Table of Contents
These lessons are for you if you are new to QuickBooks Online or would want to improve your knowledge of the application.
How to Get the Most Out of QuickBooks
To use QuickBooks Online effectively, you don’t need to be a certified public accountant (CPA) or even have an accounting degree. It would be beneficial to have some basic accounting skills, but it is not needed.
You can do the following using QuickBooks Online:
- Organize your income and spending: Having all of your revenue and expenses in one place will make it much easier for your CPA to submit your taxes.
- Give your info to your accountant or tax preparer: You may establish a secure user ID and password for anybody you wish to have access to your data in QuickBooks. You may also decide whether they have the ability to change transactions or see and run reports.
- Access up-to-date financial reports: When you require financial statements, such as when applying for a company loan or line of credit, QuickBooks makes it simple to get them.
Now that you know how important it is to keep track of your finances, here are two-pointers to help you get the most out of our free QuickBooks Online tutorials:
- Use QuickBooks every day: Using QuickBooks every day will help you learn it faster.
- Follow along in QuickBooks Online: We recommend that you open your QuickBooks file and use your own data to replicate what you see in each video instruction.
There are eight lessons in this free QuickBooks course.
Part 01:
Installing QuickBooks
You’ll learn how to set up major sections of QuickBooks, such as bank and credit card accounts, invoice templates, goods and services, and the chart of accounts, in this session. You’ll be ready to use QuickBooks to handle all of your income and spending after you’ve finished this QuickBooks online training.
Every aspect of QuickBooks will be affected by the features and settings you pick in this course. You’ll establish the default payment conditions for customer invoices and vendor bills, for example. You may also select whether or not to monitor inventory amount and pricing.
Part 2:
Managing Revenue and Sales
This session will show you how to use QuickBooks Online to keep track of your sales and revenue. In QuickBooks, there are two sorts of sales: credit sales and cash sales. By the conclusion of this course, you’ll be able to keep track of credit sales by making and sending invoices to your customers, as well as documenting cash transactions that don’t need an invoice.
You’ll also learn how to apply payments received to outstanding bills so that your accounts receivable (A/R) is current and revenue isn’t double-counted.
Part 3:
Bills and Expenses Management
This session will teach you how to use QuickBooks to manage your bills and spending. You realize that controlling expenditures is just as crucial as generating revenue as a small company owner or manager. You’ll be able to keep track of spending in a handful of ways at the conclusion of this QuickBooks session.
To begin, you may use QuickBooks to draft and print checks to pay for items that demand quick payment. Second, by recording and monitoring invoices, you will be able to keep track of what you owe to suppliers. You’ll learn how to accurately input the payment of these invoices so that the expenditure isn’t double-counted.
Part 4:
Taking Care of Banking Transactions
By the conclusion of this course, you’ll be able to handle all of your downloaded financial transactions. You’ll also learn how to manually input basic financial transactions. Finally, you may utilize the reconcile function to double-check that the transactions on your bank statement match those in QuickBooks, resulting in up-to-date financial statements.
Part 5:
Managing Credit Card Transactions for Business
When cash transactions are kept to a minimum, bookkeeping becomes considerably simpler. Using a credit card is one technique to restrict cash purchases. This section will show you how to download and monitor your credit card transactions in QuickBooks, as well as reconcile them with your credit card statement.
Part 6:
Credit Card Sales Management
You’ll be able to handle credit card sales using either a QuickBooks Payments account linked with QuickBooks or a third-party credit card processor at the conclusion of this class. Accepting credit card payments is a good idea for your client’s convenience and to speed up the collection of overdue debts.
Part 7:
Payroll Setup and Management
All of your wages, salaries and payroll taxes will be automatically reflected in your financial statements if you use QuickBooks Payroll. You’ll be able to set up workers in QuickBooks, input and run payroll, pay employees by direct deposit or cheque, and reconcile payroll taxes after completing this session.
Part 8:
QuickBooks Online Reporting
QuickBooks will create crucial reports that will provide you, your accountant, and your banker valuable information about your company’s financial health. This QuickBooks lesson will show you how to produce the profit and loss report, balance sheet report, statement of cash flows, and aging reports for accounts receivable (A/R) and accounts payable (A/P).
One of the most important functions of accounting software like QuickBooks Online is to evaluate the health of your company at any given moment. The following are some of the advantages of being able to compile strong, accurate financial statements:
- You may be able to attract investors.
- You may be able to get a company loan or credit line.
- You’ll be able to make smarter business choices, such as whether to market a new product or service or to discontinue one that isn’t doing effectively.
Conclusion
Take one lesson or tutorial at a time and don’t be frightened by the size of the instruction.
Frequently Asked Questions
Can I learn QuickBooks on my own for free?
A: Yes, you can get a free trial for QuickBooks.
Can I learn QuickBooks on my own?
A: You can try learning on your own, but I would recommend taking a course or hiring someone who has experience with the program.
