When you set up your company information in QuickBooks Online, the program automatically fills in all of the fields with data based on your business type and location. If the information already stored in QuickBooks doesn’t match up with your business, you can edit it by clicking Modify Company Information from the Navigation menu on the left side of the screen. This will bring up an expanded view of your company information, where you can change your company name and address, default tax year and check to see if any updates are available to your operating system or QuickBooks program.
Step 1 Choose your name
Your company name is important for branding and marketing purposes, so choose something that is memorable and easy to spell. You may want to consider using your personal name, initials, or a made-up word. Once you have chosen your name, you will need to register it with the state. In order to do this, go to Register a Name and enter your business’s legal name as well as the jurisdiction of your business (most states require businesses be registered locally). The registration process can take up to two weeks before approval.
Step 2 Enter banking information
In order to get started with QuickBooks Online, you’ll need to enter some basic information about your company. This includes your company name, address, and contact information. You’ll also need to provide your banking information so that QuickBooks can sync with your bank account and pull in transactions. Enter the routing number for your checking account as well as the type of institution (usually Bank). Enter the same information for any other accounts you want to link to QuickBooks.
The system will ask for your security question and answer which will be used if someone needs to access this information from another computer or device. It’s a good idea to create a new password if you haven’t done so recently because these answers may not be enough for an attacker who is trying all the different combinations.
Finally, select how often you want updates from QuickBooks Once per day, Once per week, or Once per month. We recommend once per day because it’s easiest on your budget when we receive all our data at once!
Step 5 Record your expenses
Now that you’ve set up your chart of accounts, you’re ready to start recording your expenses in QuickBooks Online. This is pretty simple just enter the date, payee, amount, and account. If you have a bill, you can even schedule it to be paid later. You’ll see a reminder when it’s due.
There are also special features for taxes, such as reminders for upcoming tax deadlines or filing reminders for quarterly estimates. The checklist for the steps on how to file an estimate will give you all the information you need about getting this done early so that your taxes are as accurate as possible!
As soon as you’ve completed this step-by-step guide and had some time to practice using QuickBooks Online, we recommend checking out our other post on How To Maintain Your Records In QuickBooks Online (plus additional resources) where we talk about maintaining records – which is equally important!
Step 3 Record customer information
In order to get started, you’ll need to record some basic information about your customers. This will include their name, address, contact information, and any other relevant details. You can do this by creating a new customer profile in QuickBooks Online. From the list of available options at the top of the screen, click on New Customer (or New Employee). Enter the name of the customer (e.g., ABC Ltd) and any pertinent info that you know. Then hit Save to create a new customer profile. You may also want to review the company’s credit policy; for example, if they are running late on payments or have made late payments in the past, be sure to make note of it here so that future invoices reflect this.
Section 7) Use notifications to stay on top of things
QuickBooks Online can help you stay on top of your business finances by sending you notifications when something important happens. You can set up notifications for when a bill is due, when a payment is received, or when a report is ready. You can also choose to receive daily or weekly email summaries of your recent activity. To set up notifications, go to the Settings tab and click on the Notifications tab. From there, you can select which types of notifications you want to receive and how you want to receive them.
Step 4 Make your first sale!
You’ve set up your company information, products and services, and customers in QuickBooks Online. Now it’s time to make your first sale! Here’s how you can create a new invoice for a customer
1) Click on the Invoices tab
2) Click New Invoice at the top right corner of the screen
3) Enter the date that you’re sending this invoice out (ie today’s date)
4) Select the customer you want to send this invoice to from the drop-down menu 5) Fill out all fields on the Invoice as needed – remember, you can use auto-fill features or just enter data manually.
6) When you’re done filling out all of your information, click Create Invoice
Section 6) Use reports to see how you’re doing
QuickBooks Online has a lot of features to help you track your business finances. One of those features is the ability to generate reports. Reports can show you how much money you’re making, what your expenses are, and more. You can use reports to see how you’re doing and make changes if needed. Here’s how to set up company information in QuickBooks Online so you can start generating reports.
1) Go to the top left corner of the screen and click on Settings. Then go to Company Preferences Accounts & Tax.
2) Click on Add Bank Account.
3) Fill out all necessary information for your bank account.
4) In Payments, choose which type of payments you want QuickBooks Online to automatically enter into an expense check, transfers from another account or credit card, or bill payments from within the app. 5) Click on any line that says Income or Expense in order to add it as a category for tracking purposes.
6) Click on any line that says Tax in order to add it as a category for tracking purposes.