Transcription

QuickBooksOnline TrainingStudent Guide toQuickBooks Online

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QuickBooks Online Client Training GuideTable of ContentsTable of ContentsAbout the Presenter . 4QuickBooks Online Test Drive . 5Introduction to QuickBooks Online . 6Product Overview. 6QuickBooks Online Subscription Levels . 7Navigating QuickBooks Online . 9Logging into QuickBooks Online . 9Setting up a New QuickBooks Online File . 9Gear Icon . 9Account and Settings (under Gear Icon) . 11Manage Users (Accessed via the Gear Icon under Your Company). 14Lists . 15Top Navigation Bar . 20Quick Create . 20Left Navigation Bar . 21Chart of Accounts . 37Products and Services . 42Suppliers and Expense / Purchase Transactions . 45Creating a Supplier in the Supplier Centre . 45Creating A Supplier “on the fly” in a Transaction . 46Creating Expense / Purchase Transactions . 48Paying bills . 53Purchase Orders . 54Recent Transactions . 58Time Tracking for Employees & Subcontractors. 59Customers and Sales Transactions . 61Student Guide to QuickBooks Online1

QuickBooks Online Client Training GuideTable of ContentsCreating Customers in the customer centre . 61Creating a Customer “on the fly” in a Transaction . 62Creating Sales Transactions . 65Invoices . 66Receive Payment . 68Sales Receipts . 70Credit Memos and Refund Receipts . 71Delayed Charges and Delayed Credits . 73Using the Drawer to Bring in Billable Time and Costs . 74Bank Deposits . 75Statements . 77Estimates . 78Payroll . 79Setting up and Running QuickBooks Online Payroll . 79Adding Employees After Setting up QuickBooks Online Payroll . 85Entering Previously Remitted Source Deductions . 92Running Payroll in QuickBooks Online Payroll . 95Payroll Reports . 99Bank and Credit Card Accounts . 100Bank Feeds . 100Working with the Data in the Bank Feeds . 104Troubleshooting Bank Feed Transactions . 110Bank Rules in Bank Feeds . 113Using Batch Actions in the Bank Feeds . 115Reconciling Bank, Credit Card and Other Accounts . 116Extra Information on Transactions . 122Attaching Documents . 122Search Box and Recent Transactions . 123Reports . 125Navigating the Report Centre . 126Favourites . 126Student Guide to QuickBooks Online2

QuickBooks Online Client Training GuideTable of ContentsBusiness Overview Reports . 127Other Report Sub-Groups . 128Who Owes You (Accounts Receivable Reports) . 129What You Owe (Accounts Payable Reports) . 129Customizing Reports – List, Summary, Detail, and Specialized Reports . 130Saving Customizations . 132Working with Report Groups . 132Printing, Emailing and Exporting Reports . 134Expanded Functionality in the Office and On the Go . 140QuickBooks Labs . 140Best Practices with Browsers. 140Support . 142Using the Help Function . 142QuickBooks Resources . 143Student Guide to QuickBooks Online3

QuickBooks Online Client Training GuideQuickBooks Online Test DriveAbout the PresenterJennette WiebePartner/Senior AccountantExperience & Accolades Certified QuickBooks Online expertCertified QuickBooks Desktop expert19 years in the accounting [email protected](204) 937-4500Student Guide to QuickBooks Online4

QuickBooks Online Client Training GuideQuickBooks Online Test DriveQuickBooks Online Test DriveMost of the screen shots included in this guide were taken using a sample company, AAA DemolitionCompany, which has the most up to date QuickBooks Online user interface as of the date of the writingof this guide.You may wish to practice these steps on your own. If you do, we recommend using the QuickBooksOnline Canadian “test drive” file. The test drive file uses another sample company called Long forSuccess — Event Planning. You can access it through the following link, which you should bookmarkfor future practice:https://qbo.intuit.com/redir/testdrive caYou don’t have to create an account or sign in to access the test drive file; just complete the securityvalidation to prove you’re not a robot (if prompted) and click Continue.This test drive file is designed for you to explore and try out new things without worrying that you willbreak something or make a mistake. It is not designed to retain any changes you make. Once youclose this QuickBooks Online test drive company, it is completely refreshed — so once you log out of it,the changes you have made to the file are erased.You may find that the test drive company’s QuickBooks Online user interface differs slightly from thescreen shots you see here, as the test drive company does not always have the most up-to-date userinterface.Student Guide to QuickBooks Online5

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineIntroduction to QuickBooks OnlinePRODUCT OVERVIEWQuickBooks Online (“QBO”) has many features and advantages that QuickBooks Desktop does notoffer. Once you make the change to QuickBooks Online, it is important to understand the featuresavailable in the cloud and the features that are based on your subscription level. Some advantages thatQuickBooks Online offers are: You can easily access data across multiple platforms (PC or Mac, mobile)is no need to transfer data files since everyone logs in to the same account to access Therelive data All data is hosted, backed up and secured by Intuit’s serverssupporting documents allows for greater collaboration and centralization Attachingof informationcan automatically create invoices and send them to clients, including delayed customer Youcharges for unbilled time and costs Logins, third-party activity, and list changes can be monitored using the Audit Logcan be emailed automatically to anyone (including those who are not using QuickBooks ReportsOnline) using a scheduled frequency You can further organize data with both Class and Location trackingand credit card transactions are automatically downloaded if you connect your bank or credit Bankcard account using online banking credentialsapps sync to QuickBooks Online behind the scenes (i.e., without you having to actually Third-partyopen QuickBooks Online) since the apps sync to Intuit’s always-accessible server Post to multiple Accounts Receivable and Accounts Payable lines in a single journal entryinventory using the first in first out (FIFO) method. The only desktop edition that offers FIFO Trackis QuickBooks Enterprise with Advanced InventoryOnline developers are always releasing new functionality within the software. This list QuickBooksof features will continue to grow!Student Guide to QuickBooks Online6

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineQUICKBOOKS ONLINE SUBSCRIPTION LEVELSQuickBooks Online is a great solution for many different types of businesses. Every company mustassess their needs to find a financial accounting solution appropriate for their business. Use theQuickBooks Online subscription matrix to understand the features included with each of the threeQuickBooks Online subscription ale/You can upgrade your QuickBooks Online subscription level at any time to accommodate changes inyour business.FEATUREEASYSTARTESSENTIALSPLUSTrack your income and expenses Send unlimited estimates and invoices on the go Download transactions from your bank and creditcard accounts Print cheques and record transactions Import data from Excel or QuickBooks Desktop Back up your data online automatically Same security and encryption as banks Access your data from a tablet or smartphone Invite up to two accounting professionals (or theirfirms) to access your data Integrate with available applications Set up invoices to automatically bill on a recurringscheduleStudent Guide to QuickBooks Online7

QuickBooks Online Client Training GuideFEATURENavigating QuickBooks OnlineEASYSTARTESSENTIALSPLUSManage and pay bills from suppliers Enter bills and schedule payments for later Control what your users can access Give employees and subcontractors limitedaccess to enter time worked Track billable hours by customer Create and send purchase orders Track inventory Create budgets to estimate future income andexpenses Categorize your income and expenses using classtracking Track sales and profitability for each of yourlocations or divisions Number of users who can access QuickBooksOnline (in addition to the Accountant users)Number of built-in business reports13520 40 65 Pay employees and file source deductionsPayroll: additional monthly feeAccept online and mobile paymentsQuickBooks Online Payments: pay per useStudent Guide to QuickBooks Online8

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineNavigating QuickBooks OnlineLOGGING INTO QUICKBOOKS ONLINETo access QuickBooks Online (i.e., a real company file, and not the “test drive” file), go to qbo.ca click onSign in, and then enter your Intuit user ID and password. This applies only if you already have an existingIntuit user ID; if you are new to QuickBooks Online, at the bottom of the page, click on Create anaccount. For easy access, bookmark the login page on your browser. We recommend using GoogleChrome when using QuickBooks Online, but you can use other browsers to access it as well.SETTING UP A NEW QUICKBOOKS ONLINE FILEWhen you first set up your QuickBooks Online file, you’ll have the option to use the Setup Wizard (gothis route if you are starting a brand-new company file from scratch), or you can opt to import anexisting QuickBooks Desktop file. If you are going to be importing an existing QuickBooks Desktop fileas your starting point, we highly recommend contacting a ProAdvisor to do this for you.GEAR ICONThe Gear icon, located in the upper right-hand corner of QuickBooks Online, contains four sections, allof which help you manage your QuickBooks Online file: Your Company Lists Tools Your ProfileHOME PAGE AND GEAR ICONStudent Guide to QuickBooks Online9

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineThe Your Company section contains: Account and Settings Manage Users Custom Form Styles Chart of Accounts (we’ll address this section later in this guide) Payroll Settings QuickBooks Labs (we’ll address this section later in this guide)Student Guide to QuickBooks Online10

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineACCOUNT AND SETTINGS (UNDER GEAR ICON)When you click on the Account and Settings option, you’ll be taken to a screen that contains sixsections:ACCOUNT AND SETTINGS– You can customize your QuickBooks Online file with key information, like your Companycompany name, logo, address, email address, website, phone number, and CRA BusinessNumber.& Subscription – Information about the QuickBooks Online company, including its unique BillingCompany ID, the QBO subscription plan and details, the payment method, and information aboutthe payroll plan, if any.– You can manage how sales transactions are displayed on sales forms, customize online Salesdelivery of sales forms, and customize the look and feel of sales forms In the Customize subsection of Sales, click on the button called Customize look and feel. Inthe Custom Form Styles window that appears, click on New style in the top right corner. Then,choose whether you’re creating a new style of Invoice, Estimate, or Sales Receipt form. Onceyou choose to create a new form, you’ll see several areas you can customize: Design – Pick your design and add your logo here. You can choose your font and you canchange the colour of the shading, margins, and the size and placement of your logo Content – Edit various text sections of your forms and add fields such as terms, due date,shipping information and payment method, to the header, footer and activity table. You canchange the order and width of columns, billable time, and insert pre-defined, custom textYou can edit the Sales form content to define the default information that will appear onyour sales formsStudent Guide to QuickBooks Online11

QuickBooks Online Client Training Guide Preferred invoice terms and delivery method Add service date fieldNavigating QuickBooks OnlineTurn on shipping fieldsSet up custom fields (up to 3)Custom transactions numbers (that you can see and edit rather than let QuickBooksOnline assign them for you behind the scenes on sales forms and you cannot see oredit them on those forms)Turn on Discount & Deposit fieldsEmails – Lets you choose the standard email subject lines and messages that accompanyInvoices, Estimates, and Sales Receipts (they can all have different subject lines andmessages), and a reminder email can be separately set up for outstanding InvoicesPayments – This is not a functioning tab in the test drive company; however, if you set upQuickBooks Payments to allow customers to pay you directly online by credit card, in anactual company, here you would see that QuickBooks Payments is activated The Products and services subsection activates the quantity and price fields on the sales form.This is also where the inventory feature is turned on in QuickBooks Online by selecting Trackinventory quantity on hand. The inventory feature is available only in QuickBooks Online Plus,and it is FIFO inventory costing (as opposed to Average Cost or LIFO). In the Messages, Reminders, Online delivery, and Statements subsections, you can modify themessages that appear with and on sent sales forms, change the email options, and enable anaging table on the bottom of your customer statements Expenses – You can change how QuickBooks Online manages your expenses. Settings include: Show Items table on expense and purchase forms Track expenses and items by customer Make expenses and items billable (QBO Plus only) Default bill payment terms Use purchase orders (QBO Plus only) Default email message sent with purchase orders (QBO Plus only)– This section is for setting up QuickBooks Payments for a company. QuickBooks PaymentsPayments allows the company to accept credit card payments through QuickBooks and emailedinvoices. It automatically updates QuickBooks when you’ve been paid. The pricing is simple andclear.Student Guide to QuickBooks Online12

QuickBooks Online Client Training GuideNavigating QuickBooks Online– Includes various accounting, automation, and time-tracking settings along with Advancedfeatures that can enhance your internal controls. Settings include: First month of fiscal and income tax year Accounting method Close the books and set a password Default tax rate selection Company type / tax form Enable account numbers for the Chart of Accounts How QuickBooks Online handles discounts, markups, and billable expenses Track classes Track locations Automation features such as Pre-fill forms with previously entered contentAutomatically apply creditsAutomatically invoice unbilled activityCopy estimates to invoicesAutomatically apply bill payments Projects Time tracking Language Currency Date and number formats Warn if duplicate cheque number is used Warn if duplicate bill number is used Duration of inactivity before the user is automatically logged out of QuickBooks OnlineStudent Guide to QuickBooks Online13

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineMANAGE USERS (ACCESSED VIA THE GEAR ICON UNDER YOUR COMPANY)To set up users in QuickBooks Online, click on the Gear icon and find Manage Users under the YourCompany column.MANAGE USERSTo add a user, click the blue New button. You must allow pop ups in your browser in order to add anew user. QuickBooks Online requires that pop-up blockers be disabled for the QuickBooks Onlinewebsite, because many of the tasks in QBO are performed in pop-up windows.Once the New User window appears, choose the type of user you would like to add. You can choosefrom the following types: Regular or custom user – You control which areas the user can access You can choose from all, none, or limited access to Customers and Sales, and/orSuppliers and Purchases You can choose the user’s administrative rights. You can give them user management rights,the ability to view or edit company information, and choose whether they have access to yoursubscription and billing info.administrator – Access to all areas of the program, including settings and full access Companyrights to all other services to which the QuickBooks Online company subscribes, such as Payrolland QuickBooks Online Paymentsonly user – This user logs into a special version of QuickBooks Online that gives them Reportsaccess to almost all reports, except payroll and list reports that include contact information. Youcan have unlimited “Reports only” users with your QuickBooks Online Plus subscription. This usertype is available only in QuickBooks Online Plus.Student Guide to QuickBooks Online14

QuickBooks Online Client Training GuideNavigating QuickBooks Onlinetracking only user – The user logs into a special version of QuickBooks Online that only Timehas time sheets. The user can fill out and change their own time sheets, but does not have accessto other users’ timesheets. You can have unlimited “Time tracking only” users with yourQuickBooks Online Essentials or Plus subscription. This user type is available only in QuickBooksOnline Essentials or Plus.Once you have followed the steps to set up the type of user you want, you invite the user by enteringtheir email address and name. Once users are added, they will receive an invitation email withinstructions to create a new user account and log in.If a user ever forgets their user ID or password, direct them to qbo.ca, and tell them to click on the linkSign in, and then click on I forgot my user ID or Password and follow the prompts.Back in the Manage Users window, to add your accountant as an Accountant user for your QuickBooksOnline company, use the green Invite Accountant button located in the Accounting Firms portion ofthe Manage Users screen. Follow the prompts to send an invitation to your accountant. You can add upto two Accountant (i.e. accounting or bookkeeping firms) users. (You do not see the green InviteAccountant button in the screen capture above; as there are already two accounting firms that haveaccepted the Accountant invitations. One would have to be deleted for the green button to appear.)LISTSThe foundation of QuickBooks Online is the lists that the program uses to store information about theaccounts, customers, suppliers, employees and products and services used by your company. Whenthese lists are set up and coded properly, the program is easy to use and provides accurate financialinformation to the user.The following lists are accessible under the Gear icon by clicking on All Lists in the Lists section (somelists may not be visible, depending on the subscription level being used and the settings of thecompany chosen): Chart of Accounts Recurring Transactions Products and Services Product Categories Custom Form Styles Payment Methods Terms ClassesStudent Guide to QuickBooks Online15

QuickBooks Online Client Training GuideNavigating QuickBooks Online Locations Attachments CurrenciesLISTS (UNDER GEAR ICON)The Customer, Supplier and Employee Centres (and therefore, their lists) can be found by clicking onthe Sales, Expenses, and Employees tabs respectively on the Left Navigation Bar. Below is anexample of accessing the Customer list by first clicking on Sales in the Left Navigation Bar and thenclicking on the Customers tab. Similarly, you would click on Expenses in the Left Navigation Bar, andthen click on Suppliers to access the Supplier list. With Employees, you can click on Employees andthen choose to click on set up payroll or add an employee without setting up payroll.Student Guide to QuickBooks Online16

QuickBooks Online Client Training GuideNavigating QuickBooks OnlineCLICK ON SALES AND THEN THE CUSTOMERS TAB TO ACCESS THE CUSTOMER CENTREFrom each centre (Customer, Supplier, or Employee), you can add, edit, or delete list items. You canalso have sub-customers in the Customer Centre. For example, if you have a customer with multiplelocations, you can have a parent customer — perhaps the corporate office, and sub-customers for eachlocation to which you sell. You can choose whether to bill the sub-customer’s transactions to the parentor the sub.By the

QuickBooks Online Client Training Guide QuickBooks Online Test Drive Student Guide to QuickBooks Online 5 QuickBooks Online Test Drive Most of the screen shots included in this guide were taken using a sample company, AAA Demolition Company, which has the most up to date QuickBooks Online us