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How to set up Quickbooks Online

Updated: Aug 20, 2019

Well, today my friends are lucky, because I’m going to show you how to set up QuickBooks Online. Let’s dive right in.


1st : ADD BANK AND CREDIT CARD ACCOUNTS TO THE CHART OF ACCOUNTS


First, we use bank and credit card accounts on a daily basis, so let’s add them to the Chart of Accounts in QBO.


To add a bank or credit card account:

Click the Gear Icon on the upper right.

Select Chart of Accounts.

Click New in the upper right-hand corner of your Chart of Accounts.


Now, enter the bank account/credit card information.


Select Bank or Credit Card from the Category Type.

Select the appropriate Detail Type – in this case we will select Checking for a bank checking account.

Enter the account name in the Name field.Click Save.


You can leave the description and Balance fields blank.


2nd: CONNECT THE BANK AND CREDIT CARD ACCOUNT TO QBO


Now that we set up the bank and credit card accounts in QBO, we need to connect them to the actual bank and credit card accounts, so that you can pull his transactions directly into QBO.


From the Left Navigation Bar:

Select Banking from the left-hand navigation section.

Click Add Account on the upper right.

Enter the name of your Financial Institution or click the Logo of your Financial Institution.

Login to your financial institution.

Enter your Online ID or User Name.

Enter your Passcode or Password.

The connection process may take a few minutes. A window will appear asking you to map the bank accounts from your financial institution to the bank accounts in your chart of accounts list.



3rd: LEARN TO WORK WITH BANKING TRANSACTIONS


Every transaction will pass though the Banking section of QuickBooks online at one time or another. Users new to QBO make most of their mistakes while working with Banking transactions.


4th: DEVELOP ROUTINE HABITS


One of the biggest headaches that business owners have is getting ready for tax time. The reason for this headache can be summed up in one word: P-R-O-C-R-A-S-T-I-N-A-T-I-O-N.


Don’t wait for tax season to work on QuickBooks; do it proactively. That means that Barry is going to need to develop some routine habits.


We all know that it’s much more efficient to spread work evenly throughout the year, rather than working on everything all at once.


5th: GET TRAINING


QBO has its own set of switches, dials, and knobs.


Because QBO is used for bookkeeping, some users new to QBO may jump to some hasty conclusions, like assuming that bookkeeping is just data entry. Nothing could be further from the truth.