7 Helpful Tips for Getting Started in QuickBooks Online


By Amanda Karen | CrunchSum



You are brand new to QuickBooks Online and have just signed up for your account. Now what? Even though every business is different and every business has different bookkeeping needs, we have compiled a list of 6 common tasks to consider when setting up your QuickBooks Online account.

    1. Sync all bank accounts (checking, credit cards, PayPal, etc.)

    quickbooks online

      Syncing your bank account(s) is the easiest way to ensure that all historical* and future transactions get recorded into your QuickBooks Online account.

        To sync your account(s): Transactions > Banking > Add Account > Enter institution name and follow the screen prompts. You will be asked to login to your bank account from within QuickBooks Online in order to complete the syncing process.

          *Depending on how far back in time your transactions go (i.e. 3 months, 6 months, 1 year, etc.), you will want to confirm with your bank how far back transactions will be downloaded into QuickBooks Online. If the data goes back too far, you may need to download a file that includes all of your transactions from your bank’s website and then import that file into your QuickBooks Online account. If your transactions date back further than 90 days, a good rule of thumb is to confirm with your bank what the best option is for getting your historical transactions into QuickBooks Online.

            2. Record any business expenses funded by your personal bank account

            Did you use your personal bank account for business expenses before you were able to open a business bank account? This is a common scenario. Going forward it is always good practice to keep your personal and business expenses separate, but mistakes happen, and when they do, they need to be accurately recorded in QuickBooks Online. Some things to consider further when entering these transactions in QuickBooks Online – will your business pay you back for the business expenses incurred on your personal account? Do you expect to be reimbursed from a client for any of these expenses? The answers to these questions will dictate exactly how these transactions are recorded in QuickBooks Online.

              3. Review your Chart of Accounts and Products and Services

                Remove any unneeded accounts and Products and Services* items or add any that will enable you to more accurately record your business transactions in QuickBooks Online. Confirm that any newly added Products and Services items are linked to the correct income or expense account.

                  *To enable Products and Services: Company Settings > Products and Services > select all boxes

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                      4. Review your Company Preferences

                      Some of the more important preferences to make sure you review right away include the following:

                        Users
                        Make sure that you approve of all the users that are listed as having access to your QuickBooks Online account. You can also modify user privileges here too.

                          Set Reporting Basis
                          Company Settings > Reports > Cash/Accrual
                          Confirm with your CPA which basis your company should be reporting under.

                            5. Create Invoice Template

                            Sales Forms
                            quickbooks online

                            Customize your invoices, by adding your company logo. Company Settings > Sales Form Entry

                              6. Setup QuickBooks Payments

                                quickbooks online

                                    Enabling QuickBooks Payments makes it easy to receive invoice payments from your clients electronically. An additional benefit of using QuickBooks Payments is that once payments are received they are automatically matched to the respective invoice and marked as “paid” in QuickBooks Online. At CrunchSum we get paid faster by clients by utilizing this QuickBooks Online feature.

                                      Depending on your preferences, clients have the option of paying via ACH (entering bank account and routing number) or via Credit Card. Make sure that you double check the payment options you are giving your client each time you send an invoice. By default both the ACH (bank transfer) and credit card payment options are selected. Currently, there is a $.50 processing fee for each ACH payment received and a 1.75% fee for each credit card payment received. You can learn more here. To setup in QuickBooks Online: Company Settings > Payments > QuickBooks Payments > Learn More.

                                        7. Ask Yourself, Should I Be Doing My Own Bookkeeping?

                                        We get it, bookkeeping for most is not fun. It’s not that part of operating your business that you look forward to. Whether or not you think you have a good handle on keeping your finances organized, is it worth your time? Or, maybe you don’t want to incur yet another expense in paying a bookkeeper to handle this task for you. However, when you consider your time and how much of it you are spending on your bookkeeping, is it worth it? After all, time is money isn’t it? Or, when you think about how much mental energy and headspace is taken up by worrying about organizing your business finances or guilt tripping yourself for putting your bookkeeping off yet again – wouldn’t it be nice to just not have to think about this task? Is your time better spent focusing on those parts of your business that you are truly passionate about? Should you do your own bookkeeping?


                                        Is there anything we missed? Leave us a comment below!


                                        CrunchSum provides web-based bookkeeping and QuickBooks Online support services to web and technology companies.


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