QuickBooks Online Tutorial: Getting Started 2019

hi folks i'm hector garcia i'm a cpa and a quickbooks consultant i'm actually completely independent from intuit and quickbooks but i'm a big fan of the software and if you follow me in my channel you know i have tons of videos about quickbooks accounting and related topics in today's video i'm going to show you how to use quickbooks online or how does it work in under 25 minutes it's kind of a big task because quickbooks takes a lot longer than 25 minutes to learn but it should be enough to give you a general idea whether or not it's worth it for you to move to quickbooks online or to know how to get started but the first thing i'm going to recommend is if you don't have an account yet is to create an account using my link so my link is hectorgarcia.com forward slash qb and once you go to hectorgarcia.com forward slash qb it will forward you to quickbooks's purchase page now my link will give you a 30 day free trial and it will also give you a 50 discount if you sign up for the first year is the only link that i know that can do that so i would definitely recommend that if you're gonna get quickbooks online anyway now once you get to this page it will ask you for three choices do you want to go with quickbooks online simple start which is basically just for invoicing and banking and to have one user working on quickbooks simultaneously then you have quickbooks essentials which is this middle option that allows you to have three users working simultaneously plus two accountants and this will allow you to track invoices bills and recurring transactions which is a really valuable piece of of managing your books and lastly if you want to track inventory budgets job costing class location tracking and issue 1099s to contractors all those features are going to be inside of the plus edition which also allows you to have five users working simultaneously so let's go ahead and choose the edition that we're gonna go with most people go with essentials and we'll click on start free trial then it's gonna ask you to enter an email phone number and password and then click on sign up with email and then it will create the account and get you started with the setup then it's going to ask you for your business name so hector store and how long you've been in business two years it lets you know whether or not you need to upgrade from quickbooks desktop and it will take you to the process of doing so if you are coming from quickbooks desktop let's say i'm not i'm starting a brand new business in quickbooks online so i'm just going to hit next then i'll ask you for the area of focus will it be invoices bills tracking inventory paying employees etc etc you choose what matters to you i personally just click all set and move forward from there and this is what quickbooks online looks like when you first set it up you're gonna see on the left side of the screen navigation bar you can click on banking sales expenses and that's going to take you to different areas within the software okay we're going to get there on the top of the of the screen top left you're going to see the quickbooks logo if you click on that that would not do anything but if you click on the little icon next to it with the three lines what that would allow you to do it's close and open the navigation bar only useful if you need more real estate so get acquainted with that little button there opens and close that left navigation bar that comes in really handy let's go over to the right side of the screen we're gonna have that create button it's a little circle with a plus sign that then turns into an x when you click on it a window pops up or a drop down menu pops up it's divided into three sorry four categories customers vendors employees and other every transaction or most of the transactions you can create within that group vendors customers employees and other it they will be in this screen customers everybody you do business with that pays you so you can invoice them you can receive payments from them you can do estimates you can do a credit memo if you're going to refund something from an invoice you can do a sales receipt if you want to combine an invoice with a payment you can do a refund receipt if you want to give them cash back from a credit memo you can do a delayed credit or delay charge if you plan to add items to an invoice later on in the future then we got vendors expenses this is where we're going to record all of our credit card charges debit card charges from the bank check that's exactly what it sounds like it's for you to record the checks that you write through the bank bills this is your accounts payable this is if i'm gonna create an expense that i'm gonna pay later in the future pay bills this is to actually pay the bill that i created previously i can either pay a bill with a check with a bank debit or with a credit card it allows you to do all those purchase orders that's for you to order inventory you notice there's a little arrow there letting you know that you need to upgrade to the next version of quickbooks to be able to do inventory that's going to be the plus version i'll show you how to do that vendor credit and credit card credit so vendor credit is to give a vendor a or get a credit from a vendor that you had a bill for from previously credit card credit would be a refund back to your credit card and print checks would be when you want to print checks in batch on the employee side we have payroll notice there's a little up arrow letting you know that you have to upgrade to payroll payroll is a separate subscription normally between 30 and 50 extra a month depending on the number of uh employees you have you can track your timesheets in a single time entry or in a weekly time entry and then we have the other transactions like bank deposits transfers journal entries and and creating statements for your customers and they're all in that category if you click on show less it will significantly reduce the amount of transactions that are there and i'll just focus on the four most common ones which is invoice estimates expenses and checks but i usually just click on show more because i actually like to see all my options there the magnifying glass is basically a search button you can search within names transactions vendors by date recent transactions all those things the gear button or the settings button this is where you're going to find all the settings or company file configurations let's start with your company accountant settings when you click on that that will take you to all your company preferences what can you do here you can set up your company's legal name ein add your logo so if you want the logo to show up on invoices what type of tax form for example let's say i am on a corporation so i'll choose that and i also tell it industry that i mean i'm going to say that i am in retail bakeries whatever it happens to be click on save i can change my email my company address all that stuff building a subscription this is where i put in my credit card information to pay quickbooks for the monthly subscription as i mentioned earlier at the beginning of the video if you go to quickbooks50.com you will get a 50 discount for the first year and that will show up right there in your billing you don't need a credit card to get this started so you can start completely free um and you will have to put the credit card within 30 days unless you're going to lose your data if you need to upgrade from essentials to plus just click on the upgrade button and then it will basically ask you to agree with the upgrade terms and conditions just click on upgrade to let you know what the monthly fee is uh quickbooks plus should be about fifty dollars a month and you click on submit and that's it okay i don't have a credit card on file so this is not going to charge me yet it's actually that simple you can upgrade from a lower version to a higher version but you cannot go backwards you cannot go down let's go to the sales menu this is where i can customize the look and feel of my invoices this is what most people start with they want to make sure that whatever their invoice needs to look like that gets set up up front because that's how you deal with your customers i'm going to click on the template so we can see exactly what that looks like so i can change up the template and choose from four or five different template options that you see there on the screen we can change the overall color scheme uh depending on what the your company logo is and that sort of thing we can change the font not that many choices but we can change the general font settings under the content menu i can actually edit specific items within my invoice so if i want to change something in the header something in the body of the email if i want to not show my rate not show my amount show my sku number show my quantity not show my quantity show description show dates all those things are available for configuration and you can also move them up and down if as uh as your preference and then when you're done you can preview the pdf kind of see what the invoice looks like let's say the invoice looks perfect we're gonna go ahead and click on done and that's it that's where you go to set up the look and feel of your invoices let's go back into our settings again so we're going to click on the gear menu account and settings go back to sales where we were earlier you can also change things like your default customer terms uh custom fields for unique things having to do with your business that you want to track in your forms this is where you turn off or on whether you're gonna manage inventory or not this is where you in the messaging side you can set up the default messages what would those invoices look like or at least the messaging within the email what would it look like when we send the email to the client on the expenses side we can pick and choose whether or not we want to show items in our expenses i mean you definitely have to watch some other advanced video to understand that but default billing terms from vendors turning off and on purchase orders which by the way as of uh summer of 2017 you can now do partial purchase orders which is huge right very very big we've been asking for that feature forever so now you can do partial purchase orders which is awesome payments this is where you can click on learn more uh basically fill out your personal and corporate information you will set up a payments account you're going to be able to have your customers pay you via a credit card when you invoice them it is amazing advance this is where you can set up things like fiscal year you can close the books password protect the books this is where you can turn off and on classes that allows you to create divisions cost centers and you can do some sort of deeper level accounting that just just a one-dimensional accounting so you can do accounting through multiple dimensions of your business with this concept of classes and locations in automation we can set it so it automatically applies credits to invoices so if you create a credit memo you want the credit to automatically go to the all this invoice or we can pre-fill the forms with previously entered content that means if i wrote a check to barnes or nobles for fifty dollars last month and i write it again it's gonna try to copy the same information from the old one assuming that that stuff will be consistent that's an option turn it off or on copy sms to invoices a great option you can turn that on and then you can create an estimate and then once the customer approves you can turn that into an invoice you can turn off and on time tracking that way you can have people in the field tracking time or somebody in the office tracking time so that you can process payroll you can turn on multi-currency if you want to track multiple units of currency you have bank accounts in different parts of the world and then other preferences like what the numbers look like and all that all those things let me hit cancel and hit done and we're done with the settings okay so that's a good quick introduction on kind of the general configuration let's talk about day-to-day stuff first thing you want to do is connect your bank that should be the first thing so we're going to click on banking and then i'm going to click on the actual bank bank that i'm using so whatever happens to be chase capital one bank of america wells fargo whatever i'll click on that and i'll enter all my credentials and once all your online banking credentials are entered it will ask you which accounts from your bank would you like to connect into quickbooks so you could choose to connect or you probably should only connect your business accounts not your personal accounts so i'm gonna go ahead and connect my checking account and my credit card account so let's say from all the accounts that i have here on the screen those are the ones that happen to be business so i'm going to click on connect wait a few minutes and i'm going to see all the transactions coming from the bank into quickbooks now this is limited to 90 days worth of transactions so if you need to bring a year's worth or more than 90 days i suggest you explore other videos on my youtube channel that talk about that there's a specific process to downloading those or converting a pdf bank statement or whatever into quickbooks is a very specific process so for now by just doing this you're only going to get the first 90 days and there we go we're connected i'm going to go ahead and click on review transactions it's going to ask me would you like to use the really baby version of this or we like to use the perfect the professional version of this just say i'm a pro skip this and go straight to the professional version of online banking why because it's just much faster so um how does this work there's another video on my youtube channel by the way that goes into heavy detail about how online banking works i'm just going to go through it quickly i click on the transaction okay i type my vendor's name so i'm going to add the vendor into my database that means in the future when this shows up again that's going to be in my database i'm going to put in the category meals and entertainment if i have different divisions i will select the class let's say that's not the case i have it there under the add button that means that's going to add it into my bank register and then i click on add done the transaction came from the bank i give it a category it's in my bank register let's take a look at itunes there we go let's type i toons click on add create the new vendor perfect now that's in my database let's say this is not me also entertainment this is office supplies and software there we go i don't have to do anything else click on that done it's a beautiful thing that those are the things that came in through my credit card let me click on my business banking uh we got some deposits now the process i typically don't want to do through online banking i want to use an entire workflow that means invoice receive payment match it okay so let's go through that so let's say for example that this two thousand two hundred and fifty dollars i got it's actually from an invoice so let's go ahead and create the invoice where the money um where it came from so i'm going to click on the create button the top right go to invoice and then on the left side of the screen i'm going to select my customer's name if my customer is already in my database that would be part of my list i can search it if it's a brand new customer i hit the drop down menu and click add new so let's put here a great customer okay i'm going to click on save my customer is in my database let's say i gave my customer 15 days to pay so i put that in the terms let's say the invoice was back from july 1st perfect and the product that i sold them by default you're going to have hours and sales as a default item in there but you can create all sorts of products and services and we'll talk about that briefly for your database including inventory items so i'm going to click on hours and let's say for example that i paid 100 an hour for six hours uh actually i'm charging 100 an hour for for five hours for whatever service that i'm doing so i can add the description that i want i can put installation whatever it happens to be and then i click on save done my invoice is done usually you don't get paid immediately when you invoice your invoice email it checks on the mail check gets here we click on the new uh transaction button or the create button and now we click on receive payment okay again this happened probably on a different day than the day you invoiced and also in a different day that they do deposit in the bank so kind of think back that this happened a couple of times a couple days before so i'm going to select my customers name i'm going to select the date in which we receive the check i'm going to go ahead and say yep i did get a check for my customer and i'll put the check number as a reference that way if the customer ever asked me what was the check that i paid you for there is and then i'm going to put here deposit2 put it into the bank and then i'm going to go ahead and select the invoice and then click on save and new save and save and close now before i do that very important that's 500 bucks okay and that's going to go straight to the bank that may not match the information that came in through the bank if you notice earlier we actually had a payment for 2250. so we probably got a combination of payments that's true so i don't want to take this straight to the bank what i want to do is i want to send this into an underpositive funds account which is basically a temporary place where all my customer payments go into before i make the bank deposit that way i can match multiple checks into a single bank deposit it'll make a lot of sense when you see the example so i'm going to click on add new account type other current asset detail type scroll all the way down on the positive funds the name i'll leave it the same i don't have to change the name hit save and close okay so i'm putting 500 bucks in on the positive funds i'm going to hit save and close let's say for example there were two checks um adding up to the 2200 dollars in there so there's another invoice for 1750 that we're going to create so i'm going to go to create new invoice so same example again so i'm going to put here another customer okay uh another customer make sure i spelled that correctly that would be useful add new save uh invoice date select the invoice state that i did it what was it what was it that i saw them i sold them something how much was it 1750 done i put my customers email up here and i'm to click save and send so my customer gets it via email if i enable my payments just click on this little check box my customer will have the capacity to pay me online which is amazing okay so we're gonna do uh save and close done now next step we're gonna receive that payment again this happened back in the past i'm going to go to receive payment select my other customer and let's say that they didn't pay me with a check they pay me in cash no reference number needed because they pay me in cash but if you happen to have a cash receipt of some sort you can use that code there that's fine save and close perfect we got two customer payments that add up to that 22.50 so now on the online banking i am not going to click on the transaction click on find match that will take me to a screen where now i can select the two payments that match up that deposit and now i can make everything harmony save done i don't have to create a new transaction from the bank i just have to match it why because the process have to follow a very specific workflow now there's all sorts of details on on on bank feeds or downloaded transactions check my new youtube channel for that there's uh probably an extensive amount of videos you have to watch before you get this okay we're done with banking beautiful let's go into sales that is going to show me a history of all of my customer transactions there is payment invoice payment invoice perfect if i click on invoices then as you guessed it i only see my invoices i can see the status to see whether i've gotten paid in this invoice or not awesome customers i get to see my database of customers i can click on any of these customers and click on the edit button at the top and i can change their address contact information all of that stuff perfect expenses here's a database of all the expenses that i had they could have been credit card expenses they could have been bank expenses they could have been bills all these things are going to be here whether they came from the bank or we added them manually for example let's say i'm going to create an accounts payable i'm going to click on the create button and click on bills i receive the bill from comcast but i'm going to pay them later on in the future so i'm going to create the vendor concast top right create a vendor click add you have to add your vendors to the database terms net 30. let's say for example this is a utilities and this was 219 damn you comcast okay and let's say that uh the bill date is uh today's date and then this is a net uh 15 days so it tells me exactly when the bill is due let me click on save and new so i can create another bill so let's say for example i am going to i have a bill for my landlord because i got to pay my rent so there it is landlord terms do on receipt my landlord doesn't give me any slack i got to pay right on the spot august 1st account rent rent or lease amount 2500 save and close done both of my bills are there now i could have added a bill number as well but that's okay let's say for example oh i want to go back and edit a bill let me click on the magnifying glass and see the history of my recent transactions let me click on my comcast bill and put my bill number because i forgot to put a build number in there actually i can scroll down and right there which is attachments i can grab anything from my desktop click and drag and then have an attachment i can add any attachment i want as long as an image or pdf to any transaction under 25 megabytes great thing to do save done so i got two bills that's called accounts payable okay when i click on my expenses tab i'm gonna see my expenses and my my two bills i can now pay those bills by clicking on the click create button and click on pay bills or i can click individually on the bill i want to pay and on the right side of the screen of this expenses area i can click on bill payment and that will take me to the bill payment screen at that point i can choose i'm gonna pay with my credit card or my bank so this is this should all match up when i download the stuff from the bank and i reconcile um and then i click on save and close and done that bill is paid let's go to employees this is the place where when you click on choose plan you set up your payroll this video not gonna do that it takes too long so if you need that search for the videos in youtube reports this is great i can click on reports click on profit and loss and within seconds i see my financial statement i got my sales that i sold from through my invoices and i got my expenses i can choose the range date so i can do all dates so i can also see my rent bill for the future that will show up right there and then and that comcast bill as well i can click on any of these and get a detailed report so it tells me exactly what was in the number i can i can also click on that and i can go straight to the transaction great perfect taxes this is where you can set up your sales tax pay your payroll taxes all at once accounting this is where i can set up my chart of accounts click on c chart of accounts and then i'm going to create a new category so new and then i'm gonna go into uh the category expense and the detail type this is basically just a cheat sheet it doesn't matter i can pick anything from here just to kind of help me figure out what i'm doing click in there and let's say i'm to have software expenses whatever i want to do now if you don't have an accountant get one your accountant will help you make sure your chart of accounts is awesome if you're not an accountant or you don't have an accountant you're going to completely destroy this thing but that's okay it's a free country but you should hire an accountant someone like me anyone that has the title pro advisor next to it better yet advanced pro advisor next to it better yet advanced producer cpa next to it that they can actually help you set this up correctly anyway i got other videos on my youtube channel that talks about chart of accounts maybe you can be a self-taught from that perspective so this is how we create new accounts we click save and close from here we can delete accounts create new ones we can even do sub-accounts and sub accounts are pretty cool for example i got advertising and marketing but let's say i want to track detailed things about advertising and marketing so i'm going to scroll up click new and then i'm going to create an expense account so i'm going to click down to expenses and then i'm gonna call this uh you'll say google ads okay and then i'm gonna make this a sub account of uh advertising and marketing okay there we go okay i'm gonna come down here and click save a new let's say i also want to track let's say my yellow pages so i'm going to click up here and type yellow pages okay who uses yellow pages really but anyway um so you can uh whatever your subcategories are for marketing put them in there click on new and let's say for example we're also going to do conferences so i'm going to type here conferences and then hit sub account and do advertising and there we go save and close this is awesome because now when i go back into my banking and click on my credit card let's say for example that i find a transaction here that was actually part of my marketing so let's say for example this thing whatever it is that happens to be a advertising expense so now i'm going to type here my vendor's name add it to my database now i can type advertising and i see all my conferences so let's say that was a conference that was a restaurant at a conference and click on add same thing here let's say for example the starbucks was also part of a conference that i went to so i'll copy and paste the vendor's name so i don't have to type click on add and then select here um advertising or i can just type conf and that should be there as well perfect saving add so that's quickbooks line in a nutshell there's a whole bunch of other things you can do you can add inventory items you can track your inventory you can reconcile your bank account very important and basically i wanted to show you as much of quickbooks online in under 25 minutes it would really take about an eight to ten hour video to show you everything about quickbooks online so the idea is to just get you started get you excited about it set up a free account uh hopefully you love it within 30 days you put your credit card use it uh check out my youtube channel i'm gonna create a whole bunch of videos this year on quickbooks online but i need to know what you want to see so click like click subscribe and add in the comments what you want to see again hit like click on subscribe subscribe to my channel so you get notifications of the new videos and download tell me what i want to see hector show me how to reconcile hector how to show me how to do inventory hector showed me how to do bill payments hector show me how to print checks put it below so i can know what videos to make hit like subscribe to my channel enjoy quickbooks online

Channel: Hector Garcia CPA

Views: 954,842

Rating: 4.8889952 out of 5

Keywords: quickbooks, quickbooks online, quickbooks online tutorial, quickbooks online training, quickbooks tutorial, quickbooks training, hector garcia, hector garcia cpa, quickbooks online 2019 tutorial, quickbooks online tutorial 2019, intuit quickbooks, intuit quickbooks online, quickbooks online 2019, quickbooks online 2019 tutorial: getting started, getting started, QBO tutorial, quickbooks online for beginners

Id: xV4dJMxbo9I

Length: 26min 27sec (1587 seconds)

Published: Wed Jan 30 2019