A Beginners Guide to QuickBooks Online 2023: A Step-by-Step Guide and Quick Reference for Small Business Owners, Churches, & Nonprofits to Track their Finances and Master QuickBooks Online

By Michael D. Plott

Mastering the most widely used cloud bookkeeping and accounting software just became easier!
This book provides excellent and current information on QuickBooks Online, demonstrating how to use it to its fullest potential and take advantage of all of its features. This book offers the most recent information on the latest QuickBooks Online edition that you will not find elsewhere, making it a total resource for workers, churches, nonprofits, small business owners, managers and more. This guide will help you make smart business decisions, learn how to set up a new company from beginning, link bank accounts, prepare and send invoices, pay bills, process payroll, and build custom reports. You will develop the skills necessary to successfully navigate through each aspect of QuickBooks Online thanks to this step-by-step manual.
This comprehensive guide includes details on:

• A comprehensive Kickstart guide to get started with QuickBooks Online.
• Key distinctions between QuickBooks Online and QuickBooks Desktop, and reasons to choose one over the other.
• Creating a customized QuickBooks experience.
• Configuring your QuickBooks Online program, inputting company information, and linking your bank and credit card accounts.
• How to set up customer lists, vendor lists, product and service lists with helpful hints
• How to set up your chart of accounts and all you need to know about them
• Bills, including recording, maintaining, categorizing, and paying bills.
• Transactions, including finding, editing, and reviewing transactions using account registers and manually adding transactions to an account.
• All the information you need to know about billing.
• Creating personalized checks
• QuickBooks Payroll setup, employee setup, payroll processing, and much more!

Engaging with QuickBooks Online will indeed be significantly easier after reading this extensive guide. Consequently, this user-friendly accounting and bookkeeping technology, QuickBooks Online will make your job much simpler and less complicated.
Are you prepared to learn the most widely used accounting program on the planet? What are you waiting for?
Scroll up and click on "Buy now" to Become a QuickBooks Pro!
 

• Language: English
• Publisher: Richardson Dunne
• Release date: Dec 15, 2022
• ISBN: 9791222034898

Book preview

Chapter 1: Getting Started with QuickBooks Online

1.1 How Does QuickBooks Work and What Is It Used for?

The most widely used small business accounting program for keeping track of revenue, spending, and the financial health of a company is known as QuickBooks. It can be used to generate reports, pay bills, prepare taxes, and invoice clients. Everybody, from a freelancer to a mid-sized firm, can benefit from a number of the solutions in the QuickBooks product line.

Although QuickBooks has a number of alternatives, I advise QuickBooks Online for the majority of new businesses. With a 30-day, no-credit-card-needed trial, you may sample QuickBooks Online without paying anything.

1.2 The Advantages of QuickBooks for Small Businesses

QuickBooks is frequently used by small business owners to monitor their cash flow, handle their invoices, and manage their payments. Furthermore, they generate monthly and yearly financial statements and use them to prepare for annual or quarterly taxation. Business owners can choose to manage QuickBooks themselves or hire an internal or external accountant.

1.2.1 Tracking Mileage

Several owners/employees and self-employed people drive their personal cars to work. For 2021, this gives a substantial tax deduction of 56 cents for each mile. You should, however, maintain a record of the reason, mileage, and date of your travel in order to qualify for the deduction.

This is quite straightforward using QuickBooks Online. The QBO mobile application will automatically determine anytime you are in a moving car using the GPS in your smartphone. Afterwards, you can evaluate your travels and include a message describing every business trip's objective.

1.2.2 Scanning Receipts

Having the option of managing your receipts in QuickBooks is yet another vital step to making tax season a delight. No more scouring for missing receipts or physically trying to match receipts with recorded financial transactions; every QBO user may download the QuickBooks app for free on their smartphone, snap a photo of a receipt, and post it to QuickBooks Online in just a few minutes. Also, you can link a receipt to the appropriate financial transaction in QuickBooks. QBO permits you to upload an endless amount of receipts, and your data is stored in the cloud alongside the uploaded receipts. This is beneficial to organizations that take account of a number of expenses.

1.2.3 Online Payment Acceptance

By enabling clients to pay their invoices online, you might increase your cash flow. Payment can be made online by customers from the invoices sent via email by adding QuickBooks Payments (previously called Intuit Merchant Services). The transaction, cash deposit, and credit card fee are all immediately logged as they take place since it is fully linked within QuickBooks.

1.2.4 Tax Simplification

Managing tax preparation may be the most significant thing QuickBooks can do for your company. The chore of organizing your income and expenses is likely the most onerous part of filing a tax return. Printing your accounting records around tax time would be all that needs to be done if you utilize QuickBooks throughout the year. Even better, with QBO, you can give your tax professional unfettered access to your account so they can analyze your financials and print the records they want to file your return.

1.2.5 Inventory Tracking 

Your inventory's cost and quantity can be monitored in QuickBooks.

Your inventory's cost and quantity can be monitored in QuickBooks. QuickBooks will automatically assign a fraction of your inventory to the cost of goods sold (COGS) account, a type of expense account that lowers your income, whenever you sell inventory. This apportionment is essential for determining taxable income and is extremely time-consuming to execute manually. When inventory levels are low, QuickBooks can also remind you to order inventory automatically.

1.2.6 Man Hours Monitoring and Payroll Processing

You should really not try to process payroll manually in order to save money. Paycheck calculation errors can amount to severe consequences and disgruntled employees. The payroll feature in QuickBooks will automatically calculate and execute payroll as frequently as you