Mastering QuickBooks in 5 Easy Steps – A Beginner’s Guide


Are you an entrepreneur looking for a practical manual on using one of today’s leading bookkeeping applications? Then you have come to the right place.

This article will show you how to set up and work with QuickBooks online. It will cover setting up the chart of accounts, creating recurring expenses and sales, and applying accounting concepts.

Get Started with the Basics

Learn to set up your QuickBooks Online file, including your chart of accounts, income items, and beginning balances. This free course also covers creating invoice templates, tracking sales and expenses, and generating profit and loss reports.

You’ll also discover how to use the bank feed feature to download and enter your banking transactions and reconcile them with your credit card statements for up-to-date financial reports. This lesson will help you keep cash transactions at a minimum and improve your bookkeeping accuracy.

Many of the best courses in this category combine hands-on learning with interactive human support. This can be invaluable, especially if you’re struggling with a particular problem or don’t understand something. Look for programs that offer various study options and make tutors available during the most convenient times.

Set Up Your Chart of Accounts

A well-organized Chart of Accounts is the foundation for recording all financial transactions and reporting your business’s financial data. A proper Chart of Accounts is critical to making informed business decisions and ensuring your P&L is as accurate as possible.

To edit an existing account, locate the account in the Chart of Accounts list and click on the blue downward arrow next to the name. This will open the account details page, where you can make the appropriate changes.

You can also change the detail type of an account by locating the account on the Chart of Accounts list and selecting the Edit button. This will open the account information page, where you can select the Detail Type drop-down menu and choose from the options available.

Create an Invoice

The next aspect of quickbooks training for beginners is Invoicing. It provides customers with a clear description and costs for goods or services rendered and helps you keep track of payments as they come in. It also enables you to manage your accounts receivable accounting.

Click the Invoice menu and select Create Invoices. From the Customer: Job drop-down, like a customer or customer job you want to invoice.

Fill out the Invoice form with a date, item, description, quantity, and rate. The billing address will populate based on information in the customer settings, or you can manually enter it. You can also set terms for the invoice and cc and bcc email addresses. You can choose a pre-configured tax rate or specify a custom one for this invoice. You can even set up online payment options so your customers can pay faster.

Create a Sales Receipt

A sales receipt is a document that issues customers with detailed information about the products and services they purchased. It also records the sale revenue and cash received in the transaction.

You can use sales receipts to record daily sales summary transactions, saving you the time and effort of creating separate invoices daily. This is particularly useful for retail businesses and service providers who make in-person sales.

Select the Enter Sales Receipts button on the Customer menu to create a sales receipt. Select a customer from the list and then select a payment method, such as cash or cheque. Complete the rest of the information like you would an invoice, and remember to save it. The transaction will then be added to your Memorized Transactions list.

Create a Purchase Receipt

While invoice, bill, and receipt are often used interchangeably, they differ. There are a few crucial differences between these three business documents that you should understand to use them correctly.

If you are paying for products or services you received directly from a vendor, use a purchase receipt to record the payment. This will also help you manage your inventory and track cost and quantity information.

Once you have created a purchase receipt, run the gross profit and loss report to receive accurate financial health. This will also help you keep your business expenses under control and prevent overspending. You can also personalize this report to see the most critical information for your business.


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