QuickBooks Online For Dummies

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