QuickBooks Online Setup

How To Use QuickBooks Online & Setup

Managing all the financing and other important business activities is challenging to handle alone in the hectic business schedule. In that phase, having an accounting solution reduces the stress of manually handling accounting tasks. QuickBooks Online is a top-class accounting software that helps businesses manage taxes and process payroll tasks. However, you must read this post attentively to learn more about using QuickBooks Online and setting it up for your business. 

Are you facing issues while trying to use QuickBooks Online and set it up for your company? Call us at 1-833-210-4702 in that scenario and talk with our professionals for a quick resolution.

Things You Must Be Aware Before You Use QuickBooks Online 

Considering some key points before using the QuickBooks Online application is crucial. Thus, it would help you to run the accounting program seamlessly to handle your complex accounting tasks. 

1. Pick the Appropriate Plan According To Your Business Type:-

Whenever you browse the Intuit website to purchase QuickBooks Online, it will present you with two different plans for business and industry types. During that phase, you must opt for a plan that meets your business requirements. 

2. Make the Comparison of QuickBooks Online & Desktop on Its Official Website:-

You can only access limited features in the QuickBooks Online application. Now, you must ensure that you require those add-on features not included in the Online version. You have to review your business needs and then make the correct decision. 

3. Review Your Internet Connection:-

Before setting up the QuickBooks Online application, ensure you are well-connected with an uninterrupted and good internet connection. Otherwise, the inadequate internet connection may create difficulties while running the QBO application seamlessly. 

Here’s How to Use QuickBooks Online and Set It Up Using These Simple Steps

After purchasing QuickBooks Online, the first question that strikes users’ minds is how to use QuickBooks Online and set it up. Are you also facing the same issue? If that’s so, you must not worry anymore; instead, read the pointers below to use them without any hurdles. 

1.  Get Grip with QuickBooks Online Dashboard:- 

In the first stage, you must logged into the QuickBooks Online account using the correct login credentials. 

QuickBooks Online Dashboard

2. Include Your Company Details:-

You must include the company details once you successfully log into the QBO application. For that, hit the Gear icon on the dashboard and choose the Account option followed by Settings. 

Thereon, you must choose the highlighted Company tab. Afterwards, you must include the information regarding your company, such as:

  • Company Type
  • Address
  • Company Logo
  • Contact Details

3. Select Your Financial Priorities:-

After updating the company details, you can change your financial preferences according to your choice. They can choose from QuickBooks Online Accountant from sales, expenses, and advanced tabs. Also, you can add important details like credit card payments and invoice automation, VAT details, etc. 

4. Import Your Business Data:-

With the QuickBooks Online application, importing your business data has become more convenient. The users can import the following details, including bank transactions, Charts of Accounts, supplier bills, and customer or vendor data.

Apart from this, you may opt for different methods to import data, i.e, MS Excel files, Web Connect files, CSV files, and Intuit Interchange Format. 

QuickBooks Online Company Details

5. Make Changes to Charts Of Accounts:-

In QuickBooks Online, Charts of Accounts lists different categories for your company’s financial statements to group the money. Five categories in QBO are set as default: income, expenses, assets, liabilities, and equity. However, you may also change the settings according to your requirements. 

To rename the categories, move to the Accounting section and hit the Charts of Accounts option. After this, go to New > Expense or Other Expense for “Account Type” and then pick “Detail Type.” Later, on, you have to include the name of your expense category, including the description. 

6. Link Your Bank or Credit Card Accounts:-

The users can connect their bank or credit card accounts with QuickBooks Online accounts to access online banking. However, to link your bank account in QBO, go to “Bank Accounts,” tap the “Connect Account,” and log in to your bank account with the correct login details. 

Once the bank account is linked properly, you will get all the bank accounts you hold with the bank. Herein, you must pick the business account and the transaction you wish to transfer to your QBO account. 

7. Include More Users:-

Now, using the QuickBooks application, you can include more users, from the sales manager to the bookkeeper. Moreover, you may also make some adjustments for each user to accomplish their needs. 

To send an invitation for the new user, navigate to Settings from the dashboard, click Manage Users, and pick the User Type you wish to create. You can choose from the Primary Admin, Company Admin, Standard User, Report User, and Time Tracking of the user. 

8. Setting Up Of Payroll:-

The users may also add their payroll to QuickBooks to handle all the payroll-related tasks seamlessly. Moreover, you may also organize your payroll expenses to monitor how much expenses you are doing while paying staff.

For setting up the payroll, go to Payroll Settings and then hit the Setup Overview option. Herein, the users can include the important details regarding QuickBooks Payroll, such as Pay Policies, Tax Setup, Deductions, and Preferences. 

QuickBooks Online Company

9.  Link Your Applications:-

The best thing about the QBO application is that you can access it remotely anytime. You may also integrate with several applications available on the QuickBooks App Store. 

With the help of the application, you can manage everything from expense management to cash flow forecasting. Thus, it would help in streamlining the business process. 

QuickBooks Online Applications

10. Do the Reconciliation On Regular Basis:- 

Reconciling your accounts regularly is a good practice as it will help you spot any difference between the bank account and the QuickBooks Online application. Moreover, reconciling the accounts timely will give you the surety that your cash flow forecast is appropriate. 

Ending Note!!

With this, we hope you have all the answers to your query regarding how to use QuickBooks Online & set it up. However, if you still face difficulty while using the application, you can get an expert’s opinion by consulting our professionals. They will guide you in the best possible manner to clarify all your doubts. 

Frequently Asked Questions

To launch the QuickBooks Online application, you must use the correct login details to enter the account and then hit the Sign In button. Afterwards, pick the company that you wish to open on your device, and you are all good to go with the QBO application. 

The Accountant can access all the top-notch features available in the QBO version. Moreover, you may send the invitation to a maximum of two accountants. The Accountant users have more advantages, enabling them to undo entire reconciliations, reorganize transactions, and write off invoices. 

 Following are the steps to invite an accountant to QuickBooks Online. 

  1. Initially, move to the Settings menu and hit the Manage Users option.
  2. Afterwards, navigate to the Accounting Firms tab and include the email address correctly in the required text fields. 
  3. End the process by choosing the highlighted Invite button. 

The usage limit for the QuickBooks Online Essentials is up to 3 users and one accountant. Conversely, for QuickBooks Plus, up to 5 users and one accountant is applicable. 

You can import or export items to and from MS Excel or CSV files. 

  1. Customers
  2. Charts of Accounts
  3. Bank Data 
  4. Bills
  5. Invoices
  6. Products and Services
  7. Suppliers

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