​QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here’s how to work with them.
The ability to import transactions from financial institutions into QuickBooks Online is definitely one of the best things about the site. You may have even signed up for that very reason. By now, you’ve probably already set up at least one connection. But are you using all of the QuickBooks Online’s account tools? There’s a lot you can do once you’ve imported in data from your bank or credit card provider.
We’ll explore these features in this column and the next.
First Steps
If you’re a new subscriber, you may not have established these critical links yet. It’s an easy process. Start by clicking the Banking link in the left vertical navigation pane.  In the upper right corner, click Add Account and enter the name of your financial institution if it’s not pictured. Then follow the instructions you’re given on the screen. These can vary depending on the bank or credit card provider, but you’re always at least asked to enter the user name and password that you use to log into each online.
Need help with this? Let us know.
Viewing Your Transactions
Once you’ve made a successful connection, you’ll be returned to the Bank and Credit Cards page. You should see a card-shaped graphic at the top of the screen for each account you’ve linked. Click on one. The table that opens is not your account register. The view here defaults to For Review, which refers to transactions you’ve downloaded. The All tab should also be highlighted; we’ll get to Recognized transactions later.

There’s a lot going on here, so don’t be surprised if you’re confused. Review each transaction by clicking on it. QuickBooks Online will have guessed at how it should be categorized, but you can change this by opening the list in the category field and selecting the correct one. It’s critical that you get this right, since it will have an impact on reports and income taxes. If you need to Split it between multiple categories, click on that button found to the right.
If the transaction is Billable, check that box and choose a customer from the drop-down list. If you don’t see this box, click the gear icon in the upper right and select Account and Settings | Expenses. Check to see that Make Expenses and Items Billable is turned On (click on Off, then check the appropriate box to turn it on).
Next, determine how you want to process the transaction by clicking on one of the three buttons at the top of the transaction box. Do you want to accept it and Add it to that account’s register? Do you want QuickBooks Online to Find (a) Match for it (like a payment that matches an invoice, for example)? Or, do you want to Transfer it to another account? Once you’ve made one of these three selections, the transactions that you’ve added or matched will move under the In QuickBooks tab (where you can still Undo them) and will be available in the account’s register.
Other Options

​Say you run a cross some duplicate or personal transactions that you don’t want to appear in the current account’s register. Check the box in front of each, then click the arrow in the Batch Actions box. Select Exclude Selected. They’ll then be available under the Excluded tab. You can also Accept or Modify multiple transactions simultaneously by using this tool.
So far, you’ve been viewing All your transactions. Click on Recognized to the right of it. These are transactions that are already familiar to QuickBooks Online because they’ve appeared before and/or have been matched, or because you’ve created Bank Rules for them (we’ll address that concept next month). You’ll need to address these the same way you did the transactions in the For Review section; you can either Add or Transfer them.
If you’re new to QuickBooks Online, this may all sound pretty complicated. It can be at first. But once you’ve worked with downloaded transactions for a while, you’ll understand the flow much better.  If you’re not clear on the process from the start, it can lead to trouble. Contact us at your convenience.  We’d be happy to sit down with you and go through it all using your own company’s data; the familiarity may help. 

The time-consuming part’s over once you’ve entered bills in QuickBooks. Here’s how to pay them.
Last month, we explained that the process of paying bills in QuickBooks requires two separate sets of actions. We went over what’s required to enter bills and to set up reminders, so they don’t get overlooked. This month’s column will walk you through the second step: paying the bills.
You’ll remember you must first click Enter Bills on the home page (or open the Vendors menu and select Enter Bills), which opens a graphical representation of a bill. Select a Vendor from the drop-down list and complete the remaining fields in the top box. Make sure the Amount Due carries over to the lower part of the screen under either the Expenses or Items tab and that the rest of the fields there are completed correctly before you save the bill.
Once a bill is saved, it will be available to you when you click Pay Bills on the home page. That action will open a window similar to this one:

​In the upper left corner, you’ll first SELECT BILLS TO BE PAID by either defining a date range or asking to see all bills that have been entered but not yet paid. To the right of those options is the Filter By field. You can open the list and click All Vendors or click on a specific vendor. Selecting an option in the Sort By field allows you to change the display order of the list of bills.
Selecting Bills
Next, you’ll have to indicate which bills you want to pay, and by what method. This may take more than one pass if you’re using different payment methods for different vendors. If that’s the case, you’ll have to select bills in batches. Click in the box in front of each bill that you want to pay (or click Select All Bills below the table).
There are several columns in the table you will see. Some will already be filled in for each vendor with information that was included in the actual bill, like REF. NO. and AMT. DUE. Others refer to discounts and credits. If you’ve already set up vendor discounts (early payment, for example) or are entitled to a credit (overpayment, returned merchandise, etc.) and have set up QuickBooks to automatically apply them to bills, they should appear in those columns.
Tip: If you are the company administrator, you can set up this option. Open the Edit menu and select Preferences | Bills. With the Company Preferences tab active, check the boxes in front of Automatically Use Credits and Automatically Use Discounts, and select the correct Default Discount Account.
Discounts and credits are rather complex concepts in QuickBooks, and we expect you might need our help with setting them up.
The final step in bill paying on this page is to enter the AMT. TO PAY at the end of each applicable row.
Dispatching Payments
If you’ve selected All Bills (or chosen a batch that will use the same payment method), you’ll need to deal with the lower half of the bill-pay screen, which will look something like this:

​You can click on Go to Bill if you need to see the original form; also, verify the Payment Date and Terms are correct. You can still Set Discount and Set Credits here, but again, please don’t do so until we’ve scheduled a session to go over these advanced tools if you plan to use them. Select a payment method for the bills you’ve selected; the options and account to the right of your choice will change depending on which it is.
When you’re done, click Pay Selected Bills and do any follow-up work that’s requested.
The bill-pay process in QuickBooks has a lot of moving parts, some of which may need prep work before you can actually dispatch bills. We strongly urge you to get together with us if you’re planning to use this element of QuickBooks. Although beneficial, it’s one of the more complicated processes in the software, and it must be done with extreme accuracy. When you’re ready, we can help.

​We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via the U.S. Mail, however you may also be getting some through email. Others don’t come at all: You might get a reminder email, but you have to go to the vendor’s site to make a payment.
 
How do you keep track of it all so you don’t miss any due dates? You could record them on a calendar, but you’d still have to go back to the actual bill to retrieve the amount. But where is it? Is it online, in your email inbox, in a file folder, or hanging on the wall?
 
QuickBooks can organize this unpleasant process, saving time and helping you avoid confusion. Here’s how it works.
 
A 2-Step Process
 
QuickBooks divides your accounts payable tasks into two separate processes: entering bills and paying them. It requires some extra time upfront as you complete the first step, but streamlines the second so that the actual bill-paying only takes a few seconds.
 
To get started, click Enter Bills on QuickBooks’ home page to open a window like this:

The toolbar for the Enter Bills window is not pictured in the image above, but you don’t need it yet. Rather, you start by clicking the down arrow in the field next to VENDOR and selecting the biller’s name from your list (or clicking <Add New> if you haven’t yet created a record for that entity). The ADDRESS should fill in automatically, as should the date.
 
If you set up default payment TERMS in that vendor’s record, your preference should show in that field and the BILL DUE date should be correct. Enter the AMOUNT DUE and complete any of the optional fields that the transaction requires (REF. NO., DISCOUNT DATE, and MEMO).
 
Since this is a utility bill, the Expenses tab should be highlighted, and the amount you entered above should appear in it. Below that is the ACCOUNT field; open that list and choose the right one. Don’t worry about the CUSTOMER:JOB and BILLABLE fields. These will only be completed when you’re charging a customer for an expense or item.
 
Warning: If you’re not familiar with the concept of assigning accounts to transactions, please schedule some time with us. This is a critical designation that affects so many other areas of QuickBooks.
 
​Saving Your Work

Once you save your bill, you’ll be able to access it when it’s time to apply payment. How will you remember when it’s due, though? QuickBooks can remind you – or even pay it automatically. So, before you leave the Enter Bills window, click Memorize in the toolbar pictured above.
 
The Memorize Transaction window will open with your vendor already entered in the Name field. You’ll have three options here:
 

• Add to my Reminders list. QuickBooks can add this bill to its list of Reminders. To ensure that you’ll see this every time you open the software and can make any changes necessary, open the Edit menu and click Preferences | Reminders | My Preferences. Click in the box in front of Show Reminders List when opening a Company file. Then click the Company Preferences tab (if you’re the administrator) and find the Bills to Pay row. Click the appropriate button to indicate whether you want QuickBooks to Show Summary or Show List, and enter the number of days before due date.

 

• Do Not Remind Me. Just what it sounds like.
•  ​Automate Transaction Entry. You can only select this if the transaction will be exactly the same every time (except for the date). If the number of transactions will be limited, enter the Number Remaining. And tell QuickBooks how many Days in Advance To Enter.

When you’re done, click OK to close the box, and save the bill.
 
Next month, we’ll talk about the second step: the actual paying of bills. In the meantime, let us know if you want to schedule a session to go over any aspect of your accounts payable – or anything else in QuickBooks.

​Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions.
 
We wrote last month about the benefits of having QuickBooks on your desktop. Among those we listed are three that have impact on every business that uses it. QuickBooks helps you:

• Save time.
• Save money.
• Minimize errors.

 
There are numerous examples we could use to illustrate how the software accomplishes this. What we want to talk about this month is the use of memorized transactions. These are templates you set up that contain most if not all the information that could be repeated at specified intervals, eliminating the need for you to enter the same repetitive data regularly and reducing the chances that you’ll make a mistake.
 
You can create these transaction “models” for both sale and purchase transactions. For example, you might have wireless service bills that remain the same every month or vary by just a bit. Or, you have customers who have monthly standing orders for the same products, or services, or subscription fees.
 
QuickBooks makes it very easy to set up transactions for repetitive use. Here’s how it works. We recommend you use one of QuickBooks’ sample files for this tutorial.
 
Creating a Template
 
Let’s start by creating a repeating bill. Click Enter Bills on the home page and complete all the fields that will remain the same every time the bill is created. In our example, we’re paying a utility bill whose Amount Due will change every month, so we’re leaving that blank. When you’re done, click Memorize in the toolbar to open this window:

​Once you’ve created a transaction template, you’ll have to complete the fields in this window to memorize it correctly.
 
The vendor name appears automatically in a field in the upper left. Below that is a list of four options. These have to do with how/if you want to be notified when it’s time to process a memorized transaction. Your choices are:
 

• Add to my Reminders List. QuickBooks will display an entry in your Reminders List for each memorized transaction. Not using Reminders? Let us help.
• Do Not Remind Me. Nothing will be done.
• Automate Transaction Entry. You would only select this option if nothing but the date of the transaction changes when it recurs. QuickBooks would automatically process and dispatch the transaction.
• Add to Group. If you have multiple recurring transactions that come due at the same time, you can create Groups and assign transactions to them (more on this later).

 
On the right side of the window, open the drop-down list in the field next to How Often and select from the options provided. Click the calendar icon to choose the transaction’s Next (Due) Date. If you only want QuickBooks to automate the entry a specific number of times, add that in the field next to Number Remaining. Then enter the Days In Advance To Enter.
 
Further Explanation Needed
 
We’d like to expand on two of the concepts discussed here. First, advance notice for transactions. If you’ve selected Add to my Reminders List for any memorized transactions, you need to tell QuickBooks how far in advance your reminders should start to appear. Open the Edit menu and select Preferences, then Reminders.

​If you want Reminders for memorized transactions, you’ll need to tell QuickBooks what your Preferences are.
 
Memorized Transactions Due appears toward the bottom of the Company Preferences list. Click on the appropriate button to indicate whether you want to see a summary or a list in your Reminders (or nothing at all) and how many days in advance the alert should appear.
 
Also, Groups. As we mentioned earlier, you can combine memorized transactions due at the same time within a group. To create one, go to Lists | Memorized Transaction List. Click the arrow next to Memorized Transaction in the lower left, then click New Group and give it a name. Choose from the options available for notification and click OK.
 
Now you can add memorized transactions to this Group by right-clicking on it, selecting Edit Memorized Transaction, and clicking in the button next to Add to Group. Click the down area to the right of the field assigned to Group Name and select the one you just created.

​You can add memorized transactions to a Group and process them at the same time.
 
Caution Advised
 
We’ve explored this QuickBooks feature with you because we wanted you to see one of the ways that the software can save time and minimize errors. There are many others, and we’re always happy to introduce you to more.
 
The mechanics of creating memorized transactions are fairly simple. But mistakes can be costly in terms of bills that don’t get paid on time (or at all) and items or services that don’t get invoiced. If you’re new to QuickBooks, we certainly suggest you not work with these on your own. Even if you’re a seasoned user, you may want our help setting up memorized transactions for the first time. Let us know if you need assistance with this or any other element of QuickBooks accounting, we’re ready to help.

​If you’re already using QuickBooks Online, you know how much impact its bookkeeping abilities have had on your company’s accounting operations. You’re saving time, which in-turn saves money, and you’re reducing errors. When a customer or vendor calls with a question, or you yourself need to track down a critical detail to solve a problem, you’re able to find solutions quickly.
 
You may already have learned, though, that QuickBooks Online’s benefits include much more than simply getting the numbers right. When you take advantage of all it can offer, you’re likely to notice more far-reaching effects.
 
The Specifics
 
Let’s look at how QuickBooks Online accomplishes all of this. You can do much of it on your own, but we’re trained to help small businesses get the most out of QuickBooks Online. We can help you maximize the effectiveness of your accounting time so your company can:
 
Better balance between income and expenses.

​You can’t begin to improve your company’s cash flow until you understand where the financial bottlenecks are. QuickBooks Online provides that information for both income and expenses in a variety of ways. In the image above, you can see that there are seven past-due invoices. Click on the orange bar to see a list of them, and you can automatically send reminders. QuickBooks Online also automates the process of sending statements.
 
You can also run accounts receivable and accounts payable reports that will show where you stand with customers and vendors, like Open Invoices, Uninvoiced Time, Unpaid Bills, and Accounts Payable Aging Detail. If you determine that one of your consistent problems with cash flow is late customer payments, you can set up a merchant account through QuickBooks Online to support credit card payments and bank transfers.
 
More repeat business because of improved customer interaction.
 
Your customers are like gold. To build the best relationships possible with them, you need a clear, updated picture of their transactions, their payment details and history, and your interaction with them. QuickBooks Online provides templates for Customer Information records that provide all of that, along with their contact information and a real-time update of the status of their invoices and payments, estimates, time activities, etc. The latter is provided in the form of an interactive list with links to immediate actions you can take.
 
A more stable, profitable inventory of products.
 
If your business sells products, you know that you have to be smart about inventory levels. Stock too much and you have too much money tied up unnecessarily. Too little, and you’ll be turning customers away and possibly losing their future business. QuickBooks Online’s inventory-tracking tools help you achieve and maintain that balance, so you know both when and how much to reorder.

​QuickBooks Online also offers multiple inventory reports, like Inventory Valuation Detail, Physical Inventory Worksheet, and Sales by Product/Service Detail.
 
Readiness for growth.
 
You may never want to acquire another company, or move into more spacious offices, or employ dozens of individuals. However, it’s not often that a company doesn’t want to be in a position to grow. And you never know when an opportunity will present itself that would require additional capital. Would you be ready?
 
If you’ve never applied for a business loan or tried to attract investors, you don’t know how much financial information you’ll need to provide, or in what format. There are very specific reports your potential lenders or investors will want to see, standard financial statements. QuickBooks Online includes templates for these, which include a Balance Sheet, Profit and Loss, and Statement of Cash Flows.
 
Like the reports we mentioned earlier, they’re easy to generate on the site, thanks to intelligent, customizable templates. Analyzing them, though, and making sure they’re ready to be seen by third-parties takes professional expertise. We can provide that for you. We can also help you better understand and use other elements of QuickBooks Online so that you’re taking advantage of all of its benefits. Contact us soon to set up an initial consultation.

By now, you’ve set up QuickBooks Online for time tracking and entered your first timed activity. If you have employees who only need to get on the site to complete their timesheets, we showed you how to give them restricted access.
​
Let’s start here by looking at what’s involved in completing timesheets. We’ll assume for this example that you are entering your own billable time. You can see how this screen looks by clicking the plus sign (+) at the top of the screen, then Employees | Weekly Timesheet. The screen looks very similar to a paper timecard.

If you had entered a single activity for a billable time block already, all of that information would appear in your timesheet for that week, once you selected your name from the drop-down list in the upper left and set the work week to the correct one in the field to the right. It would look something like this:

If you’re going to enter your complete work week directly on the timesheet, you’d open a blank form (using the instructions above) and select your name and the time range. Next, you’d go down to the first field under DETAILS and select the appropriate Customer Name by clicking on the arrows to the right of the field to open the list. Next to that, do the same thing to choose the Service.

The fields below those two are earmarked for Class (if you assign classes) and Territory (or whatever Location Label you’ve chosen). If you haven’t used these and want to explore them, let’s schedule a session to go over QuickBooks Online Classes and Custom Fields.

​Type a Description in the box below and click in the box in front of Billable. The hourly rate and tax status should fill in automatically. In the boxes below the correct dates (in the grid to the right), you’d enter the billable hours worked for that customer that week. If you are reporting billable time for more than one customer, or time that is not billable, you’ll of course have to place those entries on new lines.

Your employees can, of course, enter hours directly on their own timesheet screens. As we discussed last month, you can choose whether to let employees see the customer’s billing rate. In this example, the employee can only enter hours worked and indicate that they were billable. When you go to approve the timesheet, you will see the rate.

Getting Paid
As you start to create an invoice for a customer who needs to pay for services that have been included in a timesheet, look at the vertical pane to the right of the main working screen titled Add to invoice. Any estimate that hasn’t yet been accepted and any time that hasn’t been paid for should appear in the small blocks in that pane.
​
You have two options here: Add or Open. Clicking on the first adds that time block to the invoice, and clicking on the second opens the original form. You can also click on the Add all button at the top of the pane to include the details of every entry in the invoice.

Time Reports
As you can see, time billing can get a little complicated when you have employees entering their own timesheets. And QuickBooks Online wants to make sure that you’ve billed customers for every minute that you’ve worked for them. So there are two reports that you should be consulting regularly. Click on Reports in the left vertical pane, then All Reports and Review Sales. In this list, you’ll see:
• Time Activities by Customer Detail, and
• Unbilled Time.

The titles of these reports should be fairly self-explanatory. Be sure to set the correct date range before running them, though, to avoid missing anything.

​Completing timesheets isn’t rocket science. Nor is earmarking time blocks as billable. But due to the setup and the options involved, as well as the complications that can occur when you add employee self-service to the mix, we highly recommend that you meet with us to go over the whole process. We want to make sure that your company’s time entry and timesheet configuration are right from the start.

Even if you’re a very small business, you’re at a competitive disadvantage if you’re still doing your accounting manually. You might be doing okay using Microsoft Word for invoices and records and Excel for reports. But many of your rivals manage their financial data digitally. Some of them likely use QuickBooks; it’s the market leader, and it’s on millions of desktops. Their products and/or services may not be superior to yours, but they have an edge because they’re running their businesses more efficiently. They’re presenting a more modern image to their market and building better customer relationships. Now is the time to update your accounting system. Here’s what your competition has learned and what you, too, can experience.

There’s never a good time to make the transition to new software. Switching to QuickBooks is going to cut into your productive hours, and it will take some time to learn how it works before you can start using it daily. We can accelerate that process by helping you implement it and training you on its operations.

Once you get going, you’ll discover a whole range of benefits that you may not have even considered, like:

Minimized errors. Once you’ve entered data in QuickBooks, whether it’s a customer’s address or a product/service price and description, the software stores it. It will appear in lists that you can access when, for example, you’re creating invoices. Not only does this improve accuracy, but it also makes duplicate data entry unnecessary.

Faster payments from customers. QuickBooks supports merchant accounts. Sign up for one, and you’ll be able to accept direct bank transfers and credit/debit cards from customers. You can
automatically include a payment stub on invoices to speed up the remittance process.

Real-time account balances. Supply your login information for your online banks and other financial institutions, and QuickBooks can connect to them. It imports cleared transaction data regularly and helps you reconcile your accounts. You can even set it up to pay your bills electronically.

Instant data access. Got a customer on the phone who has a problem with an invoice or payment? QuickBooks’ search tools help you track down the smallest detail in seconds. 

Time-tracking. If you (or your employees) provide services that are billed back to customers, you can create time records individually or on a timesheet. These blocks of hours and minutes can be marked billable, so they’ll appear the next time you start an invoice for any affected customers.

Improved customer relationships. Your customers want answers when they have problems or questions, and they want them quickly and accurately. QuickBooks lets you store all needed details about customers in records, including contact information, payment particulars, and transaction history. Nothing helps encourage future sales like a company that knows its customers.

A more contemporary image. Those invoices and statements you create in Word—or worse, write by hand—contribute to your customers’ impressions of you and your commitment to using state-of-the-art technology to better serve their needs. When you email professional-looking, carefully-customized sales and purchase forms, you’re likely to go up a notch in their eyes.

Feature flexibility. You can use a little of QuickBooks and still have it be worth your time and technology dollars, or you can stretch its capabilities to the limits. If the latter happens, you may want to expand the software’s reach by integrating it with one of the hundreds of add-ons available in areas like inventory, invoicing and billing, and CRM.

Time and money savings. This is actually the most compelling reason to use QuickBooks. Yes, you have to pay upfront for the software, but you’ll soon see that your investment will reduce the hours you spend on accounting. That means you’ll have more time to do what only you can do: make your business flourish by planning for its future and taking the actions that will move you toward greater success.

Have you installed QuickBooks but you’re having trouble using its features fully? Do you need some guidance, particularly in the area of advanced reports? Contact us. We’ll assess where you are with the software and devise a plan to complete its implementation. You may be surprised to learn what you can do.

Your QuickBooks company file contains some of the most sensitive information on your computer. You may have customers’ credit card numbers and employees’ Social Security numbers. An intruder who captured all that data could create tremendous problems for you and a lot of other people. That’s probably the worst-case scenario. But other situations could also spell disaster for your business, which  involve losing your company data through fraud, hacking, or simple technical failures. 

We can’t overstate the vital importance of protecting your QuickBooks company file, especially your customer and payroll information. Whether someone steals it or it’s inaccessible for another reason, it’s gone. Keeping your business going after such a loss would be very difficult – maybe even impossible. Here’s what we suggest to prevent that.
​
Internal Safeguards – No business owner wants to believe that his or her employees could use their QuickBooks access to commit fraud. But it happens. Your company file contains credit card and checking account data that could be used for nefarious purposes. As we discussed last spring, you can restrict user access to specific areas  and actions of QuickBooks.

To get started, open the Company menu and select Set Up Users and Passwords | Set Up Users. The User List window opens. It should have at least one entry there, for you (Admin). Click Add User and enter the employee’s name and password in the next window that opens, then click Next.

Tip: Your QuickBooks license limits you to a specified number of users. If you’re not sure how many you’re allowed, click F2 to open the Product Information page. The number of user licenses you’ve paid for appears in the upper left.

On the next page of this wizard, click the button in front of Selected Areas of QuickBooks. The following screens will let you define that employee’s access permissions in areas like Sales and Accounts Receivable, Inventory, and Payroll and Employees. When you’ve clicked through every screen and reviewed the summary displayed, click Finish. Your user will now be able to sign in and access the areas you specified.

​You can—and should—take numerous other steps to keep your QuickBooks data safe. If your company is big enough to have a dedicated IT expert, he or she will handle most of this. But there’s a lot you can do on your own to prevent data loss and theft.

Keep Your Operating System and Applications Updated

Just as a cold virus spreads around your office, so, too, can unwanted intrusions like computer viruses. Don’t allow an electronic epidemic to get started; take steps ahead of time to prevent it:

• Discourage employees from excessive web browsing. This can be a hard rule to enforce, as some employees probably need internet access for research, timecard entry, and other work-related tasks. Create a firm policy legislating what workers can and can’t do on company-issued equipment (including tablets and smartphones) or any personal devices that use your wireless network.
• Ask employees to refrain from using public networks on work equipment. Enforce the rules vigorously, and make compliance an element of performance evaluations.
• Minimize app installations on business smartphones. Employees should ask for approval. Viruses and malware get in that way, as well as through some websites and email attachments.
• Use monitoring software. If you can’t afford to pay for “managed IT” (a la carte, third-party IT services), install an application that alerts you to problems.

You can fight data loss and theft by being cautious. Be diligent about backups, and if you create them on a local, portable device, don’t leave them in the office. Cloud-based solutions are better. Shred papers that have sensitive information on them. Log out of QuickBooks when you’re not using it or when you leave your office. Be aware of who may be around you, looking over your shoulder.
​
We take data security very seriously in our own office, and we strongly encourage you to do the same. Contact us if you’re at all concerned with your own data safety, and we’ll come up with a plan together.

If you ever did your accounting manually, you probably remember how tired you got of writing or typing the same things over and over. You may have had your customers’ addresses practically memorized, and your product price list was always close at hand, though you knew that by heart, too.
​
QuickBooks Online eliminates that duplicate data entry, saving time and reducing errors dramatically. Because of the product and service records you’ve created, completing sales and purchase forms can now be an easy, accurate task. You’ll also have fast access to information about your inventory levels and the profit you make on items. You’ll know what’s selling and what’s not, and when it’s time to reorder. Here’s how.

Much of your accounting work probably consists of filling out forms. Whenever you create one of these invoices or sales receipts or purchase orders, you already know that you can open a drop-down list and select the name of a customer or vendor. QuickBooks Online lets you enter data about what is being bought or sold in the same way.

To see how this works, open an invoice form and complete and/or verify the fields at the top (customer, date, terms, etc.). Click in the first PRODUCT/SERVICE field, and then click the down arrow to see the list of items and services you sell.

When you select an item, the description and price will fill in automatically. You’ll have to add the quantity and click in the box below the column labeled Tax (if applicable). QuickBooks Online will calculate the total cost of the product or service on that line. If you need to enter additional sales, proceed to the PRODUCT/SERVICE field in the second line and repeat those actions until you’re done and can save the transaction.

What do you do when you need more information about a specific product than just its description and price? Do you have to return to its individual record? 

​No. QuickBooks Online includes a great tool that provides real-time updates on your inventory items and lets you work with them. Click the Sales tab in the left vertical menu, and then on the Products and Services tab at the top. The table that opens displays numbers for every item’s quantity on hand and reorder point. Look at the end of each line, and you’ll see a drop-down list labeled Edit that looks like this:

As you can see, there are a number of actions you can take here on individual products. Warning: If you think there’s a reason you should Adjust quantity or Adjust starting value, please talk to us first. Your inventory records need to be precise. We can schedule a session to go over this and other concepts you need to understand in order to keep inventory counts accurate.

​You can take some of these actions on multiple items simultaneously. Click the down arrow in the Batch actions field above this Edit menu. Click the boxes in front of the products you want to work with and select the desired activity (unavailable ones will be grayed out in the list). Take extra care with this mass modification tool.

QuickBooks Online’s Product and Services screen may be all you need in your daily work, but there will be times when you need more analytical assistance. You can turn to the site’s specialized reports for more in-depth scrutiny. Click the Reports tab in the left vertical pane. Make sure the All Reports list is active and select Manage Products and Inventory to see what’s available, including:

• Inventory Valuation Detail.
• Sales by Product/Service Detail.
• Physical Inventory Worksheet.

Reports are easy to run but can be difficult to customize correctly and interpret. If we’re not working with you already on the complex standard financial reports that should be reviewed monthly or quarterly, talk to us. The more you understand about the financial status of your company, the better your decisions will be.

Every opportunity you have to interact with your customers and vendors is critical. Whether it’s a phone call, an in-person connection, or an email, how you present yourself reveals a lot about you. Are you efficient? Friendly? Do you handle orders and problems and payment issues quickly and carefully? Your accounting forms can also contribute to your image. They should always be:

• Neat and attractive.
• Easy to read, with the most important information displayed prominently.
• Consistent with any graphics you use on other company materials.
• Accurate, above all.

You might be able to use at least some of QuickBooks’ form templates as is, without any modifications. But couldn’t they be better? More visually appealing? Formatted to include only the fields that your business most often needs? QuickBooks contains the customization tools you need to make them so.

We’ll look at the modification options for an invoice, though, depending on what version of QuickBooks you’re using, you can also work with sales receipts, purchase orders, statements, estimates, sales orders, and credit memos. Start by opening the Lists menu and selecting Templates. Highlight Intuit Product Invoice in the list. Click the down arrow next to Templates in the lower left corner and choose Edit Template. 

The above image displays part of the window that opens. Here, you can add a logo, change the color scheme, and change fonts for your company’s contact information and the labels that identify each field (like Bill To, Terms, and Quantity). The right pane of this window shows you what the form will look like as you make changes. 

Nothing you’ve done so far will prevent you from using Intuit’s pre-printed forms. But when you click Additional Customization at the bottom of the screen, you’ll be warned that if you make modifications beyond this point, the forms may not print correctly. To be safe, click Make a Copy. You’ll be able to print this new version on plain paper.

The image below shows you part of the window that opens when you click on Additional Customization. The first two columns here are the most important; they let you specify the labeled fields that will appear on your invoices. When Header is the active column, you’ll be able to choose the content that will go at the top of your form, like Date, Invoice Number, and Terms.
Next to each default label, you’ll see boxes for Screen and Print. Click in these boxes to create or delete checkmarks; this will indicate whether each label will appear in the software itself and which will be printed for your customers to see. If you’d like to change the language QuickBooks uses to describe each, enter your preferred word or phrase in the Title column.

Warning: As you’re checking and unchecking boxes, a dialog box may open telling you that your changes will cause some fields to overlap on your form. If you click the Default Layout button, QuickBooks will make automatic adjustments to fix this. Clicking Continue means you’ll have to use the software’s Layout Designer to make your own adjustments. This tool is not particularly intuitive, and it requires some design skills. If you must work with the Layout Designer, let us help.

When you click the Columns tab, you’ll see a list of the fields available for the main body of your invoices, like Description, Quantity, and Rate. This works similarly to how you just modified the Header, with one exception: You’ll be able to enter numbers in the Order column to specify the placement of each field. Here again, you’ll be able to watch a preview of your form change in the right pane.

If you want to start over, click the Default button to revert the form to its original state. When you’re done, click OK.

Whether you print and mail your forms or simply dispatch them electronically, we strongly encourage you to make them as professional and polished as you possibly can. Their appearance will enhance or detract from the image your customers and vendors have of your business. Let us know if we can help here. We’d be happy to help you learn about and implement the customization options that QuickBooks offers.