As a small business owner, you’re probably familiar with QuickBooks Online, the intelligent accounting software designed to manage everything from tax filings to payroll. But if you’re just getting started with QuickBooks, or if you’ve recently transitioned from the QuickBooks desktop version, you might be seeking guidance on how to navigate this tool.
Fear not – this straightforward guide has got you covered. It offers all the support a new QuickBooks user requires. Eager to learn how QuickBooks Online functions? Let’s dive in with ten simple steps.
Welcome to the QuickBooks Online Dashboard
The initial stage in mastering QuickBooks Online for your business involves acquainting yourself with the dashboard.
Upon logging into your QuickBooks online account, the dashboard is the first thing you’ll encounter. It serves as your central navigation hub, giving you access to all essential features as a QuickBooks user. Take some time to explore various menus on the dashboard, familiarising yourself with the locations of different tools and functions.
Add your company information
After your first QuickBooks login, you should set up your company information and preferences. From your dashboard, click on the gear icon and select ‘account and settings’ then select the ‘company’ tab. From here, you can add information about your company like:
- Company name
- Company type
- Contact information
- Company logo
Pick your financial preferences
While you’re in the process of inputting your company’s information, you can also fine-tune your financial settings in this section of your QuickBooks Online account using the sales, expenses, and advanced tabs. Modify parameters such as your credit card payments, invoice automation, VAT details, and your company’s financial year-end date to ensure all the data is precise for your reports.
Import your business data
Automatically importing your business data to your QuickBooks Online application is a straightforward process, sparing you the need to begin from zero. It’s possible to import data like your bank transactions, Chart of Accounts, supplier bills, employees, budgets, and customer or vendor information.
QuickBooks Online provides a variety of methods for data importation, allowing you to select the one that best fits your business needs. Some of the different approaches you can employ include:
- MS Excel files
- CSV files
- Intuit Interchange Format (IIF) (that’s QuickBook’s proprietary text file)
- Web Connect file
Customize your Chart of Accounts
The Chart of Accounts refers to the variety of categories in QuickBooks that are used to classify monetary transactions for your company’s financial records. QuickBooks Online comes pre-set with five categories: income, expenses, assets, liabilities, and equity. Most business users keep these default settings in QuickBooks, but you might find it beneficial to tailor these categories according to your specific needs. You may want to rename these categories or even establish an additional category that does not fall under the existing five.
To achieve this, navigate to ‘Accounting’ on the dashboard, then click on ‘Chart of Accounts’. Click on ‘New’, then select ‘Expense’ or ‘Other Expense’ under ‘Account Type’. Next, choose a ‘Detail Type’ and input the name of your new expense category, adding a description for clarity.
Wondering how to export your Chart of Accounts in QuickBooks Online? On your Chart of Accounts screen, click the ‘Run Report’ button. You’ll see four options: print, email, export, and settings. Simply pick the appropriate one to export the data to an Excel spreadsheet or a PDF file.
Connect your bank and credit cards
Add more users
Set up payroll
Connect your apps
Eager to give QuickBooks Online a try? One of the most effective ways to become acquainted is by taking it for a test drive. Start here.
QuickBooks is user-friendly for beginners and perfect for small businesses looking to save time and money while managing their expenditures and revenue. Moreover, integrating it with Float guarantees your forecast remains current, providing a live snapshot of your cash flow situation.