In our knowledge, doing bookkeeping and accounting can be a big challenge for any small business owners and contractors. It can be more difficult for those who don’t know how to manage books. In contrast, Intuit has made this work easy by launching accounting and financial accounting software “Setup QuickBooks Online”. This software permits business owners to manage sales and expenses, cash flow, invoicing, etc. After purchasing one of the QuickBooks products, you will not feel to hire a CPA to manage your business activities.
According to Inuit’s disclosure, you can avail of two versions in QuickBooks: QuickBooks Online and QuickBooks Desktop. Moreover, you are allowed to choose a version of QuickBooks that will be suitable for your business. Today, we will talk about QuickBooks Online and the procedure to set up this software. First, we are providing you some information about what QuickBooks Online is.
What is QuickBooks Online?
QuickBooks Online is a perfect accounting solution for small or mid-sized businesses. You can access this software from anywhere and at any time. In this case, you just require a proper internet connection to work on QuickBooks Online. Additionally, QBO also consists of various features and functionalities and makes your accounting easy.
Now, you might be wondering “How to set up QuickBooks Online?” Well, signing up into your QuickBooks Online account is not difficult. But, when it comes to set up QuickBooks Online, this can be a difficult task to perform. Since one wrong step can mess up your books of account. To avoid such mistakes, be in touch with us. Now, start finding out steps to set up QuickBooks online via the following article.
Steps for Setting up QuickBooks Online
Mentioned below are the steps to set up QuickBooks Online. At the same time, we advise you to first sign-up into your account and then, apply the following steps one by one to complete setting up the procedure.
Step 1: Add your Company Information
- Firstly, you need to add the basic information of your company which includes company name, address, and phone number.
- Don’t forget to double-check this information because this information will display on your invoices.
- In the square format, you can add a company logo. You need to create a logo for your company for brand awareness.
- After clicking on Next, you will be asked to add the following: Industry type, Company type, Payroll details
Step 2: Set up a Chart of Accounts
You can easily add your chart of accounts if they have been saved in a different window. This step includes the following details that should be entered:
- Bank accounts
- Credit card accounts
- Cost of goods
Under the Accounting tab, you can edit your chart of accounts. Once you are done with editing, click on Next. After that, you will be asked for entering the following details to setup QuickBooks:
- Category type
After entering the aforementioned details, double-check them and click on Save.
Step 3: Connect Bank Accounts
- Firstly, choose Connect Accounts.
- After that, you need to select your bank account from the list.
- Now, sign in to the bank account using admin credentials.
- Select bank accounts that you want to connect with. Keep in mind to choose one account which is related to your business.
- Match transactions with the information added on the chart of accounts.
Note: In QuickBooks Online, you get an automatic feature to import 90 days of accounts. If your business has been running for more than 90 days, then you are required to add the information manually or through Excel (CSV) file.
Step 4: Make Invoice Templates
You can run this through the Custom Form Styles under Company for QuickBooks setup. Additionally, QuickBooks Online gives you templates that you can edit in terms of the following:
- Color scheme
- Margins for printing
- Content: In content, you can edit headers, footer section, and activity section.
- Reminder email
Step 5: Add Products & Services
In order to add products and services, go to Settings and click on Lists. Then, choose Add products & services. After that, you need to add the following details under this tab:
- Product/service type
- Sales information
- Income account
Don’t forget to click on Save after adding all the aforementioned information to set up QuickBooks.
Step 6: Add Customers and vendors
You may know that QuickBooks has a feature of Import. If you have various customers or vendors to enter, so it will be better to place this information in an Excel spreadsheet. After that, find the Import feature in the drop-down menu.
If you are adding customers and vendors manually, then follow the steps written below.
- Firstly, go to the relevant tab by click on the Home tab.
- Click on Add an item.
- After that, you have to enter the following details:
- Customer or vendor detail
- Billing information for customers
- Payment method
- Finally, click on Save.
Step 7: Create Statements
Creating statements in QuickBooks Online assists you to enhance cash flow. Therefore, you will get the three options to display your company file data that have been mentioned below:
- Firstly, every transaction including invoice totals will be on a single line.
- You are allowed to make a list of transactions and details lines of items that have been purchased.
- An aging table will appear on the bottom of the screen that you can add to invoices.
Finally, we are done with explaining the completed process to set up QuickBooks.
We hope that you have understood the procedure of “How to set up QuickBooks Online” via the above article. Undoubtedly, QuickBooks users may face various issues while accessing it. And, the most difficult task to perform is setting up QuickBooks Online. There is nothing new if you are facing issues while setting up QBO. In such a case, you are free to contact our experts. We have a team of certified experts who have more than 10 years of experience in QuickBooks.
In order to avail of our services, you need to dial our number. You are free to get in touch with us at any time to get technical assistance.