Module 1 : QuickBooks features,

create company, Dashboard

THREE PLANS

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SIMPLE START for self-employed

 Track invoices and expenses: See how your company is doing.

 Send custom invoices and quotes: to customers
 Connect your bank: live data of your transactions
 Track VAT: or GST or sales tax
 1 user + accountant

ESSENTIALS growing businesses

 All the features of simple start

 Insights & reports: profit and loss/ balance sheet.
 Share a summary of your finances with your accountant as well
 Manage employees: project tracking and time sheets management
 Multi-currency: sell to over 145 different currencies, currency exchange rates are updated
automatically. Work with customers in their home currency and then covert back automatically
 THREE USERS + ACCOUNTANT

PLUS VERSION established businesses

 Recurring transactions: automate some of the transactions, for example journal or invoices to
the customer
 Tracking Inventory: keep track of your products, the cost of goods sold, and get notified when
stocks are low.
 See what’s popular, create purchase orders and manage vendors
synchronize with Amazon, Etsy to have a seamless transition.
 Manage budgets: create a budget from scratch or from previous year
track and view budget progress in dollars and percentages.
 Run valuable budgeting reports
 5 users + accountant

USAGE LIMITS IN QUICKBOOKS ONLINE

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Chart of accounts is available in all versions and is limited to 250
reports only users is not available in simple and essentials

Time tracking only users are available to essentials and plus versions only

INFORMATION REQUIRED WHILE SETTING UP A NEW COMPANY

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OPTIONS AVAILABLE TO USERS IN QUICKBOOKS

DASHBOARD
shortcuts available such as

the left panel is related to transactions

the new button allows you to create new transactions

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INSIDE THE NEW BUTTON THERE ARE SEVERAL OPTIONS

UNDER THE CUSTOMERS SECTIONS

1. INVOICE: issued to customers whenever you make a sale to them

2. RECEIVE PAYMENT: when customers pay for their invoices
3.ESTIMATE/ QUOTATION
3. CREDIT NOTE: to reverse the invoice amount, you may need to adjust
4. SALES RECEIPT: also knowns as cash sales
5. REFUND RECIEPT: to refund the cash or payment to your customer

6. DELAYED CREDIT & DELAYED CHARGE: non posting transactions, it will be saved as a draft,
once confirmed you can confirm it to an invoice or credit note.

UNDER THE SUPPLIERS SECTION:

1. EXPENSE: you may create transactions, and affect in the payment as well
2. CHECK: The same as above.
3. BILL: credit supplier invoice. You record first and no payment is made
4. PAY BILLS: once the payment is made you can use the pay bills function to match with the
supplier invoice you may want to match the payment with
5. PURCHASE ORDER: whereby you want the order goods or services from a supplier, this
document will be needed to confirm what you require to purchase
6. SUPPLIER CREDIT: is an adjustment to the supplier’s bill or expense, where you can reverse or
make any amendments
7. CREDIT CARD CREDIT: adjustment to the credit card transactions only.

UNDER THE EMPLOYEE SECTION:

1. SINGLE TIME ACTIVITY: enter day by day activities that you have performed for the project or
for the customer.
2. WEEKLY TIMESHEETS: on a per week basis, enter in one go the no. of hours or transactions done
for the customer or the project.

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UNDER THE OTHERS SECTION:

1. BANK DEPOSIT: a collection that you receive from the bank.

2. TRANSFER: to transfer funds between cash and bank accounts
3. JOURNAL ENTRY: make amendments or adjustments to certain transactions or perform
depreciation
4. STATEMENT: document you need to create for customers which is for collection usually it is sent
on a monthly basis by email and there are three formats available by which you can choose.
5. INVENTORY QTY ADJUSTMENT: adjustment to the inventory due to consumption or after
performing stock count
6. PAY DOWN CREDIT CARD: to make payments to the credit card through bank account, usually
done on a monthly basis.

THE NAVIGATION PANE

DASHBOARD: contains shortcuts and business overviews (
from which you can track progress briefly for different
time periods)
BANKING: integrate with your bank for live feed or upload
a CSV file from Microsoft excel.
You can also set certain rules such as bank charges or
certain rules for transactions
SALES: choose to list from:
1. all sales
2. invoices: to check which of the sales are paid
3. customers
4. products and services: all available products and
services of the business

CASHFLOW: to see the movement of the cash

EXPENSES: see:

1. list of all expenses

2. Purchase order
3. List of suppliers created within the system
EMPLOYEES: view the time sheet or time entries
which can be converted into invoices whenever you
want
REPORTS: contains reports such as p/l p/l
comparison. Balance sheet, general
ledger,customer,supplier.
TAXES: goods and services sales tax, VAT/
ACCOUNTING: Contains chart of accounts with some
figures that are being balanced at the end of the day.

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RECONCILE: reconcile difference between bank or a cash book or reconcile petty cash.
APPS: list of apps that are integrated with quickbooks online, you can browse in terms of

category or quick on the popular apps.

You can create transactions from other the dashboard on the top right pane with a plus
icon.
You can use help for assistance and type for questions
Search button allows you to search for customers, invoices, suppliers and even commands
such as create invoice or transfer.
The gear icon allows you to change company related settings.

there are 4 groups available:

1. Your company:
accounts and settings: this is where you configure all the settings related to features
available in QuickBooks online.
Manage Users: give and provide access to number of users
Custom form styles: Design and customize invoice, sales receipt as well as estimates
Chart of accounts: view the list of accounts

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 QuickBooks labs: any new enhancement to the system are published here for trying out
for example QuickBooks themes.
2. Lists: several lists are available.
All lists: features classes, locations, chart of accounts, products and services, payment
methods terms, attachments, custom fields.
Products & services and recurring transactions.
Attachments
Custom fields
3. Tools:
Import data: such as bank data, customer, suppliers, chart of accounts, invoices,
supplier bills, products, and services.
Export Data: once you have all the transactions available you can export it to CSV file
format to save all the transactions.
You can also export lists such as customers, employees, and suppliers.
Reconcile: transactions between the bank statements and the cash books created
within the system.
Budgeting : Create a budget and run actual vs budget figures. To compare under or over
performance of the company.
you can also create budget by class or location. Examples of class: ( project or
department)
Audit Log: details the transaction performed by the system, it shows the detail and time
they were entered, and you can track any changes made to the system.
SmartLook: used to inquire and obtain information from the support team at intuit.
4. Profile:
Feedback: enter feedback to intuit for improvement
Privacy: privacy statement related to this software
Switch Company: if you more than one companies on the same address
5. Account: see which email you are using to login or sign out.
manage your intuit account: change password or email of the account

MODULE 2: QuickBooks Accounts and Settings

click on the gear icon in the top right and click on your company.
there are six groups available in the “your company” section.

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1. Company:

company name: edit using the pencil icon on the top right.
You can add company logo. It will show on the sales form and purchase orders
You can add more than one logo in the selection pane.
Company name will be shown on sales form and purchase orders.
Legal Name used on tax forms.
Business ID no.: provided by the govt for your company.

Company type:

Tax form: select the one applicable to your company. ( Sole proprietor, partnership,
company)
Industry: select the industry your business is operating in.

Contact info:
company email : where QuickBooks will be able to contact you.
Customer-facing email: where your customers can contact you, it also shows on sales
forms.

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 Company phone: shown on sales forms.
website: shown on sales form.

2. Address:
company address: address where company is based, used to calculate your applicable
taxes for QBO subscriptions. It’s also the default company address.
Customer Facing address: address where customers can contact you or send payments.
Shown on sales form.
Legal Address: used for filing taxes
Communication with intuit: privacy statement.
3. Billing and subscription:
Company ID is displayed here which is unique to you. And will be used by intuit support
team to provide you support. Your invoice will indicate company ID as well.
the plan you are currently subscribed to is shown here, you can downgrade or upgrade
it and see when it expires. You can subscribe if you’re still on trial.
4. Sales :

Customize: your invoice, estimate or sales receipt. It enables you to

add a new style and retain the ones you already created.

Sales form content:

Preferred invoice terms ( due date which you can set when
invoice is received) can be adjusted here
Preferred delivery method: the method through which you
want to send the sales form to the customer, you can
choose between due on delivery, print later & send later or
no action to be taken.
Shipping address: shipping address can be different from
billing address and can be changed if desired.
Custom Fields:
there are two ways to go to custom fields,
settings>list>custom fields
or
Settings>your company>sales
you are limited to 3 custom fields
you can create custom fields for sales form or for purchase
order. You can choose to print it on the form or not.
Custom Transaction numbers: running number on the
invoices, estimates, sales receipt, and it will be in
sequence, if you turn this function on you can edit the
numbers on the invoices and you may put a prefix in front
of the running number.
the default running number starts with 1001.
Service Date: suitable for businesses such as training or
service-based businesses who would like to record the date

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 they provided a certain service.
Discount & Deposit: to track how much money is being
paid.

Products and Services: show product/service column on the sales form: choose the
products or items that you have created.

Show SKU column: it’s for stock keeping Unit, a code for each of
the item that you’re selling and you’re able to show the code
for the item that you’re selling on the sales form

Track Quantity price/rate: track the number of items that you

have sold and the price or rate for each item.

Track Inventory Quantity on hand: turn on the inventory

module where you can track the inventory or stock balances at
the end of the day/week or month. Most companies are
required to turn on this setting.

Progress Invoicing: create one quotation or estimate and invoice customer based
on a certain percentage or value, very useful for project-based
businesses. Such as construction or IT project management .
Messages: default email messages send with the sales form
such sales receipt, invoice, or estimate. You can choose
standard message prepared by QuickBooks online or edit it on
your own.

Reminders: you can send reminders to your customers, it can be done

manually or automatically, if you have automated it, you can
send three reminders based on number of days before or after
the transaction.

Online Delivery: email options for all sales form where you can choose to show a
short summary inside the email body or a full detail inside the
email. You can also attach a PDF copy.

Additional options for invoices: attach a link to an online invoice

or plain text

Statements: all debtors or customer statements, you can choose to list each
transaction as a single line or include all transactions with detail
lines. We can also show the ageing table at the bottom of the
statement such as 30,60 or 90 days.

5. Expenses:

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 Bills and Expenses: show items and table on expense and purchase forms: you can
choose items in expenses in purchase forms, disabling it would
mean that you are limited to only selecting from the chart of
accounts instead of individual items.

Track Expenses and Items by customer: you can include a field

called customer whereby you can turn this feature into an
items or expense billable or use this to track the expenses tied
to a customer. You can also choose to markup this amount with
a certain %.

Track Billable expenses and items as income: (A billable

expense is an expense you incur on your customer's behalf
when you perform a work for them. You can easily record and
track billable expenses so your customer can reimburse them
when they receive their invoice.) you can choose to track them
as income whether in a single account or multiple account.

Default Bill payment Terms: choose when a receipt is due. ( Due

on receipt, 30,60, or 90 days)

Purchase Orders: you may want to turn it on because it is not turned on by

default. You can also turn on custom transaction number and
include a default message on purchase order from here.

Default Email Message: you can include a default email or edit and send. And CC/BCC to
yourself and others.

6. Time: a function where an employee or a contractor can enter the time they have
worked on a certain project.

General: The first day of the work week will be Sunday but you can change it to
whatever day you prefer.

Timesheet: show service field: enables the employee to select the type of service
that they have rendered for the business
Allow time to be billable: disable this function if you only want to track
the time span without turning it into an invoice.
show billing rate to users when they log into QBO. If you don’t users to
see the billing rate that you are charging to customers, then you will
have to turn off this function.

7. Advanced:
Accounting: determine the first month of the period.
First month of the tax year

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Accounting method: choose between cash and accrual
Close the books: lock the date and select the closing date. Once enabled, then you’ll
have to allow changes through warning or allow changes through password
Default tax rate selection: select between inclusive, exclusive, and out of scope of tax
rate.
Company type: determine which type of business; sole, small business, limited
liabilities, etc.
Chart of Accounts: edit and choose to enable the account numbers or enable them.
They are disabled by default.
Discount Account: Choose for the default account where entry will be posted
Billable expense account: choose the account where you would want to record
expenses incurred for a customer
Categories: choose the categories for segmental reporting.
it could be by project, by branch, by departments.
once track class is turned on you can opt to get a warning prompt when a transaction is
not assigned a class.
You can choose to assign classes to an entire transaction or in every single row of the
transaction
Once classes are assigned you can then run reports for example profit and loss by class
or sales by class.
Track Locations: only applicable to entire transaction .
Automation:
prefill forms with previously entered content: QBO will remember what you have
entered for a particular client or supplier.
Automatically invoice unbilled activity: An unbilled charge is activity you plan to invoice
to a customer but have not yet included on a saved invoice. Such as timesheets.
Automatically apply bill payments: If you set QuickBooks to automatically apply for
payments, your payments will be automatically posted to the oldest open invoice. Some
businesses may not want payments posted in this order.
Projects: organize all job-related activity in one place to view profit or loss from a
particular project. Once turned on there will be a specific section for projects.
Language: choose between different languages
Currency: first choose home currency.
then you can choose multi-currency for invoicing in different regions
 Other preferences: includes:
date format
 Number format
 Option to warn if duplicate cheque number is used.
 Warn when a bill number is already used for a supplier.
warn if general number is used.
 Sign out when inactive for 1,2 or 3 hours.

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Module 3 : Manage Users,
Multicurrency & Chart of Accounts
Manage users: you can grant access to anyone anywhere in the world if they have an internet
connection and a device to connect.
gear icon>your company>manage users

There are 4 types of users:

Standard User:

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There are three Access types

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Once the access type is determined you can choose from additional options

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Then you can proceed to enter the following information:

the user must accept the invite sent to them in order for the status to change from invited to active.

Multicurrency: issue an invoice in any currency that is listed. The exchange rates are obtained live from
the internet.

Gear icon>your company>Accounts & settings>Advanced>currency

There are some limitations when turning on multi-currency.

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Manage currencies: only available once multi-currency is turned on.

You can edit currency exhange rate to your own rate if you wish to do so.

Manage Chart of Accounts:

Navigation Pane>Accounting>Chart of Accounts

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New account options:

there are two ways to enter opening balance of an account, through the add new account method and
through general entries.

Account types:

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note : account receivable and account payables are control accounts through which you can generate
reports

you can only choose one type of account to create reports

you can use the gear icon on the top right to

filter out the columns and rows that are not
needed .

up to 300 rows can be included

the pencil function allows multi edit of the names of the chart
of Accounts

Detail Types: the description of the detail account selected will be displayed on the screen.

you can change name, account type, detail, description & parent account In the edit settings of an
account

The account currency can not be changed.

To enable account numbering on chart of accounts go to:

gear icon>your company>account and settings>advanced>chart

of accounts

you can make inactive an account but if it is balance sheet account the figures need to be zero before it
can be made inactive otherwise a general entry will be performed, and the figures will be transferred to
profit and loss.

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To merge an account with another account.
edit the account that you want to be merged and use the same name as the other one while unticking
“is this a subaccount” field.

The account that was merged will be deactivated and you can enable it by gear icon> other> include
inactive

Module 4 : Inventory Management

To turn on inventory go to
gear button on the top right>Accounts and settings>sales>products and services

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Sku coloumn are just numbering for the inventory that will be created and is optional to turn it on or
not

first go to

gear icon>lists>products and services

or navigation pane> sales > products and services

There are 4 types of inventories:

INVENTORY :Inventory costing in QBO is done using FIFO.

There is a trackable balance in this type of inventory

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Once the product is sold the inventory is automatically recorded in cost of sales.

The description for inventory is crucial as it is the one that will be displayed on the sales form.

New account can be selected or chosen to be used as an income account, make sure that the account
type is income, and the detail type is sales of product income.

To create a new inventory account, you must make sure that the account type is current asset

enter purchase information for

purchase orders.

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 The account type needs to be expense
and the detail type should be cost of
sales for an account that will be selected
for the inventory purchased

Non-Inventory: used for items that do

not need to be or can not be tracked

the rest of the information is same as the

inventory item.

The purchasing information will be

available only when you confirm that you
purchase it from a supplier.

Service

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Bundle: collection of items that you can sell together

How to Import Inventories into QBO:

gear box>tools>Import Data

Functions that can be Imported:

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Choose products and services.

You can download a sample file to recognize the format that should be followed.

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Once a file is selected you can choose to match the desired fields to QBO.

If no data is available, then you can leave it as no match.

Final review of the imported file.

To correct any errors, you can do so from the final review section without opening the excel file and
reuploading it.

Overwriting a value with an item of the same name will replace the older values and this can not be
undone.

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