2024 QuickBooks Online – How to start using QuickBooks Online in less than 30 minutes
In this video, I explain how to start using QuickBooks Online in less than 30 minutes.
TIPS: Do it right the First time and Save headaches later
1. Gather the bank and credit card accounts INFO you want to connect to QuickBooks
2. In QuickBooks Add New Bank and Credit Card Accounts – QuickBooks dashboard – Transactions – Chart of Accounts – New
3. Bank connect to QuickBooks – QuickBooks dashboard – Transactions – Bank transactions – Select “Link account” and follow the instructions
4. Normally you want to download bank transactions from the beginning of the year. Example January 1, 2024. The reason is that you will have full-year transactions in QuickBooks.
5. Once bank and credit card accounts are connected to QuickBooks, it will automatically download bank transactions from your banking accounts to QuickBooks for your review.
6. Just because it’s downloaded, it is not posted to the QuickBooks register to show income and expenses for your business.
7. Start categorizing transactions. Highly Recommended: Add Vendor for expenses and Customer for Income/Revenue from your business.
8. Once transactions are categorized then it’s in QuickBooks register to run Income Statement and Balance Sheet reports.
9. DON’T CATEGORIZE FROM THE BANKING TAB, FOR THE FOLLOWING TYPES OF TRANSACTIONS. READ MORE INSTRUCTIONS ON HOW TO HANDLE SUCH SPECIFIC TYPES OF TRANSACTIONS. – You have created a Customer Invoice. The customer made the payment and it’s showing up as Bank Deposit. – You have paid the Vendor for Inventory purchases that you’re tracking in QuickBooks. – If you charge Sales Tax and you paid Sales Tax. – Employee Payroll and Payroll Taxes. – Match It – You have manually (or through 3rd app) recorded transactions in QuickBooks. Don’t Add/Categorize, you will need to MATCH IT, to avoid duplicate transactions.
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