Chapter 1 New Company Setup, Slides of Business

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QuickBooks Online Student Guide

Chapter 1

New Company

Setup

Table of Contents

• 2 Chapter
  • Lesson Objectives
  • Setting Up Your Company
  • Basic Setup Company Steps
  • How QuickBooks Is Built?
  • Importing Lists
  • Setup Users
  • Sales Tax

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4. Click Next.

NOTE The checkbox labeled I’ve been using QuickBooks Desktop and want to bring

in my data refers to converting data from the QuickBooks Desktop version to QuickBooks Online. This is not relevant for this class.

1. Click the options that apply to your business including Send and Track Invoices , Organize your expenses , and Track your sales tax. You can add payroll and time tracking at a later time. 2. Click Next.

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QuickBooks asks: What’s your role at your business? Click Accountant or Bookkeeper. After making your selection click All set. QuickBooks displays the QuickBooks Home Page or Dashboard. To learn how to setup a company watch this video: https://youtu.be/T5uazZwPeaY

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1. Click Company to update information like the Company Name , Company type , Contact info , and Address. Company Name : The business name you enter will be displayed on your Dashboard. QBO uses your business name extensively in correspondence with your customers, including it in the subject line of emailed invoices, on statements, at the top of reports, and much more. Your business name is also the default filing name of your business for payroll taxes forms if you use payroll through QuickBooks. 2. Click the Company Name section to expand and edit the information. 3. Click the + to add a logo. You can add multiple logos if needed. 4. Edit the Company name if necessary. Click Legal Name to add a legal name if different than the Company Name. 5. Enter the Business Number (BN) in the correct field. 6. Click Save. This saves the changes to the Company name section of the settings. Now you can proceed to edit other settings under the Company category.

NOTE Remember, the logo should be:

• (^) a .gif, .bmp, .png, .jpg, .jpe, or .jpeg file
• (^) smaller than 10 MB
• (^) 24-bits or less in bit depth (or colour depth)
• (^) square-shaped, since rectangles don’t work
• (^) using the standard RGB colour space

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Contact Info & Address

1. Click Contact Info to update the Company email , Customer-facing email , Company phone and Website. 2. Click Save. 3. Click Address to edit the Company Address , Customer-facing address and Legal Address.

NOTE

Add Customer-facing email: This is an address where customers contact you or send payments. Shown on sales forms. If left blank, Company address is used. Add Legal Address: Address used for filing taxes. If left blank, Company address is used. Add customer email: Email where customers can contact you. If left blank, Company email is used.

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6. Click Save. 7. Click Done to update the Company Settings.

NOTE It’s recommended that you choose the option that includes both a warning and

password. If you decide to set a password, QuickBooks requires the password for changes that would alter balances for the accounting period you have closed. This includes adding, editing, or deleting transactions dated on or before the closing date. You can change the password at any time. To learn how to update the company settings watch this video: https://youtu.be/l5sTgWPJbqA How QuickBooks Is Built? QuickBooks is based on lists and transaction forms. Together they make up most of the information in QuickBooks. See below for more details.

Lists in QuickBooks

Lists are the framework of QuickBooks. Use lists to fill out most QuickBooks forms. For example, to pay a bill, choose a name from your supplier list on the Enter Bills form. QuickBooks enters the list information on the form for you. This saves you time and prevents typing errors. You can also change the information directly on the form if necessary.

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Although most lists are easy to set up in QuickBooks, some lists—such as the Chart of Accounts, Products and Services list, and Class list—require careful planning.

QuickBooks Transaction Forms

You record most of your daily business transactions on a QuickBooks transaction form. You will use QuickBooks lists to complete transaction forms. Behind the scenes, QuickBooks records the accounting entries (debits and credits). The invoice is an example of a transaction form.

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3. Click Browse and then navigate to the Excel or CSV file that contains your customer data. Click Open , and Next at the bottom right. 4. On the Map Data window you see two columns. The first Column is the QuickBooks Online field. This is the field name contained in QuickBooks. The second column is Your field. In other words the column’s name in your MS Excel sheet. QuickBooks automatically matches the fields it recognizes. If the fields are not matching as needed, choose the correct fields manually by clicking the drop down selection under Your Field. Click Next.

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5. In the final window, you can confirm the data that QuickBooks is importing and make any final changes. If QuickBooks encountered any errors, you will see them displayed in red. After reviewing the information, click Import.

NOTE You can import other lists using the same process as above. See

information below. Steps for Importing Products and Services

1. Click the Gear Icon , and then click Import Data. 2. Click Products and Services. 3. Click Browse and then navigate to the Excel or CSV file that contains your products and services data. Click Open , and Next at the bottom right. 4. On the Map Data window you see two columns. The first Column is the QuickBooks Online field. This is the field name contained in QuickBooks. The second column is Your field. In other words the column’s name in your MS Excel sheet. QuickBooks automatically matches the fields it recognizes. If the fields are not matching as needed, choose the correct fields manually by clicking the drop down selection under Your Field. Click Next. 5. Confirm the data that QuickBooks is importing and make any final changes. If QuickBooks encountered any errors, you will see them displayed in red. After reviewing the information, click Import. To learn how to import list information watch this video: https://youtu.be/RBPLeVIGex

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Regular Users for Your Company

To set up a new user, click the Gear Icon and then click Manage Users.

1. In the Manage Users window, click Add user to create a new user. The first option you must select for a user is their level of access:

• (^) Admin : Admin users can enter any type of transaction and run any kind of report. Admins also have access to company billing information and can create other users.
• (^) Regular or Custom : These users can be customized so that they can only perform tasks and view reports in relation to sales, expenses or both. During the setup process you can also set a regular or custom user to be able to enter their own time into QuickBooks so that their hours can be recorded for the work they perform. You can also customize their access to company account and billing information.

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• (^) Reports Only : Reports Only users are only able to view and customize reports. They cannot enter any transactions and cannot access company account information.
• (^) Time Tracking : A time tracking user can log into QuickBooks Online and enter their own time. They are limited to only timesheets. Once you’ve chosen the type of user you want to create and their access level do the following: 2. Select the user type. 3. Click Next. 4. Select the user’s access rights. If you choose Limited , select Customers and Sales or Suppliers & Purchases. 5. Click Next.

NOTE You can give All access to the new user. This means they can access and do any

transaction or task in QuickBooks. Selecting None will eliminate their rights in QuickBooks. Selecting Limited lets you assign rights to the user for Customers and Sales and/or Suppliers & Purchases.

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8. Enter the user’s contact information including First Name , Last Name , and Email. To learn how to setup users watch this video: https://youtu.be/1PaCaC4F2RY 9. Click Save. QuickBooks invites the new user to the QuickBooks file.

NOTE The number of users your company can have is determined by your

subscription level. Easy Start accounts can only have one user. Online Essentials accounts can have up to three users. Plus accounts can have up to five users. Reports Only and Time Tracking users, however, do not count towards this limit so a company can have as many as they like.

Accountant Users

On the same window you use to set up new users is an option to create accountant type users. A company can have up to two free accountant users, and these users have unlimited access to all areas of QuickBooks. In addition to transactions and reports, accountant users have access to special tools and features in the QuickBooks Online Accountant version. To invite an accountant:

NOTE Invite your instructor to be your accountant. This gives your instructor access to

your company file.

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1. Click Accountants tab at the top of the Manage users window. 2. Enter the Accountant’s email address. 3. Click Invite. To learn how to connect to your instructor watch this video: https://youtu.be/YdzGt2-_l7s Sales Tax If you collect sales tax in your business, QuickBooks helps you automate your tax tracking. This helps you keep accurate records of the tax that you collect and pay.