How To Setup QuickBooks Online: Step-By-Step Tutorial for Beginners

QuickBooks is an easy-to-use solution to help your business through various accounting problems. It is, mostly, used by small scale businesses and companies for effective accounting and management. They offer an easy solution to accounting and bookkeeping problems.

QuickBooks may seem like a complicated thing to setup online but the reality is that it is very easy. In fact, you can learn all about QuickBooks as well as how to setup QuickBooks online for your business pretty quickly. So, let’s get right into it and understand how to setup QuickBooks online.

If you want to learn how to setup QuickBooks Online, you need to be well-prepared and have all the information you need at hand. The first step is to create an account on QuickBooks. For this, all you need to do is go to their website and click on sign up.

Following the instructions and after entering the required fields, you will be redirected to your desk. Make sure you have your company’s information at hand as well so you can input them and proceed forward.

How to Setup Company Information in QuickBooks Online

Once you’ve signed up and created the account, your user account will be registered and all you need to do next is sign in. In order to setup your company’s information, sign in to your account and go to ‘Account and Settings’.

Here you will be able to edit all of your company’s information such as the name of your company, legal addresses, type of company, etc. You can also mention whether your company is in the partnership or sole proprietorship.

Further, details such as email address, phone number, and website address can also be added here. If you don’t have a website yet, you can build one and edit this part later as well. You will also have the option to add your company’s logo. All you need to do is select a file for your logo and upload it. Isn’t that convenient?

The platform also gives you an option to setup marketing strategies with Intuit. Save all the entered and edited information by clicking on the saving button. All this information is important for the business as your profile creates a good impression on invoices and sales receipts when sending them to the buyer.

How to Add Customer’s Information In Company’s File

Sign in to your company’s account on the platform and go to the customer centre option. This sub-menu is the place where you can add your customers to your account.

Click on the ‘new customer’ option and add all the data regarding the customer such as their name, address, phone number, tax, company’s name, and all the other relevant data.

Enter the payment method your customer is going to follow and then save and review the information. This will create a profile for customers on your QuickBooks account.

How to Setup Advanced Settings in QuickBooks Online

If you want to change any advance settings in your QuickBooks Online account, you need to login and go to the ‘Account and Setting’ option available on the menu. Select the advance tab which is located at the end on the left side. The pencil icon is the button to edit or set up an advanced setting in QuickBooks.

You and your company need to activate advance settings as the default settings used on your QuickBooks account. This is to make sure there are no incorrect results if your data does not match with it. You can use different features after editing and activating these settings. These different features will help you in doing your work more smoothly and efficiently.

How to Setup Bills And Expenses in QuickBooks

If you’re wondering how to track your expenses and bills then you should set up your bills and exchange option in your QuickBooks account. It will help you in making your payments quickly and keep track of your bills and expenses for the record.

You can select different features from this option that you think will be helpful to you and beneficial for your company. This option can help your company with important things such as your bills will be paid on time.

If the deadline is close and your bills are still due, it will notify you to clear all the payments before time in order to maintain the company’s reputation or avoid penalty charges. You can get paid on a purchase that you made on behalf of your customers as well. It can also keep a record of your taxes and help you with filing them.

How to Setup Customer Statements in QuickBooks Online

This is an important part setting that can help your business work efficiently. Go to the Account and Settings tab again as it includes the ‘Sales’ button. It gives you an option to manage customer statements here.

You can select three customer statements and manage them accordingly. There will be three options to choose from which will help you with the summary of the goods sold and the statements will be sent to the customer if the payment is not yet made.

If your customers are delaying payments then the customer statements feature in QuickBooks Online is a great option to remind them of it.

Help And Guides

There is a section on the website labeled ‘Help Articles’ where you can get answers to all the remaining questions regarding how to setup QuickBooks online. These include account settings such as changing passwords as well as setting up or making changes to subscriptions, billing, and currency.

Subscriptions And Plans

Selecting the right plan is an important part of answering how to setup QuickBooks online. Make sure you understand the features of each plan and the perks they offer before opting in for one.

QuickBooks Online offers four different types of plans in the shape of monthly subscriptions that you can select from according to your company’s needs. You can go for a 30-day trial as well. Their plans are listed below:

Simple Start: This is a basic plan for beginners and small scale companies available at $25 a month. You can track your company’s income and expenses as well as sales. You will also be able to check reports and send estimates.

Essentials: It is a plan with slightly better perks and available at $40 a month. With this plan, you will get all the features of the Simple Start plan as well as being able to manage bills. This plan also includes 3 users.

Plus: This is the most popular QuickBooks online plan where you will be able to keep track of profitability and keep an eye on your inventory status as well. This package includes the features of the previous ones and allows 5 users. It is available at $70 per month.

Advanced: As the name suggests, this is the most advanced plan that includes all the features from previous plans. It will cost $150 a month and allow 25 users. Special perks include a dedicated team for your account and online training sessions on-demand as well.

You will be able to categorize every user’s access by roles and get business analysis and advice from professionals.

Tips To Setup And Use QuickBooks Online

If you need further help on how to setup QuickBooks Online then here are some tips to help you out.

1. Hire QuickBooks ProAdvisor

You can hire a QuickBooks ProAdvisor to help you understand how to setup QuickBooks online. They can help you setup the account as well as provide help with basic programming things. You can also find a local accountant nearby who can help you set up.

2. A Strong Password Is Necessary

To get yourself protected from hackers, you should choose a strong password that no one can guess and get access to your QuickBooks profile. Your financial data should be protected and taking small steps like changing your passwords occasionally can help you later. Make sure you remember this password or write it down along with your username.

3. Transfer Your Data From Desktop Version

If you’re already a QuickBooks Desktop user, you probably know how to setup QuickBooks online but an important tip is to transfer your data file from the desktop version to the online version when switching.

QuickBooks Online can be operated from mobile, laptops, or computers giving you more options and features. If you’re not sure about making the switch, check out the comparison between both the versions here. QuickBooks Online Vs QuickBooks Desktop.

4. Understand The Basics

Understanding the features can be easy if you invest your time in tutorials. To set yourself up comfortably and use this accounting software you need to understand what the basic features are and how things work. After seeing tutorials and understanding how the software works, you will be able to work on the management easily.

5. Enter Your Company, Employee And Customer Details

Entering the data correctly is important to run your company. Any wrong information regarding your company will have a negative impact on the receipts and invoices. By putting your customer’s details, it will be easier for you to manage your clients and have accurate invoices or receipts sent to them. Employee details will help you in giving out salaries.

5. Chat With Staff

This feature enables you to open a chat window to communicate with your team. You can talk about various issues with your co-workers in this section to find effective solutions.  The option ‘Chat with a co-worker’ is found under the Company tab and you can click on it to open a chat window. This can also be used to discuss various things such as transactions, entries, bills, etc.

Benefits Of Setting Up QuickBooks Online

Setting up your account gives you many benefits. Here are some of the benefits of setting up QuickBooks online.

  • Keeps Your Data Secure

With the help of QuickBooks Online, your data will be safe and you don’t need to worry about the backups. The backup and data in your office laptops and computers might be lost but QuickBooks saves all your files and data on Intuit’s servers. It keeps your data and that of the customer completely safe and protected.

  • Online Help For Your Guidance

Intuits professionals are there to help you out and assist you in many matters. You can get help from them whenever you have a query regarding your profile or any help on how to setup QuickBooks Online. If you face any issues, you can take it up with the support, and they will be more than happy to help.

  • Manage Your Clients

After your setup, managing clients will be helpful and to reduce your work load. It sends invoices and receipts online to your customers with a single click instead of printing hard copies and then sending them. They are delivered faster and this improves your customer relations. Notifications, reports, and documents will not be a worry anymore if you are using QuickBooks Online.

  • Payment Methods

You can receive electronic payments directly when using QuickBooks. It will make your transaction easier and safe. You won’t have to go to the bank or to the customer to collect your payments anymore. Your amount can be directly transferred to your bank account much faster than the traditional methods. QuickBooks will also note these payments in the systems to keep track of them.

  • Tracking Is Easy

You can track many different aspects of business and accounting with ease. Tracking sales, receipts, income, expenses can be done without any difficulties. Furthermore, you will be able to keep track of your inventory as well.

Setting up on QuickBooks Online can be greatly beneficial for your business. This step can help you solve all the accounting problems for your company and work efficiently and smoothly.

The all in one accounting solution will help you manage different parts of your business with ease and convenience. Now that you know how to setup QuickBooks Online, you can create an account and take your business to the next level.