Author Archives: Jeramiah Young

4 Things You Should Know About Advanced Settings in QuickBooks Online

Do you know about all of QuickBooks Online’s settings? What you’re missing may be important.

Looking through all the settings available in QuickBooks Online is something like reading the owner’s manual when you get a new car. You know you should do it, but you find yourself consulting it only when you encounter a problem.

Whether you’re new to QuickBooks Online, or you’ve been using it for a while, we recommend that you familiarize yourself with these important preferences.  Settings do more than turn features off and on: they can teach you about tools you might not have known were available.

Let’s explore some that you may have missed.

Closing the Books

You’ve probably heard this phrase before but do you know what it actually means in QuickBooks Online? When you set a closing date, you’re indicating that no transactions entered prior to that date should be changed.

Click the gear icon in the upper right, then select Your Company | Account and Settings. Scroll down to the Advanced section in the left vertical toolbar. Under the first heading, Accounting, check the box in front of Close the books. Enter a date and choose one of the two options for exceptions, as pictured in the image below:

You can close the books as of a specific date in QuickBooks Online so users can’t change transactions entered before then.

 Warning: Talk to us before you make this decision. We can discuss the pros and cons.

 Categories

 QuickBooks Online offers a couple ways to categorize transactions so you can see related data in searches and reports. Scroll down to Categories and click on the Off button to the right of Track classes to turn this feature on. QuickBooks Online will then add a Class field to forms like invoices, along with a drop-down list that you can build with your own options. For example, you could create categories like departments, customer types, and product lines.  You can choose to assign classes to entire transactions or to individual rows in them, and you can ask to be warned if you try to save a form without selecting a Class.

Track locations works similarly. You can assign a location (territory, store, department, etc.) to each transaction if you’d like.

Automation

By using QuickBooks Online for your daily accounting tasks, you’re already saving time. But the site offers a way to save even more with its Automation tools. Here’s what you can do:

  • Pre-fill forms with previously entered content. Once you’ve saved a transaction for a customer, vendor, or employee, you can choose to have QuickBooks Online complete some fields in the next form you create for them.
  • Automatically apply credits. Do you want QuickBooks Online to apply credits to the next invoice you create for a given customer? Most businesses do, but a specific example of a time you wouldn’t check the box would be if you’re a property manager who requires security deposits.

QuickBooks Online offers several automation options.

  • Automatically invoice unbilled activity. Be careful with this one. When you have customers with unbilled activity, QuickBooks Online can automatically create invoices for them on a schedule you designate. You have a few options here. You can simply ask for a reminder as the date approaches, or you can allow the site to automatically create invoices – with or without notifying you.
  • Automatically apply bill payments. When you record bill payments, QuickBooks Online can automatically apply them to the oldest recorded bill.

Time Tracking

Does your company sell services that are billed by the hour? If so, there are a couple of options you can turn on here. When you create timesheets or individual timed activities, you can add a Service field to the tracking form. You can also include a checkbox to indicate that a block of timed work is billable to customers. If you do the latter, you can opt in or out of letting users see the actual rate you’re charging customers.

Checking Your Work

QuickBooks Online refers to these as Advanced Settings for a reason. Making the wrong choices on any of them could lead to unhappy or confused customers and/or inaccuracies in your accounting file. We think you should know about these options, but we also hope you’ll schedule a consultation with us before attempting to set them up. It’s always much easier to spot problems in the making than to correct mistakes already made.

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Have you explored QuickBooks Online’s Settings? You’ll learn about things you probably didn’t know the site could do for you.

If you don’t know what it means to “close the books” in QuickBooks Online, ask us. We can help you decide whether it’s good idea for you.

Do you need to categorize QuickBooks Online transactions by, for example, product lines or customer types? If so, you should explore the site’s Classes.

QuickBooks Online can automate many actions to save time. We can go over these with you to see if they’d work for your business.

 

 

How to Use Progress Invoicing in QuickBooks Online

Does your business do work for clients over weeks or months? Consider using QuickBooks Online’s progress invoicing.

Let’s say you’re doing a job or project for a customer that is going to take a long time, but you don’t want to wait until you’re finished to get paid. Or you’ve agreed to let a customer pay for something in multiple payments. QuickBooks can help. You can create an estimate upfront for the work or products and send a series of invoices at different intervals until the bill is paid off. This is called progress invoicing.

Before you can use this tool, you’ll need to make sure it’s turned on. Click the gear icon in the upper right and select Account and Settings. Click the Sales tab. Look for Progress Invoicing in the left column. If that option isn’t On, click the pencil icon in the far-right column and click in the box to create a checkmark and Save it. Then click Done in the lower right corner.

Creating a Template

You’ll need to use a special template for progress invoicing. Click the gear icon again and select Custom Form Styles. In the upper right corner of the screen that opens, click the arrow next to New Style and select Invoice to open the design window. Replace the template name with a descriptive one and click Airy Classic to select it.

You’ll need to select the Airy Classic template and give it a descriptive name.

There are other options on this page – lots of them. You can add a logo, change fonts and colors, and even modify the content on the invoice. Talk to us if you want to explore the possibilities.

Your progress invoice needs you to adjust a couple other things here. Click on Edit print settings. If there is a check in front of Fit printed form with pay stub in window envelope, uncheck it. Next, click the Content tab, then click the small pencil icon in the second section of the invoice sample over on the right. At the bottom of the left pane, click Show more activity options. Check the box in front of Show progress on line items if you want your progress invoice to display item details. When you’ve made all the changes you want to, click Done.

Estimate to Invoice

QuickBooks can create both invoices and estimates. They’re very similar, and you’ll complete them in the same way, with one obvious exception: In addition to an Estimate date, you can also specify an Expiration date. Click the + sign in the upper right, select Estimate, and fill out the form. Save and close when you’re done.

When your customer has accepted the estimate and you’ve agreed on a payment schedule, you’ll need to know how to create a progress invoice. Click Sales in the navigation bar on the left, then All Sales. Locate your estimate on the list and click Create invoice at the end of the row. This window opens:

You have three options when the time comes to start your progress invoicing.

You’ll choose Remaining total of all lines when you’re ready to send your final invoice. For your first, you can either enter a percentage of each line item or a custom amount for each. If you choose a percentage, QuickBooks will calculate what that number would be and enter it. You’ll be able to specify your custom amounts when the progress invoice actually opens. Click Create invoice.


The invoice that opens will contain the information you provided on the estimate. You’ll notice a new column here, though, labeled Due. Your calculated percentage will appear there if you chose that option. If you indicated that you wanted to enter a custom amount for each line, that field will say $0.00 of [total]. Go down that column and type in the amount you expect to be paid on each line item. When you’ve finished, Save the invoice and send it to your customer. Now it appears in the invoice list, where you can send reminders, receive payment, etc.

You can send as many progress invoices as you’d like until you can finally bill your customer for the Remaining total of all lines. QuickBooks provides a report so you can see the progress of all of your progress invoices at once. Click Reports and scroll down to Sales and customers to run Estimates & Progress Invoicing Summary by Customer.

Progress invoicing is a simple concept, but it requires many steps, as you’ve seen here. And there are other ways to go about it in QuickBooks. We strongly suggest that you let us help you with this task to make sure your invoices are set up correctly – and that you’re paid in full.

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Do you need to bill customers over time? Let us help you set up progress invoicing.

When you create a progress invoice, you can bill customers for a percentage of what they owe or specify custom amounts. We can help here.

Need to know the status of your progress invoices? Run the Estimates & Progress Invoicing Summary by Customer report. We can show you how.

Did you know when you create an estimate for a customer, you can also set up a payment plan for your work? This is called progress invoicing. We can help show you how.

 

Working with Contractors in QuickBooks Online

It’s a gig economy. QuickBooks Online makes it easy to track and pay independent contractors.

In days past we used to call it “moonlighting” — taking on a second, part-time job for extra money. And we saw how prevalent this became was when millions of people had to resort to side gigs to keep afloat during the economic downturn of a decade ago. Some who had lost full-time employment even turned one or more of these part-time passions into a small business and became independent contractors for other companies,

If you’re thinking of hiring a freelancer to do some of your work, you’ll find that QuickBooks Online can accommodate your accounting needs for them nicely. Since they’re not W-2 workers, your paperwork needs are minimal. They’ll simply fill out an IRS Form W-9 and you’ll pay them for services provided, dispatching 1099-MlSCs after the first of each year so they can pay their taxes. Here’s how it works.

Creating Contractor Records

Warning: Be sure that any independent contractor you hire cannot be considered an actual employee. The IRS spells out the differences very clearly and takes this distinction very seriously. If you have any doubts, we can help you determine your new worker’s status.

You can either let a new contractor complete his or her own profile or do so yourself.

Like you would with anyone you employ, you’ll need to create records for contractors in QuickBooks Online. Click on Workers in the left navigation pane, then Contractors I Add a contractor. In the window that opens, enter the individual’s name and email address. If you want the contractor to complete his or her own profile, click in the box in front of Email this contractor…

Your contractor will receive an email with an invitation to create an Intuit account and enter W-9 information, which will be transmitted to your QuickBooks Online company account. This will make it easy to process 1099s when tax season arrives. He or she will also be able to use QuickBooks Self-Employed, an Intuit website designed for freelancers. We can walk you through how this works.

If you’d rather enter the worker’s contact details yourself, leave the box blank. A vertical panel containing fields for this information will slide out from the right.

Contractors are also considered vendors. So when you create a record for a contractor, it will also appear in your Vendors list in QuickBooks Online. In fact, you can complete a contractor profile by clicking Expenses in the left vertical pane, then Vendors. Click New Vendor in the upper right and fill in the relevant fields there. Be sure to check the box in front of Track payments for 1099. An abbreviated version of your new record will also be available on the Contractors screen as the two are synchronized.

When you create a Vendor record for an independent contractor, be sure to check the Track payments for 1099 box.

Working with Contractors

You’ll notice in the screen shot above that Brenda Cooper had an Opening balance of $2,450 when you created her record. That’s money you already owed her, and for which she had probably sent you an invoice. QuickBooks Online turned that into an Accounts Payable item that you could find in multiple reports and on both the Vendors and Expenses screens. It will be listed as a Bill in reports, though you haven’t actually created one yet.

You have three options here. You can create a Bill and fill in any missing details if you don’t plan to pay

Brenda immediately. If you want to send her the money right away, you can either enter an Expense or write a Check. There are many places in QuickBooks Online where you can do the latter two. We think it’s easiest to return to the Contractors screen, since you can accomplish all three from there.

Brenda Cooper

Krista Kanter

The Contractors screen contains links to the three ways you can handle compensation due to a contractor.

Whenever you receive an invoice from a contractor, you can visit this same screen and choose one of the three options.

You’ll have to select a Category for your payment from the list provided in each of these three types of transactions. The Chart of Accounts contains one called Subcontractors, which may or may not work for your purposes.

Could Your Sales Invoices Be Better? How QuickBooks Online Can Help.

Every interaction with your customers can enhance your image. Here’s how QuickBooks Online contributes to that.

 

Getting paid by your customers—on time, and in full—can take some effort on your part. You set smart due dates and enforce them. Price your products and services so they’re both reasonable and profitable. Accept online payments.

 

But are your invoices working for you here? QuickBooks Online provides sales form templates that you can usually use without modifying. But it also offers tools that support multiple kinds of customization. It helps you shape the content and appearance of your invoices and their accompanying messages to be consistent with your company’s brand.

 

These may be cosmetic changes, but they can affect the way customers react to communications from you. You have few chances to make an impression, so anything you can do to enhance and personalize every interaction will have impact on their impression of you. Neat, well-designed sales forms convey professionalism and attention to details.

 

Here’s a look at what you can do.

 

Editing Fields

Unless you use every single field in QuickBooks Online’s default sales form template, your invoices will look sloppier than they might otherwise. The site gives you control over much of the content that your customers will see. To make changes, click the gear icon in the upper right of the screen and select Account and Settings, then Sales. You’ll see Sales form content in the left column. Click on any of the fields to the right to open a more thorough list of options.

 

QuickBooks Online lets you turn fields on and off in your sales forms and specify other preferences.

 

Click on the status (On, Off) in the right column to change it. When you’re satisfied with your selections, click Save. Then close that window by clicking the X in the upper right corner.

 

You have more options than these. Click the gear icon again, and then Your Company | Custom Form Styles. You’ll see that there is already a “master” form. You can either edit it or create a new one. We recommend leaving the master form alone so you always have a clean copy to consult if you get tangled up while you’re working.

 

Click the down arrow in the New style box in the upper right and select Invoice. In the screen that opens, enter a descriptive name for your template in the field at the top and then click Content. A graphical representation of your invoice will appear in the right pane, grayed out. It’s divided into three sections: header, footer, and table (the middle of the invoice where you describe what you sold). Each displays a small pencil icon on the right side of the screen. Click the one in the middle to make that area more visible.

It’s easy to specify which fields should appear on your invoices, what the labels should say, and how wide the space should be.

 

As you check and uncheck boxes to indicate what content should be included, your invoice on the right will change to reflect your actions. You can Preview PDF by clicking that button in the lower right. When you’re satisfied with the changes you’ve made to all three sections, click on the Design tab.

 

Changing the Look

You don’t have to be a graphic artist to have QuickBooks Online forms that look attractive and consistent, which highlight your brand. The site provides tools that give you control over the appearance of your invoices, not just their content. Click each link below the Design tab to:

  • Choose a template.
  • Add your company’s logo.
  • Select a color scheme and fonts.
  • Change the printer settings to accommodate letterhead, for example.

 

 Choosing Your Words

You have control over the messages that go out with your invoices.

 

Finally, click the Emails tab. Options here let you customize the emails that are sent to customers along with their invoices. Again, changes you make in the left pane will be reflected in the graphical version on the right side.

 

When you’ve completed all of your modifications, click Done.

 

We gave you this whirlwind tour of QuickBooks Online’s invoice customization options so you’d know what was possible. We expect you might need some assistance when you sit down to apply the concepts you’ve learned about to your own company’s sales forms. We’re available to help you present a polished, carefully-crafted image representing your brand to your customers.

 

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Are you satisfied with the image you convey to customers through your QuickBooks Online sales forms? We can help you make them more customized and effective.

 

You have few chances to interact directly with your customers.  Make sure your QuickBooks Online sales forms convey the image you and your brand deserves.

 

QuickBooks Online comes with sales form templates that may work for your company, but did you know you have control over their appearance and content?

 

Your customers pay attention to the sales forms you produce for them. QuickBooks Online lets you improve on the default templates it provides making a better impression to your client.

How Does QuickBooks Online Handle Mobile Expenses?

If you purchase several items and services away from the office, QuickBooks Online can help you record them while you’re out and about.

 

QuickBooks Online’s mobile app, available at the Apple App Store and Google Play, can do many of the same tasks that it performs on your office desktop. You can, for example:

 

  • Check account balances.
  • Add and edit estimates, invoices, and sales receipts.
  • Add and edit customers, vendors, products, and services.
  • Record invoice payments.

 

One of the most common uses of the app, though, is the recording of expenses. Rather than coming home from a trip with your briefcase stuffed full of receipts and notes about purchases you made, you can document them on the road using your mobile device. When you get back to the office and log on to QuickBooks Online, they’ll all be there.

 

How It Works

 

 

You can snap a photo of a receipt with your smartphone and attach it to an expense you record in QuickBooks Online’s mobile app.

 

Open your QuickBooks Online mobile app and click the plus (+) sign at the bottom, then tap the Expense icon. The New Expense screen will open.  If you have a paper receipt, lay it flat on a table in a well-lighted area. Click the camera icon and then the Take Photo link. If you took the picture outside of QuickBooks Online for some reason, you’d select the Choose Existing link. Your device’s camera will open, and you’ll see four squared corners on the edges of the screen.

 

Hover your device over the receipt. You’ll need to position the camera so the receipt area that you want captured appears within the four corners. QuickBooks Online will provide advice along the way to help you do this. When you’re in the right place, you’ll see the phrase, Great! Snap the pic. Click the shutter icon below, and your device will snap the photo and display it. If you want to use it, click Use this photo (if you want to try again, click the X in the upper left of the screen).

 

QuickBooks Online will open the New Expense screen. You’ll see a miniature version of your receipt in the upper left corner. Looking at your original version—it will be too small to see here—fill in the blanks with the data from the purchase. Be sure to click the Billable button if you can bill someone else for it. Make any notes you’ll need in order to remind yourself of the transaction, and Add a Split if you need to divide the transaction between categories, customers or vendors, or billable status. Click Save when you’re done.

 

Automatic Synchronization

Once you’ve entered an expense in QuickBooks Online’s mobile app, it will be synchronized with your desktop, browser-based version.

 

Of course, no duplicate data entry is required once you’ve entered a receipt in the QuickBooks Online mobile app – the two versions always update each other.

 

Once you’re back at your desktop, on the browser-based version of QuickBooks Online, click Expenses in the toolbar to open the Expense Transactions screen. You should see the transaction you just created on your mobile device first in line on the list that displays. Click View/Edit at the end of that line to see it. Look toward the bottom under Item Details to see the link to an attachment that contains the photo you snapped of the receipt.

 

The record of the expense you entered on your mobile device will contain a link to an attachment that contains the photo of your receipt.

 

Of course, you don’t have to take a picture of your receipt with your mobile device. You can simply enter the details of your expense and Save the record.

 

QuickBooks Online’s mobile app can help you save time and improve the accuracy of your work done away from the office. As we mentioned earlier, the app is capable of doing much more than simply recording receipts. We’d be happy to run you through its pieces to make sure your remote accounting work is done correctly.

 

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Have you downloaded and explored QuickBooks Online’s iOS or Android mobile app? There’s a lot you can do away from the office. Let us show you how.

 

If you come home from trips with a briefcase full of receipts, you should consider entering them quickly and remotely on the QuickBooks Online mobile app.

 

Collecting a lot of receipts on the road? Snap photos of them using QuickBooks Online’s mobile app. Your expense record will sync with the browser-based version.

 

Did you know when you take a picture of a receipt using QuickBooks Online’s mobile app, it appears as an attachment in that expense record in your desktop version?

Getting Started with Accounts in QuickBooks Online, Part 1

QuickBooks Online was built to work with transactions downloaded from youronline financial institutions. Here’s how to work with them.

The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s account tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider.

We’ll explore these features in this column and the next.

First Steps

If you’re a new subscriber, you may not have established these critical links yet. It’s an easy process. Start by clicking the Banking link in the left vertical navigation pane. In the upper right corner, click Add Account and enter the name of your financial institution if it’s not pictured. Then follow the instructions you’re given on the screen. These can vary depending on the bank or credit card provider, but you’re always at least asked to enter the user name and password that you use to log into each online.

Need help with this? Let us know.

Viewing Your Transactions

Once you’ve made a successful connection, you’ll be returned to the Bank and Credit Cards page. You should see a card-shaped graphic at the top of the screen for each account you’ve linked. Click on one. The table that opens is not your account register. The view here defaults to For Review, which refers to transactions you’ve downloaded. The All tab should also be highlighted; we’ll get to Recognized transactions later.

When you first download transactions into QuickBooks Online, before you’ve done anything with them, many will appear under For Review.

There’s a lot going on here, so don’t be surprised if you’re confused. Review each transaction by clicking on it. QuickBooks Online will have guessed at how it should be categorized, but you can change this by opening the list in the category field and selecting the correct one. It’s critical that you get this right, since it will have an impact on reports and income taxes. If you need to Split it between multiple categories, click on that button found to the right.

If the transaction is Billable, check that box and choose a customer from the drop-down list. If you don’t see this box, click the gear icon in the upper right and select Account and Settings | Expenses. Check to see that Make Expenses and Items Billable is turned On (click onOff,then check the appropriate box to turn it on).

Next, determine how you want to process the transaction by clicking on one of the three buttons at the top of the transaction box. Do you want to accept it and Add it to that account’s register? Do you want QuickBooks Online to Find (a) Match for it (like a payment that matches an invoice, for example)? Or, do you want to Transfer it to another account? Once you’ve made one of these three selections, the transactions that you’ve added or matched will move under the In QuickBooks tab (where you can still Undo them) and will be available in the account’s register.

Other Options

 

You can save time by using QuickBooks Online’sBatch Actions tool.

Say you run a cross some duplicate or personal transactions that you don’t want to appear in the current account’s register. Check the box in front of each, then click the arrow in the Batch Actions box. Select Exclude Selected. They’ll then be available under the Excluded tab. You can also Accept or Modify multiple transactions simultaneously by using this tool.

So far, you’ve been viewing All your transactions. Click on Recognized to the right of it. These are transactions that are already familiar to QuickBooks Online because they’ve appeared before and/or have been matched, or because you’ve created Bank Rules for them (we’ll address that concept next month). You’ll need to address these the same way you did the transactions in the For Review section; you can either Add or Transfer them.

If you’re new to QuickBooks Online, this may all sound pretty complicated. It can be at first. But once you’ve worked with downloaded transactions for a while, you’ll understand the flow much better.  If you’re not clear on the process from the start, it can lead to trouble. Contact us at your convenience.  We’d be happy to sit down with you and go through it all using your own company’s data; the familiarity may help.

 

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If you’re new to QuickBooks Online, there’s a lot you need to understand about dealing with downloaded transactions out the gate. Let us help.

When you download transactions into QuickBooks Online, the site sometimes automatically “matches” them to existing entries. We’re here to explain and help you navigate this.

Tired of reviewing downloaded transactions one by one in QuickBooks Online? Click on the Batch Actions button to explore this feature.  We can show you how.

QuickBooks Online often guesses at how downloaded transactions should be categorized. You should always check these for accuracy, and we can show you how.

 

 

Customer Statements: When, Why, and How

If your business relies on invoices to get paid, there may be times when you need to create and send statements.

 

You enter into an informal contract with a customer when you send an invoice. You expect that you will receive payment in a timely fashion for goods or services you’ve sold.

 

That probably works most of the time. But what happens when it doesn’t, when you’ve sent a reminder and are still waiting? And what do you do when a customer orders frequently and is confused about what’s been paid and what hasn’t?

 

If you’re using QuickBooks Online, you can easily send a statement, a list of sales transactions, credits, and payments. There are three kinds of these:

 

  • Balance Forward. This document emphasizes what’s currently owed by displaying it at the top. Below that is a list of sales transactions that occurred between two dates you specify.
  • Open Item. You select a date, and the statement shows all transactions that were completed before it.
  • Transaction Statement. There’s no total balance here, just the amounts billed and received for every transaction.

 

Setting Up Statements

 

Balance Forward statements cover a period of transactions that you define.

 

There are three way to create statements. You can:

  • Click the Plus (+) icon at the top of the screen.
  • Dispatch one while you’re in a customer record.
  • Launch a batch action from the Customer

 

Before you create your first statement, though, make sure QuickBooks Online is set up the way you want it to be. Click the gear icon in the upper right of the screen and select Your Company Account and Settings. Click the Sales tab and scroll down to Statements. Click Statements to open the options there.

 

You can List each transaction as a single line or List each transaction including all detail lines. Click the button in front of the one you prefer. If you want to Show aging table at bottom of statement, click in the box. This will show customers how many days each transaction is overdue.

 

Click Save when you’re done.

 

Creating Statements

 

If you’ve already started entering transactions so there’s some data in QuickBooks Online, click the Plus (+) icon in the upper right corner of the screen.

 

Tip: If you don’t see the plus (+) icon, you’re in an active screen. Click the X in the upper right to close it, saving it first if necessary.

 

Click Statement, which is located under Other on the far right. Under Statement Type, select Balance Forward. Below that is the Customer Balance Status field. Do you want to see customers with open balances, those who have overdue invoices, or all customers? The third option will include credit memos.

 

Select a Start Date and End Date. In this example, these were 04/09/2018 and 09/09/2018, and the statement date was 09/10/2018.  Click Apply. QuickBooks Online will display a list of matching customers. Click Print or Preview at the bottom of the screen to see your statements.

 

In this preview, the customer’s balance forward on 04/09/2018 was $8,245.05. A catch-up payment was made on 08/09/2018 and another invoice sent on 09/01/2018, which accounts for the TOTAL DUE at the top.

 

From this screen, you can either Print the statements or Close to go back to the previous page, where you can Save and Send.

 

Two Other Options

 

As we stated earlier, there are two other ways to create statements. Click Sales in the left vertical toolbar and highlight the Customers tab by clicking on it. Hover your cursor over a customer and click the down arrow at the very end of that line. From the list that opens, select Create statement.

 

You can also hand-pick multiple customers to receive statements. With the Customers window open, click in the box in front of your choices, and then click the down arrow next to Batch actions at the top of the list.Select Create statements.

 

The mechanics of creating statements in QuickBooks are fairly simple. But you don’t want to send an inaccurate one to a customer. Make sure your transactions are up to date before you generate any statements, and choose your date ranges carefully. As always, we’re available to help with this task – or any other area of QuickBooks Online that might be confusing to you. We’re here to help you be pro-active to avoid problems in the long run.

 

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Are some of your customers behind on paying multiple invoices? QuickBooks Online lets you create statements that summarize unpaid transactions.

 

Is your cash flow suffering because of multiple unpaid invoices? Talk to us about your options, which include creating statements in QuickBooks Online.

 

QuickBooks Online offers three ways to create statements, including hand-picking the customers who should receive them. Follow these steps to set up this pro-active feature.

 

QuickBooks Online statements are lists of customer transactions that fall between specified dates. Talk to us about when and how you should use them.

 

 

 

Not Using QuickBooks Online? What You’re Missing Out On

If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.

 

How long would it take you to determine:

  • What your total expenses for this quarter are?
  • Whether or not your business is profitable as of today?
  • How much you’ve sold every month this year?
  • Which invoices are overdue?

 

If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.

 

That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balancesthat provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.

 

Your First Hours with QBO

 

QuickBooks Online is not one-size-fits-all. Its setup tools help you customize it to meet your own company’s needs.

 

QuickBooks Online works like other online productivity applications you may have used. It uses toolbars and buttons for navigation, drop-down lists and blank fields for data entry, and clickable links to open new related screens to trigger actions. Which is to say, the site is easy to use once you understand its structure. We can walk you through the early steps that are required, which involves tasks like:

  • Using the provided setup tools to customize the site.
  • Connecting QuickBooks Online to your bank and credit card company websites so you can work with transactions.
  • Creating records for your customers, vendors, and the products and services you sell (you’ll be able to add new ones as your business grows).
  • Learning about QuickBooks Online’s pre-built reports.
  • Familiarizing yourself with the site’s workflow.
  • Making the transition from your current accounting system.

 

How You’ll Benefit

 

Once you’re comfortable using QuickBooks Online, you’ll discover what millions of small businesses have already learned, that the site helps you:

 

Get paid faster. You can sign up with a payment processor to accept credit cards and direct bank withdrawals, which can speed up your customers’ responses to invoices. You’ll also be able to accept payments when you’re out of the office on your mobile devices.

 

Minimize errors.Once you enter data, QuickBooks Online remembers it. No more duplicate data entry that can cause costly mistakes.

 

Find any detail in seconds.QuickBooks Online has powerful search tools that allow you to find what you’re looking for quickly.

 

Better service customers.Because your customer profiles include transaction histories, you’ll be able to deal with questions and problems quickly and accurately.

 

Bill time as well as invoice products.QuickBooks Online supports sales of time-based services with capable time-tracking tools.

 

Improve your customers’ and vendors’ perception of you.Your business associates will know that you’re using state-of-the-art technology by the forms you share and the customer service you provide.

 

Save money and time.It does take some time to make the transition to QuickBooks Online. But you’ll quickly make that up with the hours you’ll save on accounting tasks, and be able to concentrate on tasks that improve your bottom line.

 

Be prepared to grow.Because all of your financial data is organized and easily accessible, you’ll be able to quickly generate reports that help you plan for a more profitable future. Banks and investors will need some of these if you decide to seek financing.

 

Mobile Access

 

Although you may do the bulk of your accounting work on your desktop or laptop, you’ll have access to many of the site’s features on your smartphone. Your home page displays both an abbreviated version of your browser-based dashboard and a list of recent transactions. You can view, edit, and build new customer, vendor, and product or service records. Snap a photo of a receipt to document an expense and look up or create invoices, estimates, and sales receipts.Record payments, view critical reports, and add notes. Of course, your mobile data is always synchronized with the site itself.

 

QuickBooks Online lets you do much of your accounting work when you’re away from the office with its mobile app.

 

Happy to Help

 

QuickBooks Online was designed for small businesspeople, not accountants. But it includes features that are best used in conjunction with our consulting services, like advanced reports, payroll, and the Chart of Accounts. In fact, the site makes it easy for us to have access to your data so we have the ability to monitor and troubleshoot.

 

We’ve helped countless sole proprietors and small businesses move their accounting operations to QuickBooks Online, and we’ve seen the difference it’s made in their productivity as well as their attitude toward financial management. Contact us, and we’ll be happy to do the same for you.

 

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Still doing your accounting manually? You’re spending unnecessary hours and experiencing needless frustration. Talk to us about QuickBooks Online.

 

Did you know you can do much of your accounting work and accept customer payments on your smartphone? Let us introduce you to QuickBooks Online.

 

Are you often away from the office? QuickBooks Online lets you handle accounting tasks from anywhere there’s an internet connection. We can tell you how.

 

Does your manual accounting system make it hard to keep track of customers and inventory? QuickBooks Online can organize and manage both. Contact us.

 

 

 

How QuickBooks Online Can Improve Your Company’s Financial Health

QuickBooks Online is more than just an online bookkeeper. It can help improve your cash flow, your customer relationships, your inventory readiness, and your future.

 

If you’re already using QuickBooks Online, you know how much impact its bookkeeping abilities have had on your company’s accounting operations. You’re saving time, which in-turn saves money, and you’re reducing errors. When a customer or vendor calls with a question, or you yourself need to track down a critical detail to solve a problem, you’re able to find solutions quickly.

 

You may already have learned, though, that QuickBooks Online’s benefits include much more than simply getting the numbers right. When you take advantage of all it can offer, you’re likely to notice more far-reaching effects.

 

The Specifics

 

Let’s look at how QuickBooks Online accomplishes all of this. You can do much of it on your own, but we’re trained to help small businesses get the most out of QuickBooks Online. We can help you maximize the effectiveness of your accounting time so your company can:

 

Better balance between income and expenses.

QuickBooks Online provides quick, real-time overviews of your sales status.

 

 

You can’t begin to improve your company’s cash flow until you understand where the financial bottlenecks are. QuickBooks Online provides that information for both income and expenses in a variety of ways. In the image above, you can see that there are seven past-due invoices. Click on the orange bar to see a list of them, and you can automatically send reminders. QuickBooks Online also automates the process of sending statements.

 

You can also run accounts receivable and accounts payable reports that will show where you stand with customers and vendors, like Open Invoices, Uninvoiced Time, Unpaid Bills, and Accounts Payable Aging Detail.If you determine that one of your consistent problems with cash flow is late customer payments, you can set up a merchant account through QuickBooks Online to support credit card payments and bank transfers.

 

More repeat business because of improved customer interaction.

 

Your customers are like gold. To build the best relationships possible with them, you need a clear, updated picture of their transactions, their payment details and history, and your interaction with them. QuickBooks Online provides templates for Customer Information records that provide all of that, along with their contact information and a real-time update of the status of their invoices and payments, estimates, time activities, etc. The latter is provided in the form of an interactive list with links to immediate actions you can take.

 

A more stable, profitable inventory of products.

 

If your business sells products, you know that you have to be smart about inventory levels. Stock too much and you have too much money tied up unnecessarily. Too little, and you’ll be turning customers away and possibly losing their future business. QuickBooks Online’s inventory-tracking tools help you achieve and maintain that balance, so you know both when and how much to reorder.

It’s easy to evaluate your inventory status very quickly in QuickBooks Online.

 

QuickBooks Online also offers multiple inventory reports, like Inventory Valuation Detail, Physical Inventory Worksheet, and Sales by Product/Service Detail.

 

Readiness for growth.

 

You may never want to acquire another company, or move into more spacious offices, or employ dozens of individuals. However, it’s not often that a company doesn’t want to be in a position to grow. And you never know when an opportunity will present itself that would require additional capital. Would you be ready?

 

If you’ve never applied for a business loan or tried to attract investors, you don’t know how much financial information you’ll need to provide, or in what format. There are very specific reports your potential lenders or investors will want to see, standard financial statements. QuickBooks Online includes templates for these, which include aBalance Sheet, Profit and Loss, and Statement of Cash Flows.

 

Like the reports we mentioned earlier, they’re easy to generate on the site, thanks to intelligent, customizable templates. Analyzing them, though, and making sure they’re ready to be seen by third-parties takes professional expertise. We can provide that for you. We can also help you better understand and use other elements of QuickBooks Online so that you’re taking advantage of all of its benefits. Contact us soon to set up an initial consultation.

 

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Cash flow problems? Before you can solve them, you need to learn where the bottlenecks are. QuickBooks Online can help. Contact us to find out how.

 

Is your company ready to grow? You’ll need reports to show lenders and investors. QuickBooks Online can create them, and we can analyze them for you.

 

How well do you know your customers? Could you assemble a quick, thorough overview of their history with you? QuickBooks Online can, and we can show you how.

Are you dealing with product inventory problems due to overstocks or insufficient orders from vendors? QuickBooks Online can help.

 

 

5 QuickBooks Online Reports You Should Run Regularly

There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week.

 

QuickBooks Online’sDashboard, the first screen you see when you log in, provides an effective overview of your company’s finances. It contains at-a-glance information about your recent expenses, your sales, and the status of your invoices. It displays a simple Profit and Loss graph and a list of your account balances. Scroll down and click the See all activity button in the lower right and your Audit Log opens, a list of everything that’s been done on the site and by whom.

 

You can actually get a lot of work done from this page. Click the bar on the Invoices graph, for example, and a list view opens, allowing you access to individual transactions. Click Expenses to see the related Transaction Report. Below the list of account balances, you can Go to registers and connect new accounts.

 

Other Pressing Questions

 

The Dashboard supplies enough information that you can spot potential problems with expenses and sales, accounts, and overdue invoices. But you’re likely to have other tasks that require attention. How’s your inventory holding up? Are you staying within your budget? How about your accounts payable – will you owe money to anyone soon?

 

QuickBooks Online offers dozens of report templates that answer these questions and many more. If you’ve never explored the list, we suggest that you do so. It’s impossible to make plans for your company’s future without understanding its financial history and current state.

 

QuickBooks Online has many reports that can provide real-time, in-depth insight   into your company’s financial health.

 

Comprehensive and Customizable

 

When you click Reports in your QuickBooks Online toolbar, the view defaults to All. The site divides its report content into 10 different sections, including Business Overview, Sales and Customers, Expenses and Vendors, and Payroll. Each has two buttons to the right of its name.

 

Click the star, and that report’s title will appear in your Favorites list at the top of the page. This will save time since you’ll be able to quickly find your most often-used reports. Click the three vertical dots and then Customize to view your customization options for that report (you’ll have access to this tool from the reports themselves).

 

Necessary Knowledge

 

You can, of course, run any report you’d like as often as you’d like. Most small businesses, though, don’t require this frequent intense scrutiny. But there are five reports that you do want to consult on a regular basis. They are:

 

  1. Accounts Receivable Aging Detail. Displays a list of invoices that haven’t yet been paid, divided into groups like 1-30 days past due, 31-60 days past due, etc.
  2. Budget vs. Actuals. Just what it sounds like: a comparison of your monthly budgeted amounts and your actual income and expenses.

 

Warning: Some reports let you choose between cash and accrual basis.Do you know the difference and which you should choose? Ask us.

 

 

You can customize QuickBooks Online reports in several ways.

 

  1. Unpaid Bills. Helps you avoid missing accounts payable due dates by displaying what’s due and when.
  2. Sales by Product/Service Detail. Tells you what’s selling and what’s not by displaying date, transaction type, quantity, rate, amount, and total.
  3. Product/Service List. An accounting of the products and/or services you sell, with columns for price, cost, and quantity on hand.

 

Customization, Complex Reports

 

Note that there’s a category of reports in QuickBooks Online named For My Accountant. That’s where we come in. The site includes templates for reports that you can run yourself, but that you’d have difficulty customizing and analyzing. These standard financial reports—which, by the way, you’ll need if you create a business plan or try to get funding for your business—include Balance Sheet, Statement of Cash Flows, and Trial Balance.

 

You don’t need to have these reports generated frequently, but you should be learning from the insight they provide monthly or quarterly. We can handle this part of your accounting tasks for you, as well as any other aspect of financial management where you need assistance. Contact us, and we’ll see where we might help provide the feedback and bookkeeping expertise that can help you make better decisions for the future of your business.

 

 

 

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QuickBooks Online reports pick up where the Dashboard leaves off, providing dozens of templates ready for your company data. Do you know how to best use them?

 

You can create some QuickBooks Online reports using either cash or accrual basis. Do you know the difference? Ask us if you don’t.

 

Overwhelmed by the number of reports QuickBooks Online offers? Click the star next to the ones you run most often, and they’ll appear in Favorites.

 

QuickBooks Online contains several reports in a section titled For My Accountant. These are complex financial reports that we can run and analyze for you.