Yes, these training courses are updated regularly based on the latest feature updates or changes made by Intuit, the company behind QuickBooks. About half of the tutorials have an average runtime of five minutes or less, and the longest tutorial is slightly less than 14 minutes long. Each QuickBooks tutorial includes a video where we demonstrate the concepts presented in each course. Welcome to Fit Small Business’ free QuickBooks Online tutorials.

This covers how to record your sales and track your income in QuickBooks Online. By the end of this lesson, you will be able to keep track of your credit sales by creating and emailing invoices to your customers as well as recording cash sales where no invoice is needed. You will also learn how to apply payments received to outstanding invoices so that your accounts receivable (A/R) is up to date and income is not counted twice. With QuickBooks Online you can access your accounts anywhere, at any time. From expense management to QuickBooks cash flow forecasting, you can choose a selection of apps that will streamline your processes and make it easier to stay on top of your business finances.

Intuit,

Your chart of accounts in QuickBooks provides a complete listing of all the accounts you need to track your financial data. These accounts are useful for tracking income, expenses, assets, liabilities, and equity accounts that might be required on your tax return. QuickBooks Online will save you time and effort – but it works best when you keep it up to date. You should reconcile your accounts regularly (QuickBooks recommends doing so every month) so that your accounts reflect what’s on your bank and credit card statements.

  • Otherwise, consider using QB Desktop to manage multi company files with a single license.
  • If you’d like to try other great accounting software, we have you covered as well, with deals on FreshBooks, Xero, and others.
  • You can get a 30-day free trial to use the software (if you do so, you won’t receive any time-limited promotional pricing for new users).

Bill Pay allows you to pay any bill – including vendors or freelancers – from within the platform. Depending on your business, this could be set to immediate payment or payment on a specific date. It forms an important part of the customer relationship and the legal basis of invoices. If you plan to use the Multicurrency option, you must ensure that the home currency is correctly set first. It is essential to set whether QuickBooks will use cash or accrual accounting methods. In the sections below, you can learn how to set up and use specific features of QuickBooks as a first-time user.

Setting Up QuickBooks

You may have customers and suppliers with whom you transact using a currency different from your country’s default (“home”) currency. With QuickBooks, you can set up profiles for them in each currency. These integrations and compatible tools allow users to manage and automate a wide variety of business processes.

Tutorials

I can assist you in adding another company to your QuickBooks Online account, osantoskibusines. When you purchase them, categorize them as ‘Materials & Supplies’ or ‘Job Materials’ expense or something similar. The exact expense account is up to you so use whatever category makes the most sense to you when running reports. Users can often take advantage of time-limited promotional pricing. There’s also the option of a 30-day free trial you can take advantage of to try before you buy. This is where Wise can step in and save you money by doing away with nasty hidden fees.

Save hours on admin when you connect QuickBooks with Wise

One of the best things about QuickBooks Online is that they have a user-friendly interface. All QuickBooks Online products have the same interface, and so do all the QuickBooks Desktop products. There are also available free online training resources that you can use to get up to speed quickly. To get started, check out our matrix accounting services free QuickBooks Online tutorials. If you’re a startup with plans of expanding your workforce, QuickBooks Self-Employed won’t be the best fit as it cannot be upgraded to other QuickBooks versions. QuickBooks Self-Employed is ideal for freelancers, real estate agents, and independent contractors, like Uber and Lyft drivers.

Test drive QuickBooks

The first step to using the software is selecting the right subscription package. Learn about what the Chart of Accounts is and how it is used on transactions along with different parts of the Chart of Accounts. Find out how the Chart of Accounts is used to build financial statements.

But it works differently from other accounting software packages. QuickBooks for Mac is a version of the accounting software designed for Mac users. It is not identical to the Desktop and Online versions, as some features are optimized for the Mac platform. QuickBooks Online has several subscription levels you can choose from. Most of the QuickBooks Online subscription levels also offer multi-currency features. This is useful for businesses working with international customers and suppliers.

Hello, I made an advance payment to a vendor in December to secure a booking for travel  in January. However, given that the expense will be incurred in January what is the appropriate way to record this? However, unlike QuickBooks Desktop, where you can create as many companies as you want with no extra charge, with QuickBooks Online you pay per company file. With Wise Business, you can have up to 10 local account details. This way, the customer or supplier can pay your invoice in their local currency.