QBO Dashboard Guide
See Udemy course
QBO Test drive - https://qbo-intuit.com/redir/testdrive
- QBO, How to Add…:
Section 2: Using QBO
The Chart of Accounts: adding accounts in QBO
- Access the Chart Of Accounts:
- On the left panel, select Menu>Transactions>Chart of Accounts>New(top-right)
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Tags for categorization
- Access reports such as the Profit & Loss Statement:
- On the left panel, select Reports>Reports
Section 3: Customers
Set up Invoices, Estimates, Get Paid, Adjustments to invoices, Receipt of payments, Sales receipts
- Creating Customers And Maintaining Customer Information:
- On the left panel, select Sales>Customers
- Create a Customer Invoice And Email It!:
- On the left panel, select “+ New”>Invoice
- Create a Sales Receipt:
- On the left panel, select “+ New”>Customers>Sales Receipt
- Create Estimate:
- On the left panel, select “+ New”>Customers>Estimate
- Create a Credit Memo For adjusting bills using a new separate invoice:
- On the left panel, select “+ New”>Customers>Estimate
- How to Receive Payment from Customer:
- On the left panel, select “+ New”>Customers>Estimate
- Create Sales Receipt:
- On the left panel, select “+ New”>Customers>Sales Receipt
Section 4: Suppliers / Vendors
- Create a Supplier:
- On the left panel, select Expenses>Suppliers
- Create a Bill From A Vendor:
- On the left panel, select “+ New”>Bill
- Record a Payment To A Supplier:
- On the left panel, select “+ New”>Pay bills
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See the Gear Icon on top-right gives additional settings
- Create Product Lines & Services Lines to sell:
- On the left panel, select Sales>Product and Services>New (top-right-green button) Allows you to set up $/hr.
- How to Input A Bill From A Supplier:
- On the left panel, select “+ New”>Vendors>Bill, set the bill number from the invoice, choose the category of the expense,
- Recording Payment To A Supplier:
- On the left panel, select “+ New”»Vendors>Pay Bills,
- Recording an Expense in QuickBooks;
- On the left panel, select “+ New”>Vendors>Expense,
Section 5: Reconciling Bank Act
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Bank rules and receipts, using Amazon business apps to import expenses and receipts…
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Create Rules - apply rules to transactions where money is going in/out with conditional Boolean statements for categorization, assigning these transactions to specific accounts, etc.
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It is possible to upload receipts from your computer or phone or even have the receipts sent to an email address.
- Recording a Bank Feed - Linking Your Bank Account To QBO:
- On the left panel, select “+ New”>Bank Transactions>Link Account>Choose Bank>…
- Recording a Bank Feed - Adding Bank Transactions To QBO:
- On the left panel, select “+ New”>Vendors>Expense,
- How to Reconcile Bank Acts:
- First, obtain bank statement; on the top-right gear, Tools>Reconcile>Enter $ and dates
- Bank Feed - Matching Bank Transactions:
- Bank Transactions>Goto Category or Match>Choose transaction>Match
- receipt.forwarding.ex
Section 6: Payroll Overview: Using Payroll to pay employees
- How to use QBO Payroll can help with payroll taxes and paying by check or direct deposit, track benefits, add contractors
- Adding an employee
- On the left panel, select Payroll/Employee/Add an Employee/Pay or Profile or Employment / Add info /Save
- Running Payroll in QBO
- On the left panel, select Payroll/Employees/Run Payroll (On Right), and pay by paper check or direct deposit.
Section 7 TAXES
- Sales tax overview
- On the left panel, select Taxes/Get Started/Add biz address/Add state info /Review info / Save
- QBO can help you file and pay sales taxes/Select filing frequency (monthly/quarterly/yearly)
Overview: Filing sales tax returns - accrual vs cash basis. Different countries/governments may require a business to submit taxes based on when the money is received and not earned and vice versa.
- Set up Sales tax for products and services and use the sales tax module
- On the Right: Sales/Choose Inventory, Service, etc./Choose category/Add description/rate info/income account/choose sales tax cat./Save
- Recording sales tax in a sales transaction
- On top right <+New>/Customer/Invoice/add info/
- Recording sales tax in an expense transaction
- On the left panel, select
/Vendors/Expense/{New window}/Select Payee/Payment act./Select Act. category/from Cat. details/amount/Is tax applicable?/Select Product service or item/Add notes/Attach contract or quote, etc./Save
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Sales Tax Summary report, how to find taxable sales
- On left side click Reports/{you can use search box, example taxable}/Choose taxable sales summary or detail/
- It is possible to drill down into details by clicking any sales item.
- It is possible to choose different periods…
- Reports can be saved!
Groupby…
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Sales Tax Liability report, to help file taxes
- On left side click Reports/Search
/...
- Recording sales tax payment, how to file taxes!
- On left side click Taxes module/Goes to Sales Tax Center/Sales Tax Owed/Choose Accounting Basis: Accrual or Cash/choose period/
- Good for quarterly tax payments
Section 8: Examples & Practice: Sales & Customers
- Injecting capital (money) to start a company:
- DR Asset/bank account and then CR to Equity act
- On top right <+New>/Journal entry/Choose line #1/Bank act checking or savings/Add description/Save & close.
- To follow up goto Chart of Acts & check for DR. as well as a CR for ‘Share Capital’
- Purchasing Inventory on account
- On top right <+New>/Journal entry (screen)/ Enter into acct./Add: Inventory asset
- Ex. DR Inventory $1k
- CR A/P $1k
- /Add description/Save & close.
To Double check: Goto Chart of Acts by using Accounting on bottom left.
- Making sales to customers:
- Ex. you sell $100 receiving cash
- DR Asset/cash
- CR sales/revenue $100
- On top right <+New>/
- There are several ways to enter sales, Invoice + receive payment OR ‘Sales receipt’
- QBO sets up Invoice like register.
- Companies can sell 1. Non-inventory 2. Service 3. Bundle both parts and service
- Promoting your business Via Advertising Exp.