QuickBooks Online Complete Tutorial

Introduction

This tutorial provides a comprehensive guide to using QuickBooks Online, based on a detailed video tutorial. By the end of this guide, you will have a solid understanding of the software's features and functionalities, allowing you to manage your finances effectively.

Step 1: Navigate The QuickBooks Online Interface

Familiarize yourself with the layout

• The Dashboard: Displays key financial information.
• Left Navigation Bar: Access different functions like Dashboard, Expenses, Sales, and Reports.
• Use the Search Bar for quick access to transactions and features.

Step 2: Adjust Company and Account Settings

• Go to the gear icon in the upper right corner to access settings.

Adjust Company Settings

• Update your company name, address, and business type.
• Set your fiscal year and tax settings.

Modify Account Settings

• Choose your currency and payment methods.
• Set up your accounting method (cash or accrual).

Step 3: Manage The Chart Of Accounts

• Access the Chart of Accounts from the Accounting section.
• Add or edit accounts to track your income, expenses, assets, liabilities, and equity.
• Organize accounts by category for better financial reporting.

Step 4: Manage Customer and Vendor Data

Add Customers

• Navigate to the Sales tab and click on Customers.
• Click “New Customer” to input details (name, contact info, etc.).

Add Vendors

• Go to the Expenses tab and select Vendors.
• Click “New Vendor” to enter information.

Step 5: Manage Products and Services

• Access the Products and Services list under the Sales tab.

Create new products or services

• Click “New” and fill in item details (name, description, price, etc.).
• Categorize items for better inventory management.

Step 6: Create Your First Transaction

To create an invoice

• Go to the Sales tab and click on Invoices.
• Click “New Invoice” and fill in necessary details (customer, products/services, amounts).
• Save and send the invoice directly through QuickBooks.

Step 7: Practice Entering Transactions

• Familiarize yourself with creating sample transactions to understand the workflow.
• Explore various transaction types, such as sales receipts and bills.

Step 8: Find and Fix Mistakes

• Use the Audit Log to track changes made in the software.

To delete a transaction

• Navigate to the transaction, click on the “More” button, and select “Delete.”

Step 9: Manage Invoice Payments

Record payments received

• Go to Sales and select Invoices.
• Choose the invoice, click “Receive Payment,” and fill out payment details.

Step 10: Enter Sales Receipts

Use sales receipts for immediate payment transactions

• Go to Sales, select Sales Receipts, and click “New Sales Receipt.”

Step 11: Customize Reports

• Access the Reports section from the left navigation bar.

Generate financial reports (Profit & Loss, Balance Sheet)

• Customize report parameters (date range, filters) to suit your needs.

Step 12: Understand Accounts Payable

Learn how to enter vendor bills

• Navigate to Expenses, select Vendors, and click “New Bill.”
• Pay bills through the Expenses tab, selecting the unpaid bills.

Step 13: Manage Your Expenses

Record checks and expenses

• Go to the Expenses tab and select “New Expense” for non-bill transactions.
• Track cash transactions and petty cash for small expenses.

Step 14: Handle Bank Deposits

• Record deposits by going to the Banking section and selecting “New Deposit.”
• Ensure all deposits are categorized correctly for accurate records.

Conclusion

By following these steps, you will have a foundational understanding of QuickBooks Online. Regular practice with these features will enhance your proficiency in managing your finances. For further exploration, consider utilizing QuickBooks’ reporting tools and engaging with community forums for additional support. Happy accounting!