Learn to manage the financial aspects of your business using the cloud-based QuickBooks Online software.
Learn to manage the financial aspects of your small business quickly and efficiently using QuickBooks Online. With this online version, you get all the advantages of computing in the cloud, which means that your accounting files will be available to you virtually anytime, anywhere. This course dives deeper into the software's intermediate features, such as tracking product and service items, managing inventory, and customizing sales forms.
- This course can be taken on either a PC or Mac.
- PC: Windows 8 or later.
- Mac: macOS 10.6 or later.
- Browser: The latest version of Google Chrome or Mozilla Firefox are preferred. Microsoft Edge and Safari are also compatible.
- When your course starts, you will be directed to access and utilize the free QuickBooks Online practice site to complete the lesson and assignment steps. You do not need to purchase a subscription or additional software to complete this course. However, please note that this course is suitable only for the QuickBooks Online version. The desktop versions of QuickBooks are not compatible with this course and should not be used. If you have the desktop version, you should consider registering for the course specifically designed for your version.
- Adobe Acrobat Reader.
- Software must be installed and fully operational before the course begins.
- Email capabilities and access to a personal email account.
Instructional Material Requirements:
The instructional materials required for this course are included in enrollment and will be available online.
Building upon the skills learned in the Introduction to QuickBooks Online course, you'll learn how to manage inventory, projects, classes, and locations to better track and report on your business operations.
Managing Setting, Users, and Accountants
In this first lesson, you'll activate your free subscription and then get started with the practice sample company. You'll also learn the various ways to manage and access your QuickBooks company files and how to set up user permissions so that your file remains secure.
Product and Service Items
Without a doubt, inventory tracking is usually one of the more difficult areas for most businesses to track. In this lesson, you'll learn how QuickBooks Online (QBO) tracks the purchase and sale of inventory items. You'll also dive much deeper into some of the more advanced inventory features, such as using product categories, bundles, and price rules.
Inventory is one of those assets that is frequently mishandled and even stolen. Regardless of what accounting system you use to track inventory, it's imperative that you build in some solid internal controls surrounding the flow of inventory into and out of your business. In this lesson, you'll learn how to record inventory purchases, receipts, credits, payments, and refunds. You'll also learn how to adjust inventory quantities on-hand should your accounting balance get out of sync with your actual inventory count.
Customizing Sales Forms and Tracking Classes and Locations
In this lesson, you'll learn how to customize your sales forms to give them a more professional look. You'll also learn how to utilize the class and locations feature when entering transactions. These features are optional but can be used to provide an extra layer of detail to your entry tracking and reporting.
Managing Projects and Sales
In addition to their overall profitability, some companies also like to track the profitability of a particular job, project, or customer. To help make this easier, QuickBooks has a built-in Projects feature to track this information. In this lesson, you'll learn how to create and track the profitability of a project in QuickBooks.
Progress Invoicing and Bad Debts
When it comes time to invoice your customers, there's no "one size fits all" approach. Some companies can avoid invoicing entirely, while other situations may warrant a lengthier invoicing procedure. In this lesson, you'll enter the world of progress invoicing. You'll see how progress invoicing is used in conjunction with the project tracking that was introduced in the last lesson. In addition to progress invoicing, this lesson is going to dive into the difficult topic of recording bad debts.
Payroll and Gift Cards
In this lesson, you'll learn what QuickBooks's capabilities are for processing payroll. Intuit, the maker of QuickBooks, charges additional subscription fees to fully take advantage of processing payroll using the program. You'll also learn how to record the sale and redemption of gift cards in your business.
Fixed Assets and Loans
In this lesson, you'll practice with recording both new and existing fixed asset balances. Since fixed asset balances are often large in nature, such as the purchase of a building, equipment, or a delivery truck, businesses may acquire a loan to assist in the purchase. You'll learn how to enter these loan balances, any related down payment amounts, and payments on these loans when the time comes.
Business Entities and Owner Transactions
In this lesson, you'll learn a bit more about different business entities and how those differences impact the way you'll set up and interact with QuickBooks Online. This lesson will also cover those seemingly frequent situations where the owner of a business mixes business and personal funds or invests or draws funds directly to or from the business.
Banking Rules and Budgets
In this lesson, you'll learn how to create bank rules that will help you streamline the reconciliation process. You'll also learn how you can enter a forecasted budget for your business and how to generate some great reports that will allow you to evaluate your actual business performance against your planned budget information.
Multiple Currencies and Vehicle Mileage
In this lesson, you'll explore how QuickBooks handles receipts and payments in a foreign currency. You may or may not end up using this feature on a daily basis, but with the rise of online commerce, even many small businesses are selling their products (and sometimes services) internationally. You'll also learn how to track and record vehicle mileage for your company vehicle or vehicles. For some businesses, mileage tracking can get a little tedious, but it's a necessary task as you can usually convert the cost of these miles and use it as a tax deduction at the end of the year.
Adjusting and Reviewing the Books
In the final lesson, you'll learn how to finalize your numbers at the end of each month (or year) and how best to evaluate your business performance. If you're new to accounting, you'll get an overview of the accounting cycle. You'll learn more about what steps in the cycle you are responsible for and which steps the system will handle for you. Then, you'll learn some tips on how to identify some common problems that may occur in your day-to-day bookkeeping and how best to resolve these problems. You'll also learn what it means to adjust and close the books at month-end and how to create those critical Financial Statements.
What you will learn
- Understand user roles and optimize file settings.
- Successfully track inventory items, product categories, and bundles.
- Use classes, locations, and projects to improve reporting on business operations.
- Track receivable write-offs, gift cards, fixed assets, and loans.
- Record owner transactions to and from the business.
- Utilize banking rules and track budgets and vehicle mileage.
- Use the reporting features to review and assess the financial statements.
How you will benefit
- Get hands-on experience as you master the tools you will need to successfully use QuickBooks online
- Gain the confidence to take control of the financial accounting for your business
Scott Paxton is a Certified Public Accountant and holds master's degrees in business administration and accounting. His background includes experience as a public accountant, a manager in the banking industry, an entrepreneur and a college business instructor. Paxton has also spent much of his career helping small business owners successfully implement and troubleshoot QuickBooks.