Accessing QuickBooks Online Sample Files 

QuickBooks Online Subscriptions

Please use the link below to access the class.

We covered Expenses and Vendors Transactions

Customizing Your Company File 

Customizing your company file in QuickBooks Online is a crucial step to ensure the software aligns perfectly with your business needs. By tailoring various settings, you can personalize your company information, sales preferences, expense management, payment setup, and advanced features. This customization helps streamline your financial processes, making it easier to manage your business efficiently and effectively.

Managing Users 

Managing users in QuickBooks Online is a vital aspect of maintaining control over your company's financial data. By adding, editing, and removing users, you can ensure that each team member has the appropriate level of access to perform their tasks efficiently. This process helps safeguard sensitive information while allowing collaboration and streamlined workflow within your organization.

Chart of Accounts

The Chart of Accounts in QuickBooks Online is a comprehensive list of all the accounts used to track your business's financial transactions. It organizes accounts into categories such as assets, liabilities, income, and expenses, helping you manage and analyze your finances effectively. By setting up and customizing your Chart of Accounts, you ensure accurate financial reporting and gain valuable insights into your business's financial health.

Accessing QuickBooks Online Sample Files 

Adding Customers

The story so far

Craig already has a strong customer base, and because of

his great service he's adding customers all the time. He just

received a work request from a new customer and needs to

set that up in QuickBooks Online.

To add a new customer in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click on the Sales menu on the left-hand side.

2. Go to the Customers tab, then click the New Customer button.

3. Fill in the customer's details:

   • Name: Enter the customer's name or business name.

   • Email: Provide their email address (useful for sending invoices or receipts).

   • Phone Number: Add a contact number, if available.

   • Billing Address: Include the customer's billing address.

   • Payment Terms: Set default payment terms (e.g., Net 30, Due on Receipt).

4. Include any additional details you may need, such as Tax ID or account-specific notes.

5. Once you've entered all the necessary information, click Save to add the customer.

This will ensure the customer is saved in your records and ready for future transactions.

Adding Sub-Customers

To add sub-customers in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and go to the Sales menu on the left-hand side.

2. Click on the Customers tab and select New Customer.

3. In the customer details form:

   • Enter the name of the sub-customer.

   • Use the Parent customer drop-down menu to select the main customer this sub-customer is linked to.

   • Check the box for Bill with parent if the sub-customer's charges should be consolidated with the parent's bills. Otherwise, leave it unchecked to bill them separately.

4. Complete any additional fields, such as email, phone number, or address.

5. Once all information is filled in, click Save to create the sub-customer.

This feature is great for managing customers with sub-accounts, like a parent company with multiple branches. 

Editing Customers

To edit customer details in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and navigate to the Sales menu on the left-hand side.

2. Click on the Customers tab to view your customer list.

3. Locate the customer you want to edit, then click on their name to open their profile.

4. In the customer profile, click the Edit button (usually found in the upper-right corner).

5. Update the customer's details, such as name, email, phone number, address, payment terms, or any other field you wish to modify.

6. After making the necessary changes, click Save to apply the updates.

This process ensures your customer records remain accurate and up-to-date.

Making Customers Inactive

To make a customer inactive in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and go to the Sales menu on the left-hand side.

2. Click on the Customers tab to view your customer list.

3. Locate the customer you wish to make inactive and click on their name to open their profile.

4. In the customer profile, click the Edit button.

5. Scroll to the bottom of the screen and check the box labeled Make inactive or select the option to mark the customer as inactive.

6. Confirm your choice when prompted, and click Save.

The customer will now be inactive and removed from your active customer list, though their records will still be accessible for historical purposes if needed. 

Importing Customers 

Importing customers into QuickBooks Online is a powerful way to streamline your setup and manage customer data efficiently. This feature allows you to upload a bulk list of customer details—such as names, contact information, and payment terms—using a spreadsheet file. By importing customers, businesses save time, reduce manual entry errors, and ensure all customer information is organized and ready for use in transactions.

Customer List 

In QuickBooks Online, the Customer List plays a crucial role in helping businesses manage their client relationships effectively. As you are learning QuickBooks Online software, understanding the Customer List is essential because it serves as the hub for storing and organizing customer information. This list includes details such as names, contact information, payment terms, and transaction history. By mastering how to use this feature, you can learn how to track payments, send invoices, and analyze customer data to improve financial management. Developing these skills prepares you for real-world scenarios where accurate and efficient customer management is key to business success.

Sales Center Overview

The Sales Center in QuickBooks Online is a central hub for managing all customer-related transactions, providing an organized view of invoices, sales receipts, estimates, and payments. It offers tools for tracking payment statuses, creating and managing transactions, and maintaining customer details, all while offering insights into cash flow. This streamlined system helps businesses efficiently manage their sales activities and stay on top of their financial processes.

Sales receipts

The story so far

Craig performs great work and customers appreciate him. Indeed, they often want  to pay him on the spot while he‘s clearing up after the job.

In fact, one customer just paid Craig $30 in cash for a weekly garden maintenance

job, and Craig could use some help recording the sale in QuickBooks Online. He

stopped by the bank on his way back to the office and deposited the money.

He could now use some help recording the sale in QuickBooks Online.

How can QuickBooks Online help?

QuickBooks Online is designed to be flexible. It can cater to the needs of all kinds of businesses that get paid in lots of different ways.

QuickBooks Online can generate invoices and track them, manage partial  or recurring payments, and, in this case, generate a sales receipt for a  cash payment from Craig’s satisfied customer. 

To create an invoice in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Invoice.

3. In the invoice form:

   • Choose the Customer from the drop-down menu. If the customer is new, you can add them directly from this screen.

   • Fill in the Invoice date and specify the Due date (if different from the default terms).

   • Under the Product/Service section, add the items or services being billed, including their description, quantity, rate, and amount.

   • Ensure the Tax column is correct, if applicable.

4. Review the invoice summary at the bottom for accuracy.

5. When everything is set, you can either:

   • Click Save and Close to save it.

   • Click Save and Send to email the invoice directly to the customer.

   • Click Print or Preview if you need a hard copy.

This ensures accurate billing and keeps your records updated.

Recording customer payments

To record customer payments in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Receive Payment.

3. Fill in the payment details:

   • Customer: Choose the customer making the payment.

   • Payment Date: Enter the date the payment was received.

   • Payment Method: Select how the payment was made (e.g., cash, check, or credit card).

   • Deposit to: Choose the account where the payment will be deposited (e.g., Undeposited Funds, Bank Account).

4. Below the payment details, you'll see a list of open invoices for the customer. Check the boxes for the invoices the payment is for.

5. Verify or edit the amount received to ensure accuracy.

6. Once everything is complete, click Save and Close or Save and New.

This will mark the invoices as paid and update your accounts.

Creating a payment receipt

To create a payment receipt in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Sales Receipt.

3. In the sales receipt form:

   • Choose the Customer from the drop-down menu.

   • Select the Payment Method (e.g., cash, check, or credit card).

   • Enter the Deposit to account where the payment will be recorded.

   • Add the Date and fill in details of the product/service sold, including the description, quantity, and amount.

4. Ensure the Tax column is correct if taxes apply to the transaction.

5. Review all the information for accuracy, then:

   • Click Save and Close to save it.

   • Click Save and Send to email the receipt to the customer.

This will generate a receipt and record the payment simultaneously.

Record a deposit transaction 

To record a deposit transaction in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button on the left-hand side.

2. Under the "Other" section, select Bank Deposit.

3. In the Bank Deposit window:

   • Choose the Account where the deposit will go (e.g., checking or savings account).

   • Set the Deposit Date to match when the deposit occurred.

4. Under the "Received From" column, add the Customer or Vendor who made the payment.

5. Select the appropriate Payment Method (e.g., cash, check, or credit card) and the Category or Item related to the deposit.

6. Enter the Amount of the deposit.

7. If you’re combining multiple payments into a single deposit, include all relevant transactions in this form.

8. Review all the information for accuracy and click Save and Close.

This process helps ensure your deposits are accurately recorded in your accounts.

Creating a refund receipt

To create a refund receipt in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Refund Receipt.

3. In the refund receipt form:

   • Choose the Customer who is receiving the refund from the drop-down menu.

   • Select the Payment Method used to issue the refund (e.g., cash, check, credit card).

   • Enter the Refund Date and choose the Bank Account or payment account where the refund is recorded.

   • Fill out the Product/Service, Description, and Amount related to the refund.

4. Double-check the refund details for accuracy.

5. Click Save and Close to finalize, or Save and Send to email the receipt to the customer.

This will record the refund and provide a receipt for your customer. 

Creating a Credit Memo

To create a credit memo in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Credit Memo.

3. In the credit memo form:

   • Choose the Customer from the drop-down menu.

   • Enter the Date and, if applicable, the Credit Memo Number.

   • Add the Product/Service, Description, and Quantity/Amount for which the credit is being issued.

4. Review the total amount and ensure all details are accurate.

5. Once complete, click Save and Close, or select Save and Send to email it to the customer.

A credit memo can be applied to an invoice or kept as a credit for future use.

Creating an Estimate

To create an estimate in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Estimate.

3. Fill out the estimate form:

   • Choose the Customer or Project for whom the estimate is intended.

   • Enter the Estimate Date and, if needed, the Expiration Date for the estimate.

   • Add the Products/Services, including their descriptions, quantities, rates, and amounts.

   • Ensure the Tax column is accurate, if applicable.

4. Review the estimate details for accuracy.

5. Once complete, you can:

   • Click Save and Close to save it.

   • Click Save and Send to email the estimate to the customer.

   • Click Print or Preview if you want a hard copy.

Estimates are a great way to provide your customers with a clear breakdown of costs before completing a sale or project.

To create a delayed credit in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Delayed Credit.

3. Fill out the delayed credit form:

   • Choose the Customer for whom the delayed credit is intended.

   • Enter the Date of the delayed credit.

   • Add the Product/Service, along with the description, quantity, rate, and amount.

   • Confirm the Tax details, if applicable.

4. Double-check all the information for accuracy.

5. Once complete, click Save and Close to finalize the delayed credit.

The delayed credit can later be applied to an invoice when you're ready.

Create a Delayed Charge

To create a delayed charge in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Customers" section, select Delayed Charge.

3. In the delayed charge form:

   • Choose the Customer who will eventually be billed for the charge.

   • Enter the Date of the delayed charge.

   • Fill in the Product/Service, along with the description, quantity, rate, and amount.

   • Verify the Tax details if applicable.

4. Double-check all the information for accuracy.

5. Click Save and Close to finalize the delayed charge.

The delayed charge will stay in your records until you're ready to add it to an invoice. 

Recording a deposit transaction

To record a deposit transaction in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button on the left-hand side.

2. Under the "Other" section, select Bank Deposit.

3. In the Bank Deposit screen:

   • Choose the Account where the deposit will go, such as a checking or savings account.

   • Enter the Deposit Date to match when the deposit was made.

4. Under the "Received From" column, input the Customer or Vendor who made the payment.

5. Select the appropriate Payment Method (e.g., cash, check, or credit card) and the Category or Item associated with the deposit.

6. Enter the Amount of the deposit. If you're combining multiple payments into one deposit, list all relevant transactions.

7. Review the information carefully to ensure it is accurate.

8. Once complete, click Save and Close to finalize.

This process ensures that your financial records reflect the deposit accurately.

Create Customer Statements

To create customer statements in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click on the Sales menu on the left-hand side.

2. Go to the Customers tab and click on the Batch Actions dropdown menu.

3. Select Create Statements.

4. In the Create Statements window:

   • Choose the Statement Type (e.g., Balance Forward, Open Item, or Transaction Statement).

   • Set the Statement Date and specify the Date Range for the transactions you want to include.

   • Select the Customers for whom you want to generate statements. You can choose specific customers or all active customers.

5. Review the statement details, and when ready, click Save and Send to email the statements directly, or Print or Preview for hard copies.

Statements are a great way to keep customers informed about their account activity or outstanding balances

Using Tags

Tags in QuickBooks Online are a great tool for tracking transactions in a more personalized and detailed way. Here's how you can use them:

1. Enable Tags

• Go to the Settings (gear icon) in QuickBooks Online.

• Under the "Lists" section, select Tags.

• If tags are not already set up, create a Tag Group to organize tags (e.g., by project, region, or department).

2. Create Tags

• In the Tags menu, click New Tag to create a tag.

• Assign a name to the tag, and associate it with a group if you want to keep things organized.

• Save the tag.

3. Apply Tags

• When recording a transaction (e.g., an invoice, expense, or bill), look for the Tags field in the form.

• Add the relevant tag(s) to categorize the transaction based on your chosen criteria.

4. Track Tags

• Use the Tags Report to analyze your tagged transactions. This helps you see trends or spending patterns based on the tags you've applied.

Tags are especially useful for creating customized reports and gaining insights into specific areas of your business.

Please conplete the Sales & Customer quiz below.

Overview of Products & Services 

In QuickBooks Online, the Products and Services feature is a tool I use to help businesses manage the goods and services they sell. It functions as a catalog, holding details like names, descriptions, pricing, inventory levels, and categories for each item or service. If I were managing these for you, I'd use this feature to:

• Set Up Items: Add and organize products or services to simplify invoicing and reporting.
• Track Inventory: Monitor stock levels in real time, ensuring you never overstock or run out.
• Analyze Sales Data: Provide insights into bestsellers, helping optimize profitability.
• Streamline Transactions: Generate professional invoices or receipts effortlessly, using preloaded product details.

By effectively utilizing the Products and Services feature, I could help you keep sales and inventory processes smooth and efficient! 

Adding New Products & Services 

Adding new products and services in QuickBooks Online is essential for keeping your inventory and offerings up-to-date. This feature allows businesses to input details such as product names, prices, and categories, ensuring accurate record-keeping and seamless integration into transactions. By organizing your products and services effectively, you can track sales performance and maintain efficient operations.

To add new products and services in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and go to the Sales menu on the left-hand side.

2. Click on the Products and Services tab.

3. In the upper-right corner, click the New button.

4. Select the type of item you want to add:

   • Inventory for physical items you track.

   • Non-Inventory for items you sell but don’t track stock for.

   • Service for services your business offers.

   • Bundle for a group of items or services sold together.

5. Fill in the details:

   • Name the product or service.

   • Add a description, sales price, or rate.

   • Select the income account to track sales.

   • For inventory items, enter the initial quantity, cost, and inventory account.

6. Once everything is complete, click Save and Close.

This will add the new product or service to your list for quick access during transactions.

Adding Inventory Products 

To add new products and services in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and go to the Sales menu on the left-hand side.

2. Click on the Products and Services tab.

3. In the upper-right corner, click the New button.

4. Select the type of item you want to add:

   • Inventory for physical items you track.

   • Non-Inventory for items you sell but don’t track stock for.

   • Service for services your business offers.

   • Bundle for a group of items or services sold together.

5. Fill in the details:

   • Name the product or service.

   • Add a description, sales price, or rate.

   • Select the income account to track sales.

   • For inventory items, enter the initial quantity, cost, and inventory account.

6. Once everything is complete, click Save and Close.

This will add the new product or service to your list for quick access during transactions.

Purchase Orders in QuickBooks Online are documents that businesses use to request goods or services from suppliers. They serve as formal agreements, outlining details such as the items ordered, quantities, and agreed-upon prices. Once the supplier fulfills the order, the purchase order helps match received goods to the original request, ensuring accuracy and streamlining record-keeping. This feature is essential for managing inventory and maintaining clear communication with suppliers.

To enter a purchase order in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Vendors" section, select Purchase Order.

3. Fill out the purchase order form:

   • Choose the Vendor from whom you're ordering goods or services.

   • Add the Ship To address if applicable.

   • Enter the Date. 

   • Add the Products/Services, along with their descriptions, quantities, and rates.

4. Review the purchase order details to ensure accuracy.

5. Once complete, click Save and Close to save it or Save and Send to email it to the vendor.

Purchase orders help you formally request goods and keep track of what you've ordered.

Product & Service Reports

Product & Service Reports in QuickBooks Online provide valuable insights into the performance of the items and services your business offers. These reports help track sales, costs, and profitability for each product or service, allowing you to make data-driven decisions to optimize your offerings. By analyzing these reports, businesses can identify top-performing items, manage inventory effectively, and ensure accurate financial records.

In QuickBooks Online, Vendors represent the companies or individuals your business purchases goods or services from. The Vendor Center allows you to manage vendor information, record bills, track payments, and maintain a clear view of your payables. By organizing vendor details and transactions, businesses can streamline expense tracking, ensure timely payments, and maintain strong supplier relationships. 

To create a new vendor in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click on the Expenses menu on the left-hand side.

2. Go to the Vendors tab, then click the New Vendor button.

3. Fill in the vendor's details:

   • Name: Add the vendor's name or business name.

   • Email: Enter the vendor's email address (optional but useful for communication).

   • Phone Number: Provide a contact number for the vendor.

   • Billing Address: Include the vendor's address, if applicable.

   • Payment Terms: Set default payment terms (e.g., Net 30, Net 60).

   • Additional details as needed (like tax ID or account number).

4. Once you’ve entered the necessary information, click Save.

This will add the vendor to your list, making it easy to manage future transactions with them.

Creating A New vendor

To create a new vendor in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click on the Expenses menu on the left-hand side.

2. Go to the Vendors tab, then click the New Vendor button.

3. Fill in the vendor's details:

   • Name: Add the vendor's name or business name.

   • Email: Enter the vendor's email address (optional but useful for communication).

   • Phone Number: Provide a contact number for the vendor.

   • Billing Address: Include the vendor's address, if applicable.

   • Payment Terms: Set default payment terms (e.g., Net 30, Net 60).

   • Additional details as needed (like tax ID or account number).

4. Once you’ve entered the necessary information, click Save.

This will add the vendor to your list, making it easy to manage future transactions with them.

The Vendor List in QuickBooks Online is a powerful tool designed to help businesses manage their interactions with suppliers, contractors, and other entities they purchase goods or services from. It serves as a centralized database that keeps track of essential vendor information, including names, contact details, payment terms, and tax-related details.

With the Vendor List, businesses can efficiently organize and monitor vendor-related transactions such as bills, payments, and purchase orders. It also enables users to track outstanding balances, schedule payments, and record credits or refunds from vendors. Additionally, the tool provides insightful reports summarizing vendor activity, helping businesses analyze spending patterns and optimize financial decisions.

Overall, the Vendor List simplifies accounting workflows, enhances vendor relationships, and supports strategic financial management by providing easy access to organized vendor records and transaction histories. 

Create a Check

Checks in QuickBooks Online are used to record payments made by check, helping to maintain accurate financial records and track expenses. This feature allows businesses to document important details, such as the payee, payment amount, and check number, ensuring clear and organized bookkeeping. Using the Checks feature helps keep your accounts up-to-date and provides a comprehensive view of outgoing payments.

To create a check in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Vendors" section, select Check.

3. In the check form:

   • Choose the Payee from the drop-down menu.

   • Select the Bank Account from which the check will be issued.

   • Enter the date of the check and, if needed, a check number (QuickBooks will auto-assign one unless you specify it).

   • Fill in the Category or Item details:

     • If it's an expense, assign the appropriate category (e.g., utilities, office supplies).

     • If it's for products or services, specify the items with quantity and amount.

4. Double-check the amount and verify that all details are correct.

5. Click Save and Close to record the check or Save and Print if you’re printing it.

This method helps you efficiently manage transactions involving checks.

Recording expenses

Recording expenses in QuickBooks Online is a crucial process for tracking your business's spending and maintaining accurate financial records. This feature allows you to document purchases, categorize them, and link them to vendors or accounts. By recording expenses properly, businesses can manage cash flow, prepare for taxes, and gain insights into their spending patterns.

To record expenses in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button on the left menu.

2. Under the "Vendors" section, select Expense.

3. Fill out the expense details:

   • Payee: Enter the name of the vendor or individual.

   • Payment account: Select the account you used to pay for the expense (e.g., checking account, credit card, etc.).

   • Date: Enter the transaction date.

   • Category: Assign a category to the expense (e.g., office supplies, utilities, etc.).

   • Description: Optionally, provide details about the expense.

   • Amount: Enter the total expense amount.

4. If the expense was for a product or service, you can itemize it under the "Item details" section.

5. Double-check all the information and click Save and Close to finalize.

This will accurately record the expense in your financial records. 

Recording A Bill

Recording a bill in QuickBooks Online is an essential step for tracking expenses and managing accounts payable. This feature allows you to document vendor bills, including details like due dates, amounts, and items or services purchased. By recording bills accurately, businesses can ensure timely payments, maintain organized financial records, and gain a clear understanding of upcoming obligations.

To record a bill in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button on the left-hand menu.

2. Under the "Vendors" section, select Bill.

3. In the bill form:

   • Choose the vendor from the drop-down menu.

   • Enter the bill date, due date, and bill number (if applicable).

   • Add the category or item details for what the bill covers. For example:

     • If it’s an expense, assign it to a category (like "Utilities" or "Supplies").

     • If it’s for products, list the items along with their quantity and cost.

4. Double-check the amounts and ensure all details are accurate.

5. Once everything is filled out, click Save and Close to record the bill, or Save and New to create another bill.

Recording bills helps you track what you owe and manage accounts payable efficiently.

Recording A Bill 

To record a bill in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button on the left-hand menu.

2. Under the "Vendors" section, select Bill.

3. In the bill form:

   • Choose the vendor from the drop-down menu.

   • Enter the bill date, due date, and bill number (if applicable).

   • Add the category or item details for what the bill covers. For example:

     • If it’s an expense, assign it to a category (like "Utilities" or "Supplies").

     • If it’s for products, list the items along with their quantity and cost.

4. Double-check the amounts and ensure all details are accurate.

5. Once everything is filled out, click Save and Close to record the bill, or Save and New to create another bill.

Recording bills helps you track what you owe and manage accounts payable efficiently.

Credit Card Charges

Recording credit card charges in QuickBooks Online helps track business expenses made using a credit card, ensuring accurate and organized financial records. This feature allows you to document the date, amount, and purpose of each transaction, as well as categorize expenses and link them to specific vendors or accounts. Properly recording credit card charges provides a clear view of your business spending, simplifies reconciliation, and keeps your financial statements up-to-date. 

To record credit card charges in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online.

2. Select the + New button.

   • From the menu, choose Expense or Check, depending on your needs.

3. Select the Credit Card Account.

   • Choose the credit card account used for the transaction from the "Payment account" drop-down menu.

4. Enter the Payee.

   • In the "Payee" field, select the vendor or individual associated with the charge.

5. Add Transaction Details.

   • Input the date, amount, and category for the charge.

   • If applicable, enter a description for the charge to provide more context.

6. Review the Information.

   • Double-check that all details are accurate before saving.

7. Save the Expense.

   • Click Save and close to complete the entry.

This process ensures that your credit card charges are accurately recorded, allowing you to maintain organized financial records and prepare for easy reconciliation.

Making Credit Cards Payments

Paying down a credit card in QuickBooks Online helps you keep track of payments made toward your credit card balance and ensures accurate financial records. This feature allows you to record the payment amount, the account it's coming from, and the credit card being paid off. Properly recording these transactions helps businesses manage cash flow, reconcile accounts, and stay on top of credit card balances.

To pay down a credit card in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online.

2. Select the + New button.

   • From the menu, choose Pay down credit card under the "Other" section.

3. Select the Credit Card.

   • From the drop-down menu, choose the credit card account you are making a payment for.

4. Enter Payment Details.

   • Specify the amount of the payment and the date it was made.

   • Select the bank account or payment method used to pay the credit card.

5. Add a Description (Optional).

   • Enter a description or memo for the payment to provide additional context.

6. Attach a File (Optional).

   • Upload a receipt or supporting document if needed.

7. Save the Payment.

   • Click Save and close to complete the transaction.

This process will update both your credit card and bank account balances in QuickBooks Online.

Vendor Credits in QuickBooks Online are used to record refunds or adjustments from vendors for overpayments, returned items, or other scenarios. This feature helps businesses track credits accurately and apply them to future bills or expenses. By properly managing vendor credits, you can ensure your accounts are balanced and maintain a clear financial record.

To create a vendor credit in QuickBooks Online, follow these steps:

1. Log in to QuickBooks Online and click the + New button.

2. Under the "Vendors" section, select Vendor credit.

3. In the vendor credit screen, choose the vendor from the drop-down menu.

4. Enter the necessary details, such as the date, amount, and appropriate category or product/service.

5. If the credit is for returned items or services, make sure to match the credit to the original purchase category.

6. Once all the details are complete, click Save and Close.

Vendor credits are especially useful for returns, refunds, or account adjustments.

Vendor Reports

Vendor Reports in QuickBooks Online provide critical insights into your business's interactions with suppliers. These reports help track expenses, payments, and outstanding balances associated with vendors. By using these reports, you can analyze spending patterns, monitor payables, and make informed financial decisions. Examples include the Unpaid Bills Report, which shows outstanding bills, and the Expense by Vendor Summary, which highlights total spending per vendor over a given period.

o use Vendor Reports in QuickBooks Online, follow these steps:

1. Access the Reports Menu.

   • Log in to QuickBooks Online and select the Reports tab from the left-hand navigation bar.

2. Locate Vendor Reports.

   • Use the search bar or scroll to the "What you owe" section to find key reports, such as:

     • Unpaid Bills Report: Lists outstanding bills by vendor.

     • Expense by Vendor Summary: Displays total spending for each vendor.

3. Customize the Report.

   • Click the Customize button to refine the report:

     • Set the Date Range to analyze a specific period.

     • Apply filters to focus on particular vendors or transaction types.

     • Adjust the columns to display relevant information like amounts, dates, or categories.

4. Review the Report.

   • Examine the report to understand vendor activities, outstanding payables, or overall expenses.

5. Export or Share the Report.

   • Click Export to save the report in Excel or PDF format, or print it for your records.

Vendor Reports are an excellent tool for managing vendor relationships, tracking payables, and gaining financial insights.

One of QuickBooks Online's best features is the ability to seamlessly import bank data and match it with existing transactions or add it to new transactions. In fact, QuickBooks Online provides you with the tools you need to make accurate transaction entry easy.

Bank Feeds

Bank Feeds in QuickBooks Online streamline the process of managing your financial transactions by automatically importing data from your bank accounts. This feature saves time, reduces errors, and ensures your financial records are up-to-date. By connecting your bank accounts to QuickBooks Online, you can easily track income and expenses, match transactions, and reconcile accounts.

Bank Transfers in QuickBooks Online allow you to move money between your business's bank accounts seamlessly. This feature is essential for managing cash flow and ensuring funds are available where needed. Here's how to use bank transfers:

Downloading Transactions 

Downloading bank transactions in QuickBooks Online is a convenient feature that helps you keep your financial records up-to-date by automatically importing transactions from your bank accounts. This process saves time and reduces errors, ensuring accurate tracking of your income and expenses.

Disconnecting Bank Feeds 

Disconnecting Bank Feeds in QuickBooks Online is a useful feature when you need to stop syncing transactions from your bank account temporarily or permanently. This process ensures that QuickBooks stops downloading new transactions while preserving your existing accounting data.

Take our ProAdvisor challenge

Now you’ve seen how easy it is to match transactions in Craig’s bank feed, why

not try it out for yourself?

Craig’s got some more transactions for review. He’ll need to tidy these up before

he can reconcile his account. Work through the stages using the test drive and

see how well you do.

What to do:

● Right click on Craig’s Design and Landscaping and select copy link address

● Open a new private browser window and right click and paste the full link

● Use Incognito mode in Chrome or the equivalent in your browser of choice

(InPrivate in Microsoft Edge, Private Window in Safari, etc.)