automatically fill in most of the rest of the transaction based on the customer, vendor or employee enteredActivity: Update the Terminology for ClientOpen the QBO Plus Test Drive if you haven’t already done so. the Company tab, click Preferences.Click the Company link in the left-hand menu and scroll to Client Terminology. Update the Terminology for Client field to Customers.CategoriesNote: Categories, Location Tracking, Classes, and Class Tracking are features that are only available in QuickBooks Online Plus. In the Categories section, you’ll find that QuickBooks Online offers two additional fields for categorizing transactions, in addition to the COA. These categories can be used separately or together.The first type is Location tracking and it can be renamed to a different terminology: Business, Department, Division, Property, Store or TerritoryYou can only assign a location to an entire transaction, not split one transaction between multiple locationsBy assigning a location to each transaction, you can later report on profitability by locationAssigning locations also lets you efficiently manage groups of transactions on certain screens by selecting to only show deposits or bills by a specified locationThe second type is Class tracking and is always called ClassYou set the preference whether QuickBooks Online will allow users to enter a different class for each detail line of a transaction or one class per transactionBy specifying the appropriate class on each detail line, you can run a Profit & Loss by Class report to for comparisonExamples of classes: departments, properties, sales reps, construction industry categories, product linesTo ensure that reports are more accurate, you can set a warning if a class is not specified in a transactionClick the Categories link and take a moment to review these options. Then complete the following activity.Add ClassesGo to Preferences and select Categories from the left-hand menu.Select Class Tracking. (This will change the terminology for the entire company).Under Lists, select Class List and add the following classes: sales, marketing, operations). Go to a transaction and use the dropdown menu to assign it to a new class.Product and ServicesThe Products and Services links contains the following options (take a moment to view these inside QuickBooks Online):Products and services for sales – Here you can select whether you will use Items for recording salesProducts and services for purchases – Here you can select whether you will use items for recording purchasesQuantity and Price – Use this option if you want to track the quantity or price of each product/service as you enter transactionsQuantity on Hand – Select this option if you want to track the quantity on hand of each product and its associated inventory costs to allow for inventory cost accounting.Set up Track Quantity on Hand (Inventory)In the Preferences menu, select Quantity on Hand. (Select this checkbox if you want to track the quantity on hand of each product and its associated inventory costs. Tracking quantity on hand enables inventory cost accounting).Click Save to continue.Under Customers select the Products and Services list.Double-click the inventory item titled Rocks and select the option to Track Quantity on Hand. Click Save.Enter the initial Quantity as 120.00 units.Set a Price/Rate at 1.50 and a Cost rate of .65.Click Save.Explore SOS Inventory in the Intuit App CenterQuickBooks Online is customizable. For more inventory tracking needs, go to the Intuit App Center at and locate SOS Inventory. (Or when you are in a real QuickBooks Online company, click the App Center tab.)Click the Learn more link to view a short video demonstration.Sales Form EntryThe following settings refer to the screens used for entering data related to sales. (For settings related to the forms sent to Customers, refer to the following section “Form Delivery.”)Custom fieldsCreate custom fields on sales forms to track additional information and report on this informationExamples of custom fields include Customer Number, PO number, Vehicle and ProjectYou can specify the order these fields show on your sales formYou can specify whether these fields are shown to your customerYou can add and filter by these fields on reportsCustom transaction numbers – Select this instead of the simple, automatically-assigned numbers. This feature allows you to modify estimate, invoice, sales receipt, credit memo, refund receipt, charge or credit numbers, and add letters. New numbers are still pre-filled sequentially by QuickBooks Online and QuickBooks Online helps prevent duplicate numbers. Tip: To set you own numbering scheme but not have it editable, turn on custom transaction numbers, create a transaction with a new starting number (i.e. AT101), and then turn off custom transaction numbersDelayed charges – You can enter charges/expenses and bill customers for those charges laterDeposits – Select this option if you allow customers to put down deposits. This places a Deposit field at the bottom of invoices so you can subtract the customer’s deposit from the total to automatically compute the balance due.Discounts – Select to apply a discount percentage or a flat discount amount to any estimate, invoice, sales receipt, and refund receipt or credit memo. When discounting sales taxable items, it is suggested that you use the same product / service item to record the discount per line item.Estimates This adds the Estimate screen to the Customers menuSet whether to include charges from accepted and/or pending estimates on an invoiceSet default message to customers on estimatesMessage to customers on invoices and other sales formsThis default message appears in the lower-left corner of invoices, sales receipts, and credit memosExamples include payment instructions, promotions, notifications and other company-wide messagesYou can always change the message in individual sales formsSales taxSelect this setting if you charge sales tax for any of your products or servicesWhen you select this setting, you will be given the opportunity to mark all Products / Services and Customers as taxable. If you do not, be sure to review both lists and mark individually as taxable as appropriate.Mark whether you want all new customers and products / services to be marked as taxable. You can always mark it as non-taxable later.Select the liability account to hold sales tax amounts that you collect from customersEnter the sales tax percentage that you want to apply to most transactions. Enter the total percentage that includes state and local taxes. When you change this tax rate, QuickBooks Online updates recurring transactions that use sales tax.QuickBooks Online applies the percentage to estimates, invoices, sales receipts, refund receipts, and credit memosQuickBooks Online calculates the sales tax amount. You can override the percentage or amount on individual transactions3rd party apps can be used for more advanced Sales Tax needs, including multi-rate and multi-jurisdiction reportingService Dates – This allows you to distinguish between the date a service was performed and the date of the sales form. The service date is not the transaction date posted to the general ledger, rather a descriptive, informational field. Service dates are added as a column to estimates, invoices, sales receipts, refund receipts, and credit memos and can be specified per each line item on the sales form.Shipping – You can track shipping details such as shipping destination, ship date, carrier name, tracking number, shipping charges. Specify the shipping account to record shipping charges.Terms – Here you can set the default invoice termsAutomatically apply credits – Turn on this preference if you want to automatically apply existing credits to the next invoice you create for the same customers. This setting will also link a received payment that you enter from the register to the oldest invoice for that customer. If you typically maintain deposits or credits for your customers, like a property owner with a security deposit, turn of this preference to prevent the security deposit from being applied to the next month’s rent.Set Up Sales TaxIn the Preferences menu, select Sales Form Entry > Sales Tax.Check the Sales tax preference box and check the Make all existing customers taxable preference. Click OK.Set up a 7.5% tax rate in the Price/Rate box.Go to the Products and Services list and select the Is taxable box for the following inventory items:RocksSodSoilSprinkler HeadsSprinkler PipesNote: In your updated Products and Services List these items are checked as taxable.Form DeliveryThese settings refer to the sales forms sent to Customers: Invoices, sales receipts, estimates, credit memos, refund receipts, and statements. For settings related to the screens that users enter data on to create sales forms, refer to the previous section Sales Form Entry.Customize forms – Click the Customize button to be taken to a different screen to set the preferences related to the look of your sales forms. Be sure to save your preferences first.Title and header informationForm type name: Here you can specify whether to call an estimate “Quote”, “Proposal” or “Estimate”Custom fields Account SummaryActivity table columns: Select which to show and what orderActivity table rows: Select how to group activity and whether to combine rowsFooterLayout – Upload a company logo, choose paper type, set page marginsStyle – Set the standard style, background image, and fine-tune the font, style, size and colorDelivery method default: Set the default to print, email or neither. You can change this on individual sales forms and you can change the default by customer.Email message – Customize the message and settings for emailed sales formsEmail sales forms as attachments – Set whether to email a PDF attachment of the invoice. A PDF attachment looks like the color printout. The plain text emailed sales form won’t show certain customization settings such as logo, styles and margin settings.HTML emails – Replaces the plain text version of invoice emails with a simpler, nicely formatted HTML versionStatementsMany of the preferences set above apply to statementsShow aging informationShow summary or details pertaining to each transactionAdd a LogoIn the Preferences menu, select Form Delivery > Customize Forms. Click the Customize button and under Layout click Logo and Return Address.Click the Choose File button to browse and select a personalized file.Then, Click the Finished button.Invoice and Payment AutomationYou can set up a rule that automatically creates invoices for all your customers who have unbilled activities. This applies to invoices only. You can set this feature to send you a reminder only, or to create invoices and tell you about it for you to send, or to create invoices and email them without notifying you. You can set this feature to send you a reminder only or to create invoices and tell you about it for you to send or print.You can accept credit card payments from your Customers by adding or linking your Intuit Merchant Services or GoPayment account to your QuickBooks Online account. This allows you to process credit card payments within QuickBooks Online. You can accept online payments from your Customers via the Intuit Payment Network by adding a payment link to your invoices.Set Up Invoice AutomationGo to the Invoice Automation preference to explore the four Automation methods.Select Remind me to create invoices.Vendors & PurchasesYou can manage bills to record on an accrual basis. This is a two-step process to enter bills and payments separately and it allows you to track and manage outstanding bills. You can still use Write Check, Credit Card Expense or Cash Expense screens on the Banking menu when appropriate.Expense and product/service tracking by customer: Select this feature if you want to place a Customer field where you enter the account or product/service category. Then you can view expenses by Customer.Use billable expenses and products/services: Here you can mark an expense as billable to that Customer. Those billable items then flow automatically onto the customer’s next invoice.Multiple split lines automatically displays multiple lines on forms such as checks. This is helpful if you often itemize a single transaction into multiple expense accounts.Duplicate check warning Duplicate bill warning TermsAutomatically apply bill paymentsPurchase Orders – This includes custom fieldsCustom transaction numbersMessage to vendors on purchase ordersTime TrackingQuickBooks Online Plus allows you to add Time Tracking Only users. This type of preference grants a user a “signs in” for a special version of QuickBooks Online that only has time sheets. If you have set rates and service descriptions on the Products and Services list, you can activate it using Services on the Time Sheet screen so that employees and contractors select the service from a dropdown menu when they enter time. This allows you to report on time logged and income earned for your service items.You can also set a preference to allow staff to mark time as Billable to customers, and whether or not you want the billing rate to show on staff’s time entry screen. To let someone fill out a time sheet, you must have access rights to edit user information.There are two ways you can let someone fill out a time sheet:Let this user fill out everyone's time sheets.Let the user only fill out the time sheet.After you let the user fill out a time sheet, and if you bill time to customers, you may want to set the hourly rate for that employee’s or vendor's time.And finally, you can set the first Day of your company’s work week. This affects how employees and contractors view the Weekly Time Sheets screen.PayrollFollow the link in the Payroll section to learn more about QuickBooks Online Payroll. Once activated, the Payroll section here on the Preferences tab, takes you directly to the Payroll Setup screen on the Employees tab where all global payroll settings are centralized. ReportsThe Reports link in the left-hand navigation bar allows you to set preferences for:Default accounting method for summary – cash or accrual basis. You can always change the reporting basis when running an individual report.Default display and print settings – turn on text wrapping in report columnsNumbers format – select how to show negative numbers and whether to show accounts with zero amountsLesson 4: ListsListsAnother important component of setting up QuickBooks Online is managing your lists. From the Company menu’s central Lists screen, review all lists to make sure they are appropriate for your Company. This includes:Users listCustomer, Vendor & Employee ListsClasses & Locations listsProducts & Services listsChart of AccountsUsersMultiple user access is available in QuickBooks Online Plus and Essentials. With QuickBooks Online Essentials, you can set up three additional people, including your accountant, as users so they can access your company data. With QuickBooks Online Plus you can set up five additional people, including your accountant. For an additional cost, you can add even more users. Anyone who needs access can do so from any location with an Internet connection.Adding a UserYou must be a Master Administrator or a Company Administrator to?add?a new user.Add a UserChoose?Company?>?Manage?Users.Click the?New?button at the bottom-right.Select which type of user you'd like them to be (Reports only) and click?Next.Enter the new user's e-mail?address?and?their name. Click?Next?and?then?Finish.Note: Reports and Time Tracking user types are only available in QuickBooks Online Plus.Unlimited Time TrackingTime?Tracking?allows you to easily track and bill customers for your?time. This feature is only available in our legacy QuickBooks Online Edition product and QuickBooks Online Plus. Based on the rates you specify, and whether or not the?time?is billable,?time?detail will automatically appear on customer invoices. The amount of detail included on the?invoice is up to you, including:Employee's nameNumber of hours billedHourly?rate chargedOn the invoice, you can choose to show the followingText from the Description field on the?time?sheetName of the standard service you are usingCustom text that you specify for?time?tracking?charges?(these options are set in Company Preferences, under Customize forms)?You have?an unlimited?number of users for?Time?Tracking, and it will not count toward the price of the subscription. See below for steps to turn on the?time?tracking?preference.Go to?Company?tab and click?Preferences.Use the left menu and click on?Time?Tracking.?Place a check on the?Use Services?box to turn it on.(Optional) Check the?Bill customers for?time--When checked, employees and contractors who fill out?time?sheets can specify if activities should be billed to a customer.(Optional) Check the?Show billing rate to employees and subcontractors.To select the first day of the work week,?use the dropdown and select the day to begin each work week. Setting the first day of your work week affects how employees and contractors view weekly time sheets.Click?Save.Once?time tracking is set up, access the time sheets by going to the?Employee Menu?and selecting?Single Activity?Time Sheet?or?Weekly?Time Sheet.Unlimited Reports only usersWhen Reports-Only?users?log into QuickBooks Online, they see only the?Report List?page. They can choose to run?any report listed, or customize the information on those reports. Reports on optional features (such as classes, inventory, and so on) are available to Reports-Only?users?if the company has these features enabled. These?users?will not see or have access to any other menus within QuickBooks Online. (The option of adding Reports-Only?users?is only available if you have a?legacy QuickBooks Online Edition subscription or?QuickBooks Online Plus.)Chart of AccountsYou can manage the list of General Ledger accounts from the Company tab. Action buttons are located along the bottom of the page. A checkbox at the top-left of the page sets your preference to show account numbers. Show Account Numbers in the COAGo to Preferences > Company > Account Numbers to select the option to Show Account numbers.View this checkbox in the Chart of Accounts.Add / Edit / DeleteThe New button guides you through adding an account by selecting the type of account and then the Detail Type. Descriptions will help you make the proper selection. Add a name, number and description. Check the subaccount box and select a parent account, if desired.The Edit button allows you to change the name, number, type, detail type, subaccount, parent account and descriptionThe Delete button will ask you for confirmation that you wish to delete an account. QuickBooks Online will not allow you to delete an account that is used by a recurring template or scheduled liability payment. When an account is deleted in QuickBooks Online, no transactions are deleted. The account is simply marked as inactive. If a report is run for a period when the deleted account has activity, the account will show on the report with “(deleted)" next to the account name.Delete and Re-activate an AccountSelect an account from the Chart of Accounts and click Delete. To view deleted accounts, click the Related Reports button in the upper right corner. Select Deleted accounts from the list that opens in a new window. To reinstate the account, click on it from the report. Uncheck the Deleted checkbox and click Save.Merge AccountsTo merge accounts locate two accounts that are the same type and detail type. Edit one and name it exactly the same as the other. This will move all transactions from the renamed account into the chosen account. The previous account will be deleted.Merge Two AccountsFrom the Chart of Accounts, locate the Office Expenses account and click the Edit button at the bottom of the page.Rename this account to Supplies and click Save. QuickBooks Online will ask you to confirm the merge. Click YES.Open the Supplies account to view the transactions that have been merged.Register / ReportThe Register button is available for asset, liability and equity accounts. The register shows all transactions for the selected account and allows you to enter transactions directly into the register.The Report button is available for all accounts. This report shows all transactions for the selected accountImport / PrintThe Import button takes you to the step-by-step guide to import data from a CSV or Excel file into the Chart of Accounts. The Print list button prints the Chart of Accounts in list form.Assign Account NumbersThe Assign Account Numbers button lets you add or edit the number and names of accounts. Save periodically to avoid losing your work. Account numbers allow you to organize and re-arrange accounts instead of the otherwise alphabetical layout on reports. Lesson 5: Advanced Preferences Note: The following lessons and exercises will apply to businesses with more complex needs. Accept Credit CardsAdd or link your Intuit Merchant Services or GoPayment account to your QuickBooks Online account. This allows you to process credit card payments within QuickBooks Online. From the Preferences menu click Accept Credit Cards > Learn More. Read more about this topic to review the pricing and determine if this is the right option for you.View Options for Accepting Credit CardsGo to Preferences > Accept Credit Cards to view options for accepting credit cards and online payments. Click the Learn More links to learn about Intuit Merchant Services for QuickBooks Online and for online invoice payments. Accept Online PaymentsIntuit Payment Network allows you to add a payment link to your invoices. Customers click a link on the invoice and payment comes directly from their bank account through the Intuit Payment Network to you. These transactions are automatically recorded in QuickBooks Online. Read more about this feature and determine if this is the right option for you. Payments are covered in more detail in a later course.Text Messaging NotificationsNow you can catch up on all your QuickBooks Online activities while on the run. All you need is an SMS-enabled mobile phone.To register for SMS Mobile Access:From the Company tab, select Text?Messaging?.Enter your mobile number.Click to select the terms of service checkbox.Click?Continue.Now you just need to reply to the?text?you'll get from QuickBooks Online; reply instructions will be in the?text?message. When your registration is successful, you'll receive another?text?message.Changing Mobile SettingsTo change your mobile settings and see the command list:Choose?Company >?Text?Messaging.From here you can enter your mobile number and click?Cancel SMS Access?to stop receiving?texts.After you've deactivated, you can re-activate on this or another mobile number by entering the number and sending the?text?invitation.Push?NotificationsYou can set up the following?text?message?notifications?to be pushed to your phone, and each can be requested to be sent daily, weekly, monthly, quarterly or yearly.Invoices?DueBills DueBank BalancesNote: You can only use one mobile number for each QuickBooks Online company. Similarly, you can't get alerts from multiple companies to one mobile number.Downloaded TransactionsThe Downloaded Transactions screen saves you time by eliminating lots of manual data entry. Connect your bank or credit card, and QuickBooks Online automatically downloads transactions so you can add them into your books. Navigate to Banking > Downloaded Transactions screen. Note: There is a 60 second YouTube video with tips for bringing your downloaded bank and credit card transactions into QuickBooks Online. To view this, go to and search QuickBooks Online Downloading Bank and Credit Card Transactions.Add Bank AccountAutomatically downloading your transactions saves you from a lot of manual data entry.Your?bank electronically stores information about the money going in and out of your account: Transactions dates, amounts, and the place where the transactions occur. You want that same information in QuickBooks Online because it's part of your business finances.You could enter that same data by typing it all in. Or, you can let QuickBooks Online get the information for you automatically every night. You choose whether to accept transactions or exclude them, and you can categorize them and assign them to customers or vendors. Superior encryption keeps your account and credentials safe. QuickBooks Online imports your data, but cannot access your money.Be sure to have your online banking user ID and password ready. To connect your?bank to QuickBooks Online:Choose?Banking > Downloaded Transactions.On the left under?Accounts, click?Add.QuickBooks Online will guide you step-by-step to identify your financial institution, sign-in and connect, match bank account to chart of accounts, and download up to 90 days of transactions. To edit or delete a connection, select the account and click the Edit button on the left-side menu.When you add your bank, you select your account and then can change the default 90 days of activity to lessen or add the amount of data. 21475701002828Unaccepted TransactionsThe Unaccepted Transactions tab shows the number of downloads that need your attention.Select a row in the list. If QuickBooks Online senses a transaction already entered in the register, it will suggest a transaction to Match. Click the Accept button on the row to match the download to the transaction. If the suggested Match is not correct, click the hyperlinked Find matching transactions. The Match Transactions pop-up screen will show a list of available transactions on the left. If any match your download, check the box next to it and then the Add button. This will move it to the right side. On the right side, click the X to remove any transactions that are not a match to the download. Save. Accept. If the download is not already entered in QuickBooks Online as a transaction, QuickBooks Online suggests that you Assign the download to a Customer / Vendor, Account, Class (optional) and Location (optional). Make any changes necessary and click the Accept button on the row to enter the transaction.On any row, click Details (along the bottom of the blue highlighted row) to add a memo.Speed things up by sorting your transactions by clicking on one of the column headers.Check the box on multiple downloads and click the Categorize button to assign all of them to one common account.Accept multiple rows to post them all at once.Accepted TransactionsThe Accepted Transactions show the bank download and the transaction it is matched to.Click the hyperlinked Assigned to data on any row to go to the transaction for the matched download.Check the box on a row and the Undo button to un-match the download from the transaction. If the download had been matched to a previously-recorded transaction, then the two will simply become un-matched again. If the download had been used to enter the transaction, then the transaction will be deleted.Match to Existing TransactionLet’s look at the options available on each line of unaccepted downloaded transactions. You can Assign a download to a category…or Match it to an existing transaction. There are 3 options for matching:If QuickBooks Online identifies a match, it appears in the row, and you just click the Accept button to match the download to the transactionIf QuickBooks Online finds multiple matches, several Possible Matches appear in the row, you can select the correct one from the dropdown list and then click AcceptIf QuickBooks Online doesn’t suggest a match, but you know you’ve entered a related transaction, click to change Assign to Match, and then click Find Matching TransactionsFind Matching TransactionsTo Find Matching Transactions adjust the date range on the Match Transactions pop-up screen to include the transaction. You will see a list of available transactions on the left, including open Invoices. Simply select one or more transactions by checking the box next to it and click the Add button to move it over to the selected matches on the right. You can even add an additional amount on the bottom of this pop-up screen, for example, to record fees or other adjustments.Assign CategoriesIf the downloaded transaction is not already entered, QuickBooks Online suggests that you Assign the download to a Customer / Vendor and an Account. If Class and Location Tracking are activated in Company Preferences, you will also see those fields available on each row to assign transactions. Make any changes necessary. You can even assign multiple categories to one downloaded amount by selecting split in the Account dropdown menu.Then click the Accept button on the row to enter the transaction.On any row, click Details (along the bottom of the blue highlighted row) to view more banking details or add a memo.Course ConclusionThis course covered the basics of Setting up QuickBooks Online. You explored the data conversion from QuickBooks desktop or CSV / Excel file to QuickBooks Online. You identified the functionality and importance of setting up Company Preferences. You learned how to set up and manage Downloaded Transactions and the Chart of Accounts. ................
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