QuickBooks Online Basics Guide

[limo]

For most new business owners, the bookkeeping is a challenge. If you're going to be doing your books yourself, here's a quick guide to the basics:

SETUP:

1. Get a Subscription to QuickBooks Online (QB)
2. Update the Chart of Accounts
3. Connect Bank & Credit Cards to QB
4. Turn on QuickBooks Payments
5. Create Products & Services

SALES:

1. Create & Send an Estimate
2. Convert the Estimate into an Invoice & Send
3. Accept the Payment

> Paid by QuickBooks: Just match the deposit in the Banking area of QuickBooks (Bank feeds).

> Paid by Credit Card/ACH:

1. Go to the invoice in QuickBooks and process the payment. It can be keyed in or done using a card reader.
2. Match Deposit in Bank Feeds

> Paid by Cash/Check:

1. Receive Payment
2. Record Bank Deposit
3. Match Deposit in Bank Feeds

RECEIPTS (expenses you've already paid for):

1. Take a Picture Using the QB App
2. Create an Expense
3. Match the Expense in Bank Feeds

BILLS (expenses you need to pay in the future):

1. Take a Picture Using the QB App
2. Create a Bill
3. Pay the Bill
4. Match the Payment in Bank Feeds

PAYROLL:

I suggest using Gusto for payroll. Connect it with QuickBooks and you will only need to match the payments in the Bank Feeds.

MONTH-END CHECKLIST:

1. Reconcile Bank, Credit Card and Loan Account
2. Review A/R & Send Statements
3. Review P&L and Balance Sheet

PM me if you have any questions about any of the steps or bookkeeping in general. I'm working on building out a full website that will breakdown all of these process step by step. It's too long for a reddit post, so if you want to be notified when the site is ready I can add you to the list.

 

[sakranomoko]

@limo Nice concise guide. We recently got QB set up and it's been a bit hassle. Wish we had gotten it ready to go when we started the company!

 

[limo]

@sakranomoko Thanks, I really appreciate it! What type of business are you in?

 

[sakranomoko]

@limo We are a reporting agency for businesses to report to the credit bureaus.

 

[katxo]

@limo We use tsheets with gusto. Works great.

 

[limo]

@katxo I’m a huge fan of TSheets. It’s super easy to use, but incredibly feature rich.

 

[prosini]

@limo Love this and would love that website when you get it going

 

[limo]

@prosini Appreciate it! I'm hoping to have it up and running by September. What industry are you in? I'm hoping to tailor it to the nuances on each industry.

 

[prosini]

@limo HVAC & PLUMBING, mostly HVAC. September is when I'll actually have time (hopefully) to put this into action.

 

[limo]

@prosini Love it. Let me know if you have any problems implementing this. Once you get it going, it's not too hard to keep up with, but the setup can be a bit challenging.

 

[godleadus]

@limo Yes, very useful

 

[limo]

@godleadus Hey thank you. What type of business are you running?

 

[godleadus]

@limo Services, we install epoxy floors in the SF Bay Area

 

[limo]

@godleadus Cool, I'm trying to get back out to SF soon. That's a great business to be in. How's QuickBooks been going for you so far?

 

[limo]

Yeah, once you get your books caught up try to get in the habit of keeping it up to date. If you run into any issues, just hit me up and I’ll be able to point you in the right direction.

 

[chase200mph]

@limo Please add me to the list interested in the contents of your website