QuickBooks Online 2021 - Complete Tutorial

hi folks I'm Hector Garcia accountant and QuickBooks consultant the purpose of this video is to get you really comfortable with using QuickBooks Online the video it's about an hour and a half about an hour and 20 minutes and it's my attempt to shorten one of the most popular videos I have in my channel which is a two hour tutorial of sort of a through C on how to get through with QuickBooks Online this video was recorded in the middle of 2020 so of course if you're watching this in the future there might be some little things here and there that change and make sure you subscribe to the channel because any updates major updates to QuickBooks Online I will make videos to update this one you also want to check out the description because I did an entire timeline of this video so you can skip to any specific topics that you need to because I know it's a long video and some of you will be kind of stopping and playing and watching this in pieces however the way the video is set up it's gonna be a little bit fast in terms of the way I speak but you can pause and follow along in another screen if you want to set up a brand new account just so you can follow along if you really set up an account and you already gone through the entire first set account setup process you can you skip that I'll put the minutes and seconds here below somewhere you can skip straight to that and we can go straight to the setup process of QuickBooks if you haven't sort of the new account yet and you're going to do that now then let's get started okay let's go through the new account setup and sign-up process and kind of explain all the different versions of QuickBooks Online that are available so you can choose before you create a new account now most people go to QuickBooks com to create their new QuickBooks Online account or to create a free trial which you can do but I'm recommending that if you're watching this video and you have not set up a new account yet use my link my link will give you a 50% discount for 12 months so I'm a big-time reseller and recommender and influencer in the QuickBooks world so I have access to special deals and this is one of the deals that I can give to my youtube followers so you that link to get 50% discount do your research and I almost guarantee you that's gonna be the best deal in town regardless so whatever prices I'm talking about now I'm going to talk about the retail pricing and as of mid 2020 right if you're watching this in the future and the prices go up or they change obviously I can't control that let's start with simple start simple start this $25 a month it allows you to do invoices receive payments do your banking manage your expenses estimates sales tax track mileage and of course basic financial reports QuickBooks Online simple start is limited to one user so if you have more than one person I need to access QuickBooks Online you can try it's only for one user next level up is QuickBooks Online essentials it's currently $40 a month and the additional functionality the essentials adds over simple start is one you can track bills that means you can track your accounts payable so you're no longer only tracking the money coming in you're also tracking the money that you expect to be coming out so all your future bills future payouts that you expect to make you can track them in essentials it's a very fundamental thing in accounting is being able to track your accounts payable or the money that you're going to pay in the future in addition to that you can track time so he's got a time tracker so you can track your activities how much time you're spending and work or your employees are spending in the work and lastly it bumps it up to three users so now you can have maybe the owner of the company and two other employees accessing all QuickBooks at the same time the next version is QuickBooks Online Plus QuickBooks Online plus bumps the users from three to five so you can have a little bit more users accessing QuickBooks Online it also gives you the ability to create unlimited report only users and unlimited time tracking users so if you have more than five people there might be a need to log into QuickBooks only to look at a report or only to track time you can do that with the plus addition in addition to that with QuickBooks Online Plus you get access to a whole bunch of additional management reports you access to tracking inventory to creating purchase orders which are essential for managing inventory you can also track class and location tracking which gives you another dimension of data to create reports for will do us an example of that a little bit later on and finally gives you the ability to track job profitability probably one of the most valuable features in + as compared to the other two is to be able to track your expenses by customer expenses by job expenses by project and you can see which jobs which projects you are more profitable or less profitable in so you can maybe make decisions in the future about what jobs you want to take and jobs you don't want to take so that job profitability tracking it's only available in + or higher editions like advanced now let's talk about the highest edition of QuickBooks Online which is QuickBooks Online advanced one of the most notable noticeable differences is it jumps from five users to up to 25 users if you got more than 6 people and more than 6 people or more they need to be accessing QuickBooks Online you definitely want to start looking at QuickBooks Online advanced because that gives you up to 25 users in addition to that they have a built-in bill payment feature so it actually connects to a third-party app that processes payments so you can pay your vendors you can pay your suppliers all electronically within the windows equal within the QuickBooks ecosystem so you don't have to go into your bank and create a bill payment separately so that's actually a really cool feature you also have access to additional more powerful reports QuickBooks Online partners with third-party report makers to give you access to reports that you wouldn't have access with the other edition so you have to pay extra a third-party app to have those very special management and operating reports you can get access to that with QuickBooks Online advanced with the highest edition you also have access to this feature called accelerated invoicing which allows you to import invoices from Excel or CSV file and also create invoices to multiple clients in batch and lastly because you have more than five users you got potentially 25 users using QuickBooks Online you have custom user permission so you can tell QuickBooks Online what each person has access to or not have access to to give you a little bit more control about what these users are doing inside QuickBooks Online let's go ahead and start a free trial so you can actually start a free trial without even putting a credit card in and start using it right away just make sure that you put your credit card in before the 30 days are up so you can get a 50% discount if you use my link let's go ahead and create a new account and then click on sign up with email this will immediately start the new account setup process it would be with a free trial you don't have to put a credit card yet but obviously make sure you put a credit card in before the 30 days are up if you are going to continue using the account so let's go ahead and put the business legal name so let's call this one Garcia enterprises and we'll call this one accounting services and then I'm gonna go ahead and click on next then it's asking me what would you like to do with QuickBooks I'm just gonna click on next and skip this part and you know answer only the stuff that's relevant so you have employees I'm gonna put no for now however QuickBooks does have an additional option where you can add payroll services to it which we're not gonna cover in this video because payrolls way too complicated to discuss but you're gonna watch other videos for payroll now I'm gonna click on owner here because I'm going to tell it that I'm the owner of the business and then put know that I'm gonna do it all myself and don't have an accountant and the reason why they ask you that is because they're gonna want to connect you with an accounting professional that's an expert in the subject matter to improve you know the probabilities of you doing this correctly then it's asking you if you want to link your bank accounts so you can download transactions automatically for now I'm gonna uncheck that and the orders click on manually and click on all set and I'm going to show you how to the bank connection a little bit later on so now we have our new QuickBooks Online I cannot set up we have the name of the company here if I click on my company name I can upload a logo by just clicking on the logo box in the top and just clicking on the plus sign and I can upload my logo I would say that's a pretty good start you know let's start uploading our logo and then click Save at this point you can change the legal name so we're going to call this one Percy enterprises Corp you can add your EIN you can add the type of business that you have so we're right here where it says tax form you can say okay I am a Corporation and LLC whatever you happen to be and you can change the industry if you want to but at this point that doesn't really matter whether you put the wrong industry or not so now I'm gonna click on save and then click on done and that would be sort of my initial initial set up we got our logo in we got our company name in and we can move on and start doing the other basic functions that we do to do the initial setup so right now let's talk about navigation let's just get an idea for what is it that we're looking at on the left-hand side this is called the left navigation bar on the left navigation bar you will have access to different areas of QuickBooks transactions which has banking expenses which has your all your vendor information and expenditures sales which is what you're gonna have all your products services and invoices for your customers projects which is for the project job costing that job profitability tracking workflows has only available in the Advanced Edition and that's to create some automation processes we're not gonna cover that in today's video we'll have other advanced videos that cover that then we have payroll which we mentioned we're going to skip for this video too we have reports and then we have taxes which is going to be both for sales tax and payroll taxes if you have payroll tax setup you're gonna have mileage where you can track your miles accounting where you can do your chart of accounts and reconcile and my accountant if you have an accountant connected with QuickBooks Online this is where you can have all that information about the accountant that's connected to your file that's collaborating with you so that's the left navigation bar now you're gonna see the three little horizontal lines next to your company name and next to the quickbooks logo if I click on that my left navigation bar collapses and basically what this does is gives you a little bit more real estate to work with so if you don't need to be working on any of those transactions on the Left navigation bar you can collapse or click again and you can't expand if you happen to be in any screen and you're kind of lost and you're like I'm not sure where I am you can click on the QuickBooks logo on the top left and it will send you back into sort of your home page or overview page so here in the left-hand side you're gonna have overview or dashboard depending on what version of QuickBooks you have most people would say dashboard since I have the Advanced Edition I also have the overview that gives me additional information so that dashboard is gonna be the home page for most people in the dashboard I can hide anything I don't want to see just by clicking on hide and also have happened to be lets say in Starbucks and I'm looking at reports and I'm looking at this screen and I don't want anybody to kind of see my numbers I can click on privacy here on the top right and it will hide the graphs in the dashboard they call it Starbucks mode so we can click on that again and then we can see our graphic so these graphics are going to show me a summary of my profit and loss expenses bank account balances etc since it's a brand new account and we don't have any information obviously everything here is a zero but as we create some transactions you will see exactly how that works now let's talk let's take a look at on the right hand side on the top right you're gonna see three buttons here that are really important one is the gear menu and I'm going to click on the gear menu you're gonna have all sorts of options in the gear menu you can have some really important things such as accountant settings if you click on that it's gonna take you back into your accountant settings screen that I was on when I was adding the company logo on the left hand side we're gonna have multiple tabs for example building a subscription will tell you the edition of QuickBooks that you have it will tell you whether or not you're in a trial or in a subscription it will let you know when next month is for your billing cycle and it allows you to either cancel your trial upgrade or downgrade your plan depending on the Edition that you have you actually have the capacity to do that and you also have your company ID which you're gonna need for support purposes now if you wanna if you have payroll add-on or TSheets or QuickBooks bookkeeping services or online payments or you want to order checking supplies all this screen gives you all that information whether or not you have it set up or not or how you could go about setting up those add-ons when you click on usage it lets you know how many users you have how many accounts you have that sort of information when you go to sales you're gonna see all sorts of preferences that you can turn off and on in terms of sales so if you want to go through this and see all the things you can tweak turn on and off that will give you an idea more or less of the features that you have available in QuickBooks Online when I click on expenses you have a couple of options here for example if I want to turn on purchase orders I just click on a little checkbox and click on turn on purchase orders and click on save and then I'm gonna go into advanced and I'm going to say for example I wanted to change whether or not I want to enable that count numbers so I have the option to turn them off or on in this case so I'm gonna go ahead and turn them on and show them and then whether or not I want to turn on class and locations I'm gonna go ahead and turn them on for now I'm gonna show you kind of how those work again those are only available in Plus or advanced not available in simple start or essentials as we go down here we can turn off and on projects so if we want to track project job costing or job profitability reports I'm gonna go ahead and click on projects and turn that on and then click on ok and then I can turn off and on multi currency if I want to have multi currency one thing is if you turn on multi currency you can't turn it off you also have a user view that says business view versus accountant view so under accountant view you get a little bit of more the accounting terminology if you're not an accountant or don't understand accounting at all you probably want to use the business view which will be a little bit more business friendly terminology when I go and click on done and then that's just a quick overview of the settings when I click on the gear menu again you're gonna see other places like manage users so under manage users this is where you create more users so if you want more people to be accessing quickbooks online in your organization you can do that as i mentioned earlier essentials gives you access to three plus gives you access to five and advanced which is the one that i have on gives you access to 25 so when i click on add user I can now add the type of role that i want so the user can either be an admin or a standard user now you can also create report only users and time tracking users as i mentioned earlier all versions of QuickBooks Online give you the ability to as I mentioned earlier only the plus Edition and Advanced Edition give you the unlimited reports and time tracking users and only the Advanced Edition gives you the ability to create custom roles so for example I'm going to click on add new and I'm gonna create a role where the users can only access invoices bills and let's say inventory management so I'm limiting what this user can access basically anything that's not marked here that user will not have access to so then I'm gonna click on next and I'm gonna call this my assistant and then click on save so now I created a user that has limited access to only certain areas I can put their name here so Carlos Garcia okay and then click on save and then that person's gonna now gonna get an email with an invitation to sign up to QuickBooks Online and when that person signs up they're gonna have a limited access to QuickBooks if I click on roles here and then I see assistant I can click on the drop-down where it says edit or view and I can actually see what that person has access to so you get really really robust user permissions when you're using the Advanced Edition if you're working with essentials or plus you can have additional users but you can't really choose the stuff that they have access to or not so it's a little bit about all or non type of situation okay so that's that so I'm gonna click on the gear menu and then we're gonna see here with this chart of accounts now you can also access a chart of accounts through the accounting tab on the Left navigation bar so I can click on accounting and then click on see chart of accounts so either way whether I go to accounting chart of accounts or if I click on the gear menu chart of accounts I'll get the chart of accounts this is probably one of the places that you're gonna spend a lot of time in creating new accounts at the very beginning chart of accounts is the heart of your accounting system if you're starting a business from scratch it's gonna get a lot easier because you can just kind of create the accounts as the transactions come up but if your business has already been created before and you started using quickbooks online whenever you pick a date you're gonna have carryover balances coming from before so as you create all the accounts in your chart of accounts you have to enter those beginning balances let's start for example with the premise that i'll be setting up QuickBooks Online on July 1st so I want to tell QuickBooks that as of June 30th I had a carryover balance on that specific account that I'm going to create so I'm gonna click on the new on the top right side and then click on where it says bank type I'm gonna click on Bank and then let's call this one chase checking one two three four and then let's say that's the last four digits of my checking account you can name this whatever you want I like to use last four digits of the checking account here was a detail type you can select additional detail type to give you a little bit more information keep in mind that if you change the detail type the name will be changed so be aware of that and then I'm going to click on where it says here when do you want to start tracking finances in this account so for example like I said I'm gonna start tracking it July 1st so I want to enter the beginning balance on June 30th so click on other and then pick the heart date the actual date in which I'm going to enter the beginning balances for so let's say I'm starting on June July first so I'm telling it that my balance on June 30th is gonna be X amount matter of fact let me push this up to your life first really that would make a lot more sense if I put your life first because then my there we go then my ending balance here is for 6:30 so I'm gonna go into my bank statement and actually pull up my ending balance from June 30th and let's say that's thirty two thousand five sixty okay perfect so I'm gonna go ahead and click Save and close and then you're gonna notice that my chart of accounts it's now getting constructed so I got my checking account and the beginning balance let's say I'm also gonna bring a credit card so I'm gonna click on new account type I'm gonna choose credit card and then let's say this is an Amex so we'll do a mix one zero zero one and here where it says I'm gonna start tracking my finances let's say the annex closes the 24th of each month so I'm gonna put here other and let's say starting June 25th would be the kind of the first day that I'll start tracking that and the reason why I'm going a little bit back is because credit cards don't have a perfect closed state like banks to that I'm gonna read from my credit card statement what my ending balance for that credit card is and I say sixteen thousand 789 and then I'm gonna click on save and close so we got started right we got our bank account we got our credit card account if I have multiple bank accounts you want to create them all if you have multiple credit cards you want to create them on a little bit more advanced situation is you want to create your other balances such as loans so I'm gonna click on new here and let's say for example I have a business known so I'm gonna go to account type and choose long term liability let's say it's a 10-year business knowing I have with the bank I'm gonna pick here where it says note payable cuz that make sense and then here I'm gonna put chase loan and I'll put the last 40 years off the loan number you that I like to do that and let's say I can get my loan statement closing on June 30th as well so I'm gonna go ahead and put the loan balance there so that's its forty one thousand five fifty two now one thing to keep in mind here is a lot of people will set up quickbooks online closer to the beginning of the year and that would pick maybe a january first start date and manually enter all the transactions through the beginning of the year to whatever date you are creating this in that's good that's valid a lot of people do that because I want to have QuickBooks have a clean fiscal year so when they prepare the tax returns they have one QuickBooks file with all the information you can do that as well so you don't have to start this exactly the start date on when you're creating the new quickbooks online account you can actually go back to the beginning of the year and recreate all those transactions if you want to so it's really up to you so you're gonna be creating all the accounts here you can also create your asset account so for example let's say I'm gonna enter a vehicle and I'm gonna pick here let's say vehicle and then let's say I have a Ford truck so let's put here Ford truck and I kind of know what I'm doing and I know at the balance of my four truck when I bought it so let's say for example I bought a Ford truck for $31,000 on let's say this happened on July 1st 2018 and then I'm gonna click on track the appreciation of the asset and then it's gonna ask me how much depreciation is there on this vehicle so then at that point you would probably have to talk to your accountant read the tax return and see how much depreciation you've done today till I say that's $6,000 and we'll put here there would be six thirty six thirty twenty twenty so following kind of the same cycle here so I bought it originally for thirty one thousand I have depreciated to date six thousand dollars again this is kind of an advanced option if you don't know what you're doing you probably want to skip that wait until you speak to your accountant about fixed assets and depreciation I'm just illustrating the things and you can put in the chart of account so that's going to be your balance sheet accounts now in the profit and loss account or your income and expense accounts you can also create additional categories so for example I have one two let's go back there again one two two three income categories click box by default creates billable expense in come on categorized income and sales you don't have to use all of them these are the default accounts but let's say for example two types of revenue channel I have product sales and I have services and I want to track them differently so at that point I will create those two categories so account type let's go to income and on the detail type or select sales of product income and that's perfect I don't have to change anything to that notice that I can't put beginning balances because income and expense accounts we don't do beginning balances for that's only for balance sheet accounts credit cards loans assets a bank accounts that sort of thing so I'm gonna go and click on save and new so I can continue to create more accounts and then I'm gonna be in the same screen here in the income screen and it's called this sales of product essentially named sales of products ok so there's gonna be our account call sales or products actually let me go back here for a second make sure I didn't screw this up ok so we have this refresh here and let's see what income accounts we have okay so we have sales report think of myself so product ok so I did this twice by mistake so perfect cuz I get to show you how to edit an account so I'm going to change the name of this account to sales of services so I'm gonna click on edit and then I'm gonna change the detail type to let's say service fee income and I call this one sales for services or service sales ok that's probably better that's two service sales beautiful and I'm gonna click on save and close so now I got multiple income categories that I'll be using sales of products and sales of services same thing happens with the expense accounts so I got an account called car and truck expenses but I'd say I want to have subcategories under current truck expenses so I'm gonna create a couple sub sub categories on their current trucks I'm going to click on new and then I'm gonna select the expense category and then I'm gonna go to detail type and we're gonna choose current truck here somewhere it's called auto perfect and then we're gonna call this one fuel and then we're gonna make fuel a sub-account so we're gonna click on the little checkbox make it a sub-account of car and truck perfect and then I'm going to click on save in you okay and let's do one for tolls and then we'll make that a sub-account of car and truck save and new let's do parking sub-account of let's say what was it car and truck yep and then go to new and let's to outer lease so let's say we lease our vehicle and we want to have a category for those lease expenses so we're gonna go to a current truck and go to auto lease and then click on save and close and let's say those are eight so I'm gonna go down here to my car and truck expenses I notice that I have four sub categories under it so you can create parent categories you can create sub categories depending on your preference again if you're brand new to accounting this is something that might be easier to do sitting with your accountant next to you I know the chart of accounts part is a little bit dense I'll have other videos where I go a little bit deeper and kind of slower into the chart of accounts and setting up all these beginning balances that's a really important fundamental part of QuickBooks Online and probably the one that everybody needs to learn first when they're getting started so we spent a lot of time with that let's move over to now products and services so right here under the sales tab on the left hand side we're gonna go to products and services and this is what we create all the different products and services that we create notice that QuickBooks by default creates hours and sales as two default items but here's where we can decide what kind of products and services we're gonna sell so I'm gonna click on new and then create a service so I'm gonna create a service here and then it's called this one consulting okay so let's say I charge for consulting and let's call this our hourly consulting and let's say here when I go down a little bit I get a couple of options like a SKU number probably not valuable unless I'm dealing with inventory category so I can create different categories and group my items together I have class if we're gonna go back and use classes we'll go back and talk about classes briefly and then we have description so here I can put hourly fee for basic consult okay so that's what I'm gonna use that's what's gonna be on the invoice itself let's say that what I charge for consulting is $75 an hour so I'm gonna put there 75 and then income account I'm going to click on the drop-down going back to our chart of accounts portion we're gonna choose which is the income category that makes a more sense so in this case is called service sales I should take I should make total sense and let's say I don't use consulting for purchasing it from a vendor so I'm going to leave that unchecked because I don't need to use this item for a vendor transaction I also have the option to add a picture to the item for my own reference the picture won't show up in the invoice but that's optional too and then I'm gonna click on save and close I gives you an idea more or less on how to create a new product or service I'm gonna click on new and then show you something which is an inventory part so I'm gonna go ahead and turn on inventory tracking when I click on that it should turn on inventory so now my QuickBooks Online is enabled for inventory as I mentioned earlier on the plus and advanced editions give you that I'm gonna click on inventory let's say I'm gonna sell a laptop okay let's say I'm in a laptop business right so I'm gonna sell a laptop and I'm gonna skip a SKU category and class for now I actually first queue I'm gonna put the code number from the manufacturer I said let's say that's a code number from the manufacturer now I don't have any in stock right now if I do happen to have some in stock as I create a my QuickBooks setup from the beginning I can enter that there but let's say I don't have any stock output 0 and s update I'm gonna put the beginning of the year here so 1 1 2020 and then reorder point and we put 2 because basically any time I go under two I want to have more in stock that's what that means then it's gonna ask me what is my inventory I said account generally you keep the default inventory asset account here we can call this one laptop one two three whatever it is and then the sales price let's say I sell this for $6.99 and I'm gonna put sales of product income or sales of products okay so I got two accounts of the same I should probably go back to the chart of accounts and clean that up so I'll pick sales of product and then under the purchase I can use the same code this is what its gonna look like when I purchase it let's say that when I purchase it I want to give some additional codes to my vendor so I'm gonna put additional data that my vendor needs to see when I buy this I buy for five hundred dollars then it's gonna ask me what is gonna be my expense account typically the default cost of goods sold account works just fine I'm for preferred vendor I'll create a vendor called Dell because let's say that's who I'm buying them from so I'll just create kind of the vendor on the fly and then click on save and close so we successfully created a service item called hourly consulting and a product called laptop that has a sort of an internal code it cost and a sales price so create accounts now we created our products now let's talk about creating customers so I'm gonna go into sales and click on customers so let me create my first customer I'm gonna click here where says I have customer manually unless a my customer is called ABC corporation let's say they're our business and then here I can enter their address I can enter notes tax ID information billing terms or payment terms in this case language if I want the invoice to be in any other language I cannot attachments or like contracts and stuff like that and custom fields if I want to track custom fields now custom fields are only available in the Advanced Edition QuickBooks and then we have additional information where it can have customer type I can create different customer types I can group my customers together so it turns out information we can load in here for now but just leave everything else blank and click on save so there's my customer created if I go into customers I'm gonna have a list of all my customers there same thing with vendors or suppliers when I click on expenses I can click on the drop-down where I says suppliers and then I can click on new vendor QuickBooks calls suppliers vendors and let's say this is going to be let's say Cheryl ok Chevron is a supplier because when I buy gas I buy it from Chevron and you also can load all sorts of information for the vendors such as email if I'm going to send them a purchase order such as phone numbers building rates terms copening balance if you all the money from before account number information you can have an account number with your vendor default expense categories in this case I'll put fuel in this case tax ID if you're gonna give them a 1099 attachments know it's etc then I'm going to click on save so there we go we got the original dell vendor I created and then you Chevron vendor I created so you know how to create chart of accounts accounts products and services vendors and customers that's the most fundamental part of setup now let's talk about transactions when I click on the new menu on the Left navigation bar this is what we can create all of our transactions so I can go in to purchase order for example and I can create a purchase order for Dell let's say I want to buy some laptops so I'm gonna go into Dell and then I'm gonna go down here into product or service click on the drop down menu and pick my item from my product and services list let's say I'm gonna order ten of them from Dell and it's five hundred dollars and we'll go ahead and click on save and close and that would be my purchase order I can now receive my purchase order by clicking on new and then clicking on bill so now we are receiving the inventory I type Dell here on the left hand side you're going to notice on the right hand side it drawer slides in telling you hey we got open POS available don't create a bill from scratch would you like to use an open P oh and then we're gonna click on add and add that in there so now if there's a change to the price maybe we thought it was 500 but it ended up being 510 we can change it at a point it changes the bill and this is the amount that I plan to pay my vendor in the future let me go ahead and click Save and close and that takes care of that I can also enter bills for things that I expect to pay in the future not related to purchase orders for example I'm going to click on new and then click on bill and let's say I'm gonna pay xfinity ok that's my payroll serve my table surface so I'm gonna click on add and click on save that creates a new vendor now I'm also gonna say I received this bill on June 1st and they're giving me 15 days to pay automatically you're gonna see they do date automatically populate on the bill number I'm gonna copy that from the invoice number they said me and under categories I'll put here utilities and I can add any notes I want such as you and Internet and phone write whatever you want to put in there and then under amount this is where you put the total dollar amount let's say it was a hundred and eighty-nine dollars and fifty cents and then I'm gonna click on save and close that is a bill or an accounts payable it's only available in essentials plus and advanced now let's talk about invoicing right so let's say we have a new customer that we want to sell them a one of us laptops and maybe some consulting so I'm gonna click on the new menu and I'm going to click on estimate so let's say for example I want the customer to approve it first so I create an estimate select my customer ABC corporation and then select the part in service let's say this is going to be the laptop and let's say some consulting so I'll type that in there and select it so it's one laptop for $6.99 and let's say it's three hours of consulting here I can change the description to installation and setup estimate and invoicing feature in QuickBooks it's very powerful let's say the estimate is stated six one at this point I'm gonna click save and send and email it to my client so I click on savings and put my clients email in here and then click on saving sent the next screen will give you a quick preview of what I would look like you get to see exactly what the invoice is gonna look like you actually can modify and change the formatting of that invoice I'm gonna put a link in the description below for a long one-hour webinar that I recorded that explains that there's a lot of moving parts to customizing your invoices and adding the Pay Now button and that sort of thing so you're gonna you want to refer to that for that so here's what the invoice looks like if the customer were to print it in this case an estimate actually this is what it would look like and you can actually choose what the subject says or the body you can change that if you want to then I'm going to click on send and close and my customer will now get an email with that information so this is what it looks like on the customer side they get an estimate that says dear ABC corporation here's your estimate below you get the text of the estimate transcribed in the email and you can also click on the actual PDF and see the actual PDF if they want to print it so now your customer this choice can either reply via email and accept or may be printed and sign in and fax it to you whatever process you have and then kind of let you know that you know let's move forward with this estimate so at this point you're going to go ahead and pull the original estimate a couple ways to do that we're gonna do it the easiest way we're gonna click on sales and customers and then we're gonna click on where it says estimate so we're gonna click on the estimates and that's gonna give me a list of all the open estimates at this point I can click on where it says one open estimate and it will actually pull up the estimate for you but I can just click on it and I can see it at this point I can modify it if it needs to be modified add notes or I can switch it from pending to accept it and choose the date and the personal accepted it so let's say my customer Hector accepted it and it was on June 15th ok well that's really cool because it kind of gives you a history when the customer said yesterday estimate at this point we can just save this and then we can convert it over to an invoice once the work is completed so let's say I completed at work I click on create invoice I got the option to do partial invoice it actually has a feature called progress invoicing that's available in plus addition and Advanced Edition so the older editions which I mean the lower editions like simple start or essentials which is cost rated invoice but an A plus additional advance you allows you to kind of break it up into pieces if you want for now I'm just gonna click on total so it creates one invoice from the original estimate so now that my invoice is created notice I have a couple of additional options one I can choose to accept payments via credit card or bank transfer that needs to be set up or configured it's not by default because QuickBooks has to do a connection with your bank directly and they have to kind of underwrite your business to make sure that you can get digital payments so you can click on get set up and get that setup process or I'm actually gonna give you a link below in the description and a phone number to my direct rep over a QuickBooks which will give you the best possible rates remember they do charge a couple of percentage points for receiving credit card payments so you want to try to get the best deal possible so I'll give you a direct contact for that or you can just choose to do the get the standard rate that every QuickBooks user gets just by doing the setup process anyway once you get that set up you can actually mark these things and then your customer will get an invoice with a Pay Now button so they can actually pay you electronically so there's no modifications to the invoice let's say we're gonna add invoice date at 6:15 and we're gonna give this customer sixty days to pay notice that the due date changes automatically based on the in Boise State and they do they notice that the invoice has also have this little lock icons under each of the lines letting you know that this is linked to an estimate you created before so I can do a save or a save and send and then the customer will get an email with the Pay Now button and the ability to print the invoice so I'm gonna click on save and close and now we eat for invoicing now when I click on the new button notice that there's all sorts of transactions so under customers we did estimates and with the invoices you can also do a credit memo if you want to adjust the value of that invoice if you don't want to change it on the invoice itself you can do a sales receipt which is when your customers paid you and your invoice them simultaneously and you don't want to have two separate transactions you can also do a refund receipt if you're doing a refund or you can do some delayed credit and delay charges if you're tracking adjustments to the invoices throughout the month and then you want to accumulate them and invoice them all in one shot under vendors you can also enter expenses these are not bills that you're gonna pay later but expenses you're paying now you can record checks and print those checks you can do vendor credits which are similar to credit memos and you can do credit card credits if somebody refunds your credit card under employees you'll be able to do payroll and timesheets and under-body on under other you can do bank deposits transfers journal entries statements and all sorts of other transactions such as inventory adjustment so a very complete program that lets you do a lot of things now let me go ahead and receive the payment to that invoice I'm gonna click on receive payment and I'm gonna select my customer here and let's say I'm going to receive a partial payment so instead of getting nine twenty four I'm only gonna get four hundred dollars worth so I'll type four hundred dollars here and then let's say my customer paid me via a cheque and the reference number will be my customers cheque number I have that in front of me and that went straight into my Chase credit card account okay and let's say there's the invoice one zero zero one being applied and notice only four dollars are being applied perfect so I'm gonna go ahead and click on save and close and now I have four hundred dollars in my bank account when I click on the accounting tab and then go into chart of accounts or click on the gear menu and click on chart of accounts I'm gonna be able to go into my actual bank register so when I click on view register I'm able to see my beginning balances that I started with when we first set up the account which is at 32,000 plus of $1 that I just received now notice I do have a bill that I haven't paid for that I created from the purchase order so let's go ahead and create a bill and see what happens to my bank balance so I'm gonna click on new and then click on pay bills so under pay bills I can choose any of the bills that I haven't paid yet let's say I'm gonna go ahead and pay Dell for that bill and I'm gonna pay them in for 50 100 and I'm also gonna pay my Xfinity bill in for 189 so from here I'm able to pay my bills if I'm paying with a check I can put here a check number or I can click on print later because I want to print them later on or I can just leave that blank because I'd say it's not really a a check that I'm paying with maybe I'm paying with credit card so if I click on the drop down menu and click on Amex notice that the interface changes a little bit it doesn't let you put a check number you can also pay bills with a credit card not necessarily a bank account but I'm gonna choose a bank account just to make sense of this and let's say I'm paying via ACH I'll just type ACH there if it's a check number of you would put the word check number then I'm gonna click on the drop down menu and click on save and close or click on save and print if I want to have kind of a printout of those checks that I'm paying so I click on cancel here for a second and now my two bills have been paid so notice that my balance now went down because my bank it's in real time reflecting the balance of all the transactions I am creating I can also enter one of expenses so let's say for example have a receipt in front of me for gas that I put on my vehicle so I click on new and then click on expense and then I can choose the bank account that I'm paying with so in this case it would be either my chase or my Amex so I'm gonna pick my Chase and let's say this expense happened on the 16th I can choose whatever day today's and that's gonna be a chevron so I spend money on gas right so I'm going to put car and fuel truck a current truck fuel as the category and then here I put a dollar which is fifty six dollars and 91 cents then I'm gonna go and click on save and close and that's how you enter an expense manually so notice that you can also enter expenses for a credit card so I'm gonna go into expenses and then choose Chevron again let's say I put gas again and then I click on the drop-down and choose Amex because I paid this time with the Amex and let's say this was on the seventeenth and then this is also current car and truck fuel and let's say that's forty-one dollars and 89 cents and then I'm gonna click on save and close so now I'm gonna go back and change from Bank registered checking account I'm gonna change it to Dynamics so now we can see the beginning balance that we started with and then we see the expenditure that we made on the 17th for 4189 and you can kind of see that running balance there so by doing that you kind of saw how almost every type of transaction in QuickBooks can be created and how it interacts with the banks and the credit cards you can also do bank transfers by clicking on other and let's say for example I'm gonna have I'm gonna create a brand new savings account and I'm gonna transfer from my checking account and I'll go ahead and create a new savings account from here this would be the same thing as creating it from your chart of accounts and I'll put here savings and let's call this one chase savings and the last four digits and then under beginning balance I'm not going to put anything because I'm actually creating the beginning balance transaction through the transfer so I'm gonna click on save and close and let's say on June 30th I went ahead and I transferred say ten thousand dollars into my savings account under memo I can put something or leave it blank and I can just click on save and close so now if I go into the register and I switch it from my Amex down to my second account my savings account I can now see the ten thousand dollars coming in as a deposit if I go back and change it to my checking account I should see the ten thousand dollars coming out as a payment so we see the interactivity of all these accounts now when I click on you you will notice that you have all the transactions here such as journal entry statement and pay down credit card let's do a journal entry real quick to talk about how that works and typically if you're not an accountant or working in an accounting capacity your entries are a little bit challenging because it's got debits and credits and I probably recommend that you wait until you work with your accountant if you need to do a journal entry but the classic journal entry that we make is we're gonna enter a prepaid expense and charge it against the month or we're gonna enter let's say depreciation and charge it against the bunt so let's say we're gonna use the example of the appreciation so I'm gonna go here to July 31st and let's say I want to charge 200 hours of the appreciation to my vehicle so I'm gonna put the appreciation expense it's gonna be the first category the debit at some expense and I'll put $200 and then the other account will be accumulated depreciation or let me see if that's even here somewhere okay it is it's only way it says for truck so I want to click on for truck notice that this is a different account is for truck calling depreciation that means it is a subcategory under for truck used to track the reduction of the value of that truck again if you don't know what the appreciation is you probably shouldn't be dealing with your own entries at all probably and I'm gonna click on save and close and that's how you create an entry now what does that do when I go into reports ok and I look at my profit and loss so I'll start by looking at a profit and loss report and then I'm gonna click here it says this year I'm gonna click all dates just so we can see every transaction and then click on run report that's going to give you an idea of everything that we have done so notice that we started by creating the sales of product of $6.99 from the invoice and then 225 consulting then we have a cost of goods sold which is the cost of my laptop that I sold then I got my fuel expense my utilities and my depreciation so that's pretty much the end goal of QuickBooks Online is for you to create a bunch of that is essentially going to give you a financial statement profit a loss something that tells you how much you sold how much your expenses were and finally what your profit or your net income is let's go and create another transaction I'm gonna click on new and then click on invoice and then create a new customer let's go to add new and let's create Carlos Perez and click on save and let's say I'm gonna save Carlos two laptops I'm gonna sell him two laptops and I'm gonna give him a discount so instead of 6:39 were charging 649 were also charging maybe two hours of consulting and we'll put here set up each laptop about an hour each right pretty simple stuff I you add the comments of the stuff that you want your customer to see notice I skipped the estimate process I went straight to invoice which is okay I'm choosing the date of invoice and then click on save or save and send if I want to email it to my clients so I'm gonna go ahead and close that and then take a look at my profit and loss report I'm gonna do all dates again and click on run report so we can see see our sales are going up now so we got sales product and we see our cost of goods sold and we see our expenses so this pretty much tells you how QuickBooks works and functions that's a really really awesome feature called classes or locations well that allows you to do is allows you to split up your financial statement into different let's call it cost centers or different categories so you can go not your income and expenses you can also go by class or location so here it says display columns PI I'm gonna choose classes and then click on run report so now you can see how this financial statement could potentially be split up into two so for example let's say I'm going to go into each of those invoices and add a class now so I'm going to click here and I'm gonna click on one of the invoices and then here was class which we ignored before I'm not gonna use classes to track whether I'm selling it to companies or to in the so let's say ACB ABC corporation is companies so I'm going to click on the drop down here and then click on company so I'm creating a class called companies and I'll do the same thing with the second line you have to add a class to each line and you could do them separately if you wanted to but within this context it makes sense to put the same then I'm gonna click on save and then I go ahead and close this out and I'm gonna go to the other invoice here okay and then on this one I'm gonna put I don't have the class yet so I'll go to new and put in the videos and then click on save and then the same thing for the other class am I going to click on save and close that and go back to my profit and loss report and notice that now I have my sales and cost of goods sold based on each class so it really does add some nice dimensions of information to my financial statements I must make sure I do the same thing with my expenses so they fit into the right class this works the same way I'm gonna click on that if you want to track it by location but location is a little bit different because when you click on location drop down notice that you don't do locations per a line item location is for the entire transaction so you get to pick and choose whether or not you want to use locations or classes to track your transactions and give that additional dimension of information so they say for example I have an office in New York and an office in Florida and I want to know where I'm selling these things from so I'm gonna go ahead and save that one and go back and change the other one and I said okay that's that one let me go ahead and change the other invoice where they said right here and then I say this one was sold from the Florida location so just like classes you will have the ability to have that additional dimension of information in just like classes you'll be able to have that additional dimension of information into your rapport so I'm going to go back into my profit and loss report summary click on reports and then profit and loss and then I'm gonna do here all dates and then where it says columns by I'm gonna click on locations and then click on run report now I have another video where I go into great detail on how to modify and customize reports inside QuickBooks Online that required a whole nother video just because there's a lot of moving parts when it comes to that but at least you know kind of the basics you got a profit and loss you got a balance sheet and you know that stuff it's available in QuickBooks Online so I can also separate these pi locations or classes in this case the dimensions are within the same because we only have those two transactions but that gives you an idea more or less how that works now let's move on to banking which is kind of the big thing that people want to use which is the one I connect their banks to QuickBooks to automate the data entry so so all the things that we entered here such as invoices and payments or invoices that might not be automated for expenses like those credit card charges that can so we're gonna connect the bank so I'm gonna click on transactions or banking on the left-hand side and then click on banking you should have a button that says connect or new or something like that in this case it says connect account I'm gonna click on connect account then I'm going to search my bank in the search screen or select it if it's one of the big banks and click on that then I click on continue at this point it will ask you to enter the credentials of your banks you gotta go through the process of entering the credentials and authorizing your login so QuickBooks can download those transactions so once you enter the credentials and you start connecting QuickBooks will start connecting the banks and downloading the transactions for you it will give you a list or a choice of all the accounts that you can choose and you're gonna choose your banks and your credit card accounts if you have multiple accounts that you're gonna connect each of the accounts to whatever account in your chart of accounts if have already previously set this up so I said for example this account should connect to my checking account and this first one should connect to a new account that I haven't created yet and I'm gonna call this one chase credit card and put the last four digits now keep in mind I have another video where I go into great detail on bank connection for credit cards because it does get a little bit confusing on when you connect a credit card that has multiple users or multiple sub accounts so you might want to watch that video in the description below that explains that particular piece all the way in the bottom will say when would you like to start downloading transactions as off so you can pick a specific date - you know from when you would like the transactions to be downloaded if you're starting on July 1st obviously you're gonna put here July 1st 2020 if you want to download maybe the entire year and you're in the middle of 2020 then you put 0 1 0 1 20 20 so really depending on how far back you want to go in downloading transactions because you're gonna have to be entering all of them or classifying those expenditures so I'm gonna pick 1 1 20 20 and then click on connect now some people are not gonna be able to connect their bank to QuickBooks the way I did it because maybe their bank doesn't have that functionality yet or if it does there might be a limited number of transactions or how far back you can go to download transactions so you can go in the bank account you could try going into your bank's online log in and try to see if they have a portal where you can just do a data download for example I can actually choose the date range of transactions that I want to download in my bank's website directly so let's say for example I want to download from January 1st 2020 through May 31st 2020 and you can pick any date range really if the bank allows you to pick by date range and you click on download and then back in QuickBooks there's gonna be a button that says link account or link bank if you click on the drop down menu there's actually an option that says upload from file so if you couldn't do the direct connection and you had to manually download the file you can just do it this way and then we could click on browse select the file that you downloaded and then you click on open and then you connect lick on next this is gonna ask you which bank account would you like to connect with your manual download you click on the drop down menu where all your bank accounts are select that and then click on next and that will be the alternative way of downloading transactions to the bank keep in mind that if you do it manually like this if you can do the direct connection you must continuously upload the transactions manually it's best that you work with a bank that does have the direct connection we just put the username and password and let QuickBooks download the transactions every night but even if you're working with maybe an older smaller bank that doesn't connect the QuickBooks that could be an alternative all right so we got the banks connected I got my bank account here on the left-hand side and the credit card on the right-hand side don't pay too much attention to what it says here where it says bank balance and in QuickBooks that stuff will kind of solve itself out once you enter all the transactions and finally reconcile the bank account so I'm gonna click here on my credit card so we can start adding some transactions from our bank download so you will notice as soon as I scroll down you're gonna see our whole bunch of transactions from January 1st which was that initial date that I told that I wanted to download transactions from and you're gonna see on the description basically what the bank or the credit card it's telling QuickBooks who you bought or who you made that transaction with now these initially are cleaned up vendor names I actually like clicking on the gear menu here in the right hand side and change this to show bank details because it gives me the true information that's coming from the bank and it's avoiding QuickBooks trying to clean up the name for me sometimes when CLE QuickBooks cleans up the names it's just plainly wrong so one thing to just keep in mind also you'll see that PE is empty that's because you have to create your vendor list or you create your supplier list we're gonna do that all on the fly from banking and here it says category or match QuickBooks will attempt to categorize the transactions in your behalf now this doesn't mean it's correct as a matter of fact you should assume that's incorrect and it is your job to give it the correct category so I want to click on the three little lines here on the top left so I can collapse it to collapse an F left navigation bar and get a little bit more real estate here when navigating the banking I'm gonna zoom out a little bit so it looks a little bit more comfortable so I'm gonna click on the first one and it gives me three options categorize match or record a transfer I have a video I'll put it in the description below as a comprehensive video that talks about online banking this screen is actually very very potentially complex and feature-rich and if you learn how to use it correctly you're gonna do really great things when it comes to categorizing transactions in QuickBooks Online but right now we'll just do a couple of simple transactions here so I want to create the vendor I'm gonna call it Shake Shack okay notice it's not in my database so it gives me the little pencil asking me is I'm gonna click on add and I will create it either as a vendor customer or employee generally speaking expenses are always going to be a vendor so I'm gonna click on save and then here where says category meals and entertainment it chose it for me it's a right is wrong that would be up to you to decide it I could be travel that could be meals and entertainment depending on the context of your business and the specific transaction and you got the option to choose a location or a class if you have those things turn on remember that QuickBooks Online simple start and the essentials don't have those two options so that's totally optional if you're working with QuickBooks plus or QuickBooks advanced because you wanna track those things as well then when you're done with this you can click here where it says add and it will add the transaction notice that you have the option to click on add attached and you can upload a receipt of habit to have a receipt saved in my computer somewhere I can upload it and attach it to a transaction that's a great thing so I could always go back click on that and view that receipt so I'm gonna click on add and that will create that transaction that won't suction into my books now I'm going to click on description so it's gonna basically reorganize it or Reese or tit by a vendor name or by the payee and then we're gonna notice that we have several that are repeated so for example all the 7-elevens are essentially the same thing so I'm gonna select them all I'm gonna select all four I'm gonna click on update and then under category we're gonna call this 7/11 so I am gonna create the vendor or the payee sorry that's in the wrong place that's gonna be under payee so I'll type 7-eleven so under pay I'll create as a vendor very important and then under category let's put that on their fuel let's say I'm paying fuel at 7-eleven I'll skip class on location for now and then I'm gonna click on apply and accept and that would basically enter all those four transactions in one shot you also see a couple of really cool things like a search box so if I wanted to search only Adobe and press ENTER it will narrow down and only show me that particular vendor here with all transactions I can look at the ones are matched categorized transferred or rule applied again you need to watch the intensive video I have on banking feeds to understand all that terminology because there's a lot of moving parts here on the right hand side you see a couple more options like enable editable date field groups this is pretty cool if you click on groups it will group the transactions based on payee so it actually makes it a lot easier to read so QuickBooks will attempt to group them together in a smart way that way once you're looking at them you see them as a whole and sometimes it gives you a lot more context in terms of what that potentially can mean and depending on which version of QuickBooks Online you have these options might be enabled or disabled so tip click on the higher-end versions you're gonna see a lot more features here when it comes to banking I personally love QuickBooks Online bank feeds I think that's probably one of the things that makes QuickBooks Online truly great so I'll point you to study that in depth especially when it comes to matching existing transactions because there's just a lot of moving parts when it comes to that now up here you can click on rules and this is where you can create explicit rules for QuickBooks to do categorization automatically so for example if I click on new rule and I'm gonna call this Adobe and I'm going to say Adobe it's gonna be office supplies and the payee I'll create a new page called Adobe and I'm going to create that as a new vendor so basically I'm creating a rule that says hey if the word Adobe shows up in the description let me type it here again if the word Adobe shows up in the description automatically categorize this as an expense make it office supplies and put a payee name into it so once I click on save you will notice that now the rule is explicitly created it's in the artificial intelligence of QuickBooks let's call it that and then once I go back into banking just click on banking you're gonna notice that those Adobe transactions I'm gonna click on the description again to sort it notice that there are automatically recategorize by a rule and they're in green letting you know that it's following a specific rule you set up so that's actually really cool as well once you click on receipts you have a different workflow here so if you happen to have an actual physical receipt or a bill you have two choices one you can upload it here in this platform so you click on browse to upload select your bill uploaded QuickBooks will try to recognize as much of it as possible and then I'll walk you through the process of creating that transaction or also you can register your email and then basically you can email yourself those those documents and if you email them to a special email that's here in QuickBooks you email them from that email address they will show up on this screen and again walk you through the process of category so that's an important really important piece which is banking now finally once you're done entering all the bank transactions matching the bank transactions and you don't have anything else pending in here you can finally then go reconcile your bank so that's kind of the final step to reconcile your bank you're gonna click on the gear menu top right and then you're gonna click on where it says reconcile right here under tools reconciled you're gonna click on that click on get started then we're gonna select the bank account we're gonna reconcile so let's say we're gonna reconcile our checking account and then we're going to put ending balance of in this case the following month so we started on July 1st so we're probably gonna reconcile up to let's say you like 31st so let's say we're reading your bank statement it's gonna be in sa 21,000 we're gonna put here the ending balance and ending date 731 2020 click on start reconciling and then you're gonna go through all the debits all the credits all the deposits all the checks all the withdrawals all the money coming in and coming out and you're gonna check it against your check register and you're gonna be marking them all finally by the end you're done marking all of them you should have a difference of 0 if you don't have a difference of 0 that means you didn't finish your reconciliation I have a different video about reconciling which goes bit comprehensive into this topic so check it on the description below again we can't cover everything in detail as the purpose of this video is kind of to show overall everything that is inside QuickBooks finally let's quickly talk about projects or job costing because it's in my opinion one of my favorite things inside QuickBooks Online so I'm gonna click on the projects and then right now there's no project created so I'm gonna click on start project and what this will allow me to do this allows me to create a project under a current customer so I'm gonna call it project X and then under customer I'll select my customer so let's say it's gonna be on the ABC corporation I can add some notes if I want to like to on 12:31 20/20 whatever notes you want to put in there and then I finally created a project so under my customer now officially I have a project and the purpose of the project is so you can take expenditures and assign them to the project so then at the end you can know what your job profitability is or what your project profitability is so let's go in back into transactions here and go into banking and kind of show you what that workflow will look like then I'm gonna take let's say one of these expenditures I'm gonna create my vendor here okay and then click on add and create that as a vendor and let's make the assumption that that expenditure I made because I was working on that specific project so I'm gonna click here where it says customer project and select project X so now what I'm doing is I'm not only categorizing the transaction under the vendor the supplier under the category potentially on the location of class if you have those options turned on but I'm assigning them to the project itself now if I want to charge my customer for this or get reimbursed I would click on billable again I'll have a different video explaining billable expenses because that's a whole nother ballgame dealing with time entries and billable expenses as a whole nother ballgame so we'll explain that in another video check the description for that but I'm just showing you it really quickly how we can take an expenditure and assign it to a project so I click on add and I effectively did now let me look at a look I just may be a bigger dollar amount and I sign that so let's take this thing here we'll call this TaxACT add that as a vendor and let's say that category is fine officer price and software another customer project I'm gonna also add it to project X so I effectively added two expenditures to that project I'm gonna go ahead and click on add while I'm at it I'm gonna quickly just create an estimate for the project so I'm gonna click on estimate and I'm gonna select my project from my drop-down list it's not showing there yet so let me just refresh so hopefully once i refresh my my project should show up in there there we go Simon I click on project and let's select here consulting and let's say that this consulting project was gonna be for 20 hours at $75 and then I'm gonna go ahead and click on save and close so affecting we have an estimate I haven't charged my customer yet but I know how much I plan to charge and I can go into projects and I can see all the projects I have open so you can notice right here the project X I have already accumulated 1700 dollars worth of cost really clear in there if I click here on options I can mark the project as completed cancel it deleted edited project if I want to I don't have an Inc yet I don't have any profit because I haven't converted that estimate into an invoice let's say I'm gonna go ahead and do that so I'm gonna go to new and create an invoice select project X and then I'm going to click on add on the hand side where the drawer is showing me all my open estimates so I'm gonna go ahead and add invoice for the whole amount and then I want to click on save and close and because my expenses are bigger than the income that my sales actually have a negative profit margin so it's really really clearly telling me what I'm making or not making in the project itself after clicking on the project I can see more details so I can break it down and see here ok so that $1,700 is going some tamils and entertainment some to office supplies and software you can also add your payroll cost into the project I'm gonna have another video that explains like that's kind of a really detailed step-by-step process in which you add your payroll cost in there but I'm gonna put the link to that in the description below for in this screen while I'm looking at the details I can add more things I can click on transactions it's going to show me the list of all the transactions associated with that project income and is time activity so if I did any time tracking and I'm assigning it to that project you're gonna see that in there and then the project reports where you can see a project profitability report that basically tells you in a report format what your net income or net profit on that report is finally let's go into reports once I click on reports you can have about 50 or 60 standard reports and the lower versions of QuickBooks Online with simple start and essentials but once you get into the plus Edition and the advanced edition you're gonna have close to a hundred reports with all these different options that you have so you have reports like profit and loss balance sheet statement of cash flows trial balances you can have accounts receivable aging reports open invoice reports unbuild charges reports for projects you can have sales by customers sales by product you can have vendor reports like accounts payable vendor balance summaries you're gonna have 1099 reports if you issue 1099 purchases by customer by vendor by sorry by vendor by class by location employee and Perrow reports and obviously accountant reports for your ear and accounting so I'm gonna go back and click on dashboard so you can kind of see what the what everything is looking like we're gonna get a cash flow report with this advanced edition of QuickBooks Online you get a lot of extra really cool reports such as cash flow reports so you start kind of seeing what's going on with your business and your cash flow month-to-month you can get your graphs based on the specific timeframe so I can do this year or last 30 days whatever I want and I can track exactly what's going on with my money with my cash flow income and expenses are really powerful stuff if you've seen the video up to this point definitely you want to subscribe to the channel because every time there's an update to QuickBooks Online or a new feature I'm gonna be publishing those new videos I've also already pre published a whole bunch of videos that accompany this one they're gonna be on the description below so you want to check maybe we could come back into this video often and take a look at our playlist of video stats right under and most importantly look if you've been working with QuickBooks already for an hour two hours three hours after watching this video and you're still confused there's still a lot of things that QuickBooks has and you don't understand hey welcome to accounting ok accounting is that easy accounting is not simple sometimes it takes months to master this this entire video was what we usually charge 300 or $700 to the private training for clients to show them how to use QuickBooks and even just one session might not be enough many people hire us two or three times a year during the first six months the first year so they can get comfortable with the books as they use that is an option you can also learn on your own check out all the other YouTube videos I have digital courses we'll put the link in the description below that you can access as well if you want to learn QuickBooks Online more in-depth but it is ok for this to be tough and confusing and overwhelming because it's accounting it's confusing it's a lot of work but trust me once you learn it once you use it once you fall in love with the app you will never you'll never imagine what life was like without it let's put it in that way and then finally if you're gonna sign up for a new account don't forget you spy link is on the description so you can get a 50% discount over the 12 month period my emails also in the description if you need to hire me for someone in my team for private consulting or training were available for that as well anyway good luck and I hope you love QuickBooks Online as much as I have to do I'll see you in the next

Channel: Hector Garcia CPA

Views: 888,944

Rating: 4.9232273 out of 5

Keywords: quickbooks, tutorial, online, accounting, 2020, quickbooks online, qbo tutorial, quickbooks online tutorial, quickbooks online basics, qbo basics, quickbooks basics, quickbooks online 2020

Id: jOtsT91SZ2A

Length: 79min 11sec (4751 seconds)

Published: Tue Jun 23 2020