Customize QuickBooks Online Using Settings

 Customize QuickBooks Online Using Settings

You can start using QuickBooks Online the first time you sign in. However, your tasks will be easier and faster, if you customize it for your company.

 
QuickBooks Online was designed to be used by a variety of business types; that’s one reason why it’s such a popular small business accounting website. It was built to be versatile. That is, whether you sell hard drives or you service HVAC systems, you can customize it to “fit’ your company.
 
This is why your first order of business when you start using QuickBooks Online should be to click on the small gear icon in the upper right corner. The window that opens displays links to all of the site’s options – a collection of choices that’s called “Preferences” in desktop QuickBooks.

When you click on the small gear icon in the upper right corner of QuickBooks Online, this window containing the site’s many options will open.

 
Global Settings
 
The first screen you should visit is Account and Settings. This page is divided into five sections, accessible by clicking on one of the tabs below:
 
Company -Your company’s name and contact information appears here, as well as identifying details like the tax form you file, as well as your industry.
 
Sales -You can do a lot of customizing here that will affect your company’s selling activities. For example, you can specify preferred invoice terms and delivery method, and indicate whether to turn on features like:
  • Shipping
  • Custom fields and transaction numbers
  • Discounts
  • Quantity and price/rate
  • Inventory quantity on hand
You can also access the site’s tools for customizing the design and layout of your sales forms (invoices, receipts, etc.).
 
Expenses -You’ll toggle expense-related tools on and off here. You can choose to, for example, track expenses and items by customer and make them billable. Will you be using purchase orders? What will your default bill payment terms be?
 
Payments -Here, you’ll be able to set up a merchant account so you can accept credit cards and bank transfers from customers through QuickBooks Online. If you already have a merchant account, you can connect it here.
 
Advanced -There’s a good reason why this section is named “Advanced.” You may not be familiar with some of the concepts here, like “closing books” and specifying default accounts for items like Markup. We can go over these things with you and help you make decisions.
 
Other entries in this list are easier to complete, though you may still want some guidance. Will you support multiple currencies? Automatically apply credits and invoice unbilled activity? Make individually-tracked time activities billable to customers?
 
Other Preferences
 
There are many other areas in this window that you’ll want to explore before you start processing a lot of transactions in QuickBooks Online. If more than one person will have access to the site (we’ll assume you’re the Administrator), you must click on Manage Users. Here, you can set limits of what other employees can access. Click New on the screen that opens to launch this mini-interview, and follow its instructions:

 

You can restrict users to specific areas of QuickBooks Online.

Other preferences you should look at include:
  • Chart of Accountsonly to familiarize yourself with the accounts that make up the backbone of your accounting data. You’ll use these in transactions. Please do not make any changes here without talking to us.
  • All Lists – to see what’s available here, like Classes, Recurring Transactions, and Payment Methods.
  • Products and Services – to start building records for the items and services you sell. If you carry inventory and have never worked with a website that helps you manage it, please let us go over these concepts with you.
  • Budgeting – if you plan to create a budget. QuickBooks Online contains a tool that will accommodate this critical task.
  • Audit Log – if multiple people will be using QuickBooks Online. It tracks all activity by date and user.
QuickBooks Online is easy to use, but there’s a lot to learn upfront about customizing it to meet your company’s accounting needs. It’s natural to feel a bit overwhelmed at first. Let us help you get through those early days of use.  Connect with us, so we can walk you through the basics.

It’s the most wonderful time of the year (for taxes)!

While we are all thinking of presents and sugar plums (what are sugar plums anyway), it’s easy to forget about all those taxes, statements, and other fun mandatory filing requirements that come at the end of the year.

Here’s are just a few of the items for your “to do” list:

  1. Gather information for 1099’s – That means sending a form W-9 (here’s the link IRS form W-9) to all your vendors who perform services for you.  Common examples of these are landscapers, cleaning folks, graphic designers, accountant, lawyers, etc.  Any vendor that your pay $600 or more during the calendar year who is unincorporated gets a 1099.  They are due to the recipients by January 31st, so get that information now!  Having trouble sleeping?  Here’s a link to the IRS Instructions for Form 1099.
  2. Check all your employee information for accuracy – W-2’s are due to employees by January 31st and 4th quarter payroll forms are due by January 15th.  You should make sure that you have up to date address information and information on benefits (if you are required to report them) so that this process will go smoothly.  Also, start gathering new withholding forms from employees and check to make sure that all the employee files are up to date (I-9’s completed, correct emergency contact information, etc.)
  3. Make estimated tax payments for the 4th quarter – Unless you are a non-profit, remember to make your 4th quarter estimated tax payment by January 15th.  In most cases, you must have paid in at least 90% of your total tax liability by this date in order to avoid underpayment penalties.

Non-profits have additional reporting requirements like sending out annual giving statements (officially called “gift acknowledgement”) so you might have to add this to your list if you run this type of organization.  Have questions about what is required for this?  Here’s another fun IRS publication for late night reading.

Quickbooks has many tools to help with these tasks and make your life a little easier.  If you need help, be sure to contact us or your accounting professional.  It’s better to ask us for help now so we can make sure you are on track to meet all your filing requirements and not incur penalties!

Apps, Apps, and more Apps – which ones are right for me??

As the universe of apps that integrate with QuickBooks Online seems to expand exponentially on a daily basis, how do you pick the right one?  I recently attended a session on this very topic at #QBConnect.  The presenter, Byron Patrick, did a great job of identifying the steps in this process:

  1.  Identify the reasons & goals
  2. Determine the must haves
  3. Identify the options
  4. Filter down the choices
  5. Do your research
  6. Make your selection

Download Byron’s presentation here: Taming the Wild West of Apps

Hello world! Welcome to the mind of a QB SuperGenius!

My passion is teaching people about how to best use their QuickBooks to solve problems and deliver information about the money side of the business so that they make good decisions and spend more time doing what they love! If you are successful, I am successful.

So I created this blog to keep you up to date on the changes constantly being made in the Intuit universe and what products and services are available to help you do your job better, faster, and cheaper. I want to help you stay out of trouble from an accounting and tax perspective. And I want to help you grow your business!

Let me know what issues you’d like to hear about. QuickBooks questions? Accounting questions? Pictures of my cats? This blog is for you so what would you like to know? P.S. I’m always happy to post pictures of my cats!