Quickbooks Online for Dummies

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  • Edition: 1st
  • Format: Paperback
  • Copyright: 2017-08-14
  • Publisher: For Dummies

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Supplemental Materials

What is included with this book?


Organise business finances with the latest cloud-based accounting innovation

QuickBooks Online For Dummies, Australian Edition is your key guide to getting business finances under control. From budgeting and payroll to tax, inventory, accounts and beyond, this book shows you everything you need to know to keep the cash flow flowing. Whether you're a small business owner, accountant or bookkeeper, this guide walks you through essential bookkeeping tasks, and hands-on tutorials provide quick and practical instruction using the QuickBooks Online and QuickBooks Online Accountant cloud-based accounting solution. Stop juggling files and notes and calendars, stressing about what's due, what's coming and what you may have overlooked; this book shows you how to track and manage everything in one place, with alerts, reminders and detailed reports that help you gain a clearer picture of the business's financial state — and all you need is an internet connection.

Using the many helpful, timesaving features of QuickBooks Online and QuickBooks Online Accountant to their utmost capability requires a little insider knowledge and hands-on instruction; this book has you covered, with clear, practical guidance to help you:

  • Manage payroll, invoices and accounts payable
  • Track inventory, costs and expenses
  • Create reports and simplify tax return preparation
  • Organise finances in one intuitive place

Wouldn't you enjoy the peace of mind that comes from knowing that your finances are under control? Wouldn't you prefer the freedom to access the books on any device, at any time? QuickBooks Online can help with that, and QuickBooks Online For Dummies, Australian Edition is the ultimate guide to working with the latest innovation in cloud-based accounting.

Author Biography

Priscilla Meli is from Melbourne, Australia and is one of a handful of members of the Intuit Trainer / Writer Network.

Elaine Marmel is President of Marmel Enterprises, Inc., an organization that specializes in technical writing and software training.

Table of Contents

Foreword xiii

Introduction 1

About This Book 1

Foolish Assumptions 2

Icons Used in This Book 3

Beyond the Book 3

Where to Go from Here 4

Part 1: Getting Started with QBO and QBOA 5

Chapter 1: Introducing QBO and QBOA 7

QBO for the Business User and QBOA for the Accountant 7

Comparing interfaces 8

To browse or not to browse 10

Understanding the Cloud 12

Should You Move to the Cloud? 14

System Requirements 14

Chapter 2: Embracing the QBO/QBOA Format 17

It’s All about Subscriptions 17

The Self-Employed version 18

The Simple Start version 19

The Essentials version 20

The Plus version 20

What Does QBO Cost? 21

Addressing Payroll Needs 22

Switching from QuickBooks Desktop 23

Where Add-On Apps Fit In 24

Part 2: Managing the Books for the Business User 27

Chapter 3: Setting Up a Business in QBO 29

Signing Up for QBO 29

Setting Up a New Business 31

Importing Company Data into QBO 34

Understanding the Dashboard 35

Establishing Company Settings 40

Examining company preferences 40

Setting sales preferences 41

Taking a look at expense preferences 47

Reviewing advanced preferences 48

Examining billing and subscription settings 49

Working with Multiple Currencies 49

Updating the Chart of Accounts 57

Activating the GST Centre 63

Taking Advantage of QuickBooks Labs 63

Signing In to and Out of QBO 64

Chapter 4: Managing List Information 67

Importing People into a List 67

Merging Accounts 73

Adding New People to a List 74

Searching Lists for People 76

Working with a particular person 76

Sorting a list 79

Exporting a list to Excel 79

Working with a batch of people 80

Changing Settings for People Lists 81

Working with Products and Services Items 82

Establishing categories 84

Adding service and non-inventory items 85

Creating an inventory item 88

Changing item types 88

Adjusting inventory item information 90

Looking at Other Lists 95

Chapter 5: Dealing with the Outflow of Money 97

Writing a Cheque 99

Assigning a cheque to accounts or items 99

Writing a cheque for an outstanding bill 103

Creating an Expense Transaction 104

Setting Up Transaction Templates 104

Entering a Purchase Order 106

Entering and Paying Bills 108

Entering a bill 109

Recording a supplier’s credit 110

Recording a supplier’s refund cheque 111

Paying bills 112

Chapter 6: Managing the Inflow of Money 115

Customising Forms to Handle Subtotals 117

Preparing an Invoice 118

Recording a Customer Payment 121

Working with Quotes 124

Preparing a quote 124

Converting a quote to an invoice 126

Copying an existing quote 128

Working with Sales Receipts 130

Entering a sales receipt 130

Printing sales receipts and delivery notes 131

Giving Money Back to a Customer 132

Recording an adjustment note 132

Issuing a refund to a customer 134

Creating Billable Time Entries 135

Entering a single time activity 135

Using a timesheet to record time 137

Adding a billable expense to an invoice 138

Chapter 7: Diving into Account History via the Ledger 141

Understanding Account History 141

Entering and Editing Transactions 147

Entering a transaction 147

Editing a transaction 150

Looking at Other Account History Features 151

Sorting transactions 151

Filtering transactions 152

Printing an Account History 153

Chapter 8: Handling Bank and Credit Card Transactions 155

Controlling the Appearance of Bank Accounts 155

Connecting QBO Accounts to Financial Institutions 157

Connecting or not connecting 158

Connecting Bank or Credit Card accounts 158

Downloading Bank Activity 161

Downloading information for a directly connected account 162

Manually downloading banking information 163

Importing transactions via Excel 164

Handling Downloaded Activity 166

Excluding transactions 168

Including transactions 168

Establishing rules to accept transactions 170

Fixing mistakes 175

Making a Bank Deposit 176

Reconciling a Bank Account 179

Chapter 9: Paying Employees 183

Understanding the Connection between QuickBooks and KeyPay 183

Turning on Payroll 185

Getting started with QBO Payroll 185

Fine-tuning your payroll preferences 186

Setting Up Employees 191

Adding employees 191

Fine-tuning employee details 192

Entering Payroll History 193

Exporting and importing your business’s payroll opening balances 193

Entering payroll opening balances manually for each employee 193

Paying Employees Using Timesheets 194

Invoicing customers for time incurred 194

Using KeyPay’s Time Sheet function 195

Allowing employees to use WorkZone 195

Creating New Payruns 196

Taking Advantage of Payroll-Related Reports 197

Employer Liability Report 198

PAYG Withholding Report 198

Payroll Tax Report 199

Super Contributions Report 199

Payment Summaries 199

Chapter 10: Reporting Taxes 201

Getting Up and Running 201

Understanding your GST liability at a glance 202

Running Business Activity Statement reports 202

Completing BAS 204

Viewing your BAS History 206

Recording Monthly IAS Payments for PAYG Withholding 206

One click PAYG 207

Manually creating a PAYG payment 208

Ensuring Quarterly BAS reflects manual monthly PAYG payments 208

Using Running Balance Accounts 210

Entering and Paying Income Tax 210

Creating Additional Taxes and Special Transactions 213

Additional tax rate 213

Additional group rate 214

Custom tax 214

Taxes requiring special transactions 214

Chapter 11: How’s the Business Doing? 217

Quickly Review Income and Expenses 217

Finding the Report You Want 218

Examining recommended reports 219

Looking at frequently run reports 219

Finding reports you customise 219

Taking a look at management reports 219

Exploring all QBO reports 220

Searching for a report 221

Generating a Report 221

Customising the appearance of reports 222

Customising a report 223

Printing, exporting and emailing reports 224

Saving a customised report 225

Auto generate reports 226

Running Reports for Individual Accounts 227

Chapter 12: Preparing a Budget in QBO 229

Checking Financial Year Settings in QBO 229

Budgeting with QBO 231

Using the Budget Wizard 231

Finding your budgets 234

Part 3: Working in QuickBooks Online Accountant 237

Chapter 13: Setting Up Shop in QBOA 239

Signing Up for and into QBOA 239

Examining the QBOA Interface 242

Working with the Your Practice view 242

Working with the Your Books view 244

Setting Up Your Team 246

Controlling the Appearance of the Client List 250

Understanding and Using the Free QBOA Company 251

Working with the Sample Company 252

Closing Companies and QBOA 253

Working with Wholesale Billing 253

Signing up for Wholesale Billing 254

Adding clients to your Wholesale Billing subscription 255

Removing clients from your Wholesale Billing subscription 256

Stop using Wholesale Billing 258

Chapter 14: Adding Companies to the QBOA Client List 259

Adding a Client’s Company to the Client List 260

Adding a company created by a client 260

Creating a QBO company for a client 263

Transferring Master Administrator rights back to your client 266

General conversion considerations 271

After converting 274

Starting Again 275

Switching between Client QBO Companies 275

Chapter 15: Exploring a Client’s Company from QBOA 277

Opening a Client’s Company 277

Reviewing a Client QBO Company 278

Examining company setup information 279

Taking a look at the Chart of Accounts 281

Reviewing list information 283

Exporting and importing bank feed rules 284

Chapter 16: Working in a Client’s Company 287

Making Navigation Easy 287

Using keyboard shortcuts 287

Opening multiple windows 288

Working in two companies simultaneously 289

Examining Available Transaction Types 290

Searching for Transactions 291

Chapter 17: Using Accountant Tools 293

Facilitating Accountant Activities 293

Running through Accountant Tools 294

Using Reports Tools 294

Reclassifying transactions 294

Examining voided and deleted transactions 296

Writing off invoices 297

Closing the books 298

Reviewing reports 299

Part 4: The Part of Tens 301

Chapter 18: Almost Ten Things about the Chrome Browser Interface 303

Understanding Users 304

Windows and Tabs 305

Using the Omnibox to Visit a Web Page 306

Using the Omnibox to Search the Web 306

What’s the Star? 306

Examining the Chrome Menu 307

About Signing in to (and out of) Chrome 308

Creating a Google account 308

Signing in to Chrome 309

Signing out of Chrome 310

Using the Chrome Web Store 312

Selecting a Theme 314

Chapter 19: Ten Ways to Use Chrome Effectively 315

Setting a Home Page 315

Chrome and Security 317

Chrome and Privacy 318

Handling cookies 318

Chrome and JavaScript 319

Allowing plug-ins 319

Working in Incognito mode 319

Deleting browsing history 320

Reviewing miscellaneous privacy settings 322

Using Google tools to manage privacy 323

Using Bookmarks in Chrome 324

Creating a bookmark 324

Displaying the Bookmarks bar 325

Importing bookmarks 325

Managing bookmarks 326

Duplicating and Pinning Tabs 328

Using Chrome on Multiple Monitors 329

Setting Up Chrome Users 329

Zooming In and Out 332

Downloading Files 333

Chrome on Mobile Devices 334

Appendix: QBO, QuickBooks Desktop and Data Conversion 335

General Limitations of Importing Desktop QuickBooks Data into QuickBooks Online 336

How QuickBooks Desktop Lists Convert to QuickBooks Online 337

Customer and Job List 337

Item List 337

Employee List 338

Supplier List 338

A look at inventory 338

Features That Convert Completely 340

Transactions and Features for Which Most Information Converts in QuickBooks Online 341

Features That Might Not Convert but Have Comparable Features in QuickBooks Online 342

Features That Don’t Convert and Don’t Exist in QuickBooks Online 343

Index 345

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